On Sunday 1QRK = 0.00019928BTC = $0.26AUD Today, 1QRK = 0.00024999BTC = $0.29AUD Not a bad return in BTC or in fiat ... but it's just paper/electronic profit. I'm waiting for Quarks to be talked about on the Kaiser show... then hopefully their price will spike upwards for a time
Now 4th by mkt cap - that'll teach those dicks in the btc-e trollbox then Swift uppercut delivered...
A 64 million dollar market cap and 245 million coins... :| What you could mine in a day on a couple of CPU's a while back, is now worth hundreds (even thousands) of dollars...this won't last.
So I've just done more research into Quark supply, as the amount of hype surrounding this coin lately has peaked my interest. 245 million QRK now exist (247 million are mined in the first 6 months), which is 98% of the total intended supply. QRK was created as a CPU only mineable coin, the intention being anyone could mine (without dedicated hardware) and it would spread distribution more evenly. The major issue with this is that bot farm owners and system admins can harness anywhere from 10 - 10,000 + CPU's with ease, and run a massive mining operation essentially dominating the network. This was seen with XPM (QRK was created to try and imitate the early XPM gains people saw). With XPM two solo miners were generating over 80% of the total network hashrate for the first month or so, at one point a single XPM wallet held 200,000 of 1,000,000 total coins! There were 2048 QRK per block, so early solo miners with a few CPU's would have been able to generate thousands per day just by hitting a few blocks. There is no reason to assume QRK wasn't mined in exactly the same fashion as XPM, and it's a safe assumption single people now own millions of QRK which they probably generated for free (or near free)! The biggest sell order I can see on Cryptsy is for 200,000 QRK, but I assume this may be the tip of the iceberg. Hopefully people see where I am going with this, but looking at the low total sales volume to date I have to assume many of the original miners are sitting on huge troves, and once the selling starts I expect to see carnage.
So had to give Quark a play before I could dismiss it as just another Pump and Dump Alt. coin WOW, this thing isn't too bad So wallet took me 18hrs to sync up, probably faster on a faster PC (it would probably take a long time on a smart phone), put that down as a CON Block chain size, well even though it takes a long time to go through the Block chain the total size is currently only 1Gig so not so bad on disk space PRO 250 million coins is too many I think, and the fact that most are already mined I agree too many people are sitting on large consolidations of large profit coins so it will take a fair bit of time before the prices stabilise but once they do it should be smooth sailing for the coin. CON for the short term. PRO for the long term. The speed of transfer, just WOW, for me was 22 seconds unconfirmed and 31 seconds confirmed, my BTC transfers ranged anything from (15min - 3hrs) so that is also a big PRO Think I will keep QRK in my top 3 keepers now, so (BTC, LTC, QRK) in that order.
The fact that the total supply is 247 mil and there's already been 245 mil doesn't ring alarm bells to anyone?
It does me!!! I was talking to a miner last night who told me 10x i5's (solo) got him a about two million quark in a few weeks when it first launched. He also said he still holds half... :lol:
Absolutely absurd for anyone other than the initial miners. No inherent worth and interest to anyone else. It will be a passing fad.
I keep hearing this - if the early birds sold off even a small portion of their initial stack (as you or I might at 30c) the thing would be worth NOTHING pretty much immediately... that hasn't happened, and I'm pretty sure the developers know that too...
If they've been pre-mined to such an extent, I don't understand what incentive there is for miners to continue mining over time? (tried watching video, not working)
I guess its a start but... Have you used it? I don't think I would be trusting a 3 day old website based in Panama with all your personal details, not to mention you have to give 12 hours notice to buy something and pay 20% more for the privilege of paying in Quark. And since its limited to $100 does that mean the item has to be $80 or total cost would be $120? Also nobody's mentioned that the price on coin market cap is based off a total volume of only 7 million across 3 exchanges which sets the price for the other 250 million (less then 3% of the total current supply of coins). Like prospector said a lot of people in a position to dump at anytime and smash the price back down. Speed and security a bonus but other then the site link you can only use coinpayments.net to get it out and merchant wise only 10.2% of them accept QRK. Where as the other two joke coins you mention earlier BBQ (26.5% of the merchants accept) it and SXC (16.6% of merchants accept) No added features but more merchants willing to accept (Could be a good thing for QRK long term) Just seems to easy for a few to manipulate it, although the speed and security of transactions seems like a bonus. Will keep an eye on it to see if any other companies decide to monetize it however short term looks like a lot of people could dump (it is up 400% from last week, so some profit taking isn't out of the equation)
[youtube]http://www.youtube.com/watch?v=nw-fAexmBYM[/youtube] [youtube]http://www.youtube.com/watch?v=U5aSOOApSWI[/youtube]
I wouldn't trust a damn thing that that Bill Still promotes. His ENTIRE solution to the money printing problem was to transfer the power of money printing from the central banks to the treasury. This is simply semantic. So he is all for printing money and devaluation, he just wants to choose who does it. Very stupid. Is anyone here actually certain that Quark Coins have a fixed upper limit ? If they don't then consider them completely worthless.
Yes but give Stiff Bill his dues SS - don't you remember when bank managers, lawyers, doctors, Chancellors and the guardian of a nation's financial & economic wellbeing - The Treasurer - could be trusted? Some of us still long for a return to those days... (!) And until I do consider them completely worthless I shall put my trust and family's financial future unreservedly into believing in all things fiat... er... ummm... Every system has its flaws mate - at least when new challenges to the existing imperfect monetary system come up we get the chance to discuss it reasonably tho' eh? Until the Financial Five-O's size sevens come kickin' in your door :lol:
Fair enough. The money masters contained some great historical research. HOWEVER Bill Still's solution is dangerously false. He has no concept of basic economics. No, because the days when anyone in the government could be trusted have never existed. As far as the others go, you can trust them only so far as their NON-involvement with the government goes. The treasurer trusted? lol I didn't say you should trust anything else in particular Each system might have its flaws, and I have no idea about the code driving Quark. All I want to know is, Is the upper limit of the coins hardcoded and guaranteed like bitcoin is ? and is it open source ?
I'm not cheerleading for QRK - I'm just keen on the concept of alternatives to fiat - and since security is one of the biggest issues (for me - see posts on thread re btc hackers today - more digi plundering) I'd rather have something in my wallet that I know isn't going to be easily stolen.
