First of all I'm a fan of DigiByte, their project and Dev Team is excellent.
To set the terms straight and speak the truth I've bought many of them a few days ago to my greatest regret.
DigiBytes are sitting on a very very very low price at the moment.
Normally that means buy alert, buy at this point and you'll be rich! Certainly if we're talking about such a legit coin with many opportunities 😉
However their seems to be one BIG problem with DigiBytes (for investers), this problem is going on for quit a long time now, that's why I'm going to contact the Dev team about it.
DigiBytes are too easy to mine, especially by noobs.
They made it to easy to mine digibytes with all sorts of unprofessional hardware and algoritmes, this attracts a lot small simple minded miners with basic home mining equipment. Most of them adore this auto sell feature which causes that well known simple supply > demand issue. Meaning that the price drops continuously.
Should I buy now? wait? sell? hold?
If I try to set my involvement aside.
You should certainly buy BEFORE the issue is solved.
I cannot guarantee that it will be solved in a day or a week. I can however guarantee that DigiByte will make huge gains even as soon as the change in difficulty is planned or even mentioned by the Devs. And yes DigiBytes is not the nr1 cryptocurrency in existence, but it certainly belongs in the top 10 like it was before... So expect enormous gains on the mid term.
Selling at this pricepoint really is the most stupid action you can do
DigiByte is sitting at a pricepoint so extremely low that selling now would be completely wrong, you will regret it after in a few weeks, trust me. On top of that, people selling now are selling with HUGE losses, if I would sell right now I would cry from misery, because I lost more than 30% in 3 days, what am saying, even more than a third of my big investment.
I'm sure that DigiByte is a lot lot lot more worth than it's current market cap and price point, I'm not the only one who sees this, I'm just one of the few that knows the reason of it's continuing crash.
I came to know of this easy mining problem by a daily DigiByte thread on Reddit.
I want to give credits to mgladden2 for providing this interesting and important information about DigiByte mining and the crashing price.
I certainly advise everyone that reads this post to take a look at the original Reddit thread.
It's been so weak because it's been the most profitable high-end cuda coin to mine for weeks. Anyone who knows what's up uses multi-algo auto-switching with auto-exchange, so there's considerable daily selling pressure as we all auto-exchange (sell) our freshly mined DGB for our default (buy) coin. Chart looks terrible and sell imbalance is steep, but there's upside risk for shorts (squeeze) if even a modest development hits the news. Time will tell. Good luck guys.
Take my advice in consideration but never ever trust another human being without doing your own research!
Many luck to all investors, ciao!
Solid point and insight as to why $DGB refuses to gain, even when fellow cryptocurrencies rise. I'm standing by this project, but I hope the devs respond to the issues you presented and have more interaction period with the public. Cheers to DigiSign getting huge implementation soon!
Thank you!
I also hope that Devs will notice this problem soon.
I contacted them about it so they should be informed by now.
Cheers to you too!
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I usually don't like animated gifs in posts, makes it hard to read sometimes, but I love this one, the DOGE will rule the world !
Thanks for the insight. I'm holding a few DGB too... HODL ! ;-)
Definitely HODL! my friend 😉
I understand, but animations seem to attract more public 😅
Its really a great potential coin, however I think the logo and word art should redesign...
You could be right!
There has always been many potential in the DGB but things went wrong with Minecraft for example and it took big hits when that hype went over.
I am also a fan and not a miner. Just bought some more at 755sat, yesss .. Hope that the dev team will make it harder to mine the coins. I know that with a good GT graphcard, 2 month ago, you could mine 1000 Digis a day. Thats really tooo easy.
Thank you for this confirmation buddy! Many DGB fans won't admit that something has to be fixed 😩
"DigiBytes are too easy to mine, especially by noobs."
The idea is to encourage decentralization and create a widely distributed network. In order to do that, things need to be easy. That's the theory, and original idea behind cryptocurrencies.
Yes but look for example at BTC, it's extremely decentralised, used very often and is very accessible. However it's very hard to mine nowdays, they fixed this problem handling in satoshi's, that way the BTC didn't have to plunder in value like DGB did and is still minable in satoshi quantities.
Are you sure BTC is so decentralised? If the managers of the top 3-4 mining pools were to collude, they would command a majority of the hash rate. I don't know if DGB is doing it correctly, but lowering the barriers for small miners seems like a good idea.
great insight
Thank you!
Credits to 'mgladden2' though for the information ☺
Solid article. Really appreciate you bring this to our attention. Sell the coins that you know nothing about. Do proper research on any coin you buy. If the market falls at least you can hold your coins knowing they have a long term future. An interesting website I found: https://www.coincheckup.com They seem to give this complete indepth analysis of all cryptocoins. Sorted by team, product, company, advisors, previous investors, etc. For example: https://www.coincheckup.com/coins/DigiByte#analysis For the DigiByte Analysis
Wow I never heard of the website that's cool!
I'm really glad you commented so I was able to find out about this, thanks!
And yes I like to keep people up to date if I get to know something that others don't seem to know yet.
Worried about digibytes, this is a good read.
That's certainly true!
I think the bottom is reached by now, I'm not 100% sure though.
and this bottom is a deep one 😉