GoldCoin Talk
Main Category => GoldCoin Discussion => Topic started by: aaelim on January 05, 2014, 01:32:46 PM
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Anyone know why the price of GLD is dropping so quickly? Usually the price tends to trend up with BTC but we've dropped nearly 50% in the last week. Reviewing all the coins on coinmarketcap, the 7 day GLD chart to me looks the worst, even the annoying BBQcoin is higher than GLD :o. Just looking for ideas here.
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Probably because folks that have bought haven't been active. They're just sitting around thinking if we do nothing, we can get rich. This board itself, is not very active.
Having said that, it's temporary in my opinion. Hands down GoldCoin has the best name and some great programmers. Also, obviously there isn't one guy just pushing it or he'd be here and be far more active. I think as cryptos in general start doing much better and gain public acceptance, GoldCoin will slowly rise especially once the Gold bugs start getting convinced.
Anyhow, long run I think there will be hundreds/thousands of competing currencies just like this guys suggests:
http://www.youtube.com/watch?v=0dNawEe8M1Y#t=1075 (http://www.youtube.com/watch?v=0dNawEe8M1Y#t=1075)
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hey guys, new member.
ALt currencies all seem to be getting hit. Since I have been watching it seems that alt currencies trade opposite of the big pairs.
I am still trying to make sense of this market. Where does the capital come from? Where is it going?
I got lucky with a recent pop in NET coin and cashed out and moved into GLD, attracted to the fact it has ultimately only ~123 million shares. The GoldCoin name seemed gimmicky to me when I first started in Cryptos, but the name grew on me.
I mine World Coins, convert to LTC and then buy GLD on cryptsy. I'm just going to keep averaging in as the coins roll in. I wish I had more mining capacity, because then I could better absorb the selling pressure, but one man does not make a market.
I have a lot of thinking to do about GLD and the this digital trading marketplace. I have traded real currency for years, until the past few year where swap funds and other derivative markets make currency trading VERY risky for the smaller players. For example, If I can borrow unlimited USD for 0% and use it to buy other currencies via government backed swap funds, you have to ask what kind of market is that? Certainly not true supply / demand.
Long story short there are many aspects of the alt coins that interest me, but I do worry about the dilution of the market. Many earlier adopters may just cash out and leave everyone else holding the bag. I am fairly sure that Bitcoin will be in use, but how many alt coins do we need? I can only hope GLD is one that has staying power.
Alternatively, I do not see how silly coins like BBQ Coin and DOGE Coin even exist. I do like NET Coin and World Coin, but they have larger outstanding shares and in the end that will be the metric for valuation. GLD has a total number of shares, not much greater than LTC, so I think on a relative basis there is a lot of room to grow for GLD. This recent drop is just people raising BTC and LTC to ride the upside in those coins, IMO.
The alt crytpo market could use a little consolidation, but the nature of the coins don't allow for that. I don't know where we are going, and I am not enjoying this dip, but I think GLD is a good coin to be in when the chips get cashed in.
What I would like to see is a chart displaying the various coins current and forecast quantities over time. I have the impression that GLD will become very rare in the second half of it's mined life. How will that effect mining efforts? We nee miners for the network to operate. The only way it will maintain attraction for miners is with high valuation. I may just have to make the chart for the pairs that interest me so I can make a partially pragmatic assessment of where to keep my coins.
Good luck everyone. And let's look for a bounce and people cash out of BTC and look for a place to put thier money. A Fiat market for GLD would make a HUGE different in that regard. BTC-E needs to extend to other pairs and it would change everything for GLD.
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It's a short term drop. We all know how volatile the crypto market is and it's a bumpy ride. The reason for the drop is probably due to someone selling a lot and moving into a different coin. What I suspect is that they moved to BTC since it's been an upward trend lately. I just mine GLD 24/7 and try not to look at the short term market trends since I'm in it for the long term.
As prices drop, more will buy and it will go up. But that's just how market works... for now. It's still at an early stage in terms of trading since we don't have GLD/USD (under pre-beta as we speak) and it's rather tedious to purchase BTC or LTC and then have to purchase GLD.
As far as the increasing difficulty of mining and less GLD per block as years go, I think mining will still be viable as long as the prices go up with it. I mean, look at BTC/LTC and the impact of the increasing difficulty, yet it's still profitable due to increase in value. Let's say I can mine 100 GLD per day at $1 each this month... $100 profit per day (minus electricity/fees). Due to increasing difficulty and less block rewards, I can only mine 10 GLD per day a year from now. However, the price of GLD increased to $10 a coin. Still $100 profit per day.
