I'm really not very happy that out of the 13,371,337 OMC cap that already 8 million are mined. It's been just over a year and already more than 60% OMC are already mined. This has just created a flood of OMC which presents a huge burden to it's value.
I was expecting OMC to take many years to be fully mined. I know I have no control over this but I'm expressing my disappointment publicly. My own current wallet is 3.5 million OMC. I still haven't made $1 from this project and I'm actually spending money monthly on it.
And I know there is more I should be doing myself. So I take full responsibility for that end of it.
Blah.
Well if you implemented it more through the forum I am sure the value could increase a little. Not only that but just general promotion through trading sites and such. Anything to get the price up a bit.
(Jan 22, 2015 06:38 PM)Fʀᴀɴᴋɪᴇ Wrote: Well if you implemented it more through the forum I am sure the value could increase a little. Not only that but just general promotion through trading sites and such. Anything to get the price up a bit.
Dude, it has its own sub forum, what more could Omni possibly do?
Jan 22, 2015 06:40 PM
(This post was last modified: Jan 22, 2015 06:41 PM by Omniscient.)
Quote:Well if you implemented it more through the forum I am sure the value could increase a little.
Partially true but I have a feeling that I would simply be adding to my own valueless OMC wallet that I already have.
Jan 22, 2015 06:43 PM
(This post was last modified: Jan 22, 2015 06:44 PM by Ishmel.)
(Jan 22, 2015 06:40 PM)Omniscient Wrote: Partially true but I have a feeling that I would simply be adding to my own valueless OMC wallet that I already have.
How exactly do you lose money each month on OMC? And 3.5 mill is worth about 3.5k, correct?
DO NOT DEAL WITH THIS MEMBER
Jan 22, 2015 06:44 PM
(This post was last modified: Jan 22, 2015 06:44 PM by Yoshikage Kira.)
Damn, I was not expecting that. I'm surprised 8m has been mined though, it must've hit the spotlight?
(Jan 22, 2015 06:43 PM)Ishmel Wrote: How exactly do you lose money each month on OMC? And 3.5 mill is worth about 3.5k, correct?
4767.000000$
Jan 22, 2015 06:46 PM
(This post was last modified: Jan 22, 2015 06:47 PM by SIM-2015410.)
(Jan 22, 2015 06:40 PM)Omniscient Wrote: Partially true but I have a feeling that I would simply be adding to my own valueless OMC wallet that I already have.
The plugin would be something which would not result in your stash growing, yet would encourage many, many more members to start using omnicoin. Firstly, it would encourage stat whores to horde omnicoin so they look cool. It would also provide more ability to fight scammers because all addresses would be permanently attached to a members profile and all transactions are in the blockchain, so it would boost the coins use in trade. After the plugin is added, I will work on a userscript which allows coins to be tipped, etc client side so HF doesn't directly get involved with the coins.
(Jan 22, 2015 06:43 PM)Ishmel Wrote: How exactly do you lose money each month on OMC? And 3.5 mill is worth about 3.5k, correct?
Because he cannot do much with the horde he has, and payment for the servers still costs.
(Jan 22, 2015 06:40 PM)Omniscient Wrote: Partially true but I have a feeling that I would simply be adding to my own valueless OMC wallet that I already have.
Well this is the thing, let's say you hire a team of marketers / advertisers or whatever and they hype up the coin and get it into all kinds of things. Maybe partner with ebay / amazon (ANYTHING with a name) You could raise the price x2-x4 MAYBE. Once the value increases (and more people know about it) you could really profit from that (with your 3.5mil) and so could others.
This scenario only hypothetically works if you are trying to make money from it.
Even though we have mined 60% of the OMC, that doesn't mean we are 60% through the time it will take to get to 100%. The block reward halves every 100,010. The rate of OMC being mined will be decreasing, thus taking much longer to mine that last 40%.
Jan 22, 2015 06:51 PM
(This post was last modified: Jan 22, 2015 06:52 PM by SIM-2015410.)
(Jan 22, 2015 06:47 PM)Fʀᴀɴᴋɪᴇ Wrote: Well this is the thing, let's say you hire a team of marketers / advertisers or whatever and they hype up the coin and get it into all kinds of things. Maybe partner with ebay / amazon (ANYTHING with a name) You could raise the price x2-x4 MAYBE. Once the value increases (and more people know about it) you could really profit from that (with your 3.5mil) and so could others.
This scenario only hypothetically works if you are trying to make money from it.
Advertising is something that would really help the coin, yet none of the team are experienced in marketing. The coin is a community coin, so the entire community is encouraged to help in any way they can
(Jan 22, 2015 06:47 PM)Fʀᴀɴᴋɪᴇ Wrote: Well this is the thing, let's say you hire a team of marketers / advertisers or whatever and they hype up the coin and get it into all kinds of things. Maybe partner with ebay / amazon (ANYTHING with a name) You could raise the price x2-x4 MAYBE. Once the value increases (and more people know about it) you could really profit from that (with your 3.5mil) and so could others.
This scenario only hypothetically works if you are trying to make money from it.
rofl. The only partners he could get to accept it as a currency is his kids lemonade stand. Lets be real here OMC hasnt really been taken serious. It was a cool hobby for some. But it requires alot more work to become anything worthwhile. Omni is busy with the stuff that actually pays his bills. Until he can get time to put alot of effort into OMC it will just be a cool little hobby for the few minority.
(Jan 22, 2015 06:51 PM)BitbyBit Wrote: Exactly what he said.
I started making an omnicoin mybb plugin that allowed people to post products to a market page and would link back to their forum post. Each market link had a buy option that would deduct OMC from the users balance and then the option for escrow or no escrow was available. I have it pretty much finished if you wanted it I would not mind sharing.
The functionality is all setup I just never implemented the wallet interaction with omnicoin daemon aspect.
That sounds really cool. If you wanted, you could post a thread about it and post the code on github or something similar so others could contribute.
A plugin like that wouldn't be implemented on HF though, because HF doesn't get involved with deals at all and it could pose a huge security risk. But a forum specifically set up for safe trade via omnicoin would be a really awesome project, and with the right marketing could become hugely popular and would help OMC value a lot.
To get to 13,371,234 coins mined, there will be 17 reward halvings, the reward will be less than 0.005 OMC, and it will take 9.7 years.
Quote:How exactly do you lose money each month on OMC? And 3.5 mill is worth about 3.5k, correct?
Just with 3P1C alone if it was in PP/BTC then I'd have earned over $10k USD. Instead I have 3.5 million OMC which even if you put on paper a $3.5k value I could never actually sell them for anyone near that price. I'd flood the market and be lucky to get $2k.
Quote:The plugin would be something which would not result in your stash growing...
Yes, I know...I'll be looking to implement it next chance I get.
Quote:After the plugin is added, I will work on a userscript which allows coins to be tipped, etc client side so HF doesn't directly get involved with the coins.
I would assume with verified addresses attached to accounts a user could set their tip address and no need for an external userscript would be required.
Quote:Well this is the thing, let's say you hire a team of marketers / advertisers or whatever and they hype up the coin and get it into all kinds of things
I don't feel the coin needs hype. It needs utility.
Quote:Even though we have mined 60% of the OMC, that doesn't mean we are 60% through the time it will take to get to 100%. The block reward halves every 100,010. The rate of OMC being mined will be decreasing, thus taking much longer to mine that last 40%.
Doesn't matter. Fact is that there are too many available OMC already mined. Bitcoins for exaple have 21 million to mine and it took over 5 years to mine 60%.
Maybe it would be a good idea to hurry and implement something into HackForums with OMC.
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