Bearish crypto market
Recently the Crypto market took a bit of a downturn. One of the reasons that has been mentioned is the MT Gox dumps of large quantities BTC since the beginning of this year. This has adversely affected the price of BTC. So should you wait and see when MT Gox is finished dumping? You could do that. But they still have 137,886 BTC left to sell and already dumped 60,060 BTC! (see Twitter Mt. Gox Dump alert). So there's still a lot to come.
How to find good investment(s) in this market?
Are there other possibilities than just wait and hope. Yes, of course. There are always possibilities. Besides Bitcoin, there are many thousands of other altcoins. The big question is: How do I find this coin with investment perspective in this depressive market? And how to decide there's great potential? I'll explain further with giving an example. This time I choose Vulcano (VULC).
What makes Vulcano interesting?
Probably you have never heard about Vulcano. But that's why I do coin reviews. I'll search and read a lot of what's going on in the crypto market. And sometimes you find a real interesting coin. Vulcano happens to be one of them! Below you'll find 8 reasons as to why I believe Vulcano is one of those coins.Then I'll explain further what this exactly means and why I consider Vulcano to be a worthy coin.
1.) Recent intervention in the PoS rewards means that max supply will no longer be hit by 2020
2.) Since September of last year, Vulcano Coin’s community management was taken over on the DISCORD channel by @Nikita and @John Vulcano
3.) One of Vulcano’s strongest features is it’s loyal and dedicated community
4.) Vulcano has been listed on CREX and CoinExchange
5.) Regular competitions and airdrops are held in the Discord for the change to get your hands on some Vulcano
6.) As Vulcano is a lesser known coin, it is not influenced by big whales. This leads to a more stable price over the long-term
7.) It is a High Pos coin with high rewards
8.) Vulcano's ARP intervention was required to stop the coin from having an unmanageable Inflation Rate. Over time the price should recover.
The important thing to note is that the above is my own thoughts on the Coin. As always with Crypto and ANY type of investment, you have to do your own research and homework! !
Code error occurs with massive impact
At first you see probably conflicting messages when you read above points. Recent intervention Pos rewards? Vulcano taken over? I'll explain further. A few weeks ago the PoS rewards for Vulcano were 950% on annual basis. That's immense and good for staking, but there's also a problem. The problem is that the original developer made a error in the code. This error was only recently discovered and didn’t take the compound effect into consideration.
Fortunately, a community member, @Bitbender, was alert and noticed this error. He noted that if the error in the code wasn’t fixed, the coin would have reached Max supply by the end of September 2018. Vulcano was intended as a HIGH PoS coin but that would have spelled the end of it. Bitbender noticed this error and tried to fix it. See following medium article with his proposal how to fix it
The quest to bring back annual rate to an acceptable percentage
Should you not have the time to read through his proposal, I shall summarise it here for you: the discovered code error gave a staking effect to the annual percentage of 950% which when you added COMPOUND to the calculation increased the rate to an unbelievable 320,000%. As you see this was an undesirable result. Therefore Bitbender suggested to implement several softforks to bring back the PoS rewards to a manageable and acceptable rate. To implement these softforks, it was necessary to create a new wallet. The new wallet was released a couple of days ago.And with this release the crazy 320,000% should be brought back to a desired annual percentage of 400%. This percentage is maintained prior to block 855,000. Between block 855,000 and 1,255,000 it will be further reduced to 300%. From 1,255,000 to 2,610,000 it's 150%. After that it will be 75%.
Bitbender's hired developer couldn't fix the problem
Bitbender tried to fix the problem by releasing a new wallet. Unfortunately, the hired dev was unable to remedy the problem and also did not test it on a TESTNET as is the normal procedure with new Wallets. Shortly after releasing the new wallet, It immediately became clear that something went wrong. The new wallet caused a chain stall and split.
Binkerssoft fixing the problem
Another advisor of Vulcano `Binkerssoft´ saw this problem. Fortunately, the Vulcano community was unified in the quest to resolve the issue. New members were added to the team to help with the solution. Had the chain stalled and Split, the Coin would have come to a complete stop even earlier than September 2018. He suggested to implement the fix in two parts.
1.) First there's a wallet release to fix the chain stall and split. That release is now out and is working.
2.) Second there will be another wallet release with a proper and tested implementation of the suggested APR and maturity changes.
With regards to the second point, the Team is working hard at it. Unfortunately I don't have a timeframe when it will be released, because everything needs to be tested thoroughly before implementation. I would however suggest that you keep an eye on the Discord as these things move FAST!
Feedback from the Vulcano Community
The feedback for the Vulcano community has been overwhelmingly positive. The time and effort that the Team has put into changing the APR and making the coin a long-term option, has not gone unnoticed.
When the Team’s solution is implemented the coin will have a stable annual percentage which is gradually further reduced. This ensures that no masses of coins become available, so the coin is ready to rise again to it’s previous value and maybe higher. Also the coin will continue to exist past 2020.
