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Coin-a-Year: Nyancoin

Hello cryptocurrency lovers! Welcome to Coin-a-Year, the laziest series yet in the Coin-a-Day publishing empire. This year's coin is Nyancoin (NYAN). I originally covered Nyancoin in an article here in /cryptocurrency published January 4th, 2015.
Without (much) further ado, I'm going to include the original report next, unmodified. This is unlike my Coin-a-Week series, where I use strikeout and update in-text. Because this is going to be a longer update, I'll just make all further comments and updates below, just realize that all information below is as of January 4th, 2015 and thus is more than a year out of date as of posting now, at the end of February 2016.
Since I use horizontal rules as internal dividers in the original post, I'll use a double horizontal rule to divide the original text from this prelude and the following update.
Coin-a-Day Jan 4th
Welcome to the fourth installment of Coin-a-Day! To see convenient links to the introduction and the previous entries, please see /coinaday. Today's coin is Nyancoin (NYAN).
• ~173.6 million available currently [1]; 337 million limit [2]
• All-time high: ~0.000024 BTC on February 16, 2014 [1]
• Current price: ~3 satoshi [1]
• Current market cap: ~$1,275 [1]
• Block rate (average): 1 minute [1] [3]
• Transaction rate: ~25? / last 24 hours; estimated $3-4 [4]
• Transaction limit: 70 / second [5]
• Transaction cost: 0 for most transactions [6]
• Rich list: ??? [7]
• Exchanges: Cryptsy [8]
• Processing method: Mining [10]
• Distribution method: proof-of-work block rewards and 1% premine for "bounties, giveaways & dev support" [2] [10]
• Community: Comatose [9]
• Code/development: https://github.com/nyancoin-release/nyancoin ; there hasn't been a released code change in 10 months. The new developer has talked about some changes, but has not made a new release. He has given advice about how to keep the network running and operate the client. [10]
• Innovation or special feature: First officially licensed cryptocurrency (from Nyancat) [2]; "zombie"-coin [11]
Description / Community:
So you're probably wondering why in the world we're talking about a coin which has been declared dead and already written off. I actually first selected this coin to illustrate a "deadcoin", but the more I dug into it, the more I was amazed at the shambles I discovered. I am combining the description and community sections for this coin, because the community (or lack thereof) is the central issue for Nyancoin.
Substantially all, if not literally all, of the original infrastructure is gone. From the announcement post, the original website has expired. The nyan.cat site itself survives, but has no reference to the coin. The github repo remains, but then there was never much changed from the bitcoin/litecoin original. In fact, the COPYING file doesn't even list "Nyancoin Developers". None of the original nodes seem to be running anymore. @Nyan_Coin hasn't tweeted since July 6th. And that was just to announce posting an admittedly cute picture to facebook which makes a claim for a future which seems never to have developed. Of the original 15 pools, I think all are dead except p2pool, for which at least one node still supports NYAN. The original blockchain explorer, nyancha.in, is still running. The faucet is dead or broken. The original exchanges no longer list it (two of the three having died; SwissCEX having ended its trading as of the first of this year). And so forth.
And yet:

I'm not dead! I'm getting better!

