When Devcoin gets dropped

My understanding is that it’s going to be another four weeks before Devcoin gets dropped from the mcxNOW exchange.  My plan is to continue sending my Devcoins to the exchange and allowing them to earn interest until the very end when I will need to move them back to Vircurex.

In the mean time I and others involved in the Devcoin project have sent our protest correspondence to RealSolid.  I sent both an email and showed up in the chat window to say I hope Devcoins remain.  When RealSolid answered my email he cited coding instability and other technical difficulties as his reasons for dropping Devcoin.  I immediately sent a copy of his reply to UnthinkingBit, the developer of Devcoin.  UnthinkingBit thanked me for the heads up and said he would contact RealSolid to find out what the issue was and see if it could be solved in time to keep Devcoins listed.

It’s pretty clear to me that the technical details are not the main reason RealSolid wants to drop Devcoins.  He plain doesn’t like them and he’s in good company among many of the other users of his website, especially the set who frequents the chat window.  One comment made just a few minutes ago indicated that Devcoins were for the little traders who weren’t yet ready for the big leagues, namely the more costly alt coins, as if the only conceivable reason to use a crypto exchange is to speculate on ever fluctuating crypto exchange rates.  Since professionalism is not one of RealSolid’s strong points, it’s quite possible that no matter how well or how quickly UnthinkingBit manages to resolve the coding issue, it’s not going to persuade RealSolid to keep Devcoins.  And anyway, it’s his website and he has the right to do whatever he wants with it.

So I’m resigning myself to the eventuality that mcxNOW is about to lose all its utility for me as a trading platform, since the only trades I’m interested in at this point are between Devcoins and Bitcoins.

However, I still plan to maintain my account, especially since I now own small amounts of all those other (more costly) alt coins thanks to my new magical rainbow faucet and I have no wallets other than my mcxNOW account in which to store them.  I certainly do not wish to download and maintain an additional seven separate wallet clients for these alt cryptos!

I just realize that in about four weeks I’m going to have to view mcxNOW as purely an investment website, since I’m not really interested in the rest of what it has to offer as a trading platform.

And my big question is: do I see mcxNOW as a good investment?  It’s one thing to buy a few mcxFee shares and have the dividend payouts be a nice added feature for my trading platform.  It’s quite another to buy those same shares as a pure investment.  If I had known that’s what I’d be doing, would I still have purchased those shares?  Now that I do know it’s going to be this way, should I plan to purchase any more?

Considering the very solid design and construction of the site, the amazing functionality and the overall security, along with the potential for exponential growth in the next few months, then purchasing three mcxFee shares was a great investment which will pay off rather quickly.  At the very least, the price of the shares will trend higher and higher.  I could already sell them now and make a very good return.  The dividend payments will also increase as more people register accounts and start making trades of their own.

Considering the chat window NSFW content, and the fact that a significant portion of the fees are generated from non trading activities, then the investment becomes more iffy.  I believe there will be people who are about to register but then take one look at the garbage being spewed in the chat window and decide against it.  I believe that once Devcoin gets dropped there will be people who choose to take all the rest of their trading somewhere else.  I believe that while the alt crypto speculators will find a great home on mcxNOW, it is clear that those of us who trade not to speculate but because we need to make a trade in order to purchase something are not so welcome.  We’re the little two-bit traders.  All those things will translate as a decrease in dividend payouts.

I’m glad I have the mcxFee shares that I have, and I’m glad I was able to buy them for well under a Bitcoin each, and I probably will keep them for a while (though I’ll consider selling right before Devcoin gets dropped, but I’m not too excited about purchasing any more.  I may revisit this later, especially if there is a substantial dip in price.  But at the moment I’m getting more interested in other investment opportunities.  For example, I’m thinking it would be great fun to buy up a few additional shares of TAT.ASICMINER using my new Havelock Investments account.  The company is solid, the price is low, and the dividend payments are acceptable.  I’m also thinking it’s time to put more Devcoins into the ASICMINER DVC pass through stock on CryptoStocks.

mcxFee shares may turn out to be an excellent investment.  But it’s just one investment choice among many, and not the most prudent one at that.

Read When Devcoin gets dropped on the Devtome!

This entry was posted in Devcoin, trading. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *