I have no idea, especially when it’s hitting a huge number of crypto-currencies except for Bitcoin.
Given a whole load of relatively unrelated coins are dropping, there’s probably not a decent reason, but part of the current wild west trading environment we have with crypto-currencies.
Unless there was an announcement of something that will let Bitcoin scale and innovate so well that there won’t be room for other crypto-currencies (unlikely), I can’t imagine a good reason for the huge sell off, but I’m happy to head theories .
Interesting but not surprising. Huge volumes in ethereum and who knows how much related to margin calls. Other crytos sold to cover eth margins? Things will be back to normal in a couple days imo. Storj beta today but wasnt immune…no surprise there.
Perhaps it’s just a blip, though it may be longer term thing.
The huge rally in crypto-currencies over the past few months could have been fueled by a few people with huge resources who have decided to change their position.
I guess it’s unlikely, but it’s interesting to see how the tide can change for no apparent reason. As a holder of a variety of crypto-currencies, I hope it is just a blip!
IMO those “few people” aka “non-retail investors” fuelled eth and profits made by many retail investors spread across the spectrum with the help of margin accounts - ez-come-ez-go
I am always happy to buy cheap as long as it is in MAID form. Plunges like this once they have been converted will be less appreciated.That said the dip caught me unaware and with no BTC at hand unfortunately. My plan was to have some ready and waiting on POLO for Tuesday’s update. I envisioned a dump to this effect if TCP only MVP was not announced and I was going to pounce.I hope for the MVP but also hope for some cheap MAID what will we get?
If so then that is a plausible reason for some of it. But then one would expect the BTC price to drop because of the BTC sales to fiat to pay the taxes. And glut of BTC being sold would see a price drop but it remains steady at around 420USD
Are you sure? If everybody needs BTC so they can exchange to fiat, they will need to force sell their other coins to get it, even if they lose out on the deal. In effect, the prices will drop. That’s consistent with what’s happening.
EDIT: Sorry, I misunderstood; you didn’t mean the prices wouldn’t drop, only that the BTC price would drop as well. But maybe the BTC market cap is so much bigger than all the others’ combined that stuff can go crazy on these smaller markets way before anything would happen to BTC.
Around 15K may be an interesting support level. It is approximately the sustained peak of the first maidsafecoin bubble and I wouldn’t be surprised if it becomes a floor now.
If you take Bitcoin has an example, this trend is very obvious. Previous peaks become floors following a reversal.
I could be completely wrong, but these may be about the cheapest maidsafecoins we will ever see again.
I want you to be right - but think your wrong. Market seems totally illogical atm - so many people thinking bitcoins going to shoot up theyve pulled the triger like its at $500 already. If it does actually move then im sure itll trigger another excuse for a massive round of shorts and dumping.
Who knows though - a few positive updates for MAID and we could be seeing higher highs regardless of outside influences, and thus im still holding and picking up a few more each time it dumps 1k or more.
Sure dev updates like, we’re releasing xyz in 3 weeks have an impact for traders… but to systematically increase pricing value on anything will require introducing the piece to new people.
More important than dev updates is information to outsiders who haven’t ever heard of SAFE yet.
The perception of a completed network helps convince word-of-mouth of course no one wants to suggest something not happening; yet I am just mentioning because relying on dev updates for your trading activities won’t lead to good success; Much like trying to follow central bankers comments. They’re all mixed, and it comes down to the buyers and sellers.
edit: want to mention that BTC loans are quite low by now… very much lower; when maid was at 28k btc loans were almost 1% right now they are about the same as MAID 0.04%
What if it’s offset by an unrelated effect that goes in the other direction? BTC has been climbing more or less steadily over the past month, so maybe that drop did happen, but it got lost in the noise.
But I’m just wondering. This whole trading thing seems to be all about doing the right thing, at least more often than not, without a real chance to actually know what’s causing what, at least not until it’s already late to do anything with the info
BTC has barely moved at all for the last few months. It is still down on where it was over Christmas. Also, the recent big sell off of altcoins didn’t seem to feed into BTC.
Maybe BTC will have a big push, but maid has far more potential over the same time scales, imo.
Maid rising seems way more likely than Btc rising imo. Just the fact that it will soon be called “SafeCoin” instead of Maidsafecoin is valuable. Maidsafecoin sounds ridiculous for outsiders who don’t know what this is about.
The first thought many have is “How can maidsafecoin replace Bitcoin” and “What a weird name for a coin”
Also the messaging thing will do wonders for Safenet. People will really realize then the potential as they are given a Skype replacement really, inside of a decentralized and secure network. Why would anyone who wants privacy use anything other than safenet for communication
Btw does anyone know if the available supply on coinmarketcap.com is accurate? Does it include those coins given to the angel investors (friends and family) etc who funded Maidsafe way back? Trying to wrap my head around how this thing combined is worth less than a few average apartments in my City.
One thing that I really like about MAID in the long term is that it is the only crypto not linked to bitcoin.
If bitcoin goes crazy (in either direction), all other alt coins are directly tied to BTC, so they are just along for the ride.
MAID, on the other hand, may have its value vs BTC change, but its long term intrinsic value is not directly linked to BTC like all other alts…MAID will survive regardless of the fate of BTC or the blockchain. This lets me sleep very well each night.
Is super important. Of course the dev upates are nice, and David wrote a super pumpy one this last Tuesday, but only real software people can use will attract new eyeballs.
So I look to that for a break in the downward pattern.
.