No you're not, you'll be stone dead in a moment.
[Of course, that scene finishes with knocking out the "recovering" patient so he can be taken away...not to mention the absurdity of including Monty Python in a financial article, but moving right along.]
There is still just enough left to Nyancoin to keep it twitching, even if it is on life-support. Whether it's an individual node or whether it's a pool, there are blocks being produced at a steady rate as intended. Transactions are being processed. There is still a market. There is still a block explorer. And there is a dev. It is like a case study in the absolute minimum necessary to keep a coin alive. The most likely outcome is almost certainly a final collapse when one critical piece or another of the infrastructure goes away. And yet in the meantime, a person can own a million NYAN for $8 [12], and then move this coin quickly and easy, albeit with no particular external demand. It's like the world's most hyped testnet.
I think this case presents an interesting example of what happens to an altcoin when its initial support dries up. NYAN coin is more fortunate than some, actually, as there are some where there are no longer any nodes running it nor the original announcement thread (in fact, there was actually a second Nyancoin launched around the same time. But it died hard and its original announcement thread was deleted and at this point I would have no idea how to access it; so "Nyancoin" thus illustrates how hard a coin can die (Nyancoin 2) as well as how it can hang around despite being proclaimed dead, with far more justification behind that pronouncement than there has been for bitcoin (NYAN) ).
[1] http://coinmarketcap.com/currencies/nyancoin/
[2] https://bitcointalk.org/index.php?topic=402085.0 Regarding the premine, it's unclear to me where this money is now, since the original poster hasn't been active on BCT since May and the original site is down. However, given that it's only 1%, and about $25 in value right now, there seem to be more significant concerns for NYAN.
[3] http://nyancha.in/chain/Nyancoin - Nyan blockchain explorer; blocks are somewhat inconsistent but somewhere around the 1 minute average
[4] There doesn't seem to be anything automatically doing these stats, so I did visual inspection on about 1500 blocks (about one day) excluding the block generation reward (~250k/day). Most blocks are otherwise empty. I counted about 24 transactions or so scrolling through, with an outlier around 300k NYAN and another around 100k NYAN. In total, about 500k NYAN, excluding the block rewards. This is very approximately $3-4.
[5] Nyancoin is a basically unmodified, slightly out-of-date bitcoin as far as code goes, and ignoring the change in block rate and total coin supply, as well as the difficulty retarget after every block. So for purposes of estimating maximum possible transaction throughput, I start with bitcoin's estimated 7 transactions per second, and multiply by 10 for having a block on average every minute rather than every 10 minutes. In any event, this limit is not likely to be reached in the foreseeable future.
[6] Like bitcoin, transaction fees appear to be optional in Nyancoin. Unlike bitcoin, there is almost no transaction volume, and coins tend to sit for a relatively long time before being moved. So zero-fee transactions appear to be the norm from looking at a couple transactions on the block explorer.
[7] I couldn't find one. See the disclosure section of this article: your humble correspondent is likely represented in some way on a top 100 if one were to be made or if one exists, despite not holding it directly, depending on how the exchange holds it.
[8] I could not find any other exchanges still listing Nyancoin. SwissCex appears to have disabled it as of a couple days ago. Cryptsy has a notice that the NYAN/BTC market will be closing, but its NYAN/LTC market appears strong.
[9] Essentially all of the original sites, pools, faucets, etc. are dead and there has been very little to replace it. There is basically a single node, or perhaps a very few, which are running the blockchain. However, there is a developer still trying to hold things together, maxvall_dev, maxvall on BCT. He is the last hope for the NYAN.
[10] https://bitcointalk.org/index.php?topic=597877.0 This is the thread where maxvall took over as dev, and it also discusses switching to PoS, which hasn't happened as far as I know.
[11] "zombie"-coin: Not to be confused with ZMB (my god, does it ever end?). This is my term to describe a coin which is "undead": by rights it should be dead. And yet it's still walking around and acting like it's alive. What is it? What's going on? It's quite debatable whether this gives it any special value, but I find it an interesting state, and it's why this was chosen for early coverage. There are plenty of actually popular and successful coins, and we will go onto covering more normal selections; we're looking for variety rather than repetition. But I think this is an interesting example for what can go wrong, and yet in the midst of that, how little it takes for a coin to survive. In fact, it's almost like an alternate history bitcoin to me; this shows the concept that "it was run on one computer before; it can be run on one computer again" to some extent. And there are even some strange pragmatic benefits as well, like having no competition for getting a transaction into a block and thus zero transaction fees.
[12] And, in fact, the author chose to do so today, spending about 0.03 BTC for about 1 million NYAN.
Additional Reading
/nyancoins - Like NYAN: mostly dead, but not quite
http://nyan-coin.org/ - new official website
BCT thread listing nodes, xpool (p2pool), for mining information.
americanpegasus predicting in February that NYAN will hit $1; always an entertaining read
Instead of a challenge today, since NYAN has enough challenges, I decided I would give away 10,000 NYAN to at least the first ten people who ask for it. This still remains at my discretion, but honestly, if you really want, say, 50,000 NYAN and create four new accounts to do so, I'll probably be too amused to say no. I don't expect to get ten requests. If I get more, I'll probably still fulfill them, but as with everything else, this is left to my whim.
Donations and Disclosure
Okay, this is an important one today because of the tiny market here. I actually hold less USD value in NYAN than in BTC, DOGE, and PPC (although my value in PPC might be about equivalent actually), but I hold more of the total market in NYAN than any of those three. And I'll probably be buying more. So I have a conflict of interest in writing this article.
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
I personally hold just over 1 million NYAN on Cryptsy right now.
Perhaps it would be better if I didn't write any articles about anything I were invested inspeculating on, but I started this series for my own education to further my speculation, so unfortunately, dear reader, your needs come second to my own. tanstaafl; you get what you pay for, and I'm giving you my thoughts.
If by some strange quirk of fate you actually own NYAN and enjoyed this article and wished to donate some to me, K7Ho9HghBF6xWwS6JsepE6RAEPyAXbsQCV is mine (first non-empty account I've posted; transferred 1000 NYAN into here earlier from Cryptsy to test that the network and my wallet were actually working).
Thank you all for reading and commenting! I've already learned a lot from this process and I look forward to more!
Upcoming coins:
• January 5th: Nxt
• January 6th: Darkcoin
• January 7th: Namecoin
I'll use alphabetic labeling for footnotes in the updates to avoid any confusion with the footnotes in the original. For simplicity, unchanged items, like the 337 million limit and the 1 minute will not be mentioned, and we'll start with the summary changes.
  • ~263.7 million NYAN currently exist [a]
  • Current price: ~7 satoshi [b]
  • Current market cap: ~$8,000 [c]
  • Transaction rate: ~185 / last 24 hours; ~3,300,000 NYAN (~$100) [d]
  • Exchanges: Cryptopia [e]
  • Community: We're not quite dead yet; in fact, I think we're getting better! [f]
  • Code/Development: I have an early draft of NYAN2, but I'm about six months past my initial goal for having it available to use. Life/work/lack of build machine/procrastination. NYAN2 will be a rebase onto a modern LTC codebase which will soft fork to fix a current vulnerability to a fork bug. For now, the network still runs on the same code that it did when I wrote the first article.
I'm going to consider the community first, since I pointed it out as the weakness and central topic in the last one, then talk about the technical situation briefly, and then review the financial results.
The community has been excellent, if I do say so myself. We've got working infrastructure going thanks to the contributions of many Nekonauts (see [f]). Some original Nekonauts have returned or at least popped in from time to time, and new ones like myself have found Nyancoin (I would say given what I wrote in the original, I was still a skeptic of it at that point. Not that skeptics can't be Nekonauts, but I think I'd put my conversion to the cult of nyan shortly after writing that, even though I was already a nillionaire then for the heck of it.)
While I do look forward to seeing the community continue to grow in future years and consider that important, I don't think the community is our weakest point any longer; I think it's now our strongest point. I've tried to encourage the community's revival as best I could, including giving away tens of nillions in total, and lots of long rambling articles on my views on ethics and philosophy and frankly it's worked better than I would've really expected (or at least it has coincided with an effective recovery of the community). The community also helped me through at least a couple hard times personally in there as well.
The technical situation in Nyancoin is mostly unchanged but slightly improved, although with two additional known vulnerabilities. It's unchanged in that it's the same client. It's improved in that we have an active nyanchain explorer host (nyan.space), and we have a public draft of a plan for a soft forking security fix update in the near future (hopefully by the end of March (although I've slipped these deadlines before and may well miss March for release by a bit, I do think I'm inching closer now and then)).
The most serious vulnerability is to forking. This is the bug which hit Peercoin if I recall correctly. NYAN2 is intended to solve this through its soft fork from the LTC fix upstream (from the BTC fix upstream). In the meantime, we've been lucky we haven't been attacked. The tiny marketcap probably helps with not being a particularly attractive attack target. We're not exactly about to pay ransom to move faucet outputs. But that's no excuse; we want this fixed and should have it finally done "soon" (tm).
The less serious vulnerability is to a time warp attack in the difficulty function (Kimoto Gravity Well), which relates to general weaknesses it has and issues we've had with large gaps in the block chain because of spikes in the difficulty function causing it to be unprofitable and driving away most of the hash, and then low difficulty and price rise making it attractive to more hash, creating a spike and causing it again. While this is irritating, the chain still works, even if there are fits and starts at times. An important part of the reason I can get away with this is because there is at least one Nekonaut-supporting miner, CartmanSPC, who rescues us from time to time, and did so during the course of this article being written. We have a bunch of pools, but sometimes the hash just isn't there to get us unstuck when the difficulty goes high enough. Another part of the reason I consider it not an especially serious issue is because there's a workaround which works for me (classic bad developer logic): I use a large transaction fee (generally 337 NYAN, although I might have halved it after the most recent halving, I'll probably use 337 again) on my personal wallet by default. If necessary, I use a couple of them. It can make NYAN profitable to mine again despite the higher difficulty and "unstick" the chain. The difficulty function can go back down again in the next block if the gap has been long enough, so that can be enough to keep it going again for a while (although it can also get stuck again irritatingly fast at times). A fix for this will be putting in a better difficulty function for NYAN3, which will require a hard fork. This is tentatively scheduled for feature freeze around the middle of this year, coding to follow, activation sometime early 2017.
Financial has been our most disappointing performance. A graph of the 1 year performance right now on coinmarketcap looks pretty sad, showing our fall from a little over 60 satoshi down to around 7 satoshi now.
We rose too high, too fast, and I didn't stick with the safe high paying job like a sane person. Instead I hit the road, went to jail, and worked minimum wage. That doesn't sound like a sentence from a cryptocurrency financial review, does it? But the performance of NYAN since the article has been the story of my personal finances, which is the story of my life since then.
So, autobiographical coinaday interlude, trying to keep it generally to the most salient points. Well, in 2014 I had been on my way home to Minnesota from California when I was pulled over leaving Eureka, Nevada for speeding (got sloppy and went 45 approaching the 45 sign and thus technically still in the 35; bored cop seeing out-of-state plates). My vehicle reeked of weed, what with having been in Mendocino County previously with no intention of traveling out of the county much less state anytime soon but family emergency brought me back, and the end result was a citation for possession of cannabis and paraphernalia along with the speeding.
Fast forward to the beginning of 2015, I'm settled into a good software position and start looking more at cryptocurrency in my spare time. I write the coin-a-day series for a bit and then got annoyed and quit after a while when trying to do one a day on top of an actual job was too much for me (along with some annoyance over criticism; I can be rather thin-skinned at times). But I had gotten interested in Nyancoin, and started buying it up more and more with extra money I was making.
