I believe a lot of the pumping is done by pump and dumpers.
All coins including Bitcoin go through those phases. The coins with good marketing (better pumpers than others) keep coming back after being dumped. Bitcoin has been dumped, Litecoin has been dumped, Dogecoin has been dumped, and they'll be dumped again in the future.
But it's when they get pumped that the media starts writing glowing stories about it, that businesses start accepting it, that investors, VCs, and Wall Street get interested in it.
No one cared or even knew what a Bitcoin was prior to the pump. The only people who knew what it was were hardcore libertarians, protesters, cypherpunks and hackers. The first pump was to $1 and that put Bitcoin on Slashdot where I first heard about it but didn't pay it any attention because I thought it was a fluke. When it reached $30 and crashed that is when I started paying attention. When it reached $100 that is when the whole world started paying attention.
It reached $1000 and now it's on the verge of going mainstream. If you did not have these pump and dump cycles none of this would be possible. Do you think people heard about Bitcoin from TV advertisements and conferences? They heard about it from their friends who were mining it and from the stories about the price.
If Bitshares doesn't have an aggressive pump no one is going to think about it. Like it or not that is how it works and as a community it's our job to pump Bitshares because that is the only way to bring attention to it.
I am not sure about the cause/effect going on here that you are so certain.
Marketing is the cause of a pump. You cannot pump anything without an aggressive marketing campaign. The reason Litecoin, Dogecoin, Blackcoin are all successful is because the community made it a success.
Think about Bitshares as a decentralized autonomous corporation. As an early adopter, shareholder and participant in the experiment it is only you who can market Bitshares. Brian isn't going to do it for you, Dan isn't going to be able to do it no matter how many conferences he goes to. It's your job, and our job, to do the grassroots marketing and it's proven time and time again that the most effective form of marketing in this space is grass roots.
I think that innovative, useful, and fun applications is what will drive users of Bitshares ecosystem more so than market cap.
Then why are Litecoin, Dogecoin, Blackcoin and other "pumped" coins with almost no innovation the top coins on Coinmarketcap? If it were all about innovation, why is Litecoin with a marketcap of $ 324,227,313? Why is it's volume $ 8,647,928 for the day? Why does Blackcoin have $ 2,056,617 in volume for the day second only to Litecoin?
This means Blackcoin as a community is marketing it's coin better than all the other coins including Protoshares, Mastercoin, NxT, Counterparty and Primecoin combined?
It's because they are simply better at marketing. Numbers do not lie, charts do not lie, and if your opinion were right you would be able to show some revenue, volume, market cap, chart analysis to back it up. Instead you're revealing the same sort of idealism I see in the Ethereum community where if you just build something without measuring success or caring about profit that success will somehow arrive on its own.
http://coinmarketcap.com/You still haven't answered what is innovative about Blackcoin itself outside multipool ?
It's not about having the most innovative coin yet Blackcoin does have some innovations. It's much faster than Bitcoin or Litecoin where its transaction times are measured in seconds rather than minutes. It's 100% Proof of Stake. It provides 1% interest per year. It's capped at around 75 million which is a nice number to choose because it's not too many and not too few.
You can say they cloned the code so they didn't make a lot of technical innovations but if you're into technical innovations why not help Dan, Toast, and others on writing the source code? For the rest of us who aren't writing code, the only place to make a difference is in marketing.
So to make my point very clear, the technical innovations will be forked. So if you're interested in technical innovation expect all your innovation to be forked the moment you prove it works. Marketing innovations cannot be forked because grassroots marketing relies on a community.
This is why anyone can fork Litecoin today but it wont replace Litecoin even if the fork has far better technology. Anyone could fork Dogecoin today but the fork wouldn't ever become popular without the community to market it. The same can be said about Blackcoin which will be forked but it wont have the community of supporters who do the actual marketing.
Bitshares doesn't have much marketing so if it is forked it's a lot of technical innovation which will go to another community to market it. It's not a guarantee that their community would honor AGS or anything either, and their coin would almost certainly have a higher market cap, more volume, more stories written about it, whether they wrote the code or not because the community is the deciding factor.
Newsflash, most people in any community who make a coin successful are not the programmers.Usually for these pumps to work, the market has to be a bit ripe for manipulation. Not sure if that'd ever work for Bitshares.
Pumps don't require manipulation. Blackcoin isn't being pumped by manipulation of the markets. Are you saying Bitcoin reached $1000 because it's a ponzi scheme being pumped by early adopter "price manipulators"? I don't understand your point as to why Bitcoin is immune to these accusations but every other coin is ripe for manipulation.
Nor do I see anything wrong with pumping (growing the market cap). It's the dumping that bothers us really. So if you make it so that there is dump resistance which is the innovation of the Blackcoin community then you make it less likely people will want to dump. Bitshares is going to have dump resistance too but lets not act like we don't want to see it pumped, and let's not pretend like there wont be the occasional dumps, it's just how growth happens.
That might be why you see so many "marketing geniuses". Blackcoin's 1 week only mining aspect is probably the most genius. It is sorta like a premine, but will never be called one.
Having a multipool that pays in Bitshares would be a good thing. I support the idea in getting one. Have a bounty put up once BTS are on an exchange.
People will say the same about Bitshares so why complain about that? Bitshares was mined early on by people who used botnets and we will have to worry about them dumping as well.
At least if you pump often they'll dump early enough so that the price settles higher each time. Blackcoin is going through it's routine pump and dump cycles and Bitshares will have to go through the same thing just like anything else.
Just not sure how it all ties into Blackcoin so strongly, except that had the idea first ?
The point is that Proof of Stake coins can only be marketed through virtual mining. That is the only way proven to work and Blackcoin is the first coin to successfully market a Proof of Stake coin and take on the Proof of Work titans. Blackcoin is in a position to threaten Litecoin now and it's Proof of Stake.
Blackcoin and Litecoin are fighting for the same demographics. They want the biggest investors, the most brilliant marketers, and the hashrate from the miners.
The reason Blackcoin is in a position to replace Litecoin is because Litecoin is about to transition into Scrypt ASICs. When this happens the advantage goes to Blackcoin who will now become the favorite among miners as Litecoin starts to develop it's mining cartel.
So I would not be surprised if we see Blackcoin going for $2-3 this year whether it goes through pump and dump cycles to reach it or not. I would like Bitshares to be up there along with Blackcoin in the #2 or #3 spot, but this is never going to be possible if we aren't measuring success based on market cap, daily volume, and other methods.
If you're measuring success on the technical merit of the Bitshares DPOS then I can say that Bitshares is technologically the most sophisticated and probably the best out there. But I measure success not just on technical merit but also on market cap, daily volume, and other factors.
If I judge by the success of Protoshares then I can say that while Protoshares held it's own with little to no grassroots marketing it never threatened Litecoin, it got dogged by Dogecoin, etc. Additionally most of us are already invested so unless we are planning on buying a whole of Bitshares all summer we are going to have to create buy support else you can expect a summer of low prices as people dump their Bitshares which they got for pennies each.
Topic: How to make Bitshares mineable while creating buying pressure (Read 38569 times)
