DEVTOME.COM HOSTING COSTS HAVE BEGUN TO EXCEED 115$ MONTHLY. THE ADMINISTRATION IS NO LONGER ABLE TO HANDLE THE COST WITHOUT ASSISTANCE DUE TO THE RISING COST. THIS HAS BEEN OCCURRING FOR ALMOST A YEAR, BUT WE HAVE BEEN HANDLING IT FROM OUR OWN POCKETS. HOWEVER, WITH LITERALLY NO DONATIONS FOR THE PAST 2+ YEARS IT HAS DEPLETED THE BUDGET IN SHORT ORDER WITH THE INCREASE IN ACTIVITY ON THE SITE IN THE PAST 6 MONTHS. OUR CPU USAGE HAS BECOME TOO HIGH TO REMAIN ON A REASONABLE COSTING PLAN THAT WE COULD MAINTAIN. IF YOU WOULD LIKE TO SUPPORT THE DEVTOME PROJECT AND KEEP THE SITE UP/ALIVE PLEASE DONATE (EVEN IF ITS A SATOSHI) TO OUR DEVCOIN 1M4PCuMXvpWX6LHPkBEf3LJ2z1boZv4EQa OR OUR BTC WALLET 16eqEcqfw4zHUh2znvMcmRzGVwCn7CJLxR TO ALLOW US TO AFFORD THE HOSTING.

THE DEVCOIN AND DEVTOME PROJECTS ARE BOTH VERY IMPORTANT TO THE COMMUNITY. PLEASE CONTRIBUTE TO ITS FURTHER SUCCESS FOR ANOTHER 5 OR MORE YEARS!

My Journey With Devcoin: Life of a Crypto Trader

This is my first entry in a log of my journey with Devcoin. You can find it here:

My Journey with Devcoin

Starting to Trade

Recently, I signed up for mcxNOW. For people that don’t know what mcxNOW is, it’s basically the same thing as Vircurex or BTC-E, but operates a bit differently. There is a wide selection of crypto coins to trade, and your account has a balance for each coin. You can use these coins to buy more coins of a different kind, and the site graphs out each coins worth, history, rich list, etc. I threw around 200k DVC into my balance on mcxNOW after signing up because the site offers interest for keeping your coins with them, so every 6 hours I get 10 or so devcoins. It’s not too much, but it’s nice to see a few more coins be added into my wallet, and it comes much into play when you have a huge share of coins.

Earning Cryptocoins with mcxNOW

However, another way to earn is by buying an mcxNOW feeshare. This is basically like investing in stock in mcxNOW. How it works is as follows. When you trade on mcxNOW, you have to pay a small percentage as a fee, just as on any other trading site. These fees are then divided up among all the shares of mcxNOW “stock.” The owner of the website, known by just “RS,” has 50,000 shares which he uses for site maintenance, upgrading of servers, things like that. Currently, there are 5,000 shares available for trade, and since they have all been bought from the owner of the site directly, users are required to trade with each other to acquire them. At the time of writing this, October 11 2013, an mcxNOW feeshare is hovering a bit over 1 BTC, around $140. The fees earned each day are divided up into 55,000 sections, and each person with a feeshare gets a bit of the fees. Currently, that’s about a 6% yearly earning rate. However, this isn’t in bitcoin. The fees are on all sorts of coins that are sold, so it’s basically a rainbow faucet of a multitude of a variety of coins each day. You never know what you’re going to get.

Chat Banning

    *PAID BAN*: krusher33 has chatbanned stranger for 5 minutes and given everyone some fees. They typed /payban stranger 0.01

Recently, there was a new feature added to mcxNOW where users can pay a certain amount of bitcoin to ban someone from the on-site chat, and this bitcoin goes into the feeshares. This obviously increased the earnings of people with shares. Last night I was watching chat while monitoring prices and saw a guy pay 0.1 BTC to ban someone for an hour who was being annoying and was amazed. It seemed like such a strange system, but it worked so well and actually earned money! Of course it will be abused, misused, and possibly allow rich users to permanently ban the people they hate, but it’s just money in the share holders’ pockets.

My View on Feeshares

Currently, these feeshares aren’t making too much money. At a few cents every 6 hours, it’s currently a better deal to have a few of each coin in your mcxNOW wallet and bank on interest (no pun intended) to get more and more coins every day. However, the site seems like it won’t be going anywhere anytime soon and it wouldn’t surprise me if the price of feeshares is constantly and steadily rising. Once more trading occurs, more chat banning occurs, and the site gets more popular, feeshares will be making a ton more than interest and the people who were able to get the shares at an opening price of 0.2 BTC are going to be rakin’ in the cryptocoins. But, what does this mean for everyone else?

Well, interest is based on the overall volume of each coin in the wallets of mcxNOW storage in relation to the users’ balance of said coin. If everyone has 1 BTC, interest will be lower than if only 10 people have 1 BTC and everyone else has 0.001 BTC. Because of this, when I sell devcoins and end up with 0.1 BTC or less in my wallet, I’d be earning more by going to faucets. However, if one has a surplus of coins (for example, users with millions of devcoins), they will be making tons of devcoins (per 6 hours).

Issues with Altcoins

Apparently, it is rumored that devcoin will soon be removed from mcxNOW because everyone is cashing out and the integration with devcoin is buggy. I don’t know how we can fix this, but I’m afraid that we might see the coin go away and everyone who earns devcoins here will have to switch to Vircurex or any other trading site.

Devcoin’s price history has been a bit weird recently. Last week, it was pumped up to 0.00000095 bitcoins per coin, and yesterday it dropped from the mid sixties down to a steady 40 that would sometimes dip into 39. It does make sense, why is everyone cashing out after such a huge pump?

I’ve still been writing on DevToMe and will be for a while. I’ll still be using mcxNOW until devcoin is taken down off of it, if that does happen. After that I’ll probably trade with Vircurex. As much as I would like to keep my coins as actual devcoins and use them in their natural form, there aren’t any places that accept devcoin as far as I know, and if I wait any longer, people on Vircurex might cash out too.

Conclusion

This week was eventful because of not only my mcxNOW discovery and trading, but also my involvement in a new cryptocoin: WorldCoin. I bought some at 0.000120 BTC/coin (ish) and it’s currently rising up to 165 with hopes of hitting 200. Also, it’s constantly being pumped by big league investors, so I think it will be a nice way to earn some extra BTC when the time is right to trade.


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