”Members of the press, what the fuck...”—Beto O’Rourke to a political media that refuses to see President Trump for what he is submitted by
Vote Them Out Two terrorist gunmen, including a white nationalist who was emboldened by President Trump, murdered over 30 people in El Paso, TX, and Dayton, OH, over the weekend.
Now Republicans, led by Trump, are desperately ducking and deflecting
widespread demands for them to pass background-check legislation and denounce the President’s complicity. Here’s the latest. What happened?
First, a man armed with a military-style assault rifle posted a hate-filled, anti-immigrant screed on the white natonalist online organizing hub 8chan, before entering an El-Paso Wal-Mart
and murdering at least 22 people. The so-called “manifesto” used terms like “invaders” to describe Hispanic immigrants and “fake news” to describe the media—words taken directly from Trump. Hours later, another white man, similarly armed, killed nine people, including his own sister, in a 30-second gun rampage at a bar in Dayton
. The Texas gunman is in custody, and police killed the Dayton gunman. How has the public responded?
In two ways. First, there’s the overwhelming majority of people of good faith who take the problem seriously. They have engaged in a conversation about fighting and deradicalizing white supremacists, holding media and tech outlets that enable them accountable, and passing gun control measures. Democrats have called on the Senate to return from recess to pass H.R. 8, a bipartisan bill
that would require everyone trying to purchase a firearm to undergo a background check. How have Republicans responded?
By ignoring the problem and blaming people and influences that have nothing to do with it.
In other words, Republicans at all levels of government are too cowardly or bigoted to do anything about this.
- Lt. Gov Dan Patrick (R-TX) blamed lack of prayer in schools.
- House Minority Leader Kevin McCarty and many other Republicans blamed video games.
- Trump blamed the media for being mean to him, and called on Congress to respond to a terrorist who wanted to kill immigrants by passing legislation to restrict more immigration, because he is not a great person.
- An Ohio state lawmaker blamed “Drag queen advocates,” Colin Kaepernick, and Barack Obama.
- Sen. John Cornyn (R-TX) blamed the fundamental unsolvability of the country’s problems. Make America The Same Again.
- Senate Majority Leader Mitch McConnell tweeted an image of tombstones engraved with the names of his opponent, Amy McGrath, and the bills and nominations McConnell has killed.
That’s not surprising at this point—Republicans are completely invested in or in agreement with Trump’s racism and his efforts to encourage racism among his supporters to maintain his grip on power. But it is still shocking and unacceptable. The only solution is to end their careers resoundingly next November, and to never let them or people like them within a mile of public office ever again. What can you do?
- Have access to a phone? Call your senators. There have been 101 mass shootings since Senate Majority Leader Mitch McConnell began blocking H.R. 8. Demand that this legislation be debated and voted on → (202) 224-3121
- Have a few dollars to spare? Now is a good time to donate to our Get Mitch or Die Trying fund to help Democrats win the Senate majority they will need to make gun control happen → https://votesaveamerica.com/getmitch
Under The Radar Cloudfare, the internet infrastructure company that hosted 8chan, announced that it would stop hosting the site,
which is now struggling to remain online. 8chan was once a relatively obscure online messageboard, nominally devoted to “free speech,”
but it quickly became a haven for terrorist mass shooters and violent white supremacists— in other words, a place where people too extreme for 4chan congregate. Before the shooting in El Paso, the gunman posted a four-page, racist manifesto on the site and encouraged its users to spread it widely. The Christchurch, NZ, terrorist who massacred dozens of Mosque-goers, and the Poway, CA, terrorist, who shot up a synagogue,
also uploaded hate-filled screeds to 8chan before murdering innocent religious minorities. The site is home to incels, QAnon conspiracy theorists, and other dangerous, radicalized, overwhelmingly white and male individuals, who are increasingly unwelcome on other online platforms.
Look No Further Than The Crooked Media On last week’s Lovett or Leave It (the night after his debate appearance): JAY INSLEE.
Plus Kara Swisher, Kara Brown, and Ramy Youseff. But seriously—Jay Inslee. And his glasses. 🔥
Gov. Inslee breaks down the debates, the importance of climate change in his campaign, and his newfound title as the "ancient snack" of the Democratic primaries. Listen
What Else House Judiciary Committee Chair Jerry Nadler said his committee * could * recommend articles of impeachment against Donald Trump by late fall.
Reminder, the purpose of impeachment is to hold numerous public hearings on Trump’s unprecedented criminality before making every representative and senator vote on it, so please don’t skip that part. North Korea used cyberattacks to steal from banks and cryptocurrency exchanges to amass an estimated $2 billion for its weapons of mass destruction programs
, according to a confidential U.N. report. So that’s who probably stole your friend’s bitcoin. The Dow dropped 760 points on Monday in the year’s worst day of stock trading
in response to Chinese retaliation against Trump’s catastrophic trade war. So sick of winning! Widespread strikes in Hong Kong have canceled and delayed over 100 flights into and out of the city’s airport—one of the world’s busiest.
