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Author Topic: autoselling  (Read 1811 times)

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Offline Hillbilly

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autoselling
« on: January 19, 2014, 09:11:13 am »
so, what strategy (other than hold and wait   ;D ) can we use to combat multipools, middlecoin, autosellers destroying the value of our coins? I am currently mining about 900 GLD/day and so far I've held them all. I am watching all alt coins lose value as new miners try to get ROI. I guess what I am asking is what plans are there to push this coin to the top?

Offline MicroGuy

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Re: autoselling
« Reply #1 on: January 19, 2014, 12:34:45 pm »
so, what strategy (other than hold and wait   ;D ) can we use to combat multipools, middlecoin, autosellers destroying the value of our coins? I am currently mining about 900 GLD/day and so far I've held them all. I am watching all alt coins lose value as new miners try to get ROI. I guess what I am asking is what plans are there to push this coin to the top?

This is a terrific post! It's got the gears in my brain spinning full speed. (:D)

In regard to auto selling:

For the most part multi-pools have stayed away from Goldcoin since the implementation of the new 51% attack defense. The rest of these selling strategies like auto-sell will always exist as long as there's a demand. If we look back to the period of the gold rush, most of the miners that flocked to California weren't headed West to invest, they came there to mine and take the gold into town to sell. This process didn't destroy the value of physical gold. It's really no different today with Goldcoin only that miners can get into town quicker to sell their gold.

In regard to mining:

The miners are an integral part of the coin's function by design. The coin's transaction processing relies on the miners getting an ROI. Think of it like this: if we didn't have miners panning for gold, or going into mines to perform the hard labor, the gold would never get out of the ground. If those miners didn't get paid for their gold, they wouldn't mine. I think the price of Goldcoin will exceed several dollars per coin in 2014, so if I were mining, I would hold. But other miners might not take that view, or might have expenses to cover, and elect to immediately sell.

In regard to speculation:

One thing is for certain; over the long term - the price of Goldcoin (like the price of physical gold) is either going to go up or down. There are many factors involved in which direction price moves. I think what the miners do has minimal long-term impact on valuations. The focal point I think should be on supply and demand. This is the essence of valuation.

What is fixed? Supply

The supply of the currency has been predetermined at 120 million coins over 100 years with a tapering/diminishing output each year. There are currently 29 million coins in circulation. So this is done, no work needed here.

What is variable? Demand

This is the only remaining variable in the equation. We need to look at ways to increase demand if we want to see an increase in price. All the other stuff about miners auto-selling is really just a distraction. Find a way to increase demand for the coin and per the most fundamental law of economics, the price MUST increase.

So in conclusion, I think we should work on finding creative ways to increase demand. I think one way would be to offer a celebrity a bounty and board position in exchange for endorsing the coin. Other methods include: improving the client, telling friends and neighbors, website enhancements, paid advertising, grassroots initiatives, giveaways on bitcointalk.org, social media campaigns, creating blogs and vlogs, and many many others. If we all use our imagination and a team-oriented approach, the potential of this coin is truly unlimited.

Well that's my 2 cents! lol Thanks again for your post, and I hope this helps to address your question.
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Offline psionin

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Re: autoselling
« Reply #2 on: January 19, 2014, 06:25:43 pm »
SPARTANS


« Last Edit: January 19, 2014, 06:29:53 pm by psionin »