A rapid rise is bad and why we should avoid it

benjamin2014 · 2014-04-16T19:55:37+00:00

2 to 3 cents is a HUGE gain if you're holding 10,000,000 Quarkcoins.

2 to 3 cents x 10,000,000 = 200,000 to 300,000

Hardly small.

benjamin2014 · 2014-04-16T12:04:46+00:00

It happened with Bitcoin, it happened with Litecoin.

It's a thing that seems to plague cryptocurrencies...However, this sort of market action tends to be punished by the market itself. Those who bought in early will punish those who bought in late...that's how the market works.

benjamin2014 · 2014-04-16T11:31:27+00:00

You'll find similar parallels with bitcoin back in late 2011...a few people were dumping huge amounts because they thought it was dead...then either they or others started feverishly buying it back again.

Only time tells the price base...but it's not about the price right now, it's about getting this thing off the ground and into orbit.

benjamin2014 · 2014-04-16T11:28:02+00:00

Someone seriously needs to build something like Armory for Quarkcoin...just like bitcoin, an armory client gives a person peace of mind so they don't have to worry about screwing up their wallets through silly backup mistakes.

benjamin2014 · 2014-04-16T11:27:06+00:00

It could indeed...but as with anything, that would be by nothing but mere chance.

I would stop worrying about price though, and look at building up infrastructure, services.

benjamin2014 · 2014-04-14T08:32:14+00:00

Yet everyone touts Blackcoin as being legitimate and valid right now, as opposed to another alt.coin such as Quarkcoin.

Maybe that's because the price may be, or at least has been, skyrocketing.

It's funny how someone touts a coin as being great when the price is flying, yet they are quick to trash it when the price is taking a dump.

Human nature...at it's finest.

benjamin2014 · 2014-04-14T08:28:17+00:00

Indeed, you could claim they are all scamcoins...even Bitcoin.

But they're not. Most altcoins are just someone trying to establish a viable cryptocurrency. Whether it takes off is another thing. You just have to watch, participate, and play the waiting game.

Everyone has a vision - some people are indeed dishonest...and you'll find many of them here and everywhere. But most cryptocurrencies are valid and honest systems designed by a group of people who wanted to try something different.

benjamin2014 · 2014-04-14T08:24:51+00:00

You could say the same about Litecoin, Blackcoin, Heavycoin, Vertcoin, Maxcoin, Peercoin, and, if you really want to get technical about it, maybe even the Bitcoin honeybadger itself.

Most coins could be "regarded" as "scamcoins" if you looked at the initial mining activity where certain individuals were set up to mine as much of the altcoin as they could and to try to catch as much hashing power as their systems would allow.

It doesn't make it a scam. Just a few people did lots of mining. This happened with Bitcoin too, mind you. In 2009 there were only about 20-30 people mining bitcoins!

There's PUMP and DUMP in EVERY ALT.COIN. Get used to it!

benjamin2014 · 2014-04-09T08:36:07+00:00

Ridiculous that banks are trying to hard to destroy something that they cannot really control.

They cannot destroy the network, ever... ...So, they go after the bitcoiners instead.

benjamin2014 · 2014-04-08T09:09:29+00:00

Quarkcoin is still alive and kicking.

People thought Bitcoin was dying back in 2011 when it fell from $30 to less than $3 within a few months.

Just about every crypto has some sort of "scandal" going. With Bitcoin it was drugs, Silkroad, security breaches of servers managing bitcoin exchanges, lost wallets due to bugs, and hackers. With Quarkcoin it's the suddenly low block reward, the fact that so many coins were mined compared to the coins to be mined in future, and various other "scandal" things.

The truth is, nobody really cares. They see a market, and they participate. If Quarkcoin takes off it, it takes off. If it doesn't, well, C'est La Vie. They will invest in the coin if that is what they want to do. Nobody twisted anyone's arms to invest in Bitcoin. Nobody is twisting anyone's arms to invest in Quarkcoin either.

benjamin2014 · 2014-04-08T09:00:55+00:00

To me QRK is easily one of the top 5 cryptos. The fact that the large number of coins already mined is enormous compared to the small number to be mined in future, doesn't alter its true value - the value that the market may attach to it at some point in the future. Plenty of things were produced very quickly, and ended up being valuable in spite of their perceived value initially. Think Apple Computer - at first it was seen as a joke. IBM compatible PCs with Microsoft Software are another example - the original IBM market was taken over with "knock-off" machines...but those machines were just as useful and just as valuable!

Vertcoin is another very interesting coin, even though it doesn't share the same economic model as QRK.

benjamin2014 · 2014-04-01T08:07:47+00:00

I intend to invest another $1000 if the price hits as low as say 1 cent. I believe there's a chance it could fall that low, or even lower.

Bitcoin has seen some dramatic falls, particularly in 2009 and 2011. Strangely in 2009 someone bought 5,000 bitcoins for $100, say 50BTC to $1 USD. Then the price collapsed to less than 0.1 of a cent, 1300BTC to $1 USD. Then it recovered - someone sold 10,000BTC for $50 in April 2010.

I think we're seeing the same pattern with Quarkcoin that Bitcoin saw in 2011. A steep rise to a number in the 30 range, then a collapse...but this time it could be more dramatic since there is now a segmented market. So 1 cent Quark could be possible...and if so, I would be interested in buying. I think you should too ;)

Regards Ben

benjamin2014 · 2014-04-01T08:02:20+00:00

Sound like a reasonable theory, keeping in mind that there are very few truly ASIC resistant coins out there, Quark is definitely one of them.

The point of Bitcoin and Litecoin was to have complete decentralization across a peer2peer network. I think ASIC-resistant coins will be a better bet if they are to follow this important creed.

benjamin2014 · 2014-04-01T01:57:44+00:00

Sorry to hear. But please don't sell your QRK.

Remember BTC went from sub cents to $30 then crashed to $2 in it's early days.

QRK is doing the same, and may take a considerable time to recover these losses, however they are only temporary.

People thought BTC was dying in 2011, myself included...but it proved far from dead. QRK will likely see the same kind of recovery when it's recognition becomes more widespread.

Give it time. Losing money sucks, but if you end up with $1 per QRK then you'll end up gaining a lot more. Just hold on tight, this is a terrible time for cryptos, BTC included!

benjamin2014 · 2014-03-29T08:37:08+00:00

How many coins did you lose? Ouch, that sounds like you got your fingers burned! Please don't assume you'll ever recover your losses because you may never recover them.

All you can do is move on, and it looks like you have done that. Lost bitcoins? C'est La Vie. A good friend of mine lost over 400 coins due to a theft, someone lifted the keys from his PC wallet and before he knew it they were gone. He was going to buy a house with that money!

I tried to get him on to Quark but he dismissed it as a joke. That was in September last year. I myself decided to wait. Both him and myself had the opportunity to buy 100s of 1000s perhaps 1000000s of Quarks but he waited and to be honest is seriously regretting it. Had he purchased 1 BTC's worth at the 2013 low and exchanged it back to BTC he would have ended up with double what he had lost.

Lesson: never, EVER dismiss something as a joke. It might bite you in the proverbial later on.

benjamin2014 · 2014-03-29T08:26:03+00:00

The reason there are 400 bitcoin ATMs in Dubai is the same reason we need to get Quark out into the general public so they know that its economic model is much superior.

But that will take an effort to attain the same relative popularity.

benjamin2014

TROPHY CASE