The same person or group has been dumping at just under 9k for 15 hours now! They stopped for an hour a couple of times. That is one hell of a lot of blackcoins.
How would you know that it is the same person?
I've watched this and interacted with it for about 14 hours, the shape of much of the graph has been affected by my interaction with the dumper (I did about 10% of todays bc volume on mintpal).
1) When it takes a break, it stops suddenly in an on/off way. All sell orders will stop at the same time and the market recovers. Then a while later it suddenly switches back on. Clearly 1 person is commanding it.
2) I've seen what I think is the same person before on other coins. They choose a target number and reaching that number is always in near sight but impossible. Every time you buy another sell order pops up a few seconds later (its done by bot, probably browser extension). After a while the number will drift slowly down over time, but if more than one person/team was dumping it then it could not possibly be this uniform and controlled.
3) The sell list order amounts will all randomly flick up and down, there's no way multiple sellers just happen to all be changing their sell amounts so often.
so... how do we kill the beast?
It's good that most people are in agreement that there is a “BlackCoin Monster” doing a controlled dump, here are a few of my thoughts:
1) I think the monster is doing it to get rid of its holdings at a profit rather than to control price. Controlling price by selling seems ultimately futile. It is not using big sell walls which it doesn't want to sell, but rather a bot to insert lots of small sell orders dynamically. Looking at the sell order list does not show the massive scale of the dump, so I think it's being hidden to keep people buying into it.
2) It surely has to run out of coins eventually. Its goal is actually similar to ours, it wants to get rid of its coins and we want to buy cheap coins. The way to kill the monster is to do what it wants and keep buying. It's just that there's so many of the coins it's causing problems.
3) This monster has a LOT of coins. I own 2% but it seems to have a lot more than I do.
4) When the monster has dumped for a while the market volume slows and eventually grinds to a halt. People stop buying when they see the price not moving, even though it's good for them if they can get cheap coins instead of expensive ones. Then usually the monster moves the price down a little to stimulate things. The only way to keep the market moving is to either raise or lower the price.
5) I believe this is the same dumper who dumped on SpainCoin a couple of weeks ago and destroyed it (see my previous post on this in my account profile). SpainCoin had a surge of optimism and a big push upwards from 0.00028. Then this dumper kicked in selling at just under 0.0008. It stayed like this for many hours, then slowly the price went down. The dumper stopped dumping around 0.00045, but it was too late by then and everyone had lost confidence and the coin never recovered.
I don't believe there's a chance of the BlackCoin community losing confidence and killing the coin (SpainCoin was toilet paper and had no community) but I can see hurdles ahead if this keeps going and the price lowers or the momentum is killed. There could still be quite a bit of lost confidence temporarily.
The bot software on the SpainCoin dump worked very much like this “BlackCoin monster” bot does. The situation was also similar – the SpainCoin dump happened just after a pre-publicised event designed to push the price up so people bought into it - like Black Friday was (the SC event was a fork with a new mining algorithm).
