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!

The National Coin Craze: Will A Genuine Person Please Stand Up?

In a previous article 1), we discussed how Auroracoin was shaping up to be more of a coin based on speculation than benevolence, regardless of the originator's intentions. The coin jumped onto the scene with almost a $100 million market cap, nearly peaked at a billion, and has since found a home below $20 million. All within a month. We don't have enough information to say outrightly whether this was an intentional pump and dump operation or whether if speculators simply went crazy. Well, the graphical evidence over at coinmarketcap.com 2) certainly demonstrates the latter.

With coin generation being the new hobby of 2013 and 2014, the crazy market of Auroracoin had to attract profit motivated people to rinse and repeat. We highlighted the shadiness that was SpainCoin with the most glaring of evidence; an English only site about a coin for Spanish people 3). We urged devtome readers to avoid these coins and to be on the lookout for other nationally based cryptocurrencies.

How did our warning stack up? Let us look at four key data points of well known Country Coins; when they first entered the coinmarketcap.com leaderboard, their peak, their lowest point after the peak, and their current point.

The Results

Auroracoin

4)

  • First recorded on coinmarketcap.com- $33 million market cap
  • Peak- $831 million
  • Low- $11.8 million
  • Currently- $11.8 million

SpainCoin

5)

  • First recorded on coinmarketcap.com- $9 million
  • Peak- $90 million
  • Low- $360,000
  • Currently-$360,000

BitLeu

6)

  • First recorded on coinmarketcap.com- $7.5 million
  • Peak-$11.3 million
  • Low- $1.09 million
  • Current- $1.09 million

GermanyCoin

7)

  • First recorded at coinmarketcap.com- $300,000
  • Peak- $1 million
  • Low- $98,000
  • Currently-$150,000

AphroditeCoin

8)

  • First recorded at coinmarketcap.com- $40 million
  • Peak-$115 million
  • Low- $4,600
  • Currently- $7,600

Greececoin

9)

  • First recorded at Coinmarketcap- $3.4 million
  • Peak- $5.9 million
  • Low- $138,000
  • Currently- $155,000

Visit The Graphs Yourself To See The Carnage

This stats don't completely do the picture justice. Follow the source links to see the graphs. Typically, the currently bolted off to the races with almost off its “gains” coming within the first day. Then it is a slow slide down into oblivion.

Not to mention Bitleu, Aphroditecoin, and Greececoin are at such a low trading volume, coinmarketcap.com has them in another section altogether.

Currently there is one national coin of Israel, Isracoin, that just hit the scene. Will it break the trend?

Isracoin

10)

  • First recorded on coinmarketcap.com- $9 million
  • Peak- $160 million
  • Low (thus far)- $70 million
  • Currently- $103 million

Almost all of these coins are clones of Auroracoin. Isracoin will only be air dropping 10% of its total coin amount in an obvious effort to bolster wary investors who worry citizens will simply sell the coin upon arrival at their front door. (Or worse, that the entire coin is a sham and shatters like all the rest of the national coins). That 10% change alone probably explains how the pump is continuing despite the history of these coins falling HARD.

We have nothing more to say as the evidence speaks for itself. We will report back on the progress of Isracoin regardless if it creates an outlier for this position of ours or whether it concurs with our assessment.

EDITED TO ADD:

Coinmarketcap.com recently changed how they categorized significantly premined coins. Initially, they were counting all of the coins that were to be distributed to citizens of their country coin in the price valuation. Considering those coins aren't in circulation, it was artificially boosting the market cap and the site now only lists the available coins. Now the market caps are all significantly lower (if they hadn't already hit bottom…Aphroditecoin was recently the lowest of all altcoins at $14 market cap).

Isracoin was trading around $100,000,000 market cap before the switch. Now their market cap is shown to be $86,000.

If we look at coinmarketcap.com graphs, we can see that around $100,000,000 marketcap their coin was valued just above $0.21 a unit. Since we can't go by market cap anymore, the current value of Isracoin by unit $.068. Thus the price of the coin has dropped around 75% since the time of this writing (less than a week). During a random bull explosion today, April 14th 2014, where most coins including bitcoin are experience 20% price increases, Isracoin was hovering around neutral to even -5% on the day.

cryptocurrency


QR Code
QR Code proof_positive_the_national_coin_craze_was_mostly_speculation (generated for current page)
 

Advertise with Anonymous Ads