Hello there MintCoin community. What a ride the last 24 hours have been! We are all feeling pumped aren't we?
I just sold all my MintCoin today, there has been so much volume come through driving up this price the last 24hrs (420+ Bitcoins or $240,000 cash money) that it is simply unsustainable. A quarter million dollars of mostly buys is certainly likely done by a big player or syndicate. If it is a true long-term investor, he will not keep buying this way as he knows he has inflated his buy price to obtain such a huge amount of coins. If it is a 'pump-n-dump' scam group like Wolong that the crypto-lemmings are so fond of, well, then things could get pretty ugly.
I just sold all my MintCoin today, there has been so much volume come through driving up this price the last 24hrs (420+ Bitcoins or $240,000 cash money) that it is simply unsustainable. A quarter million dollars of mostly buys is certainly likely done by a big player or syndicate. If it is a true long-term investor, he will not keep buying this way as he knows he has inflated his buy price to obtain such a huge amount of coins. If it is a 'pump-n-dump' scam group like Wolong that the crypto-lemmings are so fond of, well, then things could get pretty ugly.
Exactly the same thing happened with Vertcoin when it was around the same market cap (1 million dollars). It then exploded up to $7 million dollars market cap in 3 days when it was added to more exchanges. This coin also has the added advantage of sharply decreasingly block rewards which will limit miners dumping each week plus it will promote the belief that the price will rise as the coin becomes rarer.
I've been in this community a long time. I know a snowballing coin when I see one.
At the risk of sounding like an idiot.. What do you mean by snowballing coin?
Snowball starts rolling down a mountain, getting bigger and bigger and the velocity increases all the time!
Price->Hashrate->price->hashrate->price->hashrate->price->(POS STARTS)->price->price->price
Thank you sir
I wish I got more at 7 last night now
Just hope it doesn't get put on Cryptsy soon or we won't be seeing 7 again! 