My Opinion on Monero Forks
Cryptocurrency forks has become the norm. Yesterday Monero successfully forked into several versions, a total of (5) five different Monero cryptocurrency.
Monero Classic (XMC)
Monero-Classic (XMC)
Monero 0 (XMZ)
Monero Original (XMO)
MoneroC
Now what I will be wondering is how the prices of each of these versions of Moneero will become in the near future. Educated guess is the coin that is venerable to ASIC mining would likely decrease in price while updated versions that are immune to ASIC mining will rise to where original Monero price was.
To long term holders of Monero this is basically a stock split. They will be earning additional free coins just for holding Monero.
Minergate has currently Monero and Monero Original available to mine. By default after the fork it seems Minergate has miners hashrates automatically mining Monero Original. Currently the overall mining hashrates are lower due to the several choices miners have in mining the different Monero.
Since I firsts looked at mining Monero around the later part of 2017 up to present the mining rate of return for Monero has drop a lot. I have approximately earning 1/10th of what I was earning when I first started. Yes difficulty has risen a lot more since then, likely do to ASIC mining Monero prior to the forks.
Thanks for reading.
Date of Post: 4/8/2018
Past Posts:
How to earn more on Steemit
Crypto Exchanges Overview
Cryptocurrency Downtrend Continues
My Emotions on Crypto
How to pass time when crypto prices are free falling
This is really sad news for me, as Monero was the only crypto I was interested in buying and using.
The way I see it is the market cap for Monero will be split between the 5 coins so all of them will now go down ? I can't see every Monero owner keeping all 5 coins, and if the prices differ then there'll be a natural selection process and likely a couple of them will die anyway.
This is the reason I made my 'grey mush' prediction for crypto, we'll end up with 100,000 different currencies with the market cap spread between them all, so they'll all be worth just pennies each.
ps, I do appreciate my knowledge of such things as forks are very limited, so apologies if what I said doesn't many any sense lol
Bitcoin had several forks but still the original is first in market cap. Even bitcoin cash has some value to it. The point is one can never know if the forks will increase or decrease in value and only time will tell.
What I do agree with you is that there is a flood of coins on the market making it more difficult for coin prices to rise as capital is spread across more options.
There has to be a boom and bust for the crypto for people to learn and flush out the useless coins. That day is not upon us yet and not sure when that will happen but I most certainly feel it will have to happen.
that's exactly what I mean by my 'grey mush' hypothesis, only so much money to go around, with increasing number of things to spend it on means the vast majority will fail (unless there is a sudden interest from the general public, govs or city that can inject more money into the system).
that's something that no-one has been able to explain to me adequately, where is all the money coming from ? if you listen to the hype then every coin in existence is 'going to the moon' in the 'near future' lol. It's just basic economics, the money can't materialise out of nowhere, someone needs to be spending it somewhere.
I think the slow down in crypto is because supply has grossly exceeded demand. Literally everyone who is interested in crypto is already invested in it, so where are the new buyers coming from to push the prices up to the next levels ?
Sorry, am waffling again lol :-)
Monero V12 is the true Monero now. We don't have time to play with "your business supports Monero Classic but not Monero-Classic?"
One two or many coins it will be interesting to see how this all plays out. I definitely see your point with issues of having too many coins. Privacy and mixing up use of Monero are causes of concern.
Thanks for dropping by.
is it just me, or are there two coins with literally just a "-" separating their names ? Not very imaginitive, and am sure no-one will get confused at all by it :-) lol
LOL, that's really crazy! ;)
Forking once every 6 months, to keep asics at bay seems worth it
We shall see. I do not mine which way it goes as long as crypto prices in general rises ;)
Thanks for dropping by.