April 08, 2013, 05:25:35 AM
Weekly Update #33
What a week! PPCoin has achieved multiple milestones in the cryptocurrency market this week.
Market cap surpassed namecoin and now ranked behind litecoin at 50,000 BTC or over $8M as of today, or about 0.5% of bitcoin and over 10% of litecoin.
Proof-of-work difficulty continued to break all time high throughout the week and is now at 280,000 as of today.
Many new users are showing interest in ppcoin. There are close to 5000 downloads at sourceforge for the week, more than all the previous downloads combined.
Due to steep rise of the market Chris has now closed his bitparking exchange and pool. I would like to express my sincere gratitude to Chris for all his hard work and professionalism since ppcoin’s release. Bitparking was the first active exchange market for ppcoin which played a major role in jump-starting ppcoin market. Chris said it was more like a hobby level project, but actually he was being very modest. My experience is that bitparking exchanges were managed with high degree of professionalism and integrity. I am looking forward to Chris’s next projects.
Btc-e opened business to ppcoin on Friday evening and the first 48 hours total trading volume is over 10,000 BTC, another all time high.
As ppcoin starts to gain foothold in the competitive cryptocurrency market, I recognize that my responsibility has also multiplied. I wish to thank all our supporters and investors, I will try to hold myself to the highest professional standard in the industry.
I have updated our wiki FAQ to better explain the inflation model of ppcoin for new users. Even though ppcoin is designed without a fixed money supply cap, the design is not a pro-inflation one. The design attempts to simulate gold in a more natural fashion, with the help from Moore’s Law. I do not subscribe to Keynesian economics. In terms of importance of scarcity of free-market money I share the views of classical and Austrian School thinkers, nowaday referred to as ‘gold bugs.’
Meanwhile, I would like to remind investors that there are high risk involved in cryptocurrency market. Even bitcoin once dropped from $30 in summer 2011 to $2 in winter 2011. So one should always seriously evaluate one’s risk tolerance. Furthermore, there are additional risks involved in investing in a cryptocurrency with high degree of innovations like ppcoin, despite of our best efforts to contain those risks. So be careful out there and do research (e.g. know the previous close price at vircurex before entering trade at btc-e open).