The strikes grew out of months worth of mass protests for greater democracy, an inquiry into alleged police brutality, and the resignation of the city's pro-Beijing leader, Carrie Lam. Rep. Kenny Merchant (R-TX) became the fourth Texas Republican in the past two weeks—and the eleventh House Republican this year— to announce his retirement ahead of the 2020 elections,
reflecting President Trump’s wizard-like ability to use racism to make Democrats play into his hands. Merchant beat his obscure Democratic opponent by only three percentage points in 2018, but this year there will be a competitive Democratic primary in the district. R. Kelly has been charged with two counts of child prostitution in Minnesota
on top of his similar state and federal charges in Chicago and additional federal charges in Brooklyn. Gannett and GateHouse Media, two of the country’s largest newspaper publishers, will merge, creating a conglomerate of over 250 daily newspapers,
and hundreds more weekly ones. The merger is expected to save hundreds of millions of dollars, but the company will still likely cut jobs. According to the Washington Post
, “Employment in the newspaper industry fell about 47 percent between 2008 and 2018, a decline worse than coal mining over roughly the same period.” Can’t figure out how to make a profit? MERGE BABY MERGE! Far-right, anti-Muslim hatemonger Laura Loomer will run for Congress
in a heavily Democratic district in Florida, and one wild House Republican
and a Fox host
couldn’t be happier. Maybe she will chain herself to the entrance of Congress next.
Did You See That Thing? The man who pleaded guilty to sending 16 pipe bombs to prominent Democrats, liberals, and CNN in October 2018 was sentenced to 20 years in prison on Monday.
During his sentencing, his attorney said "We believe that the president's rhetoric contributed to Mr. Sayoc’s actions in this offense." Wasn’t the first or last time.
What A Sponsor! Politics Live from New York Times - Politics, Pacing and Comfort Food
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’s first revue exploring the 2020 Election hosted by deputy politics editor Rachel Dry. You’ll hear from Times
political reporters Astead Herndon and Katie Glueck on this historic field of Democratic candidates — and from experts beyond our Politics desk. Food columnist Melissa Clark and political correspondent Jonathan Martin will dish on deep-fried Twinkies at the Iowa State Fair. Journalist Lindsay Crouse will speak with Olympian and marathoner Alexi Pappas on pacing. $10 ticket for Crooked Media
with code 2020 (Savings of $30)
Is That Hope I Feel? “...All of us have to send a clarion call and behave with the values of tolerance and diversity that should be the hallmark of democracy
. We should soundly reject language coming out of the mouths of any of our leaders that feeds a climate of fear and hatred or normalizes racist sentiments; leaders who demonize those who don’t look like us, or suggest that other people, including immigrants, threaten our way of life, or refer to other people as sub-human, or imply that America belongs to just one certain type of people… it has no place in our politics and our public life. And it’s time for the overwhelming majority of Americans of goodwill, of every race and faith and political party, to say as much—clearly and unequivocally.” —Barack Obama
Enjoy BE A GOOD NUMBER NEIGHBOR AND SAY HI
average joe on Twitter: “Shit.”
Just was offered this amazing opportunity to buy into a new stablecoin, "Kowala" on Indiegogo.
Had a look through the materials to see if I could figure out why I needed a cryptocoin pegged to the USD, (when I already have a card filled with coins pegged to the USD). I can't yet figure that out. Must have misread the white paper.
Did took at the CEO profile though, and as my Nan used to say, "always
trust a Bio that contains zero biographical information". Eiland GloverCEONashville, USA
Eiland Glover is the CEO and Cofounder of Kowala, creator of the world’s first autonomously stabilizing cryptocurrency: kUSD. Eiland has spent his career creating systems and companies at the intersection of finance, technology, education, game theory, and human psychology. He is a firm believer that new technologies must be consciously designed and utilized to empower humans. In 2012, Eiland learned about bitcoin and wondered why this amazing technology had not become ubiquitous. He co-created Kowala based on his belief that a decentralized stable coin is necessary for the mainstream adoption of cryptocurrencies.
This really didn't tell me anything about Eiland's qualifications, so I googled him using my own intersection of technology and human psychology, and then became consciously empowered to learn about Eiland. I now also wonder if his amazing technology will become ubiquitous, and I'm willing to bet 10 kUSD (as opposed to 10k USD) that this thing goes to the m00n
(pegged to the USD of course). In the unlikely event that Kowala doesn't dethrone Visa, at least Eiland will have German Literature and Film studies to fall back on...
