Max Keiser Predicts Hard Fork Will Double Maxcoin Price

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What do you do if the price of your cryptocurrency is too low? Well, if you’re the developers of Maxcoin, you simply make fewer coins – A lot fewer.

The original technical specifications of Maxcoin (MAX) promised a block reward of 96 coins with a total supply of 250 million coins. But the hard fork will take that reward down to 48 and choke the supply to 100 million coins. The developers hinted that if necessary they would fork the coin again.

Max Keiser, who is well versed in economic theory, predicted in a tweet that this newly devised scheme would cause the price to double over the interim.

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While Maxcoin developers are tinkering with their coin output, several users on bitcointalk said they think that Goldcoin (GLD) could be the next cryptocurrency to see its popularity soar after its developer discovered a solution to the 51% problem, an inherent weakness in bitcoin that Satoshi was addressing before his disappearance.

Maxcoin was first launched in early February 2014. Prices quickly skyrocketed to over $25 per coin as speculators rushed to buy MAX on mcxNow, which at the time was the only exchange trading in the currency. However, since that time the price has been in a state of constant decline with an average market price at press time of around 12 cents, according to coinmarketcap.com.

Do you think developers should manipulate coin prices by changing the rules mid-game? Log in below using your favorite social network and weigh in on the discussion.

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  • http://www.ev0lve.com/ Makamoto Katoshi

    Do you think developers should manipulate coin prices by changing the rules mid-game? Log in below using your favorite social network and weigh in on the discussion.
    Yes, in the case of Maxcoin. No, in the case of Dogecoin. that was the dumbest move ever. In the case of Maxcoin, it was entirely necessary, with miners dumping truckloads of coins like they were trying to get the price down to 0.00000001 BTC or something. I hope it halves again in the future, or at least MAX comes to mcxNOW a little more often because when MAX drops in, MAX prices are positively affected.

    • http://ebliever.wordpress.com ebliever

      “Do you think developers should manipulate coin prices by changing the rules mid-game?” Absolutely not. They destroy any faith in the coins (and in other altcoins) by playing such games. It puts cryptocurrency in an inferior position to fiat currency with central banks, because at least with central banks you assume you have a competent and mature bunch of people running the show. With all the random altcoins out there, who knows who is running the show?

      Seriously, the immutability of bitcoin and other altcoins (I thought) was one of the great selling points when I started investigating cryptocurrency and began altcoin mining. If this is treated as a reasonable “solution” to non-problems (like wishing a coins price was higher), manipulators like those behind Maxcoin will quickly see their coin value destroyed. It’s worthless if I can’t be certain what the money supply of it will be tomorrow.

      Unbelievably stupid thing to do for a short-term gain. I’ll be watching other altcoins now to see which play this game and avoid them like the plague. The ones that are viable in the long term will be the ones that people can trust and do not get altered in any form that affects their quantity of supply.

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