42. The answer to life, the universe, and everything… Except what the maximum amount of coins issued for an altcoin should be. 42 continues the trend of attempting to differentiate itself through the use of gimmicks, rather than adding something of value. The way most of these new coins are marketed is like showing up at an interview wearing a clown suit. It’s funny, novel, whatever you want to call it… But it doesn’t bring lasting success. Gone are the days of new coins adding something of value, or attempting to fix a problem. Welcome to the new world of altcoins.
42 is only only getting acknowledgement from me due to it’s seemingly high price point and prominent position on cryptsy. Naturally, this coin suffers from a lot more pressing issues than a gimmicky presentation. It had a “small” 1% premine associated with it (.42 coins) which currently represents about 50% of all coins in existence, and is valued at over 300 BTC at the current price. This should throw up a huge red flag, and begs the question as to why anyone would anyone would ever invest in this garbage when there’s so much downward pressure on the price.
As for the coin itself, the design of it is exceptionally poor, even by the low standards set by it’s predecessors. A planned total of 42 coins means that you’ll always be dealing with stupidly small fractions of a number, something that humans are poor at interacting with. Can you imagine going to the store and purchasing something for 0.00000569 42? Me neither. To add insult to injury, 42 only has the standard 8 bits of decimal precision. For a coin dealing with such small units, 12 or 16 bits of precision would been beneficial. But of course, this requires the developer to have some small degree of competency with the code that he is editing, so this feature was naturally left out.
On the subject of developer incompetence, the author claims there is a max of 42 coins ever to be minted. This is not true, as one can look at the source and see that the 0.000042 block reward continues forever, with no end programmed in. However, this coin will be long dead way before it ever approaches 42 total coins, so I suppose it really doesn’t matter in the end.
As with all gimmick coins, and especially with coins that have a premine, the long term price outlook for this coin is poor. It won’t be long before people get bored before they move onto the ‘latest and greatest’ coin.
Do you realize that people make lots of money on the coins you bash all the time? There is only one coin that’s supposed to be used as a real currency – Bitcoin. All the altcoins are just different way to invest your money and gamble. “Innovative” doesn’t mean that it must have a totally different algo. It must be different in ANY way. 42 is different because of it’s rarity, and that’s why it cost so much.
In your shi*ty opinion Litecoin would be called crap if it was released today.
Thanks for your insight, FagBasher. You should understand that for someone to make money, that involves someone else losing money. This is a zero sum game we’re dealing with, after all. Thus it follows that more often than not, the people making money are the miners, and the people losing money are the investors. The content of this blog is strongly focused towards investors, in case you haven’t noticed.
And yes, Litecoin would be crap if it was released today. The only thing it currently has going for it is it’s seniority.
PS: Rarity is not a feature.
Hazard, you have absolutely no room to talk.
To say you have made alot of money making altcoins for people would be an understatement. Who knows how many of those coins you demand a premine for.
The halving block reward is not the only place in the code that limits the max amount of coins.
You are just a hater of any coin that you did not create yourself so get off your high horse. You have no room to make judgments on other people.
As for the premine, none has been “dumped” by me or maco, so this downward pressure you speak of is not from us. If you watch the difficulty/hash rate you can see that there is a HUGE multipool that keeps hopping on and off. They are the down pressure you are seeing.
I put alot of thought and work into the launch of 42. Maco and myself have worked our asses off to make this coin a success. We didn’t stop when it hit cryptsy and we wont stop even if it hits 5000btc per 42.
42 is my baby. To think that I wouldn’t defend my baby is ludicrous.
Going through the source on github I can see that it was a poorly done fork of worldcoin. I know this because you left bits and pieces of worldcoin in there, specifically the hardfork that occured at block 600,000. Also, MAX_MONEY in main.h does not limit the maximum amount of coins, since that is undoubtedly what you’re referring to. You still have a lot of learning to do.
The reason your coin is currently getting raped by multipools is because you left the default 400% difficulty swing code in there. It has been known for the better part of 6 months now that multipools rape all coins that do this.
So please, tell me… Where’s the result of all the “thought and planning” that went into this coin? All I’m seeing is a poorly done clone.
Indeed, MAX_MONEY has nothing to do with coin generation. It has everything to do with the block reward halving from GetBlockValue. For this coin, there is no block halving. There is no limit on coin generation based on the source code as of today (Jan 19, 2014)
Given that 42 advertises a 42 coin max, they could have adjusted the decimal point and allow for 12 or 16 zeroes. Had this been done, it couldn’t be advertised to those of us that know math as being rare as that would have increased the number of divisible units. As advertised, this coin has a max of 4,200,000,000 (4.2 billion) satoshi’s. For bitcoin it is 2,100,000,000,000,000 (2 quadrillion). There will always be fewer satoshi’s of 42, unless we were to wait a million years.
I have buy 3 BTC of 42 at 1000 … what is happening to 42 coin…. ?? And already i hold… but….now is 400….i have lost 60% …. Hendo please let me know something…. i’m a little bit scared … about this downtrend… i don’t know what can i do…
Maverick ( 4XN2WA1up9FKjhSNcUnqxdhUUvBTL2t9wP )
buy high sell low! The crypto-money management law XD
Your not going to see a recovery in 42 or for that matter – any alt that is not used for commercial transactions, science or something useful. To call anything in this space (to include BTC) investment grade at this point is just silly. This is pure speculation – you just got caught on the wrong side of it.
The gimmicks are fun to watch, just dont buy it until the volume supports purchase – TRADE dont invest. Miners will always win in the short term.
Hazard’s right. This was just a gimmick. The coin was dead the moment it was issued. It offers nothing of value beyond it’s absurd rarity.
The problem with all of these newly issued coins is their lack of any genuine value or features making them worthwhile. Just juicing up old code with a new name is nothing more than a sad, cynical attempt to make a quick buck off the suckers who jump on the bandwagon.
Can you send messages with it? Can you encode with it? Can you hide your identity with it? Does it offer anything other than it’s own existence as one of a myriad of other worthless alt-coins?
No? Then it’s a pump-and-dump special.