Multiple reasons in no particular order:
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I have read all your concerns about the block rewards very carefully along the way... but this selling pressure has nothing to do with the devs... I mean come on now... there are people dumping hard and then come here with "I told you so" remarks... lol... let them dump...
what these new folks that are sucking up the cheap HVCs will do is what actually matters... NOT that some decided to let go of their HVCs for close to nothing.There is a lot of uncertainty going on right now with the coin. Even in mumbly's post (couple above this) he is uncertain what is going on and he has worked with them to some degree (for whatever his post is worth). The Devs aren't showing up and aren't communicating anything to us on a regular basis. No one knows if they are taking time off, if they are currently working on something for the coin or whatnot.
Many, many people have issues with the decentralized voting (I just happen to be one of the more outspoken) and see problems ahead. We see the coin constantly dropping in price. Hash rates are dropping daily. People want to know what's going on and if the creators of the coin have anything in mind to help remedy the issues and falling value.
People see a potential major problem explained in detail and then see the only post from the devs in almost 2 weeks saying:
We don't plan to address it because we do not share your doomsday opinion.
Like it or not, the current mint rate is what has been voted for. Also, we do not believe a steep decline in the block reward (if that happens) would necessarily be bad. A low block reward could detract some miners, but an exhausted supply could also put upward pressure on the price, which would serve to attract miners. No one can predict the future. There are some very successful altcoins, most notably Quark, that have undergone sharp drops in mining reward. Our view is that this factor alone does not determine the future of a coin. However, miners are free to adjust their votes according to their beliefs.
I'd assume, more and more people are having doubts for the long term survival of the coin. Without hearing any comforting words from the devs they probably feel like it's better to try and get something for their coins or they could end up with nothing. Hence the dumping.
There is no communication, no leadership, no apparent marketing campaign (that we know of) going on that the community is aware of.
So yea, many feel like the devs have a lot to do with it, and saying "this selling pressure has nothing to do with the devs... I mean come on now" is a little out of touch with reality IMHO.