And then comes the crash. I had to stop putting as much in as I realized that where I was living and what I was working on wasn't going to work out for me and I needed to figure something else out. So, as I seem wont to do, I went on a roadtrip. I quit my job. And I went back for the court date for my citations and refused to pay, instead spending 10 days in jail rather than pay ~$1400 (I actually had the money in cash available to me if I chose to pay as a backup if I chickened out, but the judge annoyed me enough that I really preferred to be jailed instead of paying, as stupid as that sounds since I'm quite sure the judge didn't care in the least one way or another).
After that, I went back to roadtrip lifestyle for a while. It was a nice period. A lot of beautiful scenery; a lot of reading. Eventually, I busted up my car pretty badly...a couple times actually, the second time for good. Fast forwarding through the rest of the year, I worked a couple minimum wage jobs to pay bills and avoid cubicle life and kill some time until I figured out what I was going to do next. Just recently I quit as delivery boy after getting a speeding ticket (I swear, I'm not as horrible of a driver as this makes me sounds, although I have had a bad tendency to speed in the past, which I really have curbed to almost nothing; but I'm clearly not good enough) and am currently writing a Coin-a-Year article with a friend's incentive and applying to do documentation and development with the Nu project.
Okay, so what did any of that have to do with NYAN? Well, it's the mess of a life that has led to the fall of the price from 60 satoshi to 7 satoshi. If instead my life history for the time since the article had been simply "I was happily employed writing software", then I don't believe we would have dropped below 20 satoshi. It's easy to see in hindsight. If anyone can lend me a time machine, I'm sure I can get some condensed instructions which should improve performance significantly. Otherwise, just going to have more chalked up for the "character building" tally.
So, lessons learned if you are the major buy support for your coin: you need long-term reserves. Whatever you put in bids can be taken out in a moment by a dump for no apparent reason. This is particularly true if you may be quitting your cushy, high-paying job and wandering around without income for an extended period of time. Rather obvious, but hey, maybe someone else can learn from my mistakes. If I'd been bidding as cautiously as I am now from the beginning, I think the price would probably be somewhere from 10-20 satoshi now instead of around 7 satoshi.
It's especially unfortunate given that I wanted to be able to demonstrate the more consistent growth possible building a stable store of value, as opposed to the pump and dumps common in altcoins. And instead we had a pump-and-dump looking graph ourselves after I bid up higher than I was able to sustain, and a large (10+ nillion) instadump crashed the market all the way back down to 1 satoshi momentarily. We've had a few large (2+ nillion) dumps since, but nothing that large. We haven't generally had that large of bids though either.
It's hard to know when I've exhausted the supply at a price level, when it sometimes waits for a couple weeks or even more and then fills all the bids at once. But I want to maximize the minimum price paid because I think that's important for building confidence in a store of value long-term, which is one of my core goals for NYAN.
At the same time, we're still up from the lowest parts of the floor and where I found it. Since I own about 30% [g], the very cheapest supply has been taken off the market. I plan to keep on buying up "cheap NYAN" as much as I can. I've bought up to 60 satoshi before, I'll probably buy up that high this time around. I've got a token 100,000 NYAN ask at 300 satoshi; I hope never to sell lower.
Now I try to wrap it all together as if I saw this all coming and am the wise expert, despite having had about 90% drop in price in the last year after bidding too high. My original concept was taking the "minimum viable coin" and reviving it to a powerhouse as a textbook example in how to do it.
Part of my core concept in this is the arbitrariness of value: throughout history, humans have chosen any number of things as a store of value for the time: salt, large rocks, certain metals, disks, marked sticks, and so forth. While there has generally been a certain logic in the choice, in that there is a locally restricted supply in one way or another, and so forth, from the perspective of other centuries or cultures the choices can seem quite strange. Growing up, I was always struck by how strange the notion of salt being limited and valuable seemed in a world where people were trying to reduce intake and large amounts could be bought for trivial sums. And yet, a key nutrient necessary for life fundamentally makes more sense as being valuable than notched sticks or printed paper or a piece of plastic with some encoded information.
Humans have perpetually come up with stranger and stranger ways of storing and transferring value. Each new step, as always, comes with its own disadvantages and, frankly, has generally appeared nonsensical at best and fraudulent at worst to the status quo. Which doesn't mean that each new attempt is valuable. The gold bugs always like to point out that every fiat currency ultimately returns to its true value of zero. And the skeptics of cryptocurrency argue that all cryptocurrencies will eventually return to their true value of zero.
It's certainly possible. And it's possible the USD will hyperinflate someday. I tend to try the moderate view for a plausible guess of the future. By that type of logic, I would guess that over the course of decades, USD will in general lose value, and cryptocurrency will tend to slowly gain value. That might not seem the moderate view, but USD not losing value over decades would be truly shocking. And hyperinflation has been predicted since the USD went off the gold standard, or before. So some amount of inflation less than hyperinflation seems like the safe guess (but then, the Titanic arriving would also have seemed like the safe guess to me). And with cryptocurrency, I think it's clear by now the technology will continue to survive. So my first question is with what overall value as a market? It could go down, of course, but that seems unlikely in an already small, young market. Even if all the current crop die off and are replaced, whatever cryptocurrencies are around should be able to do better than a handful of billion in market cap in my view.
I believe that cryptocurrency has a bright future ahead of it. The best coins should ultimately survive and thrive. But I've been wrong on most of my major calls so far, like for instance when I thought BTC was over-priced around $5-$10.
I think Nyancoin can have an important role to play in the future of cryptocurrency in the years and decades to come, but it's a massively speculative long-shot. See also Nyancoin risks document. But like Linus Torvalds' autobiography, I try to keep "Just for Fun" as a core motto and principle. It's makes for a good hobby project because there will always be more to work on, with a core community motto of
Disclaimers / Sponsorship:
As I said before:
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
And I'll reiterate that I own about 30% [g] of the current supply of NYAN, which makes me by definition maximally biased.
Also, I'm not sure what's up with the address from the first post. It doesn't show up in my current wallet as a recognized address. So, anyhow, don't send there. :-) If you'd like to donate, please consider sponsoring a coin-a-day or coin-a-week article.
This is the first sponsored article. This Coin-a-Year article has been brought to you by spydud22 's generous patronage. I'd been meaning to do a Coin-a-Week article on Nyancoin for a while, but between wanting to "wait until the price recovered a bit" and general procrastination, then it seemed like it would make a good Coin-a-Year article, and then I wanted to wait until the price recovered a bit more...anyhow, so thank you spydud22, for causing me to finally do this. :-)
  • [a] nyan.space/chain/Nyancoin ; as of block 1091430, 263738786.71890615 NYAN outstanding. This is slightly over 50% more than the last report, which is what we would expect, since it had existed for about a year then, and has approximately annual halvings. The first year generated about 50% of total supply; the second year generated about 25% of total supply. We should expect in a year to have about 17% (one-sixth) more than we have now.
  • [b] https://www.cryptopia.co.nz/Exchange?market=NYAN_BTC ; this is the only market reflected in coinmarketcap and it is the primary one on which I trade. Cryptopia also has other base pairs which operate at significantly higher spreads (lower bids; higher asks) and have minimal volume. In the time since the last report, NYAN has traded as high as 60 satoshi (and briefly a little higher at times), but over the last almost twelve months since a peak about a year ago, the price has been generally declining overall, as a gross oversimplification of a lot of movements. This has been an effect of me not being able to keep buying as much and there being large dumps I wasn't expecting from time-to-time. Now I'm taking the approach of building large (one or more nillion (million NYAN)) bids on each price as I slowly work my way back up again in order to be able to handle possible dumps with less price shock.
  • [c] coinmarketcap.com/currencies/nyancoin/ ; as noted in [b], this only reflects the /BTC basepair on Cryptopia but that's where most of the volume is anyhow. Of course, the market is also not particularly liquid since I'm the primary buyer and have rather limited means currently.
  • [d] I haven't setup a script to count this yet, among many things on my to-do list for someday, so I went through by hand from what was the then-latest block of 1091430 on nyan.space back to 1089766 which was the first block generated less than 24 hours before. There was actually a three and a half hour block gap at that point, such that the next prior block was about 24 hours and 15 minutes before 1091430 while 1089766 was only about 20 hours and 45 minutes prior, and has a disproportionate number of transactions and value compared to a typical block (8 and ~313,000 NYAN respectively) from the build-up during the gap. But since that gap conveniently started right about at the start of the 24 hour period, doesn't really skew our results here.
Note that there are often times where the UTXO created during one transaction during the day is spent during a later transaction in the day. This can be considered the "same" Nyancoin being "spent" twice in the same day in our total. But in practice, I believe what's happening here is the faucet is breaking off small (10-50 NYAN) pieces from a larger (~40,000 NYAN) chunk, and so that pops up a bunch of times. So the total NYAN blockchain volume as counted for this topline number should not be interpreted as "NYAN spent in the day" but "NYAN moved on the chain", where the "same coin" can move many times. So it's a very easily gamed metric and not a strong / resistant metric like the market price tends to be (at least relatively speaking), but it's a fun number to calculate and provides a little bit of information.
The transaction count can also be easily inflated and certainly, for instance, having the faucet does generate transactions which are a very common transaction.
And this is also just an arbitrary 24 hour period compared to a previous arbitrary 24 hour period. Nonetheless, I do think there's clearly a bit more activity on the Nyanchain, even though the typical block is still empty and the number of transactions and volume is still tiny compared to the major cryptocurrencies.
Here's an arbitrary example of the faucet transactions Note the zero transaction fee, which I love that the miners support (the defaults are all quite low as well).
Here's an example of what may be the smallest transaction by NYAN volume of the day; but no, I followed its small, spent output, and it led to this gem which also links to this. I have no idea what's going on here, but it's hilarious and I love it. How's that for microtransaction support? :-)
  • [e] Obviously Cryptsy went down. We had had more than enough red flags with Cryptsy (including one time where I was able to withdraw 6 nillion more than I had in my balance) and got onto Cryptopia. spydud22 basically accomplished that for us, although I helped out in the tail end of the campaigning.
  • [f] Our community is still small (I wish there were literally dozens of us!) but we've had valuable activity from multiple people, including, just as highlights, vmp32k who hosts nyan.space, a clone of the original nyancha.in, jwflame who created the excellent nyancoin.info intro site, with the awesome status page (which currently notes that "the last 500 blocks actually took 111 minutes, which is approaching the speed of light, causing the universe to become unstable"), KojoSlayer who runs the faucet and dice, spydud22 who got us on Cryptopia, and many other Nekonauts have made worthy contributions, and the Nekonauts mentioned have done more than just that listed. So while we are small, we are active at least from time to time and technically capable.
Even though our posting rate is still around 1 post a day or so on average, and so still a relatively quiet subreddit (and it is our main (only?) hub), it's still a very noticeable and significant difference from how /nyancoins looked when I was reviewing it for the original piece here. Here's an attempt to approximate what was there using Reddit search ; archive.org has a snapshot on January 19th, 2015, which is well into the early revival mania and one from August 14th, 2014, before four and a half months of little to no activity. Apparently archive.org unsubscribed to /nyancoins in that interval itself...
  • [g] Maybe up to around 35% by now; maybe still around 30%. I haven't updated hodling report lately; it was 30% last time I recall, but I've bought more and more has been made since.
submitted by coinaday to CryptoCurrency [link] [comments]

