Nyancoins - The undead cat
Posted: Thu Mar 19, 2015 9:31 pm
Hello there miners!
I'm coinaday, a handle which appeared on Reddit at the beginning of this year doing a series on various cryptocurrencies. In the course of this, I met nyan and fell in love. It was going to be my example of a dead coin, except, it wasn't. Because Cryptsy was still trading it, and a couple pools, mostly prohashing, were still mining it. There was even a skinned blockchain explorer running, nyancha.in (now down unfortunately; replacing it has been on my to-do list for a few weeks, but my life has not given me the time and energy to do this simple thing yet).
This was a pretty big surprise to me. You see, I was sort of busy last year and I missed the whole altcoin frenzy. I've been sort of watching bitcoin for a few years but hadn't invested or really dug in deeply. After 2014, I felt like it was time for me to start learning more about the whole cryptocurrency world. And now I stumble upon these ruins and see, whoa, that's still technically running. "I'm not quite dead yet; in fact I think I'm getting better."
So I figured, what the hell, but a few million. Then I bought some more. And another person or two bought some. I started working on trying to revive the community on reddit (reddit.com/r/nyancoins). There are old users there still nostalgic, and for those of you who aren't familiar, nyancat and nyancoin are about the cutest (and silliest and stupidest) thing ever in my opinion. I also started up a new instance of the tipbot, which is now running under /u/tipnyan, and I've given away more than a million NYAN on reddit now. This functions basically as a web-wallet, which is handy since the only other option is Cryptsy and they charge all of 4 NYAN for a transaction; silly when on the blockchain most NYAN transactions have 0 fee.
Anyhow, so the price has recovered from around 1-3 satoshi when I started to a peak around 60 (actually I had a nice floor there for a while) and then recently there was a dump of about 10% of the available coin onto the market which ate all the bids and hit a low of 1 satoshi again. Since then, it's traded with great volatility as low as 10 and up above 30 again.
Why am I telling you all this? I own a bit more than 20% of the currently outstanding NYAN as a result of my insane purchasing. So I'm very committed to rebuilding nyan in the long-term. I'm hoping to encourage some of the miners here to request their payouts in NYAN to reduce selling pressure and ideally even create more buying pressure on the market.
I see NYAN as a good coin for long-term price appreciation because its long floor has driven out the weak hands (so I thought, and yet, how to explain the two 10M+ dumps that have happened so far this year? (out of total supply of about 185M currently)). I and a few others hold large chunks which are dedicated to the long-term appreciation of NYAN. It's got a large enough circulation and a low enough price at this point that people can get thousands or millions relatively cheaply, and yet it has limited enough circulation and supply that relatively little demand will support and even increase its price.
I think it's a hell of a great story too. This is the coin that convinces me bitcoin is indestructible, because if this can limp along with so little, then bitcoin certainly will. But NYAN, if it continues to recover, has the phoenix story. I want to see that. I want to build a community of people who are having fun with their coin, are with it through thick and thin, yet also gain value from it. I definitely see a strong analogy to DOGE and want to continue building closer ties (so far, the largest event I've done for NYAN was a giveaway in /r/dogecoin to celebrate and announce when I got tipnyan running) there. The distinction I see between NYAN and DOGE for the future will be NYAN's greater focus on finance, as well as having a greater emphasis on technical skills and development. I want NYAN to be the coin where people learn how to run a coin. There is room for tremendous personal growth and learning in helping to build a currency, and I like the aesthetics of "rehabbing" a coin as opposed to launching a new altcoin.
Anyhow, I could go on at length about this (and I'm sure you figure I just did
), but I'll just close with a link to coinmarketcap and a discussion of the results there: http://coinmarketcap.com/currencies/nyancoin/
If you go to the 90 day view, what you see at the very start is before I was in the coin. Then I get interested and the market goes up a bunch. And then we hit the massive dump and the chart stops looking pretty. There are any number of possible reasons for the dump, but fundamentally, I over-extended how much I can buy myself right now. I intend to keep buying about as much of this coin as I can reasonably afford (and frankly, probably more than I can reasonably afford) because I've fallen for it somehow. And it's my incentive and home turf for learning more about how to operate a bitcoin clone. So, for instance, we're currently running on a rather old bitcoin fork. Updating to current is a great project. I get to either find someone to do that or learn how to do it. One way or another, I'll know more after that than I do now.
