CC66

In this thread, I hope to lay out a concept for a way to exchange MNC for giftcards redeemable both online and at physical store locations.
 
It is my opinion that exchanging MNC to giftcards would provide the quickest, most legal way to redeem an alt-currency for something rather identical to fiat.
 
Q: Why is it the quickest?
With a little bit of automation, it is possible for a customer to send MNC- either from a client or from user to user on mcxnow- within a few minutes. Once this transaction is verified, an Amazon giftcard could be purchased in fiat by the business and emailed to the customer. The customer could then redeem that giftcard and spend it at a USD value equivalent to a person paying with a debit card.
 
This has multiple implications.
 
1) A bank account is not required on the customer's end.
No centralization, no arbitrary waiting periods and fees, no personal information, no seizing of assets.
 
2) Since giftcards are not "true fiat" (more below), the business operating this exchange should NOT be required to register with the gov't as a money exchanger.
This is because when you pay $25 for a "$25 gift card", you are paying for a "ticket" to purchase the equivalent of what the store values to be $25. You don't own $25 USD that are backed by the FDIC and a bank when you purchase a gift card. You own a piece of plastic redeemable for whatever is printed on it- it's up to the merchant to accept it or not. Since they were the ones who printed the card, it's probably in their interest to accept it!
 
As a result, this service would be of interest for anyone who is looking to go from MNC -> fiat -> physical goods, as I suspect very few of us out there are interested in holding fiat for a long period of time as a wise investment decision.
 
Q: Why not just make stores that accept MNC?
You do it, then. Until someone has the resources to match the distribution of Amazon, or Applebee's, or Newegg, this system makes the most sense in my mind. It is nice to have small shops that accept crypto, of course! But I don't see these ideas as mutually exclusive.
 
Q: How high would the premium have to be?
That is up to the business risking their fiat short-term to decide. I think while MNC's price remains unstable (0.0015-0.0029 is not stable), a reasonable premium would be 5-15%. It depends on the orderbooks, the status of whales in the market (pumping or dumping?), and the need for the business to cover expenses. There is no overhead in this business model, unless the business is doing some of this on credit. Then they would need to dump a percentage of their coins to cover expenses.
 
When MNC price is stable (whales identified, mining hashrate stable, more competition among services and exchanges), then the premium should be as close to face as possible.
 
Please reply/pm/email me if you have any questions about this content!
 

To me it seems that the abruptness of the US defaulting on its loan payments would send the economy into quite a substantial shock, likely worse than what we saw in 2007. Further, that this came about from a plurality of elected officials is even more alarming.
 
However, the US has "defaulted" once before, and it was arguably because of the executive action of even less men. See this article (http://en.wikipedia.org/wiki/Nixon_Shock) for information on how Nixon took the US off of the gold standard in 1971 (maybe to fund a war in Vietnam?).
 
As a radical libertarian, I see the removal of government influence in any industry a welcome thing. However, I am not sure if this is the way to go about it, i.e, through an engineered, short-notice crisis, rather than through the gradual changes and concessions technologies like cryptography have obliged the government to accept.

I just had visions of cheerleaders prancing around shouting about MinCoin... thanks for that.
 
Also... I think this is about as close to thread necromancy as we've gotten so far.  Sept 24 is "old" for us now!

Text pasted from my article here: http://josephshanahan.com/howtospotpumpanddumps.html
 
Two Simple Rules to Spot (and Exploit) Pump-and-Dumps!

Taking a look at the charts at mcxNOW or cryptocoincharts, you can quickly see patterns which resemble the classic pump-and-dump. Here's how to make some money during the frenzy!

The alternative cryptocurrency market (altcoins for short) is rife with what predatory traders make their living off of: pump-and-dumps. If you've ever bought an altcoin on the advice, news, or analysis of someone you don't know very well, there's a good chance that the price quickly dove below what you just paid for it. Why is that?

You likely fell victim to a pump-and-dump, which is a manipulation of the price of a coin based on shaky news, orderbook wizardry, or a big owner taking a payout. Don't worry- it has happened to all of us, even though most people won't admit it. In fact, most traders love seeing the early signs of a pump-and-dump, or even go out of their way to manufacture one themselves to make money off of you!

So, how do you make money in a market that might be rigged against you? Here's a list of tips and rules I follow when buying a coin:
 
Rule 1: "A coin is as strong as its development team".

This rule is so amazingly true that it defies all technical analysis ever made. This is because altcoins are a bit like stocks: you have to trust that the leadership and community supporting a coin are constantly thinking of new services and code to make a coin more useful compared to others.

Take for example Litecoin, a coin that in my opinion is not scarce, not fast, and no longer "innovative". There are hundreds of thousands of Litecoin made each day, which requires many new traders to support the current price. The blocks are slow compared to WorldCoin or MinCoin, which safely support block times of 30 seconds to 1 minute. And the only major innovation the development team offered- the scrypt algorithm- has been copied by tens of other coins. Further, the development team have publically asked for money to continue to develop the coin. This sounds incredibly weak to me.

So, if you see an upward movement on Litecoin, be wary! What is the news that spurred the buying? Is it a new service that is coming out (fiat exchange? TOR marketplace?)? Is a new big buyer (a "whale") buying coins? If you buy on the uptick, the people selling to you are likely taking a profit. If too many people decide to take a profit, you will be left "holding the bag", i.e., the overpriced coins you just bought!!!!
 
Rule 2: "Buy on silence, sell on rumor, buy again on delivery".
In this market, there is no news. There is only silence, speculation, and the actual delivery of a service. Those who buy on silence stand to make the most gain, because they are risking the most money without any indication anything positive is planned for the coin.

Then, when a new idea is proposed to the community as "news", people will quickly start buying. The classic example we all know is "Litecoin will be on Mt. Gox soon!". Every LiteCoin pump revolves around this, almost like a joke. And yet new buyers continue to lose money on it, because the rumors never materialize.

If Litecoin ever does end up on Mt. Gox, however, it would be wise to buy. Once a service is delivered, the person providing that services has the intention of keeping it going. This is because it makes him money- and gives him recognition.

So there you have it! Two simple rules that you should always follow when considering buying a coin during a high volume frenzy. Sometimes it is better to miss the boat than hold the bag. If you aren't confident in spotting high and low prices, it is better to get in on the bottom through the above scouting tips.

A very nice article discussing recent trading action of the #1 Crypto-Commodity on the #1 Crypto-Exchange!
 
 
 
Read all about it here:
mcxpump.com/mincoin-the-1-crypto-commodity
 
 
-nice writing prospector!

This is a great coin with a nice recent spread. Been making some monies off of her. Going to hold now for the big boost!

This is a wonderful guide.  Thanks ST! 

Dang!  I wish I had configured my miner for MNC earlier!  I couldn't figure it out and started mining SXC instead.    MNC seems like it'd be a good Buy&Hold or Mine&Hold coins (at least after this first spike).  I plan on buying in after this spike settles down a little.

Solid needs to see this haha.

You shouldn't dump at all!  Might wanna keep acquiring more for a bit.   That's just me though I'm a hoarder hehe!

Buy Buy Buy MinCoin !!!
 
 
 
 
PS> Blue-horse-shoe LOVES MinCoin.
 
 
 
 
 
 
 
 
 
 
MinCoin, the #1 crypto-commodity