List of all 43 Bitcoin subreddits

Subscriber counts as of 2013-04-02. Let me know if I missed any.
edit: now at 65
Link Description Subscribers
All Combined All subreddits in this table combined
Bitcoin Main subreddit 24,090
A4BTC Ask a question and send a Bitcoin tip to the best answerer 9
BTCBase a database of online and storefront merchants who accept bitcoin 55
Beg Ask for Bitcoin 9
Beginners Help & Questions 45
Bitcoin Magazine all topics related to Bitcoin Magazine 383
Bitcoins General discussion (deprecated) 82
Bums Ask for Bitcoin 7
Business using Bitcoin as a tool for business 15
Charity promoting charities that accept Bitcoin 13
Economics content and level-headed, empirical discussion of Bitcoin's economic and financial issues 17
Evangelism Spreading the word about Bitcoin 70
Exchange Exchange Bitcoin for other currencies 4
Forum General discussion 100
Games4Bitcoins Buy and sell games 74
GetRichQuick Ideas for fast money with Bitcoin 1
Help Help & Questions 138
Ideas short, detailed ideas of Bitcoin-related open source or commercial projects 99
Investing Bitcoin as an investment 47
Jobs4Bitcoins Bitcoin job board 416
JusttheBitcoinTip Suggest BestOf Bitcoin comments for others to tip 47
Market Buy and sell anything with Bitcoin 1,658
Mining Bitcoin mining discussion 1,957
MtGox Mt.Gox exchange 595
MTRed MTRed mining pool discussion 1,099
Mutualists Bitcoin in a Mutualist society 25
News General Bitcoin news 22
Silkroad Bitcoin-only black market 11,152
Speculation Speculative investing in Bitcoin 82
SRS Bitcoin conversation, more heavily moderated 12
Technical Questions about Bitcoin's underlying architecture 1
Tip Bitcoin Tip Bot 1,051
Transparency Exploring Bitcoin's early adopters' windfall 3
TreasureHunt Bitcoin treasure hunts 10
UseBitcoin Discover services and online stores that accept bitcoin 45
Wallet Bitcoin wallets 170
Region/Country hattip
Jerk / Humor
Other cryptocurrencies
submitted by _________lol________ to Bitcoin [link] [comments]

A few thoughts - Saturday, June 7, 2014

Today's thoughts are all about altcoins.

Litecoins are not dead

Several people have started to agree with me recently that litecoins aren't dead yet. But I wasn't quite able to give a concrete answer as to why, until a comment reminded me that litecoins are the most widely traded of all the altcoins. BTC-e, for example, doesn't deal in phoenixcoins and ronpaulcoins. Being widely traded is a significant advantage, even if the coin doesn't itself have any advantages.
I'm not sure why ASICs are relevant to the price of altcoins. ASICs are going to be distributed amongst miners just like they were with bitcoins; this just makes the miners fight a losing battle with each other, costing each other money. As long as one person doesn't get all the ASICs, it doesn't have any effect on network security.
A while back, all the speculation was that litecoins would overtake bitcoins once Mt Gox accepted them for trading. In the interim, however, we have several major exchanges trading them. When an exchange wants to expand into altcoins, they don't look towards the trendiest new thing; the first mainstay they adopt is litecoins.
The other advantage litecoins have is that there is a certain amount of "lock-in" with other coins. I've already commented about the concept of technological "lock-in." In this case, you have exchanges like Cryptsy that denominate some altcoins solely in litecoins. I found out that there is a class of altcoins that can only be traded Bitcoins -> Litecoins -> Altcoin. Even if you don't want litecoins, you still have to buy them if you want to play the game with these "penny stock" coins. That keeps their price high because even if merchants do not accept them, they still have utility and "acceptance" by exchanges.
Also, a quick thought to ponder: a lot of the reason why people buy bitcoins is that bubbles crash, things change, and bitcoins are still around. Have litecoins reached the point where people expect them to die, they don't, and therefore they think there must be something to them?

Max Keiser recommends Darkcoins; I do not

Max Keiser put out a tweet trying to sell darkcoins to his followers, saying he thinks they will recover after their recent bug-fueled crash. Remember that Keiser was also the one who said to buy the essentially 98% premined Quarks too, and that failure alone might be reason enough to ignore whatever he says.
I like the idea that when an altcoin has a lot of hype, it's not time to buy it. Darkcoins may have some benefits, but there is so much hype around them that there is almost certainly a bubble there. Don't confuse that with the idea that darkcoins won't have a niche in the future. However, just like bitcoins, there are times when hype gets out of proportion to the advantages the technology has.

Today's altcoin mining report

Altcoin mining profitability is all over the map today. If I had started testing this pool back during the last cycle, it would have been interesting to see if we could deduce any patterns from this data. As you can see in the charts at:
there are about 20 coins that are constantly switching as the most profitable. This may be partially a result of those new coins that have extremely fast difficulty adjustments. The chart isn't as useful without being able to mouse over the bars, but it gets the general point across just seeing all the colors. People obviously do not value most altcoins for their specific features anymore; most of them are just a game. There is one trend that is not all over the place:
The expected payout of scrypt coins is at $1.33/Mh/day now, which is completely opposite the trend of increasing bitcoin prices.

The effects of orphanage

Some altcoins reduce the block confirmation time by making the coin ridiculously easy to mine. There's no advantage to creating an altcoin that has huge numbers of blocks, because then all that happens is that your "confirmed' transaction is more likely to get orphaned. In testing, I was getting 30% orphanage rates on some of these fast coins. Look at what happened last night in the course of a few blocks:
However, I'm still trying to figure out whether orphanage actually reduces the pool's revenue or not. The conclusion I'm coming to is that it only cuts miners' revenue from the expected value if your orphan rate is higher than the average orphan rate of the network. If everyone has 30% of blocks rejected, then the blocks are still being created at the same rate and everyone gets the same amount of money. You only lose money if you have more orphans than everyone else does.
Am I missing something here? If not, then orphanage is only an indicator of a bug or of monetary losses if I have orphaned blocks for long networks like bitcoin, where having another pool finding a block within a second or two is very unlikely.

None of the altcoins has the innovation that bitcoin needs

The only true innovation from any altcoin that would pose a threat to bitcoin is if someone came up with a yet-unknown solution to the 1MB transaction limit, that will be permanent for an indefinite period of time, and released a new coin with it.
Some people mistakenly say that people will switch to altcoins to get around the block size limit, but that isn't the case because the most any altcoin has done to resolve it is to make blocks more frequent, which only raises the limit to some hardcoded value. Raising the limit to some hardcoded value isn't "solving" the problem, it's just putting it off into the future. Don't make a mistake and buy altcoins thinking that some altcoin is going to address that limit, because none has.

Altcoin code is a mess

Altcoins are a mess, when you are trying to compile their code. If you haven't done this with many coin daemons, which most probably haven't, then you probably don't know that almost all altcoins are just clones of bitcoin with some minor changes. This is one of the reasons why bitcoins have such an advantage, because you can't be innovative when you just copy stuff from the bitcoin developers.
What some people don't know is that most altcoins aren't even doing that. There are a few altcoins that have changed little in many years, so instead of incorporating fixes that have been included in bitcoin since then, those coins never upgraded to newer block templates and they don't include the latest features. It also means that bugs that were later fixed are still present in those coins. Some coins, like namecoin, are in horrible shape and for many, it's a matter of time before this code aging causes some sort of security issue to be discovered.

Dogecoins are doomed?

Dogecoins are supposedly doomed. The idea is that the block reward is decreasing too rapidly, and the price of dogecoins needs to rise to avoid a 51% attack. I'm not so sure that the developers of dogecoins will just roll over and die, given how large that community is.
More likely is that if the price stays stable and more block reward decreases occur, they will release a fork to stop the reward decline earlier than expected. That will devalue dogecoins significantly. If the hashrate of dogecoins starts to drop, I would get out. I don't think the network is "doomed," but I do think that the only solution to the problem is to devalue coins, and you obviously don't want to be holding when that is announced.