Those who mine and are mining right now are usually the long term investors who are hoping to see a rise in prices of their coins exponentially down the road. I can't wait for those days to come when 1GLD will be worth $1+. However, it's not a waiting game... we need to take action and get more spot light on GLD if we want that future.
This is the way I see it on GLD's success in the future:
1. GLD needs to become independent of other coins, especially BTC/LTC, but more importantly... independent and from all of these growing altcoins.
2. GLD needs to find gold/precious metals as its niche market. Imagine GLD being advertised by precious metal investors and companies. Billboards saying "Buy GLD now!" or "I buy your GLD!"
3. Going off of #2, I personally believe that GLD can be used as an alternative to physical gold. If you were to invest in physical gold right now, you would have purchase it and get it transported to your house. You are going to pay fees to transport it and possibly more money spent to securely transport your investment if you're buying bulk. Then once you receive your gold, you need the space and security to store it. Also, you may have been scammed by "fake" gold...
Imagine GLD becoming side by side to physical gold. Instead of stocks, investors can purchase GLD which would work the same as buying physical gold, except it's faster, easier, cheaper, and safer to buy/sell/store GOLD! GLD could be mined by anyone or even small mining businesses and continue to mine until it's depleted, which is still YEARS ahead. In order for this to happen though, we would need some backing of big precious metal investment companies.
4. Need more media coverage. We need GLD to show up on TV, internet, etc. This can be accomplished by #3 when and if precious metal investors and companies announce that GLD is THE and ONLY alternative currency to gold.
5. More exchanges = more market and can lead to prices rising. Also, GLD <-> Fiat exchange would really help for new investors to easily get their hands on GLD.
Unfortunately, I can only throw out my ideas since I don't have finance or business background and stuck with my job for the next few years. If I was fresh out of business school, I would be investing my time and money right now in Wall street to make this happen. Such is life.
I, however, am contributing as a 24/7 miner to gold and will try to spread the word on GLD to as many people as possible. I've been successful somewhat since I've had many people ask me on starting their mining rig or purchasing GLD.
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nice comments sizz, thanks I concur.
I have trying to think of a way to use GLD as a true gold reserve mechanism, and it's just not working out. It might be usable as a proxy for trust units in a precious metal trust (actual mining operation), which might represent the most realistic investment vehicle. If tied directly to gold, we might short change the long term value of the coin.
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nice comments sizz, thanks I concur.
I have trying to think of a way to use GLD as a true gold reserve mechanism, and it's just not working out. It might be usable as a proxy for trust units in a precious metal trust (actual mining operation), which might represent the most realistic investment vehicle. If tied directly to gold, we might short change the long term value of the coin.
Thanks, and yea it's not as easy as I write it to be and we as a community really need to get our heads together and make this work.
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Here's my outake on the alt market including GLD: it's become too easy for cheap pump and dump or mine and dump coins to be made and every day the markets are getting flooded by profiteers, who don't care about the longevity of their coin.
I think that if GLD is to really succeed, and believe me I want it to, it should be re-inventing itself at the protocol level to differentiate itself from a clustered market full of 'the same thing' but with different names.
To save GLD my vote would be get inventive and reprogramming GLD, hard forking it if needed, so that the mining also returns some secondary properties such as namecoin and primecoin, thus giving it some extra merit.
I know it's not easy but in a myriad of coins that will keep drowning out other similar coins (all doing the same thing) you've got to get inventive at core level and offer something better.
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There is no reason to panic. As said before, these are volatile markets. We have seen much more volatility than this. We are dropping vs BTC but holding fairly steady vs the dollar. The marketcap has stayed around 1.3-1.5 million which is 4.5-5.5 cents per coin. We aren't losing any ground on the coinmarketcap list. And my GLD balance continues to grow.
But, as it has been said, we can't all just sit around and wait for the coin to grow on it's own.
Somebody gave away a good size chunk of coins for super cheap this morning in the LTC market on Cryptsy.
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True. hasn't been too bad. someone wanted to get into BTC and LTC though.
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Anyone with a computer and some basic linux experience can make their own alt coin right now. So many people think if they make a coin that they can get a quick buck. It is in fact sickening that DOGE even exists, there are some very ridiculous coins hitting the market. GLD has been around a lot longer than many of these other coins and I see it as being one of the more stable ones out there....minus the mass orphans a while back :)
GLD is long term but as everyone says it is up to the community to get the word out. The dev team has been extremely helpful and has answered some difficult questions, it only helps solidify my faith in this coin.
Go GLD!
