3 things: 1) the big rise had nothing to do with the fundamentals of the coin. Rapid price hikes like these can happen to any coin. It was news/hype driven. Nothing to do with anything specific to BC. This is why it crashed down just like it went up; 2) if you believe in the coin long term (and the coin actually does gain traction, global acceptance, BEYOND a few marketing gimmicks like a black card and being able to buy a few useless promotional items in a single web shop), the price action over the last few days will be completely irrelevant. Note that a healthy concept and a few tech innovations (PoS, quick confirmations) are good things. It doesn't mean they'll be enough to make BC a sure winner though; 3) Do not give too much credit to the multipool. At current prices and 10Gh/s it'll be generating very roughly between 150'000 and 200'000 BC per day. That is nice by all means but HARDLY going to provide any sort of strong protection against dumps. I'm hoping BC will develop into a great coin. I really do. This is why I switched from mining on standard multipools onto blackcoinpool. But people, please stop going all crazy about short-term price action, it's ludicrous.

IconicExpert



Offline



Activity: 196

Merit: 100







Full MemberActivity: 196Merit: 100 Re: [ANN] BlackCoin (BC) | on exchanges | PoS | No premine April 15, 2014, 02:07:17 PM #18220 Open Letter







Dear community,



This letter is a very lengthy, and I apologize in advance for the length, but I hope everyone that has a vested interest in BlackCoin takes a moment to read it.



The past several hours has been a sobering moment for many, and I hope this community will pause to reflect on what has occurred over the past two weeks.



First I want to start by saying yesterday there was some comments made on reddit that I would like to address first:



I have made it clear I am not part of the dev team and my actions are not that of the dev team. However, people have assumed I am part of the dev team because of my efforts to get BC out to the mainstream. I am not part of a massive plot to pump and dump BlackCoin, that is just ridiculous. I would not waste money or time building an infrastructure around BlackCoin just to watch it destroyed. If I wanted to pump and dump I would have done so already, I have no interest in selling until BlackCoin is #1, period. So please stop with the conspiracy theories.



Some people have contacted my regarding my aggressiveness when promoting BlackCoin. (I have already stated I do not do passive aggressive, I do aggressive aggressive.) Many of these people consider themselves the top "bag holders". Some people have been extremely rude and disrespectful with their comments publicly and behind the scenes. I am not going to get into a debate over who holds more BC, but between my wife and I at the height of trading we could have dumped and purchased a new house for cash and still have a bit left over for a vacation. We have multiple addresses spread evenly. My point is not to brag, I have never disclosed how much BC I hold. My point is I have never sold any of my personal BC and like many I am holding strong. BlackCoin can be worth $10.00 a coin tomorrow and I will not sell until BlackCoin is #1. So I get very annoyed when I am contacted by people who tout how much BC they own and demand that I "control" my actions. If it wasn't for my actions we would be still trading below 7000 sat and fighting with the Mint community.



I vowed I would never get involved with any coin because I think 99% of the coins are worthless and the communities are just around for a quick profit. For a short time I thought Mint had promise, but that was a very short time. When I started really paying attention to this community I realized there might be something very special here. I think rat4 is a brilliant, SoepKip has drive, and this community is loyal. It was those factors that made me want to jump in and help, not the coin itself. A coin features is not the driving factor of a coins success. Yes features are great, but it is the dev team and community that makes a coin successful. This community lacked one thing, someone to promote and hype it up.



Some people here are very naive and do not understand that without hyping and yes pumping BlackCoin we will still be at 1500 sat with 50BTC or less volume. I have a specific plan to get BlackCoin to the top, and the slow and steady approach some are advocating for is just simply stupid. My actions are not random and there is a clear path for BlackCoin to reach #1. This is not hype or delusional thinking, there is a lot going on behind the scenes to make this happen. Bitcoin has already established an infrastructure and it is getting bigger everyday . Services that support Bitcoin can easily be adapted to support BlackCoin. Train tracks laid down over a hundred years ago can still support new trains being built today. Bitcoin has done all the hard work for us already, now all we have to do is force everyone to accept us. The only way we can do that is from the bottom up.



I know rat4, Soepkip, maarx, and others behind the scenes have done a tremendous amount of work and they should be commended for their tireless efforts. But everyone has his or her strengths, and my strength is taking a product from 0 to 60 in a short time but then keeping it relevant. I have done this more times than I can count. Anyone who has invested in a business know you do not invest in an idea, you invest in the people behind the idea. You can have the best idea in the world, but if a investor does not have confidence in you, the investor will not invest in you. We have to show investors and the world BlackCoin is not a novelty and I can't do that alone. I need everyones help to make that happen.



The recent dramatic increase in trading and volume came from the promotional efforts of this entire community. It is not because of the multi-pool and I hope from this point we as a community stop focusing on the multi-pool. There is way too much psychological dependency on the buy pressure of the Multi-Pool. The multi-pool cannot sustain the buy pressure required to keep BlackCoin trading high at this level. The media campaign we did last week can be repeated and as I have stated that was just the beginning. We have to keep actively promoting BlackCoin and never stop, but I need the community to work together if we are going to succeed.



The price drop is nothing and to be honest I am glad it happened. This community needed a dramatic wake up call. You have to fight to get to the top and we have to keep fighting to stay there. This week was a dress rehearsal for the future and I hope everyone has learned from this. So much focus over the past 4 days has been on the movement of the charts, watching Mintpal, and announcing every dump that happened. Little to no focus was on what got us here in the first place, and that is getting the word out about BlackCoin. This ludicrous behavior of announcing a dump has to stop immediately. If you scream fire in a crowded movie theater you will cause panic. Many of you did that yesterday and are still doing it today. I firmly believe if people were not announcing dumps we would not be trading between 20000 - 35000. We can all see the price dropping, no need to announce it multiple times a minute.