Negative "interest" rates

Apparently, the speculation now is that negative interest rates are going to spread to the rest of the world, and that banks will start charging an account maintenance fee, along with eliminating interest payments. In that case, what is the purpose of using a bank? I won't be keeping a checking account if that happens. Instead, I'll close my account, buy a safe and store cash in it, using banks only to trade stocks. I don't think I spent a single dollar in actual cash for the past year before this, so this is a technological regression.
What kind of world is this where it is a better idea for me to store wads of cash in a safe instead of putting it in a bank, where they actually take money from me?


submitted by quintin3265 to BitcoinThoughts [link] [comments]

Your short guide to crypto currencies.

I pick top 20 from coinmarketcap.com and explain the reasons to invest, how much of your total crypto capital.
1. Bitcoin: 50% of your portfolio is a prudent bet. Because network effect of the first crypto coin, merchants support it, venture capitalists and media love it.
3. Ethereum: 5%, because network effect of speculating on the future use of smart contracts. Original code base. On the negative side, there is no easy to use client software, Ethereum is for geeks who like to play with code at this stage.
4. Litecoin: 2-3%. Bitcoin clone. Litecoin used to offer nothing over Bitcoin up until recently when the troubles began in the Bitcoin land over the size of blocks and transactions started to have longer waiting times. Litecoin has a nice liquidity and can be used for small to medium payments where transaction time is important.
5. Dash: 3-5%. Bitcoin clone + privacy features. Dash is an enhanced version of Litecoin, but low liquidity and not proven anonymizing technology.
6. Dogecoin: 2-3%. Bitcoin clone. Same as Litecoin, but even better for micro to small payments.
7. Peercoin: 1-2%. Bitcoin clone + new PoS code. Liquidity and merchant support is very low.
11. Bitshares: 5-7%. Original code base. New economic ideas, yet to be proven.
12. Nxt: 5-7%. Original code base. First crypto platform. More features than any other crypto currency.
14. Monero: 5-7%. Original code base. Privacy coin. Decentralized mixer.
15. Bytecoin: 0%. Not recommended because ninjamined, bad for its small anonymity set.
16. Namecoin: 1%. Clone of Bitcoin + decentralized DNS feature.
19. NEM: 3%. Original code base. Crypto platform.
These I am not sure about why they are in top 20, they give me most uncertainty.
2. Ripple: 0-1%. It's not a true crypto currency, most of the supply is owned by one company.
8. Factom: 1-2%.
9. MaidSafeCoin: 1-2%.
10. Stellar: 0-1%. Clone of Ripple.
13. YbCoin: ? Pump and dump?
17. Emercoin: ? Pump and dump is very likely.
18. VpnCoin: 0-1%. Some anonymity and privacy coin used by the Chinese?
20. NuShares: 1% ?
Your comments and constructive criticisms are welcome.
submitted by monkey275 to CryptoCurrency [link] [comments]

Analysis: PeerCoin .01PPC destroyed when a transaction occurs - i.e. I think this is bad design and here is why.

Sorry for the length, but I feel that this is an important topic and deserves suitable treatment.
So I spent quite a bit of time and effort to try and understand why PeerCoin destroys 0.01PPC every time a transaction occurs. Some of my research can be found in the original thread listed at the bottom of this post.
The stated reasons I was able to uncover for the destruction of the 0.01PPC Fee can be broken down into 3 categories:
1) Discourage growth in the block chain size by discouraging transaction scaling.[1]
2) Increase security by protecting against sybil attack described in Babaioff et al research paper.[2]
3) Serves as a deflationary force to counteract the inflationary force from Proof-of-Stake mining.[3]
Based on the 3 objectives above, I have come to the conclusion that destroying the 0.01PPC transaction fee is wasteful, inefficient, and in the long term acts directly counter to some of the innovations that PeerCoin was intended to yield.
Each point taken 1-by-1:
Point 1) Discourage growth in the block chain size by discouraging transaction scaling.
Destroying the transaction fee does not contribute towards this goal. The transaction fee itself does discourage growth in the block chain size, similar to a sales tax, but collecting that sales tax and destroying it (removing it from the economy) just becomes waste. This runs directly counter to the PPC goal to be an efficient and cost competitive currency[4]
Point 2) Increase security by protecting against a sybil attack described in Babaioff et al research paper.
Once again, destroying the transaction fee actually does not contribute towards increasing the security of the currency. The original problem space described the payment of transaction fees to the node that authorizes a block creating perverse incentives for nodes to inhibit propagation of information through the network in order to capture additional transaction fees. The authors showed a robust solution where transaction fees are instead spread to both the authorizing node and relaying nodes as a solution that aligns incentives in such a way that propagation of information is encouraged through the network. In the authors solution, a node trying to hinder information propagation would be countered by nodes incentivized to relay information. Neither of these checks and balances are evident in the fee destruction model that PPC has adopted. A node could theoretically still try and hinder propagation of information and there is no counterbalancing incentive to try and encourage propagation of the information through the network. This does decrease the reward for a successful sybil attack, but it does nothing to actually increase the security as the stated goal. There may be further security considerations such that the security problem space changes which are completely unmitigated via the fee destruction model.
3) Serves as a deflationary force to counteract the inflationary force from Proof-of-Stake mining.
It is useful to start w/ a definition of deflation. Deflation: reduction of the general level of prices in an economy. So, by destroying part of the money supply every time a transaction occurs, there is a general expectation that prices will go down? This seems counter intuitive. If I have fewer units of currency to cover the same amount of goods and services, I would expect prices to actually rise, not fall. Therefore the 3rd point is not supported either.
Speculation - I suspect that the original intent behind the 3rd point was to preserve the value of the currency as the number of units of the currency increase due to PoS mining. This isn't deflationary, but inflationary instead.
Conclusion: Above it is demonstrated that the PPC fee destruction does not further the stated goals and that the fee destruction design is wasteful, inefficient, and does not raise security (and possibly introduces new and unconsidered security implications). I would love to see thoughtful analysis about why fee destruction is a positive aspect to owning and holding Peercoins, but at the moment, I cannot find support for the stated objectives.
Research Links:
[1] Sunny King attribution in: http://www.peercointalk.org/index.php?topic=526.msg4301#msg4301
[2] http://peercoin.net/peercoin-paper.pdf Other Considerations section, paragraph 3
[3] http://peercoin.net/peercoin-paper.pdf Other Considerations section, paragraph 3
[4] From the Peercoin.net whitepaper abstract section
Original Thread: http://www.reddit.com/peercoin/comments/1s0wrl/what_is_the_reasoning_behind_the_destruction_of/
Apparently I now take tips :-)
Bitcoin (BTC) 1KBhGvJXcYDDKBN4BTNK6GNksodYphjKnk
Litecoin (LTC) LVHJ2CzsKSTC1K59peqHYgm3sAhPjx7N3N
Megacoin (MEC) MNJmb4JLsinVqmDDb3jFevNDSbWW3pmPKD
Namecoin (NMC) MykBJ75baHmvjbumt5YeH5S99ZYvkA2anX
Peercoin (PPC) PGA3xQTwFEiwSD7Nv2YhweKes8Yqk873rP
Primecoin (XPM) AYXBcf1fCANQU8ZGU7rem8aTjKbRJ7uTTe
submitted by TheLeaper to peercoin [link] [comments]

Subreddit Stats: CryptoMarkets top posts from 2016-06-06 to 2017-06-06 09:10 PDT

Period: 364.73 days
Submissions Comments
Total 997 5060
Rate (per day) 2.73 13.65
Unique Redditors 561 1602
Combined Score 5890 10917