Eiland Glover’s many distinctions include graduating magna cum laude with degrees in German Literature and European History; he recently earned Masters in Film Studies, as well. His curriculum vitae includes the James Woods Prize in in German and the extremely prestigious Fulbright Scholarship for literature, philosophy, and aesthetics. He has delivered scholarly papers at Yale University's Film Studies department and the University of Minnesota’s Cultural Studies and Comparative Literature department. Eliand also taught undergraduate film studies at Georgia State.
Before returning to mentoring and education, Eiland had a robust career in business, working variously as CEO of Dany Care Medical Beauty and founder of Perquia, Inc., University.
I'm sure you are all familiar with Dany Care Medical Beauty: https://www.facebook.com/pages/Dany-Care-Medical-Beauty-USA/226120474550105
So long, wage normies...
Update: Having fun on their website chat...
- I have a question
- 📷John Shoot
- 📷John What would you like to ask?
- Your CEO seems to have expertise in in German Literature, European History and Film Studies, as well as experience in education, and beauty products. How do you expect this to transfer to the cryptocurrency space?
- Bist du noch dort?
- 📷John ya
- 📷John Eiland is a very smart guy, he combines strong analytical thinking (of the sort that applies to engineering and economics) with the intuitive thinking needed to identify and meet people’s needs. This is a rare combination, so I understand where your question is coming from.
- 📷John I am sure if you spent a few minutes talking to him about cryptocurrency, you would see that, even though he is not a software engineer by any means, he has a good mastery of the space.
- Is he (and the team) good with attention to detail? [NB: This was in relation to a large proof reading error on their website, that I decided not to point out]
- 📷John Yes, definitely. We believe our success is based on getting the important details right, and on having good judgement about which details are important.
- Where can I spend kUSD at the moment? Or next month, or later this year? What partnerships are already in place?
- 📷John We will have an announcement soon on that topic. I can’t say too much right now except that, initially, there will be hundreds of merchants supporting kUSD.
- 📷John Just to be clear kUSD is not being minted yet.
- Ok. So you want investors to buy mining rights to a currency that currently can't be spent anywhere, and investors won't know where it will be able to be spent, prior to investing? But there will be an announcement 'soon'.
- I guess you can't get vendors until you have investors. But investors, like me, would want to see vendors?
- I guess this is the type of problem that Eiland is using his strong analytical thinking on?
- 📷Kowala's Bot Type your email address and we'll get back to you!
- Thanks, but I'll wait.
- 📷John Ok, you can follow our pogress and invest later. We offer a bonus now specifically because investing early involves less information and more risk.
- Cool. Do early investors get any other perks?
[10 minutes pass]
Hello cryptocurrency lovers! Welcome to Coin-a-Year, the laziest series yet in the Coin-a-Day publishing empire. This year's coin is Nyancoin (NYAN). I originally covered Nyancoin in an article here in /cryptocurrency
published January 4th, 2015.
Without (much) further ado, I'm going to include the original report next, unmodified. This is unlike my Coin-a-Week series, where I use strikeout and update in-text. Because this is going to be a longer update, I'll just make all further comments and updates below, just realize that all information below is as of January 4th, 2015 and thus is more than a year out of date as of posting now, at the end of February 2016.
Since I use horizontal rules as internal dividers in the original post, I'll use a double horizontal rule to divide the original text from this prelude and the following update. Coin-a-Day Jan 4th
Welcome to the fourth installment of Coin-a-Day! To see convenient links to the introduction and the previous entries, please see /coinaday. Today's coin is Nyancoin (NYAN).
• ~173.6 million available currently ; 337 million limit 
• All-time high: ~0.000024 BTC on February 16, 2014 
• Current price: ~3 satoshi 
• Current market cap: ~$1,275 
• Block rate (average): 1 minute  
• Transaction rate: ~25? / last 24 hours; estimated $3-4 
• Transaction limit: 70 / second 
• Transaction cost: 0 for most transactions 
• Rich list: ??? 
• Exchanges: Cryptsy 
• Processing method: Mining 
• Distribution method: proof-of-work block rewards and 1% premine for "bounties, giveaways & dev support"  
• Community: Comatose 
• Code/development: https://github.com/nyancoin-release/nyancoin ; there hasn't been a released code change in 10 months. The new developer has talked about some changes, but has not made a new release. He has given advice about how to keep the network running and operate the client. 
• Innovation or special feature: First officially licensed cryptocurrency (from Nyancat) ; "zombie"-coin 
Description / Community:
So you're probably wondering why in the world we're talking about a coin which has been declared dead and already written off. I actually first selected this coin to illustrate a "deadcoin", but the more I dug into it, the more I was amazed at the shambles I discovered. I am combining the description and community sections for this coin, because the community (or lack thereof) is the central issue for Nyancoin.
