Altcoins, pump and dumps and managing expectations
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I think, or used to think dogecoin was ridiculous. I mean wth, this stupid joke coin, who would buy into that? Well, it all depends on what you do with it doesn’t it. Doge sponsers animal shelters, people like animal shelters so they vote with their dollars. It doesn’t matter if your coin starts out serious or as a joke. Just as with anything, it depends on what you represent with it that matters.
Dogecoin did something else: People didn’t wait for mass market acceptance. It went directly between people. Houses and cars were sold. Being a joke coin means the middlemen and the market drones ignored it. So signal to noise ratio was awesome and still is. They hate LiNK however so I dumped all my doge.
Forget trying to get mass approval. USE IT. Then watch the lazy crows panic that they had no initiative when it mattered.
As for being harsh on alt coins, that’s cute. What about Gox goes on MtLTC? It’s the community that defines a coin. Nothing else.
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I say : “In the clear water, the fish do not exist forever”. Need tolerance, take the middle road. ^-^
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Same thing happening to Darkcoin price now loll…
I’m glad I bought 2k of it when it was at 0.001
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They hardforked it and they are fine now, they did mess up with the masternodes.
But anyway, its premined garbage. :/
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I say : “In the clear water, the fish do not exist forever”. Need tolerance, take the middle road. ^-^
I like this. This little quote has brought a little smile to my face.
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yes and mine even if I’m not 100% sure what it means
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Wow much comments! Thanks everyone.
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I think generally its difficult to determine what the motives behind the creation of a coin are. I think this could be one of the things that allows Feathercoin to stand out as a legitimate means of monetary exchange and merchant consumer use as bush has been clear right from the start that this is a long term project and not one that is designed to make anyone rich quick.
That does not mean that it isn’t a possibility but it would be an outcome of the coin becoming well known and used rather than artificial pumps or media coverage.I think alts need to do a lot more to prove their legitimacy or risk being written off as a short term speculative asset with little or no long term prospects.
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Remember POGS? Those little cardboard collectable disks. When they first came out and hit the playground, you only had official POGS, but eventually the playground was flooded with POG like clones from various themes and various qualities. If you were collecting POGS you didn’t want to play (essential risk of trade) with other people who didn’t have official and genuine POGS.
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Great show Chris, excellent work asking the pertinent questions that need discussing.
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Great show Chris, excellent work asking the pertinent questions that need discussing.
Thank-you for watching.
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Finally got round to watching this the whole way through. Fantastic show, it’s nice to see alts being discussed in my new favourite media. I love these YouTube shows.
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When people enter a coin managed by nice and smart people such as Feathercoin team, the expectation is that something is being done about the rampant market manipulation. Something more than just “here you go, another alt for the biggest player to pump and dump”. As for Dogecoin, it actively abuses the inability of some people to do big numbers math. But Feathercoin was never intended as scam. If nothing is done against pumps and dumps, their amplitude will increase, not decrease with time.
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Paroramix, I’ve enjoyed reading your posts recently. :)
