Greetings to the Steemit Community
This is my first ever post - so please excuse me if I'm not upto the mark. This will be my first post in a series I plan to do. My mission is to do technical analysis on Altcoins - sometimes quite deep, sometimes brief but accurate and informative, and better educate investors.
Being a developer there is certain information I can dig up and articulate for the common man, which will be my way of serving the community. I have been burnt a bit by scam coins, so I have taken it upon myself to research and present to you information which will help you make informed decisions.
I will refrain from making judgements (as much as possible :)), will let you guys make the decision on whether to invest in a coin or not
DigiByte
DigiByte Development Progress
The most important thing when investing in any asset, be it a company or an AltCoin is to understand the team behind the altcoin, their developers, how often they upgrade the product and how active the community is. Fortunately, the development space is fairly transparent and we can look at the progress of the development of a project on a website named GitHub. This is the github repository for DigiByte https://github.com/digibyte/digibyte
The main thing I want to demonstrate is how inactive the DigiByte Community is vs the BitCoin team. On GitHub, you can go and research any other project for any altcoin and see for yourself. the image below shows a comparison of the code contributions being made by each team as of 26 Aug 2017. By digging further, I found out that the code contributions made recently by Digibyte team (about 5 months ago), was only some spelling mistake corrections for their documentation, nothing to do with their product in fact.
Supply And Demand
Needless to say, the more the supply for something the less growth potential it has.
Supply for DigiByte: Over 8.7 Billion
Supply for BitCoin: Currently, approx 16 million, will be capped to 21 million
Economics fundamental: The more scarce a product is, the more it's value will be in future.
DigiByte Marketing
DigiByte have long touted themselves as a very very fast coin, and the CEO has often tweeted comparing them to BitCoin and claiming they are superior. Have a look at this image - this is from the DigiByte twitter feed, tweeted by the CEO of Digibyte. They recently also updated their website in an attempt to show the community that something is happening. In all honestly, the website they have developed, is not very impressive and is built using a technology called Drupal. Drupal websites can be built by paying someone $300 - $500 these days. The impression I get is that DigiByte have abandoned development of their product, but just spending small amounts of money on a bit of marketing, to entice investors and dump the billions of coins they have.
This is it for now, hopefully you guys find this informative. Please do some research on any altcoins you invest in using the tools and techniques i have mentioned here, which by no mean is an exhaustive list, but will give you a good start. In my upcoming posts, I will provide more information on how to guage the quality of each AltCoins further.
Best Regards and Wishes to everyone
thank you for information
no probs - I hope you everyone finds this informative and not make mistakes I did
thanks for the information. i have bought some digybite and now i
m worried. If you analys is right im goin to be more cautious.i think dgb value will rise before the citi awards. If they win something, it will rise a lot more. If not, it will not move from the 280-300 sats it has right now. If they do more development it will rise in the future.
When are the citi awards?
October 2
https://techforintegritychallenge.com/community/index/9#content
Note :
Set filter 1 : Citi Tech for Integrity Challenge
Set filter 2 : Finalists
thanks for the information.
DGB was the first to test and activate SegWit code. They are ready for atomic blockchain swap like BTC and LTC. They stopped working on code just before proposing it to CitiBank and selected finalist for a award. My guess is they are working on business relation now. Code's ready , finger crossed for a award. I hold my mining in hope of higher prices. DGB is breaking at the moment.
It's been 3 months now and I want the community to see for themselves
Good points in this blog. Good to see I'm not the only one that is thinking about this. The coin market will be turbulent for the upcoming year(s) but I really believe in the blockchain as a technology. We really need more insights in the market and previous investment results. An interesting website I found: https://www.coincheckup.com Amazing opportunities came to light when I started using this coins to analyze cryptos.
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