Top Submitters' Top Submissions

  1. 336 points, 46 submissions: boppie
    1. Over 200 Companies expected to join Enterprise Ethereum Alliance (EEA) over the next 2 to 3 months • ethtrader (18 points, 3 comments)
    2. ETH price explosion. Ethereum now most secure blockchain and Flippening >40% (16 points, 8 comments)
    3. Litecoin update - Price of bitcoin’s ‘lite’ brother is soaring as segwit seems imminent (15 points, 7 comments)
    4. As Bitcoin fees rise, OpenBazaar looks at altcoin payments (14 points, 0 comments)
    5. Poloniex Users Suffering From Frozen Accounts, Suspended Withdrawals, and Disabled Markets (14 points, 13 comments)
    6. Are we witnessing " the flippening" unfolding before our eyes right now? (13 points, 21 comments)
    7. Three big crypto-conferences in NYC next week (13 points, 6 comments)
    8. Wells Fargo sued for suspending Bitfinex wire transfers (12 points, 3 comments)
    9. Bitfinex's Problems Pile Up: Deposits Disabled, Withdrawals Delayed (11 points, 4 comments)
    10. ShapeShift is excited to announce that we will reveal the details and demo our new smart contract-powered platform, Prism on May 22nd during Consensus 2017 • ethereum (11 points, 2 comments)
  2. 262 points, 74 submissions: izveniklickov
    1. Litecoin Surges on Segwit Deal (9 points, 5 comments)
    2. Dash Surges by 110 Percent (8 points, 3 comments)
    3. Dash, Ether Double in Price (8 points, 5 comments)
    4. Ether Hits All-Time High (8 points, 1 comment)
    5. Namecoin, Peercoin Add to Gains (7 points, 0 comments)
    6. Peercoin and Namecoin Give Up Some Gains (7 points, 0 comments)
    7. Bitcoin Flatlines, Litecoin Still in Range (6 points, 0 comments)
    8. Bitcoin Pulled Higher, Litecoin Stable (6 points, 3 comments)
    9. Bitcoin Surges on ETF Speculation (6 points, 3 comments)
    10. Bitcoin Tide Lifts All Boats (6 points, 1 comment)
  3. 230 points, 13 submissions: TaaSfund
    1. Ethereum blockchain fund TaaS has built in-house Cryptographic Audit technology to provide transparency into cryptocurrencies investments. (22 points, 3 comments)
    2. Podcast: blockchain fund TaaS co-founders talking about its innovations and advantages. (22 points, 4 comments)
    3. Unbiased review of ethereum blockchain fund TaaS by Mr Ashley Fulks. (22 points, 4 comments)
    4. TaaS fund will cover the entire investment process with Kepler, a Bloomberg-like analytics platform. (21 points, 5 comments)
    5. Ethereum fund TaaS offers its tokens for trading starting April 28, 2017. (18 points, 3 comments)
    6. Legal status for cryptocurrency and competitors team up boost the market. (18 points, 1 comment)
    7. TaaS' speech: co-founder Konstantin Pysarenko at BlockChain Finance & Fintech China 2017, Shanghai. (18 points, 10 comments)
    8. TaaS launched its ICO, offering a new way for investors to participate in cryptocurrencies. (17 points, 3 comments)
    9. Blockchain and Bitcoin round-up: another day, another cryptocurrency. (16 points, 0 comments)
    10. TaaS incorporates Kepler Technologies in Switzerland and appoints Patrick Salm Managing Director (16 points, 0 comments)
  4. 107 points, 10 submissions: twigwam
    1. Ethereum - A Virtual Currency That Enables Transactions that Rival Bitcoins [New York Times] (26 points, 3 comments)
    2. “The Flippening” & How I Learned to Stop Loving Bitcoin (22 points, 0 comments)
    3. Storj to Migrate Decentralized Storage Service to Ethereum Blockchain! (13 points, 0 comments)
    4. Post-Bitcoin Technology Has Geeks, Giants, and Hackers Excited [Bloomberg] (11 points, 1 comment)
    5. Kraken opens Dash trading (9 points, 1 comment)
    6. “I’m not worried about Bitcoin Unlimited, but I am losing sleep over Ethereum” @TuurDemeester (9 points, 5 comments)
    7. Basic Attention Tokens can take Ethereum to the mainstream (8 points, 0 comments)
    8. Reddit's Co-founder is Bullish on ETH (6 points, 0 comments)
    9. Tokenization in the Age of Blockchain (2 points, 1 comment)
    10. Garzik has Flipped! (1 point, 1 comment)
  5. 102 points, 6 submissions: drewshaver
    1. Review of 5 cryptocurrency exchanges -- Poloniex, Bittrex, Kraken, Liqui, and Gemini (64 points, 13 comments)
    2. A brief comparison of hardware wallets Nano S and Trezor (18 points, 11 comments)
    3. A list of the different sectors in crypto and the projects in each, in no particular order (11 points, 10 comments)
    4. Whenever DASH ramps, XMR and SDC ramp about 3-7 days later (4 points, 5 comments)
    5. Just received incredible support from Liqui.io (3 points, 4 comments)
    6. Historically speaking, when BTC/USD rises a lot, do alts generally hold their price or fall against BTC? (2 points, 0 comments)
  6. 98 points, 3 submissions: fomoer
    1. I made almost US$400k overnight. (40 points, 44 comments)
    2. So I've decided to invest US$2 million in a crypto portfolio. (36 points, 104 comments)
    3. $2mil portfolio: An update, and my top three picks this month (22 points, 39 comments)
  7. 77 points, 2 submissions: Mlawless
    1. Hey I should really invest in this crypto stuff everyone's buzzing about (76 points, 18 comments)
    2. What's up with NewYorkCoin and where can I get some (1 point, 5 comments)
  8. 71 points, 1 submission: KalpaX
    1. How to become a Crypto Millionaire in 6 Months or Less (71 points, 40 comments)
  9. 65 points, 5 submissions: homm88
    1. Disclosure of a Major Bug in CryptoNote Based Currencies (Bytecoin, DashCoin, DigitalNote affected) (37 points, 6 comments)
    2. Ethereum for Investors - a must watch for anyone still learning about ETH (10 points, 1 comment)
    3. The Book of Wolong - insight into the mind of a pump-and-dump artist (7 points, 4 comments)
    4. Bitfinex CSO Comments on Litigation Withdrawl (6 points, 0 comments)
    5. The land grab • ethtrader (5 points, 0 comments)
  10. 62 points, 1 submission: devilsadvocado
    1. What are the top 10 cryptocurrencies to invest in over the next 12 months? (62 points, 77 comments)

Top Commenters

  1. boppie (450 points, 192 comments)
  2. KalpaX (152 points, 53 comments)
  3. cryptodude12345 (109 points, 61 comments)
  4. drewshaver (109 points, 49 comments)
  5. ArrayBoy (96 points, 34 comments)
  6. antiprosynthesis (94 points, 34 comments)
  7. isrly_eder (94 points, 28 comments)
  8. CuckedByTRUMP (78 points, 3 comments)
  9. xor2g (72 points, 38 comments)
  10. metaperl (70 points, 46 comments)
  11. Mirved (69 points, 10 comments)
  12. CouvePT (68 points, 13 comments)
  13. Deaf_null (67 points, 15 comments)
  14. rem123lbc (64 points, 61 comments)
  15. fomoer (62 points, 26 comments)
  16. kerne1_pan1c (61 points, 1 comment)
  17. Fosforus (60 points, 18 comments)
  18. joskye (59 points, 18 comments)
  19. homm88 (58 points, 20 comments)
  20. oarabbus (57 points, 25 comments)
  21. OIIOIIOIIO (55 points, 22 comments)
  22. earthmoonsun (55 points, 18 comments)
  23. ohiomoonchild (51 points, 17 comments)
  24. ZephyrPro (49 points, 9 comments)
  25. observerc (48 points, 21 comments)

Top Submissions

  1. Hey I should really invest in this crypto stuff everyone's buzzing about by Mlawless (76 points, 18 comments)
  2. How to become a Crypto Millionaire in 6 Months or Less by KalpaX (71 points, 40 comments)
  3. Review of 5 cryptocurrency exchanges -- Poloniex, Bittrex, Kraken, Liqui, and Gemini by drewshaver (64 points, 13 comments)
  4. What are the top 10 cryptocurrencies to invest in over the next 12 months? by devilsadvocado (62 points, 77 comments)
  5. Made a little bot for finding favorable trading conditions on Poloniex (really simple machine learning) by thenewboston (56 points, 30 comments)
  6. You have been given $10,000 by drcopperfield (54 points, 65 comments)
  7. Diversify intelligently, not haphazardly. Crypto diversification is about spreading your money across multiple economic models, multiple codebases, and multiple consensus algorithms so that one problem with one thing doesn't wipe you out. by slowmoon (43 points, 35 comments)
  8. I made almost US$400k overnight. by fomoer (40 points, 44 comments)
  9. Disclosure of a Major Bug in CryptoNote Based Currencies (Bytecoin, DashCoin, DigitalNote affected) by homm88 (37 points, 6 comments)
  10. So I've decided to invest US$2 million in a crypto portfolio. by fomoer (36 points, 104 comments)

Top Comments

  1. 71 points: CuckedByTRUMP's comment in You have been given $10,000
  2. 61 points: kerne1_pan1c's comment in What are some of the most under the radar or undervalued coins with an outlook of 2+ years?
  3. 39 points: HeyZeusChrist's comment in So I've decided to invest US$2 million in a crypto portfolio.
  4. 38 points: bjorneylol's comment in So I've decided to invest US$2 million in a crypto portfolio.
  5. 27 points: stereoagnostic's comment in Did the bubble just burst?
  6. 26 points: Mirved's comment in $2mil portfolio: An update, and my top three picks this month
  7. 25 points: cyclicamp's comment in How to become a Crypto Millionaire in 6 Months or Less
  8. 24 points: cHaTrU's comment in So I've decided to invest US$2 million in a crypto portfolio.
  9. 23 points: Budwiser86's comment in What is your alt coin trading strategies?
  10. 23 points: cakemuncher's comment in Did the bubble just burst?
Generated with BBoe's Subreddit Stats (Donate)
submitted by subreddit_stats to subreddit_stats [link] [comments]

Please explain the value of the other alt-currencies?

