❓ What's up with that ReddCoin-Thing 🙄 Worth a look for HODL or short term price trading? 💰
Dear Steemit friends,
first to clarify two points:
- i'm holding a small amount of RDD in comparison to my STEEM holding
- This is no financial advice just my opinion. You're responsible to decide for yourself in what you invest and how much you can afford to lose!
Some skin in the game 😎
To be honest as i bought RDD, i was not fully aware of the development scene behind it. Recently the lead John Nash (gnasher on Reddit) came back after went dark for a about a half year. Yes! can you imagine the lead was quiet for months and left the community and core team behind. Frustration 😕 and loads of hate 😡 against him was the result at least what's visible on the forum. Now he seems motivated to fix some things if they can be fixed. He released a short video to show the community that he is alive! But my question is what a "company" is this who is lead by one person and some not fulfilled promises. In terms of management, strong leadership it's a red flag 🙆 which fits to the name of the coin..
But what is Reddcoin all about ❓
From my understanding the idea behind is to establish a currency which could work as additional layer for rewards and the exchange of value in the social media scene, especially integrated in well known platforms like FB, Reddit for example. We know Steemit already built a working system which is used by ten thousands of active users currently 👍. If you look at ReddCoin you have just a wallet and can transfer your coins between adresses (exchange, user wallets) 👎. If you want you can send something RDD for a post on Reddit, but do you want do that with a currency not integrated in any platform, with the uncertainty of future development and a crude wallet? There are rumours around that the so called Redd-ID will be go live soon.
What's the impact if the Redd-ID goes live ❓
Currently John Nash announced a test phase soon, but what that exactly mean he doesn't revealed so far in his short video. It looks like he tries to get back some trust from the community in his abilities to built ReddCoin as standard currency for social media. The Redd-ID want connects a username and public keys with different social media profiles. What me surprised is the following quote
"I’m writing code (~30% finished) for sth we call Reddcoin Social ID (Redd-ID):"
you can read here. That was in Sep 14, 3 years ago! If it's go live soon i'm excited because maybe we can see something different than just a simple wallet like so many coins offer (often with a very similar GUI). But there is another caveat i stumbled over. ReddCoin had years ago a very active developer team which disappeared suddenly. They had a so called Reddcoin Broadcast but the link to the website for it is down. Another interesting fact is Social X another project is also since 3 years in the "Hyperloop" 😆
picture from ReddCoin Wiki
Maybe i missed something but it seems like a dead project with some hopes from gnasher. Look in comparison to Steemit a fully fledged solution where every second new posts rollin' in with thousands of transactions for exchange of value. That's a real world application! And here is someone alone rowing upstream.. at least it's my perception.
Is this coin attractive for traders ❓
If the project runs not well what's about a trading opportunity? You know "Buy the rumours, sell the news!". Currently everybody waiting for delivery of promises by gnasher and all Altcoins are down because a strong bias in direction of Bitcoin and upcoming hardfork in November. If the date is moving closer maybe we see the opposite and Altcoins get a pump. ReddCoin has currently a market cap of $26 million which is relatively low compared to the well established Dogecoin with $110 million with it's ever ongoing massive inflation.
If they press the lever 📍 and showing any progress in real word application (at least another promise) and connection with social media platforms it could be a catalyst for the currently low price and combined with a possible Altcoin pump before the Bitcoin fork even more for a short term price peak.
The relative Bitcoin price of RDD with the current supply would be: $1.64
That's a factor of 1,827. See it as a bit nonsens, but you can also see what huge difference lies between the two and that for a good reason. Maybe $1.64 is already far too high.
Currently i don't think it's a HODL coin, for me there are too many things went wrong here and maybe it's like in this song..
Imagination - Just An Illusion video by PanMvideos
What do you think about ReddCoin and a possible turnaround?
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I tried to download the RDD staking wallet program onto my computer, but always get an error message, support wasn't very good at helping me. I gave up on RDD
did you use this page??
For me it worked well, but that's no recommendation to try again! 😉
Thanks for comment!
Well I haven't heard about it, and maybe there is a reason for that...Like you mention, a lot of thing have gone wrong...On the other hand, I really like their idea...if anyone could succeed with this, it could be huge!! Will definately check it out!!
Thanks for bringing my attention to it @ onetin84
Upvoted and followed!
yes, for me it's also a double-edged sword, the gut feeling tells me also it could be a great connector, but without a strong lead it cannot rocket.. i think also of big partnerships, where you need good marketing skills, and what i see currently is a mess in this field. If you ask some of these billion dollar companies and they take a look on Twitter what the lead publishes.. but maybe there is hope.
Thank you for your inspiration!
I got into Reddcoin in July and the idea they're pushing is great despite Redd-ID having a strong barrier to entry due to paying for a username (RDD ID). The issue isn't their consistency but lack of devs communicating with the community. It can't just be hodl hodl hodl as a reply all the time. Due to that I'm not that active in the community anymore but will be checking now and then for Redd ID updates.
yes, such recommendations seem a bit shady from the lead, if nothing happens and others already running whole ecosystems with ten thousands of active users.. the rest of the community lookin' now with eagle eyes to the promises by gnasher
animation from giphy.com
..something similar could happen to Steemit.. but currently there are no promises and if with a much stronger support by the community for any progress against the current instabilities i think.
Thank you!
Without proper analysis it is not better to get on board but hope you get the best out of it :)
Yes you're right, my homework was not complete on that. But it's also not a big investment, so nothing to get nervous. We'll see, Altcoins always have a heavy ride.
That does sounds cool then :)
Like they say more the invest more the risk buddy !
i didn't knew about it looks quite interesting
Happy you can use it, thank you!
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i invested as my retirement fund :)