Substantially all, if not literally all, of the original infrastructure is gone. From the announcement post, the original website has expired. The nyan.cat site itself survives, but has no reference to the coin. The github repo remains, but then there was never much changed from the bitcoin/litecoin original. In fact, the COPYING file doesn't even list "Nyancoin Developers". None of the original nodes seem to be running anymore. @Nyan_Coin hasn't tweeted since July 6th. And that was just to announce posting an admittedly cute picture to facebook which makes a claim for a future which seems never to have developed. Of the original 15 pools, I think all are dead except p2pool, for which at least one node still supports NYAN. The original blockchain explorer, nyancha.in, is still running. The faucet is dead or broken. The original exchanges no longer list it (two of the three having died; SwissCEX having ended its trading as of the first of this year). And so forth.
No you're not, you'll be stone dead in a moment. [Of course, that scene finishes with knocking out the "recovering" patient so he can be taken away...not to mention the absurdity of including Monty Python in a financial article, but moving right along.]
There is still just enough left to Nyancoin to keep it twitching, even if it is on life-support. Whether it's an individual node or whether it's a pool, there are blocks being produced at a steady rate as intended. Transactions are being processed. There is still a market. There is still a block explorer. And there is a dev. It is like a case study in the absolute minimum necessary to keep a coin alive. The most likely outcome is almost certainly a final collapse when one critical piece or another of the infrastructure goes away. And yet in the meantime, a person can own a million NYAN for $8 , and then move this coin quickly and easy, albeit with no particular external demand. It's like the world's most hyped testnet.
I think this case presents an interesting example of what happens to an altcoin when its initial support dries up. NYAN coin is more fortunate than some, actually, as there are some where there are no longer any nodes running it nor the original announcement thread (in fact, there was actually a second Nyancoin launched around the same time. But it died hard and its original announcement thread was deleted and at this point I would have no idea how to access it; so "Nyancoin" thus illustrates how hard a coin can die (Nyancoin 2) as well as how it can hang around despite being proclaimed dead, with far more justification behind that pronouncement than there has been for bitcoin (NYAN) ).
 https://bitcointalk.org/index.php?topic=402085.0 Regarding the premine, it's unclear to me where this money is now, since the original poster hasn't been active on BCT since May and the original site is down. However, given that it's only 1%, and about $25 in value right now, there seem to be more significant concerns for NYAN.
 http://nyancha.in/chain/Nyancoin - Nyan blockchain explorer; blocks are somewhat inconsistent but somewhere around the 1 minute average
 There doesn't seem to be anything automatically doing these stats, so I did visual inspection on about 1500 blocks (about one day) excluding the block generation reward (~250k/day). Most blocks are otherwise empty. I counted about 24 transactions or so scrolling through, with an outlier around 300k NYAN and another around 100k NYAN. In total, about 500k NYAN, excluding the block rewards. This is very approximately $3-4.
 Nyancoin is a basically unmodified, slightly out-of-date bitcoin as far as code goes, and ignoring the change in block rate and total coin supply, as well as the difficulty retarget after every block. So for purposes of estimating maximum possible transaction throughput, I start with bitcoin's estimated 7 transactions per second, and multiply by 10 for having a block on average every minute rather than every 10 minutes. In any event, this limit is not likely to be reached in the foreseeable future.
 Like bitcoin, transaction fees appear to be optional in Nyancoin. Unlike bitcoin, there is almost no transaction volume, and coins tend to sit for a relatively long time before being moved. So zero-fee transactions appear to be the norm from looking at a couple transactions on the block explorer.
 I couldn't find one. See the disclosure section of this article: your humble correspondent is likely represented in some way on a top 100 if one were to be made or if one exists, despite not holding it directly, depending on how the exchange holds it.
 I could not find any other exchanges still listing Nyancoin. SwissCex appears to have disabled it as of a couple days ago. Cryptsy has a notice that the NYAN/BTC market will be closing, but its NYAN/LTC market appears strong.
 Essentially all of the original sites, pools, faucets, etc. are dead and there has been very little to replace it. There is basically a single node, or perhaps a very few, which are running the blockchain. However, there is a developer still trying to hold things together, maxvall_dev, maxvall on BCT. He is the last hope for the NYAN.
 https://bitcointalk.org/index.php?topic=597877.0 This is the thread where maxvall took over as dev, and it also discusses switching to PoS, which hasn't happened as far as I know.
 "zombie"-coin: Not to be confused with ZMB (my god, does it ever end?). This is my term to describe a coin which is "undead": by rights it should be dead. And yet it's still walking around and acting like it's alive. What is it? What's going on? It's quite debatable whether this gives it any special value, but I find it an interesting state, and it's why this was chosen for early coverage. There are plenty of actually popular and successful coins, and we will go onto covering more normal selections; we're looking for variety rather than repetition. But I think this is an interesting example for what can go wrong, and yet in the midst of that, how little it takes for a coin to survive. In fact, it's almost like an alternate history bitcoin to me; this shows the concept that "it was run on one computer before; it can be run on one computer again" to some extent. And there are even some strange pragmatic benefits as well, like having no competition for getting a transaction into a block and thus zero transaction fees.