Hey, cryptocurrency n00b here. Please don't flame. I own a couple of bitcoins. I had heard about litecoins a short while back, but don't own any, but was considering investing in some (maybe 1 or 2 BTC worth). I've recently heard of a number of other alternative virtual currencies: peercoin, novacoin, terracoin, feathercoin, namecoin, primecoin
What is the point of these? For a currency to have any actual value, it needs to be actually useable and accepted by merchants. It's an easy way to pay for goods/services without the barter system. I can't imagine any merchants accepting 10 different virtual currencies.
Also, I originally thought the whole point of a cryptocurrency was to have a universal, decentralized currency - one that is accepted worldwide, that everyone uses, free from being bound to any flags, governments, central banks, etc... Doesn't 10 different competing currencies cause the same problems as having pesos, yens, yuans, dollars, pounds, rubles, euros, candian dollars, rands, francs, shekels, etc..?
And on that note, why not create yet another cryptocurrency that uses a slightly different hash algorithm? We can extend the several that are tradeable on BTC-E to a dozen more. At what point are there too many currencies?
I'm not that familiar with monetary theory. No disrespect if yall own any of these. I can understand the point of bitcoin/litecoin as gold/silver. But these other ones just seem like speculative scams / online gambling pure and simple.
submitted by Mooninite2112 to litecoin [link] [comments]

General talk about the prices of alts, I tried to sum-up what it's all about, give you my opinion

Started to write this in /litecoin, and I realised it's too general to be posted in one thread there, but all started with ASICs.
That's one big misconception that way something is mined or how much it is centralized or not is affecting the price in such a huge way, what is controlling the price much more is psychology of investors and speculators.
There are much stronger factors than that determine altcoin's price. Some features like anonimity, ease of use and power of marketing are much more imporant than mining, because, in the end, speculators and traders are the ones that dictate the price because they generally have much greater bags than miners. Early miners may have great bags too, but I think they're not very fond of selling because they too much believe in their altcoin project.
I myself am the victim of such thinking and have lost so much money on Vertcoin which seems to go only down (along with most other altcoins) and as a bagholder I'm just hoping it rises together with Bitcoin, in the next big bubble. In the other hand, I have reasons to believe the next big Bitcoin bubble won't come soon, if it comes at all... All the geeks are already in and Average Joe seems not capable of understanding the importance of cryptocurrencies, and everything is still not regulated enough (or even banned) and big guys don't want to play too much in such circumstances. And finally, it's really not the same if price of Bitcoin was ~120$ on the previous "starting" point, compared to todays ~600$. Much more fiat money is needed to fuel next bubble. Also, there are big merchants coming in and short-term effect is bearish because they probably sell coins once they acquire them.
Things are much different than year before. There are many altcoins now, many of them serious enough that they even drop a shadow i many ascpects to once big and strong Litecoin/Peercoin/Namecoin, days BTC-e was the king of alts are in so distant past right now.
Bottom line: Here and there, some alt-coin show up and rises to insanity thanks to initial hype and enthusiasm of community. After that, comes a period of slow decline to death, and just maybe (if it's not dead enough), one altcoin will rise together with Bitcoin. That's the pattern. Given the graphs I see these days, most promising coins are Darkcoin and Monero that even have a chance to rise on their own, after the initial bubble they had after launch. Maybe there are some others are eligible too, but I don't follow every coin out there....
My next investments are ETH and BTSX. Counting on initial hype and fleeing out as soon as I see price risen above astronomic levels (10x and more).
Opinions appreciated... Thanks..
submitted by trancephorm to CryptoCurrency [link] [comments]

Implications of R3 choice of forking Ethereum

R3, a collaboration between 11 major banks, choose to fork Ethereum for their experiment with blockchain technology.
Interestingly, they chose a blockchain technology that had not even launched 6 months ago.
On the menu, but NOT chosen was bitcoin and all its derivates. With the huge growth in dapps, homestead and now R3, the altcoins now has no purpose any longer. Bitcoins will still be around for miners, speculators and traders of illicit gods, but everything else is now pointless.
Litecoin, Dogecoin, Ripple, Monero, MaidSafeCoin, Namecoin, Peercoin, NXT, NEM, Bitshares, Stellar, Counterparty etc etc etc and the list goes on. All these coins now have no reason to exist anymore. Played out like the dinosaurs.
Please tell me I am wrong - what possibly use are there for altcoins now?
Ok - possibly Dash has some use as white paint.
submitted by catfoodlover to ethtrader [link] [comments]

Is quarkcoin scam? Or... Wait a minute...

Read carefully losers.
There is no difference between any altcoin as true or scam investment.
You don't realise the whole situation here. There is nothing making quark scammer than dogecoin or sexcoin or junkcoin or peercoin or namecoin or something.
Only thing makes quark bad is the managers of it especially Kolin. They don't know anything about business and the other thing is Bill Still guy. They just couldn't realise getting bigger of quarks in a little time. Bill Still acts like he is in love with quark. These will be changed soon. After that you will regret.
Just realise it fools. Altcoins facts. These are all crap or these are all good things. Do you really think that Max Keiser doesn't have a bag full of litecoins and bitcoins? You really suck. How is it making for you bitcoin and litecoin trustful investments which pumped and speculated by Max Keiser every other day? The reason just it is not premined? Do you even know that quark is 6months baby coin and Bitcoin is 4 years old young guy. How can you expect from quark to be distributed at same ratio with bitcoin? It will be. It will be well distributed near future when new investors come.
Anyone knows why we should buy peercoin? or litecoin? Please explain me, you just explaining why we shouldn't buy quarks. Come to me with why we should buy other shits? Are there many merchants outside that we can shop freely with this shitty altcoins that you support? THERE IS NOT. Get it first. And take a breath.
There isn't any other reason to buy an altcoin except making bitcoin over it. You just want to make money and you just keep going to make quark shitty because YOUR OWN INVESTMENTS. I am not sure that you are SINCERELY thinking about new investors future. You just thinking about yourselves. I am pretty sure.
You were just thinking that sexcoin will be good. See now? Where the fuck is that?
At least quarkcoin created a loyal investors layer. And it was not pumped and dumped unfair levels anytime after gossips come around.
Understand these facts ASAP. And shut the fuck up.
submitted by ezula to QuarkCoin [link] [comments]

I invested 100$ quintupled my investment but then lost it all and now my investment is worth 50$. The mistakes I made and the lessons I learned about markets and day-trading.

