Since last Monday I turned off my local heaters: Two laptops in the game of getting KOIN by the Proof-of-Work (PoW) based mining the KOINOS team launched last week... Thursday? Or was it Wednesday? Seems like a long long time ago already.
Last so many days, did spend a lot of time on topic of KOINOS. Not so much in the mining side of things; Once setup (here) it runs by itself. Most of my time was spend in the KOINOS Discord (here). Some of that time I used to get to the latest and greatest, but most of it just to have fun including mocking others and when needed, myself :)
source: Internet and my Imagination
THE BIG GUNS
Monday someone showed up at Discord (I won't state names, you can check the history at Discord yourselves when interested) suggesting he was setting up 5 pools of miners with 14GH/s each, 70GH/s total! D*mn! After some further conversations between a bunch of us, we figured it was a total of 14GH/s.
Even though this is 5 times less than what we thought before, this led me to shut down my two miners almost immediately. My combined hash rate was about 4MH/s; Approximately 3 thousand 500 hundred times less. I couldn't compete anymore, that was clear to me.
While KOIN was hoovering around the 3$ct mark at Uniswap for a few days, as if it was elastically glued to that mark, Tuesday early morning (GMT/UMT+2) just before I wanted to start my daily curation round at HIVE, I realised some drama was unfolding itself while I was at sleep.
Dumps of lots of KOIN's bringing the price down below 1$ct. Didn't had any Ether anymore to buy more :( That said, I wanted to know what happened before further investing. Discord-time started again. Read through all the messages posted while I was exploring dreamland. Turned out some users (and even KOINOS team) thought someone created a GPU miner; Instead of using the CPU of a computer, using the graphical card or video card. Generally speaking, a GPU can mine gazillion times faster over a CPU; At least with mining algorithms used by the KOIN miners.
AND NOW WHAT?
A solutions needed to be found, since having one or more users going with GPU's while the rest is mining with CPU's will drive most of the KOIN to a few users. Something very much unwanted by everybody, including the KOINOS team. Statements made by the team before investigations started: "We will look into developing a GPU miner", "Restart is something to consider" didn't do well with the (small) community.
Some of the big miners dumped their minted tokens; Value and Liquidity plummeted; Server orders cancelled (Privex released a statement some costs will be deducted on all the calculations of KOIN based server orders); Trustlevels dropped; Heavy debates and speculations about the team, there honesty, their knowledge, their actions etc etc
published at "howcanisaythis" (source)
Tuesday (yesterday, seems so long ago already) the DRAMA continued. More dumping, Low KOIN value, Low liquidity; Miners and investors continuously asking for clarity; Will 'restart' happen?; Team silence; Miners talking about dusting off their ASICS hardware and so on and so fort.
And then, by the end of (my) Tuesday (guess in the middle of the day in the USA) the KOINOS team came back to the community with the statement: "We don't think a GPU miner is active; We believe someone setup a large CPU mining farm; We're not continuing with our plans to develop a GPU miner to be able to compete". Believable to me; I think at least three users with large CPU mining farms are active; Maybe more; Or maybe more incoming; Who knows?
This statement, more or less, calmed miners and investors. KOIN went up with around 300% (almost back to 3$ct for a little bit of time); Liquidity rose with at least a factor of 2; As if nothing happened. Discord channels still very busy, mostly making fun of everything and everyone. Off-Topic discussion in On-Topic channels, On-Topic discussions in Off-Topic channels; Pretty much chaos, but fun, and time consuming, but fun :)
Today (Wednesday) an almost absolute quietness is surrounding my soul and senses; So peaceful; Hardly any activity in the KOINOS Discord; The first time since I stopped mining, I could enjoy not hearing the fans screaming!
Soooo boring! Waiting for the next drama LOL :)
created by Melissa McCracken "Visualisation of 'Imagine' by John Lennon" (source)
Well, I turned into an investor with a focus on the KOIN/ETH pair at KOINOS. Still without funds, but making plans to get to some more ETH.
Am considering to dive into Swing trading, but never really done that; Am not much of a trader to be honest. That said, why not trying something new again? Last week seems to be a week of firsts for me anyway. Less than a week ago, first steps into PoW mining. A day or two later, first time making a swap at Uniswap (here). Yesterday, first time providing liquidity to the KOIN/ETH swap pair.
Swing trading on KOIN next? Definitely something to consider :)
NJOY the MINE and POOL
all images by edje unless stated otherwise