1. Introduction
SOME BACKGROUND: Coinpot.co rewards its users with Coinpot Tokens
Coinpot Tokens represent an undervalued feature of Coinpot.co. Rivers of time have flown by a since mysterious Token’ Balance appeared on or dashboards, yet do all active Moon faucet users utilise full earning potential of the automatically and generously awarded bonus?..
a. First things first
If you are a dedicated faucet user, think of all sources of income the faucet offers to you holistically. It would not be a bad idea to apply the same frame of mind to all faucets you are active on. Should you wish, create a formula, even if only an image of, for yourself, taking into account factors such as the following (example):
A 88 satoshi roll on BitFun (if you leave an hour or two between visits/claims) earns you 0.00000088฿ + 3 Coinpot Tokens.
A 3 satoshi BitFun roll (if you make a roll three minutes later) adds 0.00000001฿ to your Bitcoin Core Balance …+ 3 Coinpot Tokens.
Calculate how many BitFun claims alone would it take you to “farm” 100 Tokens (we will mainly refer to CTs by the 100s for simplicity).
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HISTORICAL NOTE: “Are the tokens related to a future ICO”, we asked ourselves as we first saw the Token logo? Coinpot administration is notoriously secretive about its intentions, plans and innovations…
No, Coinpot has not publicly announced an ICO. Does that put a cross on an ICO happening? “Never say never”.
b. So… What is a Coinpot Token?
“Coinpot Token” is much more than a merely fancy name for a “Reward Point”, like that offered by Freebitco.in (which we we recently dedicated an article to).
Both bonus systems are great. FBC’s Reward Points are exactly what their name stands for: you are rewarded for your loyalty to FBC by points per hourly roll. Save enough, redeem them for, say, the latest iPhone or a Samsung model.
Allow us the liberty to define Coinpot Tokens as the multi-currency wallet’s value-exchange system’s units. FBC’s Reward Points are barely affected by the state of the cryptocurrency market.
CT’s are. However, since Coinpot Tokens are not directly available (ed: in their original Token form) publicly, are not (yet?) traded on an external cryptocurrency exchange and can be accessed and/used directly only via Coinpot.co, they can be mined (wtf sic!) and on the wallet’s dashboard, Coinpot Token balance looks like just like, say DASH, balance. How much does an average microwallet user know about DASH, its history, investment potential, differences and similarities in comparison to other coins? How much does an average mictowallet user know about the investment potential of Coinpot Token, its value, worth, price, whether to HODL or sell? Is it safe to sat that the potential for new users’ confusion is understandable?..
c. Important: Cryptocurrency Games of Chance, Lotteries, Dice…
If you think Coinpot has granted users a free bonus which you can use for gambling, instead of withdrawing your earnings to test your luck elsewhere, you are technically right. A typical cryptocurrency faucet’s “innovation” is aimed at keeping the funds within the faucets (away from your personal wallets), under any “for your own good” excuse (Cointiply’s farce of a “Premium Account” is a prime example).
Some offer of a wat to “multiply your earnings” is just a classic. Keep in mind what you came to the faucet for: making a few coins. Learn about cryptocurrency. Whatever it is, we would recommend following the simple rules.
* Payout (money earned from fauceting): good.
* No payout (postponed payout, delayed payout): bad.
* No payout because of your choice to test your luck/purchase a useless trinket… Your choice.
Remember that you can either play some hi-lo game or take part in some “probably fair” faucet lottery, lose and, – congratulations! – your time, activity, efforts, hopes and aspirations represent free money for the faucet owner.
WARNING: Unless you are totally confident you have knowledge of a guaranteed winning system, proven itself over and over, we believe that spending currency earned on a faucet internally is one of the top-5
fuck-upsmistakes a faucet user can commit, – should you fail to win, especially before making a single claim…
We do not endorse gambling, however if that is your interest anyway and you play responsibly, consider doing so at a specialised website.
Here’s why:
A faucet which offers some gambling options is reviewed as a faucet, classified as a faucet, SEO’d as a faucet. Everything else is a side-biz. An online crypto casino’s main business is Bitcoin/Dogecoin/Whatevercoin Roulettes, Dice, etc.
Disclaimer: We are not promoting Luckygames, we are mentioning the multi-currency online casino because there is no deposit required, it features a faucet for its internal currency which can be used to win real prizes and it is currently under DMYF review. The review will be honest and unbiased; as to why we are referencing it, – simply because we only refer to resources we have tested out first-hand.
