The state of the market concerning Neos


#1

So many of you may be asking yourselves what the holy hell is going on with these prices. It’s been speculated for some time that it was due to lack of new investors or exposure after the BCT thread locking. Now with all of the features of Neos, the team behind it constantly developing, and the people in the Neos community buying and buying Neos every day - what the hell could create such a drop - no - a bluntly-put downward spiral in the market price? People have been talking for some time and voicing their thoughts as to why - however AJ pointed out a suspicion over 2 weeks ago roughly. The multipools.

Now, that’s insane to think that a multipool could do such damage isn’t it? On a typical basis, yes, however what we’re dealing with here isn’t typical. The profitability on coinwarz in particular is off - way off - horribly off. It’s not calculating the profitability correctly based on all three algorithms when it lists SHA as 600%+ more profitable than Bitcoin. So what happens here is, the multipool scripts which based which coin to mine off of these numbers, sends for example 200TH of SHA mining at Neos thinking just for argument’s sake the return will be 0.15 BTC. In reality, the return is more along the lines of 0.05 BTC. However, the multipool is just running auto-exchange scripts which will just dump the Neos mined down until the last one is sold and even if that leaves the market value at 0.00008000. The script doesn’t have a mind of its own beyond knowing that it has let’s say 10k Neos to sell and the rate is of no consequence. It dumps Neos, pays out its miners and calls it done.

Now, the domino affect here is pretty huge. New potential supporters of Neos, investors, and existing supporters even might get the wrong impression in seeing nothing but a consistent drop in price. This psychologically at least, will have the follow affects on people typically:

  1. Scare them away from supporting, logically
  2. Cause them to think the proverbial ship is sinking, so they might as well salvage what they can and sell out before it’s too late
  3. Spreads a bad reputation about value/worth/market performance

So early on and even as of late in some cases, people felt that exposure on certain forums or lack thereof was the cause for lack of buy support or interest. However, I can tell wholeheartedly this is not the case and what’s been detailed here is 99.9% the cause. We the team ourselves, are constantly tossing around ideas for marketing and exposure, contests, games, you name it. However, the conclusion is that until this incorrect profitability reporting is taken care of - it will all prove pointless.

The steps we’ve taken here at Neos as well as some community supporters is reaching out to Coinwarz in hopes that they can correct this error so that mining won’t be completely obliterated wrongly and coins dumped due to that factor. I’ve tweeted to them on twitter and sent them an e-mail. We’re hoping to hear back from them ASAP to get this resolved but in the meantime as always we’re here coding and supporting what we code. If anyone has any questions, please feel free to ask or come join us on irc.freenode.net #neoscoin for discussion. Now that we’ve found the cause for decline on the market, we’re looking forward to normalization again and some really great ideas coming to fruition for Neos in the very near future.

 Sincerely,

syntaks


#2

Syntaks was very busy when i first contacted him about the matter trying to get v2 out and instead of bugging the hell out of him i tried contacting them myself with no luck. when we all sat down and talked tonight. buy support was brought up and after the discussion a few of us in the community are also making an effort to put up some walls. and bug the hell out of coinwarz. so if you support what syntaks and the dev team have been working so hard towards. show your support. and tweet to them

To any $NEOS supporters STAY STRONG ! it seems @coinwarz has a bit of a problem with our coin on their charts. causing multipools to dump.


#3

its just a good excuse for me to keep buying all these cheap coins at this point. i have a good feeling that there will be good infrastructure in place for neoscoin shortly :wink: . I also expect a little farther down the road at least one big draw to pop up. so ill hodl strong and keep accumulating personally.


#4

There will also be a proportion of V2 bandwagon jumpers who cashed in expecting Neos to jump to $5 upon the release of V2, these people paid top dollar for their stash and when the price declined (instead of shooting upwards) they will have cashed out immediately to minimise their losses. Happens with every coin release/update to some extent - the trick is to hold, and only sell at a profit - but many day traders are classic number threes:


#5

That’s awesome FiniteRed


#6

+1 for the obvious

No one even knows about neos due to 0 presence on your biggest networking platform available.

Worst marketing job i’ve seen done in a while, added with a nazi ran forum with locking of threads every time someone doesn’t share the same view as you. I’ve been involved in about 10+ coin communities, and this is the worst one yet, and i hope you take that as constructive criticism, and not offence, because I’ve found about 4 posts on here of other users saying the same.