Okay, so really finishing now, with this:
![Image]()
I'm coinaday, a handle which appeared on Reddit at the beginning of this year doing a series on various cryptocurrencies. In the course of this, I met nyan and fell in love. It was going to be my example of a dead coin, except, it wasn't. Because Cryptsy was still trading it, and a couple pools, mostly prohashing, were still mining it. There was even a skinned blockchain explorer running, nyancha.in (now down unfortunately; replacing it has been on my to-do list for a few weeks, but my life has not given me the time and energy to do this simple thing yet).
This was a pretty big surprise to me. You see, I was sort of busy last year and I missed the whole altcoin frenzy. I've been sort of watching bitcoin for a few years but hadn't invested or really dug in deeply. After 2014, I felt like it was time for me to start learning more about the whole cryptocurrency world. And now I stumble upon these ruins and see, whoa, that's still technically running. "I'm not quite dead yet; in fact I think I'm getting better."
So I figured, what the hell, but a few million. Then I bought some more. And another person or two bought some. I started working on trying to revive the community on reddit (reddit.com/r/nyancoins). There are old users there still nostalgic, and for those of you who aren't familiar, nyancat and nyancoin are about the cutest (and silliest and stupidest) thing ever in my opinion. I also started up a new instance of the tipbot, which is now running under /u/tipnyan, and I've given away more than a million NYAN on reddit now. This functions basically as a web-wallet, which is handy since the only other option is Cryptsy and they charge all of 4 NYAN for a transaction; silly when on the blockchain most NYAN transactions have 0 fee.
Anyhow, so the price has recovered from around 1-3 satoshi when I started to a peak around 60 (actually I had a nice floor there for a while) and then recently there was a dump of about 10% of the available coin onto the market which ate all the bids and hit a low of 1 satoshi again. Since then, it's traded with great volatility as low as 10 and up above 30 again.
Why am I telling you all this? I own a bit more than 20% of the currently outstanding NYAN as a result of my insane purchasing. So I'm very committed to rebuilding nyan in the long-term. I'm hoping to encourage some of the miners here to request their payouts in NYAN to reduce selling pressure and ideally even create more buying pressure on the market.
I see NYAN as a good coin for long-term price appreciation because its long floor has driven out the weak hands (so I thought, and yet, how to explain the two 10M+ dumps that have happened so far this year? (out of total supply of about 185M currently)). I and a few others hold large chunks which are dedicated to the long-term appreciation of NYAN. It's got a large enough circulation and a low enough price at this point that people can get thousands or millions relatively cheaply, and yet it has limited enough circulation and supply that relatively little demand will support and even increase its price.
I think it's a hell of a great story too. This is the coin that convinces me bitcoin is indestructible, because if this can limp along with so little, then bitcoin certainly will. But NYAN, if it continues to recover, has the phoenix story. I want to see that. I want to build a community of people who are having fun with their coin, are with it through thick and thin, yet also gain value from it. I definitely see a strong analogy to DOGE and want to continue building closer ties (so far, the largest event I've done for NYAN was a giveaway in /r/dogecoin to celebrate and announce when I got tipnyan running) there. The distinction I see between NYAN and DOGE for the future will be NYAN's greater focus on finance, as well as having a greater emphasis on technical skills and development. I want NYAN to be the coin where people learn how to run a coin. There is room for tremendous personal growth and learning in helping to build a currency, and I like the aesthetics of "rehabbing" a coin as opposed to launching a new altcoin.
Anyhow, I could go on at length about this (and I'm sure you figure I just did
), but I'll just close with a link to coinmarketcap and a discussion of the results there: http://coinmarketcap.com/currencies/nyancoin/If you go to the 90 day view, what you see at the very start is before I was in the coin. Then I get interested and the market goes up a bunch. And then we hit the massive dump and the chart stops looking pretty. There are any number of possible reasons for the dump, but fundamentally, I over-extended how much I can buy myself right now. I intend to keep buying about as much of this coin as I can reasonably afford (and frankly, probably more than I can reasonably afford) because I've fallen for it somehow. And it's my incentive and home turf for learning more about how to operate a bitcoin clone. So, for instance, we're currently running on a rather old bitcoin fork. Updating to current is a great project. I get to either find someone to do that or learn how to do it. One way or another, I'll know more after that than I do now.
Okay, so really finishing now, with this:
