You are viewing a single comment's thread from:
RE: ChainCoin: HODL for riches? Community drives coin price up, is this the new doge-style community coin?
That's exactly what I thought at first. But take some time and look at the youtube videos. He is either truthful, or a very good con-man. There seems to be a fair amount of community trust in him. A lot of people find him reputable. The idea is very appealing too... just have a look and hear him explain it.
And the results do not lie. it HAS gone up greatly and continues to do so by the minute.. And it really IS genius in a way. Just HODL and DO NOT SELL. Eventually there will be enough upward momentum to keep going, and then we can all sell small batches when the price is super high.
$0.77 as we speak.
Edit: It's not really a pump and dump (they say), rather the opposite: a Pump & hodl!
Ok to be fair, I couldn't comment on whether he's a conman or not. But the idea behind it is flawed. If he and everyone else is selling at $100 then what happens when price gets close to 100? How many people are going to plan on selling at 99 and how many will think of that and plan on selling at 98, ad infinitum?
It will become a game of "economic chicken" whether intended or not:
https://en.wikipedia.org/wiki/Keynesian_beauty_contest
https://en.wikipedia.org/wiki/Guess_2/3_of_the_average
Regardless of whether his and other early buyers' motives are pure or not, it relies on trusting numerous anonymous people to not second guess each. It goes against basic psychology and economics.
Worrying about selling after its moving close to 100$ is a problem I cannot wait to participate in.
Are you rich yet? ;D
The entire market is down 20-30% in some cases, but Chaincoin is weathering and actually slowly moving up, go look at the charts. Wether you believe in this or not, lots of people do, that gives this coin value. Getting a masternode today will net you about $2 in daily income, while it only costs 1000 CHC aka 650$ at today's price. Do the math. It's not just a hype coin, it's also a good investment. That is why several big whales are buying up the market right as we speak