 And, in fact, the author chose to do so today, spending about 0.03 BTC for about 1 million NYAN.
• /nyancoins - Like NYAN: mostly dead, but not quite
• http://nyan-coin.org/ - new official website
• BCT thread listing nodes, xpool (p2pool), for mining information.
• americanpegasus predicting in February that NYAN will hit $1; always an entertaining read
Instead of a challenge today, since NYAN has enough challenges, I decided I would give away 10,000 NYAN to at least the first ten people who ask for it. This still remains at my discretion, but honestly, if you really want, say, 50,000 NYAN and create four new accounts to do so, I'll probably be too amused to say no. I don't expect to get ten requests. If I get more, I'll probably still fulfill them, but as with everything else, this is left to my whim.
Donations and Disclosure
Okay, this is an important one today because of the tiny market here. I actually hold less USD value in NYAN than in BTC, DOGE, and PPC (although my value in PPC might be about equivalent actually), but I hold more of the total market in NYAN than any of those three. And I'll probably be buying more. So I have a conflict of interest in writing this article.
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
I personally hold just over 1 million NYAN on Cryptsy right now.
Perhaps it would be better if I didn't write any articles about anything I were
invested inspeculating on, but I started this series for my own education to further my speculation, so unfortunately, dear reader, your needs come second to my own. tanstaafl; you get what you pay for, and I'm giving you my thoughts.
If by some strange quirk of fate you actually own NYAN and enjoyed this article and wished to donate some to me, K7Ho9HghBF6xWwS6JsepE6RAEPyAXbsQCV is mine (first non-empty account I've posted; transferred 1000 NYAN into here earlier from Cryptsy to test that the network and my wallet were actually working).
Thank you all for reading and commenting! I've already learned a lot from this process and I look forward to more!
• January 5th: Nxt
• January 6th: Darkcoin
• January 7th: Namecoin
I'll use alphabetic labeling for footnotes in the updates to avoid any confusion with the footnotes in the original. For simplicity, unchanged items, like the 337 million limit and the 1 minute will not be mentioned, and we'll start with the summary changes.
- ~263.7 million NYAN currently exist [a]
- Current price: ~7 satoshi [b]
- Current market cap: ~$8,000 [c]
- Transaction rate: ~185 / last 24 hours; ~3,300,000 NYAN (~$100) [d]
- Community: We're not quite dead yet; in fact, I think we're getting better! [f]
- Code/Development: I have an early draft of NYAN2, but I'm about six months past my initial goal for having it available to use. Life/work/lack of build machine/procrastination. NYAN2 will be a rebase onto a modern LTC codebase which will soft fork to fix a current vulnerability to a fork bug. For now, the network still runs on the same code that it did when I wrote the first article.
I'm going to consider the community first, since I pointed it out as the weakness and central topic in the last one, then talk about the technical situation briefly, and then review the financial results.
The community has been excellent, if I do say so myself. We've got working infrastructure going thanks to the contributions of many Nekonauts (see [f]). Some original Nekonauts have returned or at least popped in from time to time, and new ones like myself have found Nyancoin (I would say given what I wrote in the original, I was still a skeptic of it at that point. Not that skeptics can't be Nekonauts, but I think I'd put my conversion to the cult of nyan shortly after writing that, even though I was already a nillionaire then for the heck of it.)
While I do look forward to seeing the community continue to grow in future years and consider that important, I don't think the community is our weakest point any longer; I think it's now our strongest point. I've tried to encourage the community's revival as best I could, including giving away tens of nillions in total, and lots of long rambling articles on my views on ethics and philosophy and frankly it's worked better than I would've really expected (or at least it has coincided with an effective recovery of the community). The community also helped me through at least a couple hard times personally in there as well.
The technical situation in Nyancoin is mostly unchanged but slightly improved, although with two additional known vulnerabilities. It's unchanged in that it's the same client. It's improved in that we have an active nyanchain explorer host (nyan.space), and we have a public draft of a plan for a soft forking security fix update in the near future (hopefully by the end of March (although I've slipped these deadlines before and may well miss March for release by a bit, I do think I'm inching closer now and then)).
The most serious vulnerability is to forking. This is the bug which hit Peercoin if I recall correctly. NYAN2 is intended to solve this through its soft fork from the LTC fix upstream (from the BTC fix upstream). In the meantime, we've been lucky we haven't been attacked. The tiny marketcap probably helps with not being a particularly attractive attack target. We're not exactly about to pay ransom to move faucet outputs. But that's no excuse; we want this fixed and should have it finally done "soon" (tm).