Do not worry about this price drop, more coins to buy cheap. Dumps will happen that is the nature of trading. Dumps happen all the time with Forex and crypto is no different. I have no doubt in my mind we will be back on track when everyone calms down. Just a week ago we were trading around 7100 sat and now we are trading above 20000 sat. This is what happens when you are in the spotlight, prices go up and down dramatically. One event could bring us back to 90000 in 24 hours.



Finally....I pride myself on being a man of my word. I am an old school businessman that has done deals on a handshake. I made this community a promise I would help get us to the top, and the fundamentals to get us there are still the same. But this will only work if this community gets back to the business of being a community. It is okay to celebrate when we get to a new high, I was excited as well! But 100 pages of how many sat we went up or down is just ridiculous.



PS: To the naysayers and the people making comments about the recent price drop have your short moment of laughter, because it will not last long. All you have done is motivate the people involved to work harder. I have decided to put my personal projects on hold and focus exclusively on BC for the next 60 days. Always bet on Black and this community will get the last laugh... Dear community,This letter is a very lengthy, and I apologize in advance for the length, but I hope everyone that has a vested interest in BlackCoin takes a moment to read it.The past several hours has been a sobering moment for many, and I hope this community will pause to reflect on what has occurred over the past two weeks.First I want to start by saying yesterday there was some comments made on reddit that I would like to address first: http://www.reddit.com/r/blackcoin/comments/231hv2/it_is_602_pm_in_nycdid_i_miss_it/ However, people have assumed I am part of the dev team because of my efforts to get BC out to the mainstream. I am not part of a massive plot to pump and dump BlackCoin, that is just ridiculous.If I wanted to pump and dump I would have done so already, I have no interest in selling until BlackCoin is #1, period. So please stop with the conspiracy theories.Some people have contacted my regarding mywhen promoting BlackCoin. (.) Many of these people consider themselves the top "bag holders". Some people have been extremely rude and disrespectful with their comments publicly and behind the scenes. I am not going to get into a debate over who holds more BC, but between my wife and I at the height of trading we could have dumped and purchased a new house for cash and still have a bit left over for a vacation. We have multiple addresses spread evenly. My point is not to brag, I have never disclosed how much BC I hold. My point is I have never sold any of my personal BC and like many I am holding strong. BlackCoin can be worth $10.00 a coin tomorrow and I will not sell until BlackCoin is #1. So I get very annoyed when I am contacted by people who tout how much BC they own and demand that I "control" my actions.I vowed I would never get involved with any coin because I think 99% of the coins are worthless and the communities are just around for a quick profit. For a short time I thought Mint had promise, but that was a very short time. When I started really paying attention to this community I realized there might be something very special here. I think rat4 is a brilliant, SoepKip has drive, and this community is loyal. It was those factors that made me want to jump in and help, not the coin itself.Some people here are very naive and do not understand that without hyping and yes pumping BlackCoin we will still be at 1500 sat with 50BTC or less volume. I have a specific plan to get BlackCoin to the top, and the slow and steady approach some are advocating for is just simply stupid. My actions are not random and there is a clear path for BlackCoin to reach #1. This is not hype or delusional thinking, there is a lot going on behind the scenes to make this happen. Bitcoin has already established an infrastructure and it is getting bigger everyday. Services that support Bitcoin can easily be adapted to support BlackCoin. Train tracks laid down over a hundred years ago can still support new trains being built today. Bitcoin has done all the hard work for us already, now all we have to do is force everyone to accept us. The only way we can do that is from the bottom up.I know rat4, Soepkip, maarx, and others behind the scenes have done a tremendous amount of work and they should be commended for their tireless efforts. But everyone has his or her strengths, and my strength is taking a product from 0 to 60 in a short time but then keeping it relevant. I have done this more times than I can count. Anyone who has invested in a business know you do not invest in an idea, you invest in the people behind the idea. You can have the best idea in the world, but if a investor does not have confidence in you, the investor will not invest in you. We have to show investors and the world BlackCoin is not a novelty and I can't do that alone. I need everyones help to make that happen.The price drop is nothing and to be honest I am glad it happened.You have to fight to get to the top and we have to keep fighting to stay there. This week was a dress rehearsal for the future and I hope everyone has learned from this. So much focus over the past 4 days has been on the movement of the charts, watching Mintpal, and announcing every dump that happened. Little to no focus was on what got us here in the first place, and that is getting the word out about BlackCoin.Many of you did that yesterday and are still doing it today. I firmly believe if people were not announcing dumps we would not be trading between 20000 - 35000. We can all see the price dropping, no need to announce it multiple times a minute.Do not worry about this price drop, more coins to buy cheap. Dumps will happen that is the nature of trading. Dumps happen all the time with Forex and crypto is no different. I have no doubt in my mind we will be back on track when everyone calms down. Just a week ago we were trading around 7100 sat and now we are trading above 20000 sat. This is what happens when you are in the spotlight, prices go up and down dramatically. One event could bring us back to 90000 in 24 hours.Finally....I pride myself on being a man of my word. I am an old school businessman that has done deals on a handshake. I made this community a promise I would help get us to the top, and the fundamentals to get us there are still the same.It is okay to celebrate when we get to a new high, I was excited as well! But 100 pages of how many sat we went up or down is just ridiculous.