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Coinpot Token’s Worth in August: Conversion Rates, Fiat Value… Future Price?

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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?..checkcoinpottokenbalance

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).

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).

READ: Freebitco.in: TRIPLE (3x) Reward Points Promo: 37 Hours Left. Edition Includes a Complimentary “How to Register an Account on Freebitco.in” Guide and a Reward Points How-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?..
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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-ups mistakes 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.

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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.

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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

coinpot token price today

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.

READ: Coinpot Token Price – What is a Coinpot Token Worth?

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 bird reliable 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!

Coins, Markets, News, Scams, Trends

NEWS: Twitter follows Google and Facebook, the Future of Cryptos in Buenos Aires and more

Twitter followed Google and Facebook and is about to ban cryptocurrency-related ads. As with Facebook and Google, the policy-in-development will affect ICOs, wallets and so-called investment advice.

Without a doubt, the situation was getting out of hand. “Easy money” (there is no such thing as easy money) attracted a lot of dishonest operators to the market. Some ICOs exist only in form of a website, “investments” are usually ponzi-schemes. Unfortunately, the markets can irrationally react to headlines, but the storm will eventually settle.

To all those promising a “financial revolution” through an issue of another ERC20 token: hey, if you can revolutionise the whole financial system, you surely have enough brainpower to revolutionise product placement strategies?

From our subjective point of view, the best investment opportunities are rarely advertised aggressively.

Rather than focusing on Twitter and Facebook imposing restrictions upon advertisements of fake wallets, one should take note on Financial Stability Board officially issuing a statement that no new regulations will be imposed upon the cryptocurrency market.

“Cryptocurrencies do not pose risks for global financial stability.” – Mark Carney, Governor of the Bank of England.

One would expect the price of Bitcoin to be affected by a greater degree following the positive macro news, however it seems that the market is amidst a storm of uncertainty. Maintaining clarity of thought during times like these is pivotal.

bitcoin price reacts to g20

Coincheck, the Japanese exchange which suffered heavily due to the NEM hack drops DASH, Monero and ZCash.

Reminder: About 523 million NEM coins were stolen from the exchange. Access to the private keys for the NEM wallet resulted in a theft of over $500 million out of the exchange.

We can see a clear segregation between a coin’s anonymity and willingness to integrate with the establishment. MasterCard’s officials are cautiously saying that they are willing to work with cryptocurrencies as long as they are not anonymous. Although Coincheck is not a market leader by far and is dropping the said currencies as a precautionary measure and, is a great divide to be expected in the future?

Sources:

https://www.coindesk.com/twitter-will-ban-cryptocurrency-ads-in-two-weeks-says-report/

https://www.ft.com/content/9afa9f4c-2772-11e8-b27e-cc62a39d57a0

https://www.ccn.com/bitcoin-spikes-7-to-8460-overnight-as-cryptocurrency-market-rebounds/

https://www.usethebitcoin.com/mark-carney-g-20-watchdog-focuses-on-cryptocurrency-rules-review/

https://cryptona.co/coincheck-drop-monero-dash-zcash/

https://globalcoinreport.com/litecoin-makes-appreciable-gains-as-the-litecoin-core-upgrade-gets-announced/

News

Coinpot.co multi cryptocurrency wallet has not been hacked and your earnings are safe.

In the worst case scenario, there has been a breach or a leak. As we remember, even if a villain gains access to your account and decides to withdraw your funds,

a) You have to confirm the withdrawal in an email Coinpot.co sends you within 60 minutes after initiating the transaction. Otherwise, the transaction will not go through. …if you are using the same password for both Coinpot and your email address… Oh, well.

Coinpot security measures

b) In the log of your Coinpot account you can see unsuccessful login attempts, if there are any.

c) For a few hours after you initiate a withdrawal, the request remains “pending” and has to presumably, be approved manually by Coinpot.co. Which gives you some extra time to react.


