Someone, or something is trying very hard to murder neucoin on cryptsy. They have been since launch. The price has been driven down repeatedly by sell walls. Someone holds 2.35mil on bittrex in a single wallet. Someone is trying to hoard neu. We will see the walls lifted within the month and we will see an above normal spike in price back up to 6k+. People are starting to stake and the network hash rate has quadrupled within the past week. Very interesting to see what is going on with neu.
I'm not too familiar with trading but I thought the sell walls were because people wanted to get rid of their coin? I also thought that the one bittrex wallet was someone in neucoin where they would buy to support the price and not let it go down further? Can someone please explain to me what's going on in the exchanges? It's pretty fascinating and I'd like to learn more
lol. you're right Mindi. sell walls isn't hoarding, it's the opposite. anyway, I think Tempus' theory that little coins were actually sold is probably true...and as we can see on cryptsy, the volume is pretty low. I think some of the actual presale buyers dumped their coins and that's why the price went from .00006 to .000037.
Some people are trying to buy lower, but right now little is being sold or bought.
Holding long term is risky because the foundation can dump huge amounts anytime they want. This makes buying the coin for speculation unattractive.
Yeah, they probably worked all that time dump for zero profit.. are you listening to yourself ?
The last days they even bought... The Nr.1-Account on Bittrex is constantly growing and I'm completely sure that it's not a normal Investor but somebody from the Neu-Team.
Would like to know where the price would be if they would have really sold the entire ICO and if there wouldn't be any buywalls to stabilize the price.
Yep. Agreed. That's where the diverted MrNukes bitcoins went. If they were smart, they would let it fall to buy up the excess cheaper. But they are only good at marketing. Not delivering product, not trading, just issuing paid press releases.
Some of the BTC they withdraw from the ICO-Adress didn't go to exchanges. I followed some transactions and there are addresses with amount. Much smaller than the 1000 BTC they've withdrawn but it's not all to back the price. I also doubt that they need so much because I don't believe that they've sold Neu for 1000 BTC. Maybe something around 100 to 400 BTC.
And what they do depends on what their strategy. They could let the price drop and buy much lower, but maybe they don't want that the price looks that bad or whatever.
I always try to figure out what the strategy could be. The last days I thought: Maybe they're preparing an exit. They were very quiet what's unusual for an project in it's first week on the market. The Sell-Walls on one side and the buy-walls on the other... I thought, maybe they want to cause dumping, buy it all back and leave in silence.
But... today they're posting again. Nothing of relevance so far, but it's hard to figure out any strategy. And maybe the reason is that they don't have a strategy than protecting the price, controlling 99,9% of the total supply and waiting for mass-adoption.
I think right now, they are probably just trying to stop the bleeding.
But where do they focus on? I mean, it's obvious that they're protecting the price a little bit, maybe even want to buy Coins back to get full control back. But the price is no indication and in my eyes it shouldn't be the focus. The real bleeding is what they stake everyday. It's kind of paradox but the more they stake without the chance to distribute it, the weaker they will be. If they focus on that, the time is running. In a few days they will have staked 100 Mio new Coins = the supply of what they sold (or claimed they did) in the ICO. There are several weak points in this project, but that's the Achilles' heel.
And they should think just about one question: In which realistic scenario will it be possible to distribute what they stake?
How interesting that their excuse for pushing back the launch is because they wanted myneucoin, getneucoin, and the block explorer to be released all at the same time, and yet we see no block explorer because they want to "make it pretty" and getneucoin conveniently can't give your coins til a few weeks from now. I feel like they really don't want to give out the free coins because they need buyers to buy the coins on the market.
Yes, the more they give out free the more could possibly hurt the price. But I believe that they're not able to give it because of the tech. I mean, I really did believe that they're at least competent in coding the stuff they want and I don't have much knowledge about all that. But the more I read the more I believe that they're not competent in executing their ideas and strategies into software. They had many delays and all the time it was like "we want to do it right, not rush it out" but now... it's obvious that it's rushed out - after all the time. Nothing seems to be really ready.
Also I'm sure they didn't actually think someone was going to make their own block explorer and expose the truth of distribution.
That would be pure naivety. I would say they "hoped... that nobody would do that". But they hope too much. There are several points they have some hopes but no plan. They show incompetence, overwhelming, they would like to buy time but on the other hand, time is not on their side.
They probably wanted to release the block explorer after a bunch of people bought into the hype?
Yes, maybe. And before, they would've distributed some Coins over 3000 adresses or something like that to make it look better. It surely wasn't the plan that it's all in the Top100. That's also something I really don't understand. They mix the BTC. Why did they forget to spread their NEU?
Or the lack of transparency of the financial side. It would be very important but so far they do nothing to let it just seem that way. I believe they're overwhelmed with it all. They don't know what to do on the market, with the tech, regarding the communication, how to distribute and so on.
It's really going to get interesting when all free coins and angel investor's 2% will be available to sell...
It's going to get interesting if they'll survive the next 50 days... They can if they want to, but it also could be possible that one after the other will leave.
Oh and I'm not trying to spread FUD or rip on NeuCoin... I feel like this is one big mystery that needs to be solved because we sure aren't getting the whole picture from the NeuCoin team.
Yes, it's interesting to see. Never saw something like that in Crypto before. It's kind of a TV-show with several episodes, leading actors (don't see a hero so far) and I really want to know how this turns out. ;-)