The less serious vulnerability is to a time warp attack in the difficulty function (Kimoto Gravity Well), which relates to general weaknesses it has and issues we've had with large gaps in the block chain because of spikes in the difficulty function causing it to be unprofitable and driving away most of the hash, and then low difficulty and price rise making it attractive to more hash, creating a spike and causing it again. While this is irritating, the chain still works, even if there are fits and starts at times. An important part of the reason I can get away with this is because there is at least one Nekonaut-supporting miner, CartmanSPC, who rescues us from time to time, and did so during the course of this article being written. We have a bunch of pools, but sometimes the hash just isn't there to get us unstuck when the difficulty goes high enough. Another part of the reason I consider it not an especially serious issue is because there's a workaround which works for me (classic bad developer logic): I use a large transaction fee (generally 337 NYAN, although I might have halved it after the most recent halving, I'll probably use 337 again) on my personal wallet by default. If necessary, I use a couple of them. It can make NYAN profitable to mine again despite the higher difficulty and "unstick" the chain. The difficulty function can go back down again in the next block if the gap has been long enough, so that can be enough to keep it going again for a while (although it can also get stuck again irritatingly fast at times). A fix for this will be putting in a better difficulty function for NYAN3, which will require a hard fork. This is tentatively scheduled for feature freeze around the middle of this year, coding to follow, activation sometime early 2017.
Financial has been our most disappointing performance. A graph of the 1 year performance right now on coinmarketcap looks pretty sad, showing our fall from a little over 60 satoshi down to around 7 satoshi now.
We rose too high, too fast, and I didn't stick with the safe high paying job like a sane person. Instead I hit the road, went to jail, and worked minimum wage. That doesn't sound like a sentence from a cryptocurrency financial review, does it? But the performance of NYAN since the article has been the story of my personal finances, which is the story of my life since then.
So, autobiographical coinaday interlude, trying to keep it generally to the most salient points. Well, in 2014 I had been on my way home to Minnesota from California when I was pulled over leaving Eureka, Nevada for speeding (got sloppy and went 45 approaching the 45 sign and thus technically still in the 35; bored cop seeing out-of-state plates). My vehicle reeked of weed, what with having been in Mendocino County previously with no intention of traveling out of the county much less state anytime soon but family emergency brought me back, and the end result was a citation for possession of cannabis and paraphernalia along with the speeding.
Fast forward to the beginning of 2015, I'm settled into a good software position and start looking more at cryptocurrency in my spare time. I write the coin-a-day series for a bit and then got annoyed and quit after a while when trying to do one a day on top of an actual job was too much for me (along with some annoyance over criticism; I can be rather thin-skinned at times). But I had gotten interested in Nyancoin, and started buying it up more and more with extra money I was making.
And then comes the crash. I had to stop putting as much in as I realized that where I was living and what I was working on wasn't going to work out for me and I needed to figure something else out. So, as I seem wont to do, I went on a roadtrip. I quit my job. And I went back for the court date for my citations and refused to pay, instead spending 10 days in jail rather than pay ~$1400 (I actually had the money in cash available to me if I chose to pay as a backup if I chickened out, but the judge annoyed me enough that I really preferred to be jailed instead of paying, as stupid as that sounds since I'm quite sure the judge didn't care in the least one way or another).
After that, I went back to roadtrip lifestyle for a while. It was a nice period. A lot of beautiful scenery; a lot of reading. Eventually, I busted up my car pretty badly...a couple times actually, the second time for good. Fast forwarding through the rest of the year, I worked a couple minimum wage jobs to pay bills and avoid cubicle life and kill some time until I figured out what I was going to do next. Just recently I quit as delivery boy after getting a speeding ticket (I swear, I'm not as horrible of a driver as this makes me sounds, although I have had a bad tendency to speed in the past, which I really have curbed to almost nothing; but I'm clearly not good enough) and am currently writing a Coin-a-Year article with a friend's incentive and applying to do documentation and development with the Nu project.
Okay, so what did any of that have to do with NYAN? Well, it's the mess of a life that has led to the fall of the price from 60 satoshi to 7 satoshi. If instead my life history for the time since the article had been simply "I was happily employed writing software", then I don't believe we would have dropped below 20 satoshi. It's easy to see in hindsight. If anyone can lend me a time machine, I'm sure I can get some condensed instructions which should improve performance significantly. Otherwise, just going to have more chalked up for the "character building" tally.
So, lessons learned if you are the major buy support for your coin: you need long-term reserves. Whatever you put in bids can be taken out in a moment by a dump for no apparent reason. This is particularly true if you may be quitting your cushy, high-paying job and wandering around without income for an extended period of time. Rather obvious, but hey, maybe someone else can learn from my mistakes. If I'd been bidding as cautiously as I am now from the beginning, I think the price would probably be somewhere from 10-20 satoshi now instead of around 7 satoshi.