I've known bitcoin since Junior Year of Highschool 2011 when I discovered TOR, Bitcoin, and the Silk Road. I never participated at the time because I thought bitcoin did not have any legitimacy and it was still worth 0.5 dollars at the time so naturally as any average person I shrugged it off.
My Highschool Computer science wizard friend told me to check bitcoin again in April 2013 watching it rise to a 200$+ high and then watching it crash hard I never invested at that point due to fear and a inability to put money in Mtgox so naturally I shrugged it off.
Come September I rediscovered bitcoin and saw its brother litecoin having alot of potential this is the point I started to think about putting real money in. I remember the day I was sitting in College Algebra seeing bitcoin rise from 200-400-600 in a matter of hours let's just say I immediately closed my notes, packed up, and left that class early to go trade bitcoins immediately.
I signed up for coinbase and I got 0.13 bitcoins next week when the prices were frozen for that week. Now naturally I saw bitcoin going to gain only 20-30% gains so I instead focused on litecoin seeing huge potential for the then 9$ coin.
I watched my investment grow from 100-200-400$ in a matter of days litecoin was now at 430$ and I quickly cashed out. I spent the next week trading namecoin, primecoin, and other alt currencies on btce often engaging in pumping and dumping typing "LTC HIGH TO THE MOON" or otherwise trying to convince the hivemind to swing my way. I lost money and i gained it back in the end I set my self back 50$ to 380$ I learned that pumping and dumping though can be profitable is in my opinion unethical and can more often than not lose you money if your not in the "right" crowd.
I learned from the "Trollbox" that some people were taking interest in quarkcoin specifically max keiser. I switched exchanges and bought quarkcoin luckily before most of the late adopters ... I watched it rise to 0.00025 and sold making a solid 150$ from that trade.
At this time my whole focus was on trading and making the most money I can off my investment. I was dreaming of maybe a 1000$ or 2000$ or maybe If i got really lucky 5000$ or 10000$. Everyday I was trading looking up numbers trading in coins and other coins though I never did any real research. I barely knew the technical terms meant though I understood difficulty, and hash rate I still wasn't prepared to do detailed analysis of a cryptocurrency in comparison with another cryptocurrency. I made another 100$ off of a neocoin trade but that only fueled my greed even more. Then I lost it all.
Redcoin was the coin I eventually lost on seeing that it could go to possibly 4x the amount I saw at the time it was very attractive me and I saw the possiblity of 2000$ just a mouse click away. I bought at 0.00103 LTC expecting it to go up to 0.005 seeing as I though was its downward curve ... but I watched as it went lower and lower and lower ... 0.0008 - 0.0006 for a while it fluctuated my investment was still worth 500-541$ I convinced my self it would go back up saying that it couldn't go lower and saying that I would sell it once it went back up to 600$ ... but then I watched as it went lower and lower and lower. 200$ was the worth of my coin, at this time I didn't care, I just left it there and watched it go down to 150 then 100 then now its 50$ half of my original investment. I stopped looking at the screens, and stopped caring. I surrendered.
The coins are still sitting there as there is no use to cashing them out. Now I've learned my mistakes and have learned lessons of my folly's. I'm only 18 and attending my first year of community college I'm bound to make mistakes but the lessons learned are lessons that will stick with me my entire life.
Here are the lessons I learned and things you have to remember if you are trading in cryptocurrencies or any kind of trading for that matter.
TL;DR Bought low sold high made alot of money Speculated and lost alot of money
submitted by Johnglennsurf to Bitcoin [link] [comments]

PSA dealing with wealth

I just did some research on dealing with wealth yesterday, and here is what I found:
Books talking about a sudden influx of wealth: Living Richly: Seizing the Potential of Inherited Wealth Navigating the Dark Side of Wealth, A life Guide for Inheritors I picked those books up because they seem to deal with personal issues surrounding wealth. Bitcoins aren't exactly inheritance, but the case is similar I guess.
I also asked on /investing on the issue. Aside from some useless advice like "live just like you did before" people recommended the following books: - The Intelligent Investor - Benjamin Graham - The Snowball- Alice Schroeder - F Wall Street- Ponzio One more book, that taught me about stock investing in the past: - One up on wallstreet (or something like it)
As for "useless" advice I got: - "live just like you did before" - from people not knowing how badly, or how well I lived in the past. besides - what's the point of earning money if they don't change your lifestyle at all? - "sell it all, now!" - from the people who didn't & wouldn't buy in the first place - "keep it all, forever!" - from the same kind of people who invested in Pirate's funds and are afraid of btc failing if people start to cash in - "buy a house, pay off debt" - again - from people who don't know me/you. sometimes it's a good idea, sometimes you can get a better roi by not buying a house - "buy litecoins now" - there is no practical use for litecoins aside from speculation
As for the useful advice I received was to prepare my investment plan. I.e. how much % I plan to keep in ultra-safe investment vehicles, how much I can loan out to family, how much I can put into risky vehicles like Namecoin ;) Another useful advice was to keep a financial log. Each change I make in my portfolio I note down. It helps to clarify thoughts, eliminates a bit of emotional side, and allows you to learn from your successes & mistakes.
The two above points I'm using for a year now, so I can actually trace back why I bought bitcoins a year ago and ask myself whether it still holds true.
Finally, as for keeping BTC safe. I personally bought Asus EEE, installed a clean copy of Ubuntu, and turned off wifi. I kept my wallet there, and do not attach the netbook to the net. I have a copy of the wallet & my mpoe private key on an sd drive as a backup with me at all times. The sd card fits nicely into the jeans condom slot :) Everything is encrypted with a passphrase. Obviously.
I also have an MtGox account, with two-factor authentication (yubikey, and google authenticator on both my & my gf's phone), and a blockchain.info account, with two factor. Plus I've added a two factor authentication to my gmail account.
In case anything happens to me, there is a testimony written down, which contains all my passwords. I also trained my girlfriend in everything.
As for the cash taken out of bitcoins, my tax advisor is now learning what Bitcoins are, and figuring out how to tax it. It was a fun conversation.
Oh, and me, personally, I regret a bit already I shared with too many of my friends that I had so much btc. They're now calling me and asking whether I still have them :) I'm comfortable with just them knowing, but I wouldn't want the fame to go much further. If someone asks, I tell them that I sold most of my btc back when they were worth less. Which is almost true, anyway.
I also try to keep in mind, that the only "real" money that I have is the one I converted back to dollars, and sent to my bank account. Which "0" until I figure out how to tax this.
Finally - people are afraid of btc millionaires cashing out. I think they/us will to some extend, but due to the tax reasons, they/us will be pressured to spend it within the btc economy. That's good news for the btc price :)
submitted by JoeMcHappy to Bitcoin [link] [comments]

How to get to the moon - The Publicity Rocket

At the moment many people are speculating how dogecoin can possible get to the moon. But the best way is through publicity.
If you take Bitcoin for example. Bitcoin didn't skyrocket from 6cents to $1000 through entirely new updates and development. Nope it was through huge media attention.
The same for dogecoin if we can get attention and publicity to our brilliant coin and community we can truly launch our publicity rocket to the moon. Everyone should help whether it be emailing your local newspaperadio, tipping or upvoting positive content on this subreddit lets truly make dogecoin a competitive rival to Litecoin, Peercoin, Namecoin and Bitcoin.
submitted by 1Lukedc to dogecoin [link] [comments]

What is LiteCoin, exactly? Bitcoin reminders, Litecoin talk, altcoin speculation, Steem pumpers Bitcoin Speculation. All about Bitcoin, Litecoin and digital currency! 6 reasons why Litecoin is a good speculation Litecoin Speculation - The Biggest Concern To Price?

COM, OR CCEX FIRST, um tägliche Cryptocoin-Givemybitcoins zu erhalten Ist ein direktes Programm, um Cryptocoin sofort mit Bitcoin, Litecoin, Namecoin, Blackcoin, Doge, Ethereum, Dash, Peercoin und Primecoin Faucet herzustellen. Sie müssen kontinuierlich im Internet aktiv sein und auf Programm klicken ,. Haben Sie beschlossen, in Südafrika mit dem Bitcoin-Abbau zu beginnen? Bitcoin ... COMPRENDRE - Le cours du bitcoin continue de flamber. De 10.000 dollars il y a 10 jours, son cours a atteint le seuil de 15.000 dollars ce jeudi. Révolution ou bulle spéculative ? Achat, risque ... Litecoin – 84 Million Coins Faster Than Bitcoin Capitalization: 734 Million Dollars. Price as of 12/2/12: ~$30 . Pros: • At .5 billion dollars, it has the second or third biggest market cap ... The same bug also impacted Bitcoin nodes running Bcoin and Btcd. Other cryptocurrencies built on the original Bitcoin protocol such as Litecoin and Namecoin were also impacted. Fuller said the bug ... Bitcoin Volatile but Range-bound It s been a volatile week for Bitcoin . The key 2,400 level was broken and with that, the months-long uptrend is over. During the forking fears , a low of 2,250 was hit last Thursday. But since then we ve bounced nic..

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What is LiteCoin, exactly?

In this video I tatempt to explain Litecoin in comparison to Bitcoin. Address: LUQv43MXqcMPLVDVzEsgDEY6V5xFt3BVHJ Link: http://www.litecoin.org/ Bitcoin is like digital Gold and Litecoin is like digital Silver. For more infos visit bitcoin.com bitcointalk.org forum.litecoin.net Is speculation mania the biggest concern to the price of litecoin? Stepping away from technical analysis, I happen to think it is the biggest things to be worried about. What is Namecoin Bitcoin's First Fork BITCOIN PRICE , BITCOIN FUTURE in doubt http://youtu.be/eO-yrpQpIT8 What is NAMECOIN BITCOIN'S First Fork http://youtu.... What is NAMECOIN BITCOIN'S First Fork http://youtu.be/oBkhPhu3_B4 Test Scanning Stainless Steel BITCOIN WALLET view http://youtu.be/P3Cny4iX-CM Why the block...