Short term / long term investors
Unfortunately, the difficulties with the wallet upgrades created some doubt in the project. In short-term the price has dropped a bit. Two reasons come to mind: The general downturn in the crypto market and the selling of coins by people after short term gain. This is how it works in the crypto world. There are people who are mainly looking for short-term projects that delivers big time. And as soon something changes which could affect the (big) profits, they're gone.
In addition, you also have long-term investors. Mostly you find them at the discord channel of the coin. They are up to date with the coin’s development, and are aware of any changes as soon as they are announced. This allows them to make educated and long-term decisions with regards to their coin. The dumping of the short-term investor will be of a short nature hence the short-term investor. This short-term dumping will soon pass, after which a recovery in price should follow.
No big influencers
Another important quality at Vulcano. There are people with large wallets, but they don't abuse social media. And that creates a very positive result: no massive large price fluctuations!
Large price fluctuations are mostly the result of outside influence. And that outside influence is created by people with big bags of coins with many followers. And with influence I mean they have a very large reach on social media. With this influence you can create large price changes. Because hyping the coin at the right moment will push up the price. These influencers will use these peaks to sell their large amount of coins. As you can imagine the small owner who bought too expensive on the wrong moment will be left behind. Of course, buying and selling coins always remains your responsibility. I just want to indicate that have big influencers can cause a lot of unrest within a community. Fortunately, the bag holders at Vulcano have been very patient and responsible with their coins which is a big positive. .
Changes made at Vulcano was made to create a more professional image
Behind the scenes improvements were already happening. You can see this on various things. A new logo, new website, new exchange, new wallet. Many more changes are still to come to make Vulcano succeed.
Competition, new logo
The new logo was created by running a competition among the community. Reason for it was that the old one was chosen by the old dev and didn't suit the change that Vulcano was going through. During this competition, many logos were proposed. Eventually there was a winner and the logo above speak for itself. Personally, I think it's much more professional and reflects the new course that Vulcano has chosen.
Crex exchange
As part of the new course an additional Exchange was added as well. At the end of April the Team applied for the listing at Crex exchange. An exchange which can be found on www.coinmarketcap.com and has a daily volume of $150,000 a $200,000. A welcome addition to the already existing exchanges coinexchange and yobit. At the end of May Vulcano got listed. See CREX for more information for trading.
Yobit: Warning!
Please note that YOBIT Exchange is still on the OLD chain of the Vulcano coin. As soon as they have upgraded to the NEW Vulcano wallet you will be able to TRADE on it. Until then DO NOT send or withdraw your coins from YOBIT.
New website
At time of writing I had contact with Community Leader @Nikita. Nikita is a passionate and devoted person who made many changes since this coin was taken over in September last year by the newly managed community. Yesterday she said she's working hard to further professionalize the website. I suspect result will be visible next week.
Possible new big exchange
Because Vulcano is a coin that has been taken over by the community, there is much more involvement. This ensures many more initiatives. For example, recently has been suggested to get Vulcano traded on a bigger exchange.You can read further on Vulcano's discord.
Staking Pool
Besides having you have your purchased Vulcano multiplied in your own wallet, you can also choose to drop your coins in a pool. The advantages of a pool are that they often have large quantities of Vulcano. Because of these large quantities, the chances increase that you get more stakes than when you have your coins in your own wallet. More stakes mean your number of coins increase faster. To get an idea of how a pool works, take a look at everybody's pool.
source
More developments ahead!
In order to follow all new development of Vulcano find your information here and do your own research:
Coinmarketcap
Website
Bitcointalk
Bitcointalk new threat
Twitter
Discord
Github
Blockexplorer I
Blockexplorer II
Questions?
Do you have any questions after reading this article. Feel free to give your comment/questions below. I will always give a reply.
I will never turn down a beer
LTC wallet: LbbhFtVia9mhWQKqE4Q6sgg1w2iW4quCVu
BTC wallet: 51450396-339a-4858-a4f6-b46bf0e69bbe
Shield wallet: Sa1h4DQ3k9dibXEviSL8i2fbAWpAJjyGvT
MEW wallet (Next or other ERC20 tokens) : 0xce47022fD3d79aAd1DE21EDE298dc1785c8528FC
Thanks for reading!
FutureDigiCoin
Hi @futuredigicoin, I'm @checky ! While checking the mentions made in this post I found out that @bitbender doesn't exist on Steem. Maybe you made a typo ?
If you found this comment useful, consider upvoting it to help keep this bot running. You can see a list of all available commands by replying with
!help.Bitbender is already known in CryptoWorld and active on Twitter, medium and other social media. I presumed you already got him on board at Steemit
@futuredigicoin you were flagged by a worthless gang of trolls, so, I gave you an upvote to counteract it! Enjoy!!
Thanks. Nice to know I have somebody covering me against trolls 😉