If the “dice are loaded”, even if the casino’s website has an in-built faucet (like Lucky games), if the users lose too often and win too little, they will bring the website’s ratings down. Hypothetically, if the roulette spins red 20 times in a row as soon as your winnings exceed a certain amount…
Remember the “no such thing as bad press” expression? Or something like “the only thing worse than… …is not being spoken about”? Bad press which leads to a decline in the amount of visitors, resulting in lower revenues and companies all-of-a-sudden having to pay money to search engines to stay afloat? That hurts them more than your vicious Trustpilot one-star fatality, three-post-long thread on Bitcointalk, or even than a negative review on an up-and-coming boutique independent media resource such as DMYF (aka or a wtf-is-this-design can’t-even-afford-a-domain wordpress-hosted blog-about-some-shit-noone-cares-about)!
d. Back to CT: Coinpot Token’s Value: Currency Conversion
Disclaimer:
*exchange rates are not fixed and are subject to change, often multiple times a day.
*Coinpot.co charges 0% conversion does not charge a commission for currency conversion, full stop. We only wish…
*Conversion is instant (how important that is is a question one must answer himself).
For the purposes of multi-part in-depth review we decided to compare the exchange rates over the course of few days/weeks. The snapshot of the figures below has been taken early last weekend. The rates will “catch up” in the following articles.
Having a feel-good stare at a multi-thousand Coinpot Token balance is nice and cozy. However, should one need immediate access to funds, for whatever reason, a natural question is: what can I get for my Tokens now? What is the Coinpot Token’s actual value today?
NOTE: The asset’s liquidity should always be taken into consideration. Within hours, even a thousand or two Coinpot Tokens can be in any wallet their holder wishes them to be, performing whichever function their holder wishes them to perform.
Downsides? Potential for impulsive decision-making leading to erroneous choices, “quick” usually means “expensive” etc.
Upsides? Opportunities too good to miss, premonitions, etc.
Should you have chosen to think of your Coinpot Tokens’ current value…
…in Bitcoin: CT to BTC conversion rate was 0.0000000135. 100 Coinpot Tokens converted to 0.00000135฿.
…in Bitcoin Cash: CT to BCH conversion rate: was 0.0000001380. 100 Coinpot Tokens converted to 0.00001380 BCH.
…in Dogecoin CT to DOGE conversion rate was 0.0341752587. 100 Coinpot Tokens converted to 3.41933771 Dogecoin. (!!!)
…in Litecoin. CT to LTC conversion rate was 0.0000012920. The LTC value of 100 CT would be 0.00012928 Litoshi.
…in DASH. CT to DASH conversion rate: was 0.0000004724. 100 Coinpot Tokens could have been converted to 0.0000004724 Duffs.
Ignoring the highlighted Doge, what would you convert your 100 Tokens to, given the exchange rates?..
e. Now, the fun part: What is a Coinpot Token worth in fiat (USD, EUR, GBP)?
We believe we discussed the difference between “price”, “value”, “marker value”, “perceived value”, “potential value”, the factors such as consumer trust ratings, liquidity, predictability and real-life utility in relation to the Token in the past.
If we have not, please comment and let us know.
If we have missed something, please comment and let us know.
If you spot a mistake/typo, factual error, please comment and let us know.
If you have a Nobel Prize for Economics, please comment and let us know, – we would like to ask for your autograph. And ask a question or two (hundreds).
In a nutshell, a Coinpot Token’s actual worth is determined not only by a supply and demand, the quality of both supply and demand, but also by such trivialities as the future of Coinpot, the perceived future of Coinpot, whether any future plans exist, conversion rates, liquidity and performance of all five currencies featured on Coinpot, transaction time, fluid things such as market sentiment, state of cryptocurrency market at present, etc. News, fake news, interpretation of news, degree of stupidity of CNBC those reporting the news… You name it.
I. e. Some second rate random exchange no one ever heard or cared about gets hacked, millions of some random crypto no one ever cared about get stolen, this hits the news?.. Bad. Some crypto is still traded on Binance while its creators are already in handcuffs for fraud?.. (this is why DMYF hates cryptocurrency scammers with a passion). Bad. Public fails to realise that Google’s “ban” on advertising ICO’s is good? Bad.
In any case.
I. e. you purchase X Satoshi for Y Coinpot Tokens today. Yet, a
little birdreliable market indicator signals that whereas TODAY one Bitcoin could be both purchased and sold on a variety of an open markets, taking into consideration all possible fees for circa $6678 USD, tomorrow the BTC/USD pair will trade at around $8500.
Question: if you can somehow quantify the statistical probability of the price hike, how does that affect an estimate of what a Coinpot Token is worth relative to fiat* TODAY?
The question is hypothetical.
What is a Coinpot Token worth in fiat? Do the array of calculations of selling the Tokens, withdrawing the crypto of your choice, selling it for fiat, fees, fees, fees.
What a Coinpot Token’s price in fiat is also heavily determined by having a plan; not only what is the best crypto to convert the Token to and the most expensive to sell for.
That, and more will be covered in the next part of our Coinpot-related set of articles.
Have a great weekend!
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