STOP WASTING MONEY ON NON MINABLE COINS - DO NOT INVEST

Red-Apple

hero member

Activity: 1470

Merit: 655

Quote from: bitcoinfuck on June 24, 2018, 03:42:27 PM

...ETH & UBIQ For life !!

i don't know what UBIQ is, never heard of it.
but as for ETH, it is one of the most centralized coins out there which is actually controlled by the banking cartel. i find it absurd that you are talking about facts regarding centralized coins and then exclude the biggest one from them! just because ETH is mineable doesn't change any facts about it.

Itcher

full member

Activity: 364

Merit: 100

such actions destroy not only the cryptocurrency market, it is also typical for the market of goods. there is no way out of this, the person himself must understand this, so as not to invest in projects that are not profitable

fulled

full member

Activity: 644

Merit: 103

Agree with your argument, they can easily exit scam, and also dump their coin when they have good profit, that can be done because non-minable coin cost to produce is very cheap, so developer not have reason to developing in long term. Also be careful too to invest money on minable coin but with high percentage of premine

spiker777

sr. member

Activity: 1000

Merit: 279

#SWGT CERTIK Audited

Most of these companies are based on the Ethereum blockchain, which means the network processing their transactions is in fact decentralised. It doesn't matter if the origin of the tokens is centralised, so long as over time, the tokens because well enough distributed to make a monopolisation attempt futile. All things have centralised beginnings, even mined cryptocurrencies start with just a single miner, and eventually expand to a huge distributed network that cannot be easily subverted.

avikz

legendary

Activity: 3080

Merit: 1500

I can't say that I disagree with your statement here! Non-minable coins doesn't have a cost associated with its production and it is 100% based on speculation and other associated business potential. Where minable coins have a cost associated with mining equipments, electricity charges and other associated production cost. So we can actually derive a value for a minable coin but not for a non-minable coin.

So this is directly against the basic characteristics of a crypto currency where miners don't have control over the network and a centralized authority is controlling them. There's no difference than a government control fiat currency, the only difference is that it is digital form which literally makes no sense if I want to invest in a "cryptocurrency".

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: bitcoinfuck on June 26, 2018, 04:27:20 AM

...
mining sets a baseline, if i am using 100$ worth of electricity to mine 1 ETH, then there is no way a miner will sell it below 100$, thus creating a baseline...

First of all, you're talking about the price, I was talking about decentralisation.
Second of all, you're wrong. People, including miners and traders, sell at the loss all the time. It's better to sell at $99 and lose $1 on every 1 ETH mined, than to hold and watch it drop to say $50 (losing $50 per 1 ETH mined).

Rational miner (not gambler or speculator) would just halt his mining operations when price < cost, which in turn reduces difficulty and the cost (forming price/cost equilibrium).

Otherwise, lets all mine BTC with our laptops and watch the price moon to >$1 million, right?

bitcoinfuck

full member

Activity: 634

Merit: 106

Europe Belongs To Christians

Quote from: pawel7777 on June 24, 2018, 04:40:19 PM

Coin doesn't have to be mineable to be decentralised + minable coin can be centralised. PoW algo is by no means a guarantor of decentralisation.

You're a fanboy of ETH, which is to migrate from PoW to PoS (so non-mineable) in rather near future (unless something changed), so there's some serious logic flaw on your part right here.

mining sets a baseline, if i am using 100$ worth of electricity to mine 1 ETH, then there is no way a miner will sell it below 100$, thus creating a baseline, you are probably living in a good country, my government would try every single chance it can get to have these coins under control, if ripple was from India, it would have been taken over by government by now. You would be forced to pay tax on your ripple balance.

franky1

legendary

Activity: 4214

Merit: 4458

minable coins have an actual cost to create them. thus they have something holding up the value.
miners would be stupid to sell coins at a loss. and so they are a huge part of the support line that keeps prices above a certain level

yes there is speculation above that level that causes the ups and downs. but knowing there is something holding the price up behind it is good.

PoS has virtually no cost of creation so the speculation is nearer to 100% based on emotion and desire and not on cost.
PoW has at present low 90% cost and 10% speculation.. yes last december the $20k rate meant it was 25% cost 75% speculation but atleast people can quantify a bottomline cost value and see where support is roughly set. not the same can be said for PoS coin

kinggta10

jr. member

Activity: 144

Merit: 2

great point...

pawel7777

legendary

Activity: 2436

Merit: 1561

Coin doesn't have to be mineable to be decentralised + minable coin can be centralised. PoW algo is by no means a guarantor of decentralisation.

You're a fanboy of ETH, which is to migrate from PoW to PoS (so non-mineable) in rather near future (unless something changed), so there's some serious logic flaw on your part right here.

jemine

newbie

Activity: 106

Merit: 0

Am totally in support of your opinion. Come to think of it what will make someone invest in a non mineable coin? Probably to make quick profit which will eventually go the other way round.

bitcoinfuck

full member

Activity: 634

Merit: 106

Europe Belongs To Christians

please do not support centralised cryptocurrencies, don't support these centralised companies, they can be overtaken by the government, and you will end up losing money. It's a good thing to spread market cap, but please do it with Decentralized cryptocurrencies only.

Most of people feel that they are late for bitcoin, now they should invest in new projects, i get it but simply investing and increasing size of market cap for non-minable currencies is a threat to other volunteer-based projects.

a very good example is EOS, the monster we made.

https://cryptovest.com/news/exclusive-another-27-eos-accounts-frozen-the-good-the-bad-and-the-ugly/

XRP could be the next

As long as we the miners don't control it, there is no point to put even a single $ to these bank funded scam currencies, we the miners and GitHub community should have control over our cryptocurrency economic system

BTC & ETH & UBIQ For life !!

Topic: STOP WASTING MONEY ON NON MINABLE COINS - DO NOT INVEST (Read 119 times)