So, MINT is kinda weak right now and it's probably a good time to strike. Hypothetically, let's say a whale with a lot of MINT and BTC wanted to destroy MINT, what would he have to do? I don't think it is as simple as just dumping MINT into the ground, is it? If the whale were to buy up some BC, then dump on MINT, would that mean the MINT bagholders will drop their holdings and maybe move into BC, thereby pushing BC to the moon? I'm getting the feeling that BC is superior to MINT because we have a better community and better dev, rat4, who looks for problems to fix, whether it benefits BC or not.
I doubt MINT can be killed right now but it can be crippled to the point of no longer registering on the radar. PANDA was an example of this.
Hypothetically, It's an operation that requires say 10 large MINT bagholders who have purchased MINT when it was around 4 Satoshi or under. They would then pool their coins into a single Mintpal account keeping track of the proportion each has contributed. They would need around 357,300,000 MINT. They would then, in one go, without warning, fill every buy order down to 4 Satoshi. This would create mass panic and leave some with orders at 5 satoshi elated while others who bought at 20 will be fuming. What that does, as shown by Wolong with PANDA coin, is turn the distribution upside down. Those who placed low ball offers with a little bitcoin now have more Mint than those with 5 times more BTC. People will say "This is bullshit! Some asshole with .75BTC has more MINT in one second than me with 4BTC and months of daytrading - fuck this coin! I'm out"
The coin would slowly self destruct from that point, at 5 satoshi and under Mint would disappear off the radar as just another defunct altcoin.
While this is happening the BTC proceeds are divided up by the person in control of the Mintpal account and sent to their respective owners in proportion to the amount of MINT they have contributed to the scheme.
That BTC could then be put into Blackcoin straight away buying up all the cheap coins, with price skyrocketing at the demise of MINT.
The reason this would cripple MINT and not kill it is because there would still be those with religious attachment to the coin who would keep it alive on life support - much like the KARMA guys or the TIPS guys.
I wouldn't condone such an operation but that is how it could be done, hypothetically speaking.
Interesting, and no one here has enough MINT to help out? I sold off some MINT and bought a ton of BC. But, I still need to offload my MINT. I would like a good price for MINT though and a good place would be when BC is low so that I can increase my BC postion.
LOL Karmacoin.
Oh they are here alright - and they are watching
The best price for MINT is probably now, as BC gathers momentum towards Black friday and beyond you will see MINT drop down to 10 Satoshi, and then 8 and then lower in the coming weeks. The MINT volume is tiny and the vast majority of it is large multi BTC dumps. Most people aren't stupid - they aren't going to baghold a coin that has no more potential to hit the moon than any other alt out there with a decent community - they will take what they can when they can and invest it in the coin that offers the most potential for a reasonable return on investment - that is Blackcoin at this point in time. Like I say, its a dirty thing to do but as an answer to your original question it would theoretically work. When a coin gets into the single satoshis its days are numbered. MOON, PANDA, LOT, are great examples of this.
Without extreme volume and profit making opportunities riding the waves - no one buys it and everyone sells it until eventually its not worth selling and not worth buying - it just, stops.