From Coinpot:

“CoinPot has NOT been hacked – your data/earnings are safe!
Posted: 2018-03-08 08:00 UTC
We have been made aware that there are some posts on forums etc suggesting that CoinPot has been hacked. We have fully investigated this and can confirm that there has been no breach of our systems. All of your private and sensitive information (i.e. passwords) are securely hashed before being safely stored in our databases so it is impossible for us or anyone else to read these, even if we were ever hacked in the future. We follow all industry best-practices to ensure the highest level of security.

The main part of the problem is that many users continue to use the same sign-in credentials (i.e. email/password) on multiple sites. Therefore when one of these other sites is hacked or leaks password data this can then also be used to sign in to CoinPot. This is what we believe has happened in this case. All accounts that we know to be affected by this have now been locked to prevent unathorised access – users will need to reset their password in this case”.

What actually happened: some login details were stolen, leaked, or acquired otherwise. A individual appeared in a chatroom and offered the list to the general public. Some have tried and, indeed, have gained access to another person’s account.

Coinpot hack myth.png

(source: https://bitcointalk.org/index.php?topic=2006313.1040)

So… View this as a warning bell, change your password to something difficult to guess, set up 2FA and your funds will be safer than in Fort Knox.

…to be continued.

Important

Faucetgate (or Coingate?) – the hacking scandal.

Well, now that the Oscars are over and Harvey Weinstein is undergoing therapy…

BREAKING NEWS! SHOCK! DRAMA!

About 16 hours ago, Faucethub has released the following:

coinpit hacked, says Faucethub
End of the world, according to Faucethub

Coinpot did not react immediately, about four hours ago they did respond in a calm and polite tone, as we have reported earlier.

Perhaps, they only found out that they were hacked from the message on Faucethub.

A simple Google search will, of course, leave it up to the reader to decide whether Coinpot was indeed hacked or not:
Screen Shot 2018-03-09 at 11.41.41Coinpot hackedCOinpot hacked“A bunch of logins was released” is a really compelling evidence in favour of Coinpot being hacked. Most likely, at least half the users use the same password and login for both Coinpot and Faucethub.

An example of what actually happened (about a month ago):

“It appears that their (Coinpot’s) SSL certificate expired today and they have either reverted back to a self signed certificate automatically or they haven’t fully setup their new one or have not done it correctly.” – https://steemit.com/cryptocurrency/@bitcoinminer25/coinpot-hacked-whats-happening

That was reposted and made (fake)  news:

“I was way off, coinpot was not hacked. The user @vencero shared some links to coinpot and it works fine. I want to apologize for making a post that was misleading and lacked sufficient research on the topic.”

(source: https://steemit.com/cryptocurrency/@bitcoinminer25/coinpot-hacked-whats-happening)

What actually happened this time:

…some services were offline and/or not working as good as others. A simple change of browser and some cookie cleaning solved the problem for us. For the rest, the Moon Faucets, BonusBitcoin and BitFun were operating perfectly and all the balances remained up to date.

Now, if an organisation would want to hack a multicryptocurrency wallet holding a lot of coins, would it go for the coins, or for disrupting login issues to some of the faucets? The remaining question is: why did Faucethub so readily warned its users about Coinpit accounts being hacked, while every second  website featured on Faucethub faucet injects a mining script into your browser, at the very least?

We will keep you posted as more light is shed on the situation.

P  S.

We do recommend you to use individual passwords for faucets and, ideally, create a separate (secondary) e-mail address for those purposes. 2FA is not a bad idea at all either. Also, please do refer to our Helpful Tips section: pop-ups and ads can be the main source of harm to your PCs and they can be killed with fire.

P. P. S.

Faucethub has not yet been reviewed on this website, mainly because our main focus is cryptocurrency investment and trading.

Facethub is a multicurrency walet, exchange, social network, beta-test platform for faucets and a mining portal with a repulsive interface in addition to that. Faucethub is not evil and definitely has its uses, but, unlike Coinpot, it attempts to do everything while excelling at nothing.

Coinpot focuses on improving on what it is doing best. Coinpot’s recent enormous reduction in minimum Bitcoin withdrawal amount and removal of transaction fees was a customer-oriented, intelligent market move and has hardly made any of the wallet’s competition happy.

To be continued.