Quarkcoin (QRK) is a Pump & Dump - Or Is It Really?
If you still don't know what Quarkcoin (QRK) is, Jason explains it pretty well in his recent video below.
Since Bill Still talked about Quark in his recent video, it has exploded within the Bitcoin community and has received huge critism, with many dismissing it as a "scamcoin" or a "pump and dump" scheme. See the Reddit discussions below for more information.
Reddit: Are we being mislead by Quarkcoin Propaganda?
Reddit: Pump and Dump scheme
Apart from Quark being more secure by using 6 different hashing algorithms, I have yet to be able to find any substantial evidence that this coin is "not a scam" or "better" than most other alts out there. The conversations about Quark have exploded in Reddit over the last few days, and the most asked question is regarding the issue of 98.9% of the Quarks being already mined out.
In fact, almost everyone in the Bitcoin community has been calling Quark a scam, and saying that the heavily vested (Max Keiser & Bill Still) are overhyping a premined coin for their own profits. However, someone like Bill Still or Max Keiser pumping a "useless" coin solely for their own benefits seems like a stupid thing to do. In my opinion, there has to be a better reason as to why they really believe so!
Also, I want to emphasize that Quarks were NOT pre-mined! Instead, the 98% of Quarks that have already been mined were mined by a community of ~100 or so people, who in the case of Quark, will be the central nodes of distribution for Quarks. This then leads to the more important question, how can the Quarks held by 100 people be fairly distributed among the rest of the new adopters?
This was covered in depth in a few discussions that I found, but there is still no concrete answer to the question posed.
The closest answer we have lies in Quark's design. QRK is designed in a way that only CPU mining is efficient. Quark is being mined during a short period of time, which discourages GPU or ASIC miners and keeps the coin fair since Developing ASIC miners takes considerable time and man power. Quarks are mostly mined by early miners, and have been well distributed before the value of this coin goes high like Bitcoin. So there are no ASIC miners and hence we don't have a case where a minority of privileged people mining using specialized hardware gain big profits. From this point of view, Quark is more decentralized since virtually everyone (rather than certain groups of people with special hardware) can mine it; the likelihood of monopolization is smaller.
[Source: Quark Forum: Decentralization and Supply of Quark, Quark Forum: Question Pre-Mining]
Secondly, from the official information posted on Cryptocointalk, it is interesting to note that the supply of QRK is inflationary, wtih a total of 247 million QRK will be mined in ~ 6 months, after that ~ 1 million QRK p.a. (~ 0.5% p.a inflation). This is interesting because it is a completely opposite take on Bitcoin's limited supply. And this means that the value of QRK is deflationary.
Thirdly, Quarkcoin also brings with it several technical benefits when you compare it to Bitcoin, as pointed out by user majormax (see the discussion here). Some of them are listed below:
I have also compiled some Quarkcoin related news, which I recommed you watch/read before investing in Quark.
After doing this preliminary research, I still have no clue as to whether or not Quark will be here to stay. On the other hand, Quarks will soon experience the Keiser Effect, and I'm not going to miss this boat. I will continue to research into Quark, and buy more (as the price decreases, just my prediction) until it rises after the 19th of December, when Keiser Report airs. Don't forget to vote on my Quark poll on the right column! Also, please tell me what you think in the comments section. Whether not you agree or disagree with me, I just want to know what you think, so shoot me!
Another coin to watch is Zetacoin, which also has an infinitely inflationary supply. Read up more about Zetacoin by clicking here. Also, watch out for Bitcoinsachs' upcoming blog post or follow his Twitter account @BitcoinSachs. Might cover that over the weekend. Stay tuned!
Since Bill Still talked about Quark in his recent video, it has exploded within the Bitcoin community and has received huge critism, with many dismissing it as a "scamcoin" or a "pump and dump" scheme. See the Reddit discussions below for more information.
Reddit: Are we being mislead by Quarkcoin Propaganda?
Reddit: Pump and Dump scheme
nice to see someone else hasn't lost their fucking mind. http://t.co/IrMJjUG094 attacking #quark and the fraud it's built on. #nicejob
— BitcoinSachs (@BitcoinSachs) December 2, 2013 Apart from Quark being more secure by using 6 different hashing algorithms, I have yet to be able to find any substantial evidence that this coin is "not a scam" or "better" than most other alts out there. The conversations about Quark have exploded in Reddit over the last few days, and the most asked question is regarding the issue of 98.9% of the Quarks being already mined out.
