It’s not just a trading platform. I think I just found a new addiction.
The part that drew me to first check out mcxNOW was the statement someone on the Devcoin thread made that you could earn interest on your crypto balances. Since I tend to stockpile Devcoins on the exchange holding them up in sell orders for prices well above the current market rate, the idea of those stockpiled DVCs earning interest sounded pretty good to me. So I registered an account and sent some Devcoins over.
Sure enough, within six hours of me opening my account, I earned my first “interest” payment. I don’t remember if the payment was earned on the Devcoins or if by then I’d already traded them out for Bitcoins, but I do remember that I got a payout just for having some cryptocoins sitting there.
I know I sold off some Devcoins quickly because I wanted to see how well I liked the trading experience. I definitely like the interface. The mcxNOW developers have even gone out of their way to make sure I understand what is going on. Rather than listing the bid prices and the ask prices, those columns are headed up with “People buying Devcoins” and “People selling Devcoins.” I do know what bid and ask price mean, but I still have to translate in my mind what is behind those terms. Not anymore, because mcxNOW does it for me.
Once I’d conducted a few trades I decided it was time to transfer all my stockpiled Devcoins from Vircurex. I had some initial technical difficulties doing that because I’d copied over my balance into the withdraw column and forgot to remove the commas. But once I finally figured that out, it was a smooth transfer.
Next I set up my sell orders. Since mcxNOW only allows ten orders per currency, I had to put larger amounts in increments of five satoshis rather than having an order at every satoshi for a spread of fifty to seventy like I had on Vircurex. That’s my only complaint about mcxNOW, that I don’t get an unlimited number of open orders. On the other hand, that limitation probably helps keep things moving on the site.
As I was setting up my sell orders I couldn’t help noticing the rather prominent chat window. I haven’t participated in the chat until today, but I sure noticed some of the things people were saying to each other. For the most part, it was nonsensical chatter unless I’d been involved in the conversation from the beginning. However, I would often catch people making comments about the various cryptos that could be traded on the mcxNOW exchange. People would comment about large buy walls or sell walls, or whether they thought someone was pumping or otherwise manipulating the price of a particular crypto. Naturally, people who would be chatting would fall on either side of speculating on a given crypto. Some would try to sell thinking the price would go lower, and others would try to buy hoping the price would climb. And both types were talking to each other while they were conducting their trades.
I haven’t done a whole lot of trading outside of the cryptocurrency world, but I’ve certainly never had the opportunity to chat with the very people who might be filling my sell order, or whose buy order I might be filling! Today, in particular, people were chatting about MCX, the FeeShare which entitles the holder to 0.001 percent of all fees generated, paid out every six hours. They were commenting on the price as it was climbing and then falling, and arguing about whether it was a good investment or not. The general consensus seemed to be that it was a good buy and that people had better buy it up while the price is still low.
As I’ve mentioned before, I found MCX to be very attractive. I loved the idea of being paid out a dividend in multiple cryptocurrencies four times a day. I quickly traded enough Devcoins to purchase my first share, and since I bought it the price has climbed much higher. A few days later I bought my second share and the day after that, today, I bought my third share. This sadly has depleted my stockpile of Devcoins, so now I need to wait for my wallet to generate more so I can replenish my supply. But I felt like three shares would be sufficient to get this pipeline going.
It was right after purchasing my third MCX share that I decided to jump in on the chat window for the first time. I saw someone I recognized from the DVC thread and figured I’d say hi. I was then quickly identified as a Devtomer, which was a bit funny since not too long before that some random chatter had called Devcoins a worthless coin. I had to smile. Devcoins may not be worth a lot right now, but as long as I can trade them for Bitcoins they are definitely not worthless. I have a lot more coming my way too.
So I got into the discussion about MCX and the advantages of buying as much as I can now while the price is affordable. Some of us also swapped brief stories about when we first got into Bitcoins and our early experiences. We all watched the price drop to well below what I’d paid for it, and then come back up and settle right on the price I paid and it’s been holding at that price ever since. But anyway, chatting, and in some cases recognizing people from other Cryptocurrency hangouts, just adds a whole new dimension to the experience. I think it can actually impact the trading, not so much in the sense that people get together to directly manipulate the price, but just that when people start talking about a particular cryptocoin or the MCX share, the chatter fuels interest and that impacts people’s actions.
There is one very direct way the trading is impacted by what happens in the chat window, and that is the hourly lotto. About once an hour, a lotto announcement comes on informing us of the previous winner and how many cryptos he or she won. The amounts are small, like faucet earnings, but there’s a bit of every cryptocoin offered. The winner also wins a free day of trading with a pro account. Next comes the announcement that in order to get a lotto ticket you simply have to buy any of the coins offered on the exchange.
When I saw that the first time I quickly sold a few Devcoins. Then I wondered if selling counted, so then I bought a few back at a higher price, just to be sure I had my lotto ticket. Then I looked at the winnings and decided that they weren’t really high enough to justify impulse buying or selling. I get all those same earnings every six hours anyway because I own three FeeShares. Oh well, it was an experience anyway, and the hourly lotto will be an opportunity I will largely ignore from here on out. But I’m glad it’s there as it fuels trading activity which then pays out into my FeeShare earnings!
While writing this I decided to check the chat window again, and this time I learned that more FeeShares will be released for sale in about two weeks. A little over two weeks ago the first five thousand shares were released to early adopters. Although I didn’t know a thing about it until I signed up for mcxNOW, my initial purchase of three FeeShares makes me an early adopter. There are forty-five thousand more that will be released incrementally over time, which should raise the company some good funds. People in the chat window seem to think that the release of more shares will depress the price. It might for a time, but since the percentage of fees each shareholder gets has already been determined based on the entire lot of 100,000 shares, releasing another forty-five thousand of them won’t impact the payouts in any way.
I checked the chat window again, and this time I got a tidbit from RealSolid, the founder of mcxNOW. He shared that mcxNOW has grown by 600 percent in the last two months. Another part of the experience is that getting into a conversation with the company founder is only a chat line away. But come to think of it this isn’t so unusual. People in the cryptoworld are generally a friendly, responsive bunch. I’ve exchanged emails and PMs with the inventor of Devcoin, the directors of both Cryptostocks and Vircurex, the owner of the Devcoin Faucet, and the founder of CoinLenders, Inputs, and CoinChat.
mcxNOW is first and foremost a cryptocurrency trading platform, but it’s a whole lot more. It’s a social networking hub, an investment, and a faucet too.
And it might have just become my new addiction.