It is quite interesting to watch the trading patterns on $MAID on Poloniex.
If volume starts to increase in the Fall months, as we get closer to launch, it could explode quickly as there is very little on the ask side.
It does seem as though someone is trying to push the price artificially lower to a certain level, as huge sell orders come out of nowhere and knock the bid back to 8000, and make it look like it is going a lot lower. Then huge bids build in the 7000 - 8000 range - 7000 seems like the absolute bottom - then reversal and it moves up to 9000 where it is now.
This is the pattern it has been in since it dropped heavily last week. But there is only so long that can happen, as BIDS are going to build more and more each time it drops back to that level and whoever is selling heavily will only have so much to sell.
I am not sure where we will be in a couple of weeks, but my feeling is back above 10000, probably in that 12000 range again.
Great video. Too funny. The people who were burned the worst were those who traded on the secondary ETH market which was never legit (because if you do not hold the private key you do not really own the asset). Those who purchased ETH early in the pre-sale are more than likely not going to move their ETH to an exchange until after the Ethereum platform stabilizes. At the moment they are sitting on an asset that has gone up 6x from 1 ETH = .0005 BTC to 1 ETH = .003 BTC. I fully expect Ethereum to have a presence on the Safenetwork. One project being built on the Ethereum platform that every one should keep an eye on is http://slock.it/ …if you can put a lock on it, you can rent, sell or share it via this technology. I can see every home on air bnb utilizing this tech.
For an honest view of Ethereum it should also be taken into account that BTC lost a lot of value in the meantime. I personally think it’s better to express value in terms of dollars. It’s a lot less volatile than BTC, for now at least.
Good point, then if you want to be most honest you have to consider case by case when the individuals who bought ETH actually acquired the BTC used to purchase ETH. Was it at .25 cents per BTC or $800 per BTC. Either way those who purchased ETH have increased their holdings 3x if purchased with USD at time of sale. I am personally excited by the symbiosis of the Maidsafe and Ethereum technology. Remember that Ethereum is also open source and that their tech will facilitate the decentralized economy that the safenetwork will empower.
Yeah, that’s one way of looking at it. However, I would take the $ price of Bitcoin on the day the Ether was purchased. In my case that was $585 for which I obtained 2000 Ether. So I’m calculating with $0.29 per Ether, and with 0.0005 XBT per Ether, as the initial crowdsale prices in US dollar and Bitcoin.
Bitcoin was dropping and rising 30% or more in single days (~2013-ish) when there was a lot of uncertainty around Bitcoin’s status, i.e. if you own some, should they be taxed like stock shares, capital gains tax or property, or does Bitcoin doesn’t matter so we should just let then have it, Haha.
I agree with the price dropping a bit when the NYSE announced bitlicenses, but all of this is on a spectrum of course, the NYSE is at the lower end of the importance spectrum compared to the very existence of Bitcoin in CRAs eyes (edit: that’s Canadian, sorry, IRS etc.).
I think the bull case on $BTC is looking pretty good right now, which bodes well for $SAFE. I also think that $ETH going up works in $SAFE favour because it is the only project out there with similar magnitude of potential really. If people see multiple X return there, they may invest with the hope of similar upside.
Not to say I would or wouldn’t buy $ETH (haven’t researched the dynamics behind the coin), but both it and $BTC could help catalyze another Cryptocurrency bull run like that seen in 2013 IMO.
$SAFE could explode to the upside in this case. At these pricing levels, trading seems to be gamed a little bit within certain bands, but once momentum builds in the overall market, I don’t see how any traders will be able to keep the price down.
Not trying to be a perma-bull on $SAFE, i just think the investment risk/reward is phenomenal at this level and that the Macro surrounding Cryptocurrencies as a whole is getting better and better to the point we could have a major bull run coming into the Fall … especially with all the fear building in global financial markets.
I’m actually curious how the SAFE economy will grow out. Because all of us will try to hold as many coins as possible and probably much recources will be shared I guess.
However I will SAFE my docs lol, I’ve already created my directory structure…
I think when the network is ready to launch, we could have a ‘SAFE Economy’ forum and speculate on some of the new business models and digital commerce that can occur on there.
And that 65 disappeared as soon as a big sell off of 5.9 BTC worth. Looks like someone wanted to set the price and just waited until enough changed bids because of it. Was watching it because I was actively buying some at the time.
This is my last chance before “launch” as I just no more money available for this.
I think this is probably one of the last weeks where people will be able to pick up Maidsafe for these prices. If the DEV team keeps making progress like they have been doing as of late sooner or later more people will notice and will try to get into the action before the network launches. Just look at what’s happening with Ether right now. I think Maidsafe actually holds a lot more promise than Etherium, although I suppose they are not competitors per se.
Yeah I’ll probably sell my last couple k’s to buy some more safe and then I’m done with it, no more money, and only made much bigger losses then gains the six year I buy/sell cryptocoins…
Of course they are, every currency is. Last year I was on the fence between investing in MAID and ETH. I picked MAID and nothing went to ETH. Soon I’ll also have to choose between mining ETH or farming MAID. It’s a no brainer of course, but it’s still a competition for resources. Everyone has to make these choices. Since the required resources are scarce, it’s by definition a competition.
I do agree that Ether’s success will have a positive effect on SafeCoin’s perceived potential.
I also anticipate an over-supply of resources and SafeCoin hoarding. It’s not a bad thing though, the over-supply will push down upload prices, which will make SAFE super competitive in the cloud storage market.
It also seems that the massive buying occurring in ETH (10,000 BTC traded so far today) is seeing a few big traders selling their MAIDSAFEcoin gradually at around the 8000 mark for the last week.
Yes I took advantage of the lower price buying a few thousand MAIDSAFEcoins.
Wonder how much longer the ETH buy up can continue before someone starts selling ETH.
Interesting week ahead to see what happens.
I would think so.
I agree. From the little I have seen/read on Etherium, it looks like micky mouse sort of things, unless one has extensively educated themselves and can fit their need into Etherium’s offering. Etherium seems to be a system looking for needs to fill. Whereas SAFE is answering an immediate need and interfaces to the world similar to what people are fairly used too already. The learning curve for the average joe/jane is going to be the use of safecoin and vaults…
I think the needs are there, they are just being fullfilled already in ways that are still perceived to be the best option by the vast majority of people. They already have notaries and courts. This is also true for the concept of a crypto-currency itself. They already have their fiat currencies. It takes a lot of explanation and persuasion to convince people that they actually need to switch to crypto-currencies or digital contracts. Most people just don’t see (yet) why they need it, provided they even understand it.
I think that SAFE will have it easier in that regard. It provides common internet services that almost everyone desires, in almost the same outward form as people are used to, but then more secure, private, and hopefully cheaper. Not everyone cares as much about privacy, true, but surely many millions out of the seven billion people on this planet do.