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I see the lack of products and services for main problem of GLD. It doesn't matter how many ridiculous coins like DOGE and Co. will be launched. If GLD cannot make a different, e.g. by practical applications. Then GLD is the same like many other coins. A coin is not just somethings like a currency. It is primary a very fast and secure payment method. The value of a coin increase if people use it for short-term speculation, investment resp. diversification or papyments. And some buy just for fun. But, the main application of a coin is the payment method. It is in that context maybe a good idea to find a way. How GLD could be used to be more exchanged against products and services. Because only keep a coin in the wallet will have no success.
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A method to do commerce is key. A methed to trade fro USD is key.
I think a method where GLD coins are tied to a gold trust that pays dividends in the form of either USD, GLD or even BTC would establish the GLD as a reserve coin. The methods to make that happen might include any number of permutations.
I know my perspective is not new, and I have heard of the hurdles of tying a crypto currency to a commodity, but I think if it's done in parallel to a existing trust or managed futures fund, I can see it being a money maker for both GLD holders and a financial organization. I really dont want to bring it to light until I have more GLD. :)
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Being what I consider to be a very technical person, I am fluent in many computer languages and excel in web based development. I am not against putting some sort of market together that can help propel GLD as long as there is a good foundation or concept to work from. I am not that familiar with markets and stocks so making a trading platform that is based off of a commodity will end up being a bit confusing. If anyone has some ideas or suggestions then we could toss them around and see what possibilities that may be. It would need to be something unique to draw attention to this coin but on the same hand not something that is overly complex to the point where development would take a year or more to get to beta.
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If anyone has some ideas or suggestions then we could toss them around and see what possibilities that may be. It would need to be something unique to draw attention to this coin but on the same hand not something that is overly complex to the point where development would take a year or more to get to beta.
A unique idea in the world of coins would be a p2p exchange. A decentralized exchange that takes supply and demand together. Today many transactions happen on centralized exchanges. These exchanges takes fees for every realized trade. Since Bitcoin and Altcoins doesn't take any real transation fee like banks or payment processors. So a p2p exchange could eliminate such transaction fees against centralized exchanges too. A established p2p protocol would be maybe this: https://jxta.kenai.com/ Or based on the current Bitcoin client.
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Any sort of gold tied trust to GLD would likely take the form of a network (internet based) wallet. Much like you keep coins at BTC-E or Cyrptsy, there would be a gold trust wallet. Any coins stored in that wallet would be considered an investment in the gold prospects behind it. If that trust generates revenue all coins of record for certain periods of time would be granted a dividend. There would have to be a structured enrollment period and withdrawl policy. The devil would be in the details, however, in how the deal with the fund manager or the mining company would benefit from the GLD backing.
I am sure someone can figure it out...
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If anyone has some ideas or suggestions then we could toss them around and see what possibilities that may be. It would need to be something unique to draw attention to this coin but on the same hand not something that is overly complex to the point where development would take a year or more to get to beta.
A unique idea in the world of coins would be a p2p exchange. A decentralized exchange that takes supply and demand together. Today many transactions happen on centralized exchanges. These exchanges takes fees for every realized trade. Since Bitcoin and Altcoins doesn't take any real transation fee like banks or payment processors. So a p2p exchange could eliminate such transaction fees against centralized exchanges too. A established p2p protocol would be maybe this: https://jxta.kenai.com/ Or based on the current Bitcoin client.
This is the basis why I set up localgoldcoin.com (http://localgoldcoin.com). Now we just need more people that are willing to use goldcoin for paying and offering goods/services. It is my opinion for a long term acceptance of a coin.... it needs to be something more than just a speculation coin.
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If anyone has some ideas or suggestions then we could toss them around and see what possibilities that may be. It would need to be something unique to draw attention to this coin but on the same hand not something that is overly complex to the point where development would take a year or more to get to beta.
A unique idea in the world of coins would be a p2p exchange. A decentralized exchange that takes supply and demand together. Today many transactions happen on centralized exchanges. These exchanges takes fees for every realized trade. Since Bitcoin and Altcoins doesn't take any real transation fee like banks or payment processors. So a p2p exchange could eliminate such transaction fees against centralized exchanges too. A established p2p protocol would be maybe this: https://jxta.kenai.com/ Or based on the current Bitcoin client.
This is the basis why I set up localgoldcoin.com (http://localgoldcoin.com). Now we just need more people that are willing to use goldcoin for paying and offering goods/services. It is my opinion for a long term acceptance of a coin.... it needs to be something more than just a speculation coin.
Nice project. Next step would be a p2p exchange without centralized instance. Especially trading between coins doesn't really need a centralized exchange or escrow. These piece of software could be integrated directly into wallet. Such a decentralized exchange would eliminate the risk of cyber crime. It should be secure like the p2p network of coins today.