People are selling too early, as soon as it's mined it's dumped. In the last 24 hours I turned 3k Octo into 15k just by playing the margins between buy and sell orders on CryptoRush.
Mining at the moment isn't really profitable so all those selling so low are either killing the coin or filling somebody else's bag for when it takes off, all at their own expense.
I do agree it would be nice to start seeing more of the dev's and hearing more of their plans but sometimes these things take time. Still, at least if nothing else, you can tell it's not a pump and dump scam as given the current price and volume it's not yet reached a point where the setup / mining cost and effort are justified by what it's yielded so far.
Agreed. People are selling way to early. People think this is the final price lol? People are dumping two weeks into a coins life? Even after a somewhat fair launch, a limited cap on the coin, SOME decent, consistent feedback from the devs (we all wish it was more) and not even waiting to see the timelines for services to launch or the update on the website?
By all means, it is a risk to wait and see what happens but to get in on a coin with a cap this early and make 888 coins per block and the difficulty low is rare. Most coins with this low of a cap have really low block rewards, like 100 coins or less per block. You had a chance to hit a gold mine if you are patient and ride it out. Notice I said chance. Yes this coin could fizzle but at least with no real large pre mine and no exchange to dump at early on you know it wasn't a pump n dump from the devs. They had no place to dump. As decent as the volume has been at cryptorush it's not real volume. It's not the volume of mintpal or cryptsty.
So keep selling your coins early. I'll keep buying them up. I'll keep trading on the margins and multiplying way over what i mined at 1000 KH/s.
I know one thing. If the coin needs to be sold this low you will have plenty of chances later on to do it. There is no indication that there are major technical problems with the coin ( minus two posts here where people haven't had confirmations it appears). There is no way the devs pumped and dumped. The devs have said they are updating the website to educate the general public on how crypto works, etc. The devs have promised announcements around the middle of April regarding what the services will be and timelines will be posted on the website to track the releases of the services. I don't really know why people would risk dumping to make their guaranteed $3-$200 a day at these minimum payout prices. Did you honestly think the launch would be one of these gimmick coin launches where the price jumped to $2-$5 the first few days? If so everyone would have dumped then and the coin would prolly die quickly.
I am willing to risk the amount of time mining that this coin will have slow rises based on the need to purchase the coin for the services. When users start purchasing the coin for services they do not care what the price is for how many octo. They only know that they need $20 worth of octo for whatever it is they are going to be using it for (such as the crowdfunding idea). That's where large stake holders will make real profit. When all these users come to buy we will control the prices then and profit. I don't understand why someone would want to risk selling early for less than a penny when down the road you may have the power to demand a few cents to a few dollars per coin.
I guess this coin really isn't pump and dump enough for the average miner or trader.
I guess octo should have had a billion coins and lots of weird technical gimmicks with 75,000 coin block rewards that we were going to airdrop a 88% premine over the 88 poorest countries in the world so that we could be a successful exciting coin. We'll see what happens. It could fade or fizzle but if you were going to gamble on this coin from the start and fold your hand this early, you really had a lot of other options to mine and dump early that would have given you a better return. In fact, AirDropCoin launches next Saturday. Good mining and good luck!
Edit 1: spelling
, i felt bad people buying at 1000+ but hey I warned them not to buy at above 800 LOL 