#7

That’s not the cause for the price decline as I posted above.

 Regards,

syntaks


#8

Look at the volume? You have no new investors due to no exposure, how can you overlook that factor.

It reminds me of Harry potter and the order of the phoenix, when harry keeps telling everyone Voldemort is back, but they choose not to face the facts cause it’s easier.

90% of your investors don’t even know where to go for news and updates on the coin due to there not being much more then this forum


#9

We have a lot of exposure, tons of word of mouth, articles all over the place. The fact of the matter is we are facing facts. Even new investors/interests would be turned off by the current state of the market which is where it’s at due to the aforementioned reasons. If we had an open thread do you know what it would be filled with? Angry people. People turned onto looking into Neos from that thread, would be turned off immediately. Even people that were arguing for the thread to be open that I’ve spoken with have agreed it would be nothing but a nightmare if that thread was open. The cause was clearly explained in the OP here. The subject of the thread open on BCT is not one that has been open for discussion for quite some time now. We’re not the only project to take that stance either. Once this coinwarz issue is resolved and our marketing efforts and others come into effect the price will naturally normalize.

 Best regards,

syntaks


#10

That’s also incorrect. We have links all over the place, we have Twitter directing people here, the website lists the forum, and a lot of our investors actually hang out in the IRC channel.

  Thanks,

syntaks


#11

Just as an update folks on this situation:

Since our diff algo is not “traditional” profitablity cannot be calculated using the most current diff, along averaging out say the last 20 blocks would be a better method. What we’re going to do is work on getnetworkhashps() and compute our own profitability to make sure it’s as precise as possible. Until that time though, we’ve requested that coinwarz delist us. We’ll be keeping an eye on things during the interim and working on a better method of calculating our profitability. If anyone has any questions, please don’t hesitate to ask.

 Best regards,

syntaks


#13

I think there is no any benefits locking the NEOSCOIN thread on BITCOINTALK. Most of us discovery a new coin by reading threads on bitcointalk.Bitcointalk is more attractive to people.On the other hand our NEOS forum is needed to get more information.


#14

There is SO much bad blood, scammy posts/people/projects, FUDers and cons on that sub-forum that I think Neos does well to distance itself from it officially. Unlike the unwashed masses out there Neos actually brings a pile of new things to the table, it wont need a thread littered with troll comments to spread the word - if something is good enough and diferent enough to offer a real advantage over the competition the marketing (somewhat uniquely to the cryptosphere) will (almost) take care of it self IMO.


#15

Just a thought…

For me personally checking BCT forum is a chore but I do it to keep up on news. I end up looking at each thread that I subscribe to if there are any new posts. Coins that I am watching that are not updated for several days drop off my radar. While I agree that opening the thread is not a good idea, Updating the thread daily is crucial in my opinion. It doesn’t have to be a long post but something every day will help keep NEOS in front of everyone.

Example:

Morning everyone! Working on NEOS V2 optimization. Still a few tweaks needed to get everything 100% . Come join us in IRC at #neoscoin and at the official forums -----forums.neoscoin.com

I think you get the idea. A short update daily will help with interest.


#16

I’ll be posting an update thread on BCT as I’ve always said I would along the way with this new patch release.

 Best regards,

syntaks


#17

Syntaks,

I know you feel strongly about BCT and I agree with you. My suggestion is not a criticism just a suggestion. If daily updates were to be posted it probably shouldn’t be you doing it. You have enough on your plate.

I am not trying to beat a dead horse. Others have already done that. Just trying to help. I started with NEOS during the ICO and believe in what you are doing. I would be willing to help with the updates if you are open to the idea.

Enough said. Let me know if I can help with this or anything else.


#18

I appreciate it sincerely. I’ll be doing exactly that with updates.


#19

A fair question that – the price is now .00007000BTC. Uncomfortably below the ICO offerings. With the partial recovery of BTC, I’m forced to focus more on BTC mining, particularly recognizing its gradual but steady increase in difficulty, but I continue to mine Neos. I want Neos to succeed and will continue to devote mining resources to it, but reality is, it’s a trade-off. Have a long way to go before reaching my desired Neos stake, however, it’s currently BTC that pays the bills!


#20

trevor, you could just mine other profitable coins and buy neos, rather than mining neos directly.


#21

5220 satoshi

Few posts a day on this forum, if an investor wouldn’t know better this coin looks dead