In fact, almost everyone in the Bitcoin community has been calling Quark a scam, and saying that the heavily vested (Max Keiser & Bill Still) are overhyping a premined coin for their own profits. However, someone like Bill Still or Max Keiser pumping a "useless" coin solely for their own benefits seems like a stupid thing to do. In my opinion, there has to be a better reason as to why they really believe so!
Also, I want to emphasize that Quarks were NOT pre-mined! Instead, the 98% of Quarks that have already been mined were mined by a community of ~100 or so people, who in the case of Quark, will be the central nodes of distribution for Quarks. This then leads to the more important question, how can the Quarks held by 100 people be fairly distributed among the rest of the new adopters?
This was covered in depth in a few discussions that I found, but there is still no concrete answer to the question posed.
- Quark Forum: Decentralization and Supply of Quark
- Reddit Discussion: How to answer the Premining question
- Quark Forum: Question Pre-Mining
The closest answer we have lies in Quark's design. QRK is designed in a way that only CPU mining is efficient. Quark is being mined during a short period of time, which discourages GPU or ASIC miners and keeps the coin fair since Developing ASIC miners takes considerable time and man power. Quarks are mostly mined by early miners, and have been well distributed before the value of this coin goes high like Bitcoin. So there are no ASIC miners and hence we don't have a case where a minority of privileged people mining using specialized hardware gain big profits. From this point of view, Quark is more decentralized since virtually everyone (rather than certain groups of people with special hardware) can mine it; the likelihood of monopolization is smaller.
[Source: Quark Forum: Decentralization and Supply of Quark, Quark Forum: Question Pre-Mining]
Secondly, from the official information posted on Cryptocointalk, it is interesting to note that the supply of QRK is inflationary, wtih a total of 247 million QRK will be mined in ~ 6 months, after that ~ 1 million QRK p.a. (~ 0.5% p.a inflation). This is interesting because it is a completely opposite take on Bitcoin's limited supply. And this means that the value of QRK is deflationary.
Thirdly, Quarkcoin also brings with it several technical benefits when you compare it to Bitcoin, as pointed out by user majormax (see the discussion here). Some of them are listed below:
- Secure and different Hashing algorithm. 9 rounds of hashing from 6 hashing functions, rather than a single Hash function, which most coins use. Although the single hash function is considered sufficient at present, the multiple hash gives a further layer of security against future unknowns.
- Rapid block generation times. The block generation time for QRK is 30 seconds against 10 minutes for BTC.
- A rapid decrease in the Mining Subsidy. This increases scarcity at a greater rate: the newly mined coins available for sale do not affect market price as much as other alternative currencies.
I have also compiled some Quarkcoin related news, which I recommed you watch/read before investing in Quark.
- http://www.reddit.com/r/Bitcoin/comments/1rvcpd/bill_still_to_talk_about_cryptos_on_the_max/
- http://dailysilverupdate.com/blog/2013/12/max-keiser-bill-still-on-bitcoin-litecoin-quarkcoin-prices/
- http://www.youtube.com/watch?v=7daKwO3cgiU
- http://www.reddit.com/r/Bitcoin/comments/1rwfni/shame_on_you_bill_still_you_hate_on_bitcoin_for_2/
- http://www.reddit.com/r/Bitcoin/comments/1rr4eg/keiser_promoting_another_scamcoin_pump_and_dump/
- http://www.reddit.com/r/QuarkCoin/comments/1rxcs4/stop_pulling_out_of_quark_there_is_nothing_to/
After doing this preliminary research, I still have no clue as to whether or not Quark will be here to stay. On the other hand, Quarks will soon experience the Keiser Effect, and I'm not going to miss this boat. I will continue to research into Quark, and buy more (as the price decreases, just my prediction) until it rises after the 19th of December, when Keiser Report airs. Don't forget to vote on my Quark poll on the right column! Also, please tell me what you think in the comments section. Whether not you agree or disagree with me, I just want to know what you think, so shoot me!
Another coin to watch is Zetacoin, which also has an infinitely inflationary supply. Read up more about Zetacoin by clicking here. Also, watch out for Bitcoinsachs' upcoming blog post or follow his Twitter account @BitcoinSachs. Might cover that over the weekend. Stay tuned!
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