It's especially unfortunate given that I wanted to be able to demonstrate the more consistent growth possible building a stable store of value, as opposed to the pump and dumps common in altcoins. And instead we had a pump-and-dump looking graph ourselves after I bid up higher than I was able to sustain, and a large (10+ nillion) instadump crashed the market all the way back down to 1 satoshi momentarily. We've had a few large (2+ nillion) dumps since, but nothing that large. We haven't generally had that large of bids though either.
It's hard to know when I've exhausted the supply at a price level, when it sometimes waits for a couple weeks or even more and then fills all the bids at once. But I want to maximize the minimum price paid because I think that's important for building confidence in a store of value long-term, which is one of my core goals for NYAN.
At the same time, we're still up from the lowest parts of the floor and where I found it. Since I own about 30% [g], the very cheapest supply has been taken off the market. I plan to keep on buying up "cheap NYAN" as much as I can. I've bought up to 60 satoshi before, I'll probably buy up that high this time around. I've got a token 100,000 NYAN ask at 300 satoshi; I hope never to sell lower.
Now I try to wrap it all together as if I saw this all coming and am the wise expert, despite having had about 90% drop in price in the last year after bidding too high. My original concept was taking the "minimum viable coin" and reviving it to a powerhouse as a textbook example in how to do it.
Part of my core concept in this is the arbitrariness of value: throughout history, humans have chosen any number of things as a store of value for the time: salt, large rocks, certain metals, disks, marked sticks, and so forth. While there has generally been a certain logic in the choice, in that there is a locally restricted supply in one way or another, and so forth, from the perspective of other centuries or cultures the choices can seem quite strange. Growing up, I was always struck by how strange the notion of salt being limited and valuable seemed in a world where people were trying to reduce intake and large amounts could be bought for trivial sums. And yet, a key nutrient necessary for life fundamentally makes more sense as being valuable than notched sticks or printed paper or a piece of plastic with some encoded information.
Humans have perpetually come up with stranger and stranger ways of storing and transferring value. Each new step, as always, comes with its own disadvantages and, frankly, has generally appeared nonsensical at best and fraudulent at worst to the status quo. Which doesn't mean that each new attempt is valuable. The gold bugs always like to point out that every fiat currency ultimately returns to its true value of zero. And the skeptics of cryptocurrency argue that all cryptocurrencies will eventually return to their true value of zero.
It's certainly possible. And it's possible the USD will hyperinflate someday. I tend to try the moderate view for a plausible guess of the future. By that type of logic, I would guess that over the course of decades, USD will in general lose value, and cryptocurrency will tend to slowly gain value. That might not seem the moderate view, but USD not losing value over decades would be truly shocking. And hyperinflation has been predicted since the USD went off the gold standard, or before. So some amount of inflation less than hyperinflation seems like the safe guess (but then, the Titanic arriving would also have seemed like the safe guess to me). And with cryptocurrency, I think it's clear by now the technology will continue to survive. So my first question is with what overall value as a market? It could go down, of course, but that seems unlikely in an already small, young market. Even if all the current crop die off and are replaced, whatever cryptocurrencies are around should be able to do better than a handful of billion in market cap in my view.
I believe that cryptocurrency has a bright future ahead of it. The best coins should ultimately survive and thrive. But I've been wrong on most of my major calls so far, like for instance when I thought BTC was over-priced around $5-$10.
I think Nyancoin can have an important role to play in the future of cryptocurrency in the years and decades to come, but it's a massively speculative long-shot. See also Nyancoin risks document. But like Linus Torvalds' autobiography, I try to keep "Just for Fun" as a core motto and principle. It's makes for a good hobby project because there will always be more to work on, with a core community motto of
TO INFINITY AND BEYOND!
Disclaimers / Sponsorship:
As I said before:
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice. And I'll reiterate that I own about 30% [g] of the current supply of NYAN, which makes me by definition maximally biased.
Also, I'm not sure what's up with the address from the first post. It doesn't show up in my current wallet as a recognized address. So, anyhow, don't send there. :-) If you'd like to donate, please consider sponsoring a coin-a-day or coin-a-week article.
This is the first sponsored article. This Coin-a-Year article has been brought to you by spydud22 's generous patronage. I'd been meaning to do a Coin-a-Week article on Nyancoin for a while, but between wanting to "wait until the price recovered a bit" and general procrastination, then it seemed like it would make a good Coin-a-Year article, and then I wanted to wait until the price recovered a bit more...anyhow, so thank you spydud22, for causing me to finally do this. :-)
- [a] nyan.space/chain/Nyancoin ; as of block 1091430, 263738786.71890615 NYAN outstanding. This is slightly over 50% more than the last report, which is what we would expect, since it had existed for about a year then, and has approximately annual halvings. The first year generated about 50% of total supply; the second year generated about 25% of total supply. We should expect in a year to have about 17% (one-sixth) more than we have now.
