My new magical rainbow faucet

Paying attention to what people are saying on the forums can be portfolio enhancing.  When the price of Devcoins dropped to 31 sat a week or so ago, people on the Devcoin thread were naturally complaining about it.  Someone just happened to mention what the price was on the mcxNOW exchange.  That was followed by a mention being made that mcxNOW had been awarded a Devcoin bounty back in May for including Devcoins.

So I decided to check it out, and the rest as they say is history.  It is a far better exchange platform than Vircurex ever was.  The only thing I prefer about Vircurex was that you could have unlimited orders on your account, whereas mcxNOW limits you to ten orders per currency (or 20 if you upgrade your account to the paid version).  But I have figured out how to work around the limited number of allowed orders and the advantages far outweigh that annoyance.

The advantage I first noticed was that I would earn “interest” on any balance I held in my mcxNOW account.  A certain percentage of the trading fees goes back to users who have a balance.  In that sense it’s not really interest, more like a dividend.  I guess it’s really a hybrid between interest payments and dividend payments.  You don’t have to buy any shares of anything.  The greater your balance, the higher portion of the fees you will get.  This makes it nice when I’m holding out Devcoins for a better price.  They can earn something for me while they are sitting in my account waiting for someone to buy them on my terms.  My Bitcoin balances also earn for me while they are waiting for me to spend them.

But the best part about the entire experience is the internal share you can buy which pays out a dividend based on all the trading fees generated in all the currencies in the last six hours.  If someone traded Feathercoins (which was just added a few days ago), then shareholders get a small amount of Feathercoin deposited into their accounts.  Sometimes trades were made in a given alternative crypto in the last six hours; sometimes they weren’t.  The dividend reflects a percentage of what actually happened in the last six hours.

So far, the cryptocurrencies which trade on mcxNOW are Bitcoin, Litecoin, Primecoin, Peercoin, Feathercoin, Mincoin, Solidcoin, Devcoin, Worldcoin, and Copperlark.  Before I encountered mcxNOW I only owned Bitcoins and Devcoins and was barely starting to collect Litecoin.  Now, thanks to the Feeshares, I own small amounts of every single one of the other cryptos on the exchange, and every six hours I get a bit more of them.  A true rainbow of currencies automatically dripping into my account.

Owning one mcxNOW Feeshare is like owning a faucet which automatically dispenses a rainbow of cryptos every six hours.  Watching the number of accounts and the number of people online at any given time climb, I decided that if one mcxNOW Feeshare was a good thing, two would be even better.  I picked up my second Feeshare during a dip in the steadily climbing price, and my goal is to buy one more, to make it three, while the price is still under one Bitcoin.  Three Feeshares ought to start up this next pipeline quite nicely.

Some of the Bitcoin payments I’ve received since purchasing my shares are 156 sat, 1102 sat, and 2591 sat.  The amounts can vary widely since it’s based on trading activity.  A slow trading afternoon would yield a lower dividend.  At this point, the dividend payments are comparable to what you might expect from a faucet.  This “faucet” happens to dispense every six hours.

I’ve mostly been interested in the Bitcoin payouts, but it’s also been fun getting dispenses in other cryptos.  So far I have mere fractions of these other cryptos, and I’m doing the best with Worldcoin, with a balance of around 0.11 so far.  My runner ups are Solidcoin and Copperlark with balances of approximately 0.08 and 0.06, respectively.  These are balances that I have accrued without ever having bought or deposited these cryptos into my account.  My account gives me a nice overview page which shows me how much I have in each currency and how much each of my holdings are currently worth in Bitcoin.

I have worked traditional faucets before, spent precious seconds of my life entering Captchas in exchange for anywhere from 100 to 20,000 satoshis.  Having done this I have a huge appreciation for what it would take for me to accumulate significant amounts of all these other cryptos through faucets.  It would not be possible for me to spend the amount of time it would take to visit that many faucets consistently.  Thanks to my Feeshares I no longer have to.  It’s all automatic.  It’s my new magical rainbow faucet.

If mcxNOW grows to its full potential (the website currently could handle up to a million accounts), I fully expect the dispenses from my magical rainbow faucet to grow substantially, even to grow beyond the level that one would expect from a faucet.  Whenever I log in I note the number of accounts registered, and that it’s growing.  It’s getting really close to 10,000.  The increasing number of accounts makes me happy; I say the more the merrier.

If mcxNOW does not do as well as I hope, and if the dividend payments do not increase beyond the level of faucet dispenses, then it was a most pricey faucet indeed.  So of course I hope that what I just bought turns out to be way more than an overpriced fancy faucet.  But in the mean time, I’m sure enjoying my new magical rainbow faucet.  It even dispenses while I sleep.

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One Response to My new magical rainbow faucet

  1. Pingback: When Devcoin gets dropped | Creative Currencies

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