- [b] https://www.cryptopia.co.nz/Exchange?market=NYAN_BTC ; this is the only market reflected in coinmarketcap and it is the primary one on which I trade. Cryptopia also has other base pairs which operate at significantly higher spreads (lower bids; higher asks) and have minimal volume. In the time since the last report, NYAN has traded as high as 60 satoshi (and briefly a little higher at times), but over the last almost twelve months since a peak about a year ago, the price has been generally declining overall, as a gross oversimplification of a lot of movements. This has been an effect of me not being able to keep buying as much and there being large dumps I wasn't expecting from time-to-time. Now I'm taking the approach of building large (one or more nillion (million NYAN)) bids on each price as I slowly work my way back up again in order to be able to handle possible dumps with less price shock.
- [c] coinmarketcap.com/currencies/nyancoin/ ; as noted in [b], this only reflects the /BTC basepair on Cryptopia but that's where most of the volume is anyhow. Of course, the market is also not particularly liquid since I'm the primary buyer and have rather limited means currently.
Note that there are often times where the UTXO created during one transaction during the day is spent during a later transaction in the day. This can be considered the "same" Nyancoin being "spent" twice in the same day in our total. But in practice, I believe what's happening here is the faucet is breaking off small (10-50 NYAN) pieces from a larger (~40,000 NYAN) chunk, and so that pops up a bunch of times. So the total NYAN blockchain volume as counted for this topline number should not be interpreted as "NYAN spent in the day" but "NYAN moved on the chain", where the "same coin" can move many times. So it's a very easily gamed metric and not a strong / resistant metric like the market price tends to be (at least relatively speaking), but it's a fun number to calculate and provides a little bit of information.
- [d] I haven't setup a script to count this yet, among many things on my to-do list for someday, so I went through by hand from what was the then-latest block of 1091430 on nyan.space back to 1089766 which was the first block generated less than 24 hours before. There was actually a three and a half hour block gap at that point, such that the next prior block was about 24 hours and 15 minutes before 1091430 while 1089766 was only about 20 hours and 45 minutes prior, and has a disproportionate number of transactions and value compared to a typical block (8 and ~313,000 NYAN respectively) from the build-up during the gap. But since that gap conveniently started right about at the start of the 24 hour period, doesn't really skew our results here.
The transaction count can also be easily inflated and certainly, for instance, having the faucet does generate transactions which are a very common transaction.
And this is also just an arbitrary 24 hour period compared to a previous arbitrary 24 hour period. Nonetheless, I do think there's clearly a bit more activity on the Nyanchain, even though the typical block is still empty and the number of transactions and volume is still tiny compared to the major cryptocurrencies.
Here's an arbitrary example of the faucet transactions Note the zero transaction fee, which I love that the miners support (the defaults are all quite low as well).
Here's an example of what may be the smallest transaction by NYAN volume of the day; but no, I followed its small, spent output, and it led to this gem which also links to this. I have no idea what's going on here, but it's hilarious and I love it. How's that for microtransaction support? :-)
- [e] Obviously Cryptsy went down. We had had more than enough red flags with Cryptsy (including one time where I was able to withdraw 6 nillion more than I had in my balance) and got onto Cryptopia. spydud22 basically accomplished that for us, although I helped out in the tail end of the campaigning.
Even though our posting rate is still around 1 post a day or so on average, and so still a relatively quiet subreddit (and it is our main (only?) hub), it's still a very noticeable and significant difference from how /nyancoins looked when I was reviewing it for the original piece here. Here's an attempt to approximate what was there using Reddit search ; archive.org has a snapshot on January 19th, 2015, which is well into the early revival mania and one from August 14th, 2014, before four and a half months of little to no activity. Apparently archive.org unsubscribed to /nyancoins in that interval itself...
- [f] Our community is still small (I wish there were literally dozens of us!) but we've had valuable activity from multiple people, including, just as highlights, vmp32k who hosts nyan.space, a clone of the original nyancha.in, jwflame who created the excellent nyancoin.info intro site, with the awesome status page (which currently notes that "the last 500 blocks actually took 111 minutes, which is approaching the speed of light, causing the universe to become unstable"), KojoSlayer who runs the faucet and dice, spydud22 who got us on Cryptopia, and many other Nekonauts have made worthy contributions, and the Nekonauts mentioned have done more than just that listed. So while we are small, we are active at least from time to time and technically capable.
- [g] Maybe up to around 35% by now; maybe still around 30%. I haven't updated hodling report lately; it was 30% last time I recall, but I've bought more and more has been made since.
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