That's a thing of beauty...but the last time we had a major "moving wall" put up, it shot the price up and then was withdrawn...and the price collapsed =(
Out of curiosity, why choose the 0.013 level to defend? Why not 0.014? Or just eat the 25k guy at 0.015 and defend that level? Or back off to 0.012 and get cheaper coins?
I think this is more a defence wall, created to restore some confidence after that 25K sell order emerged and perhaps with the thought to create an upward trend again which got interrupted
when Bitcoin started to rise in price. It will perhaps slowly creep upwards, thereby driving other buy-orders up and i think there will be some patience in play to see if anyone else is interested in
taking that 25K sell order out. It could even have been created in anticipation of a higher Bitcoin price the coming weeks (just my 2 pennies of thought).
I think you are absolutely right--and the intentions are noble!
At the same time, doesn't this send the message that we need a big whale to save us from the effects of a free market? A year ago, our only real competitor was Bitcoin, and it was a dinosaur. Today we have Eth and all its offspring, a resurgent Bitcoin that's testing out Lightning Network, and so forth. Competition is greater, and people are going to be scrutinizing the market very carefully when deciding where to invest. What happens when they see a few whales that have complete control of the price?
Also, I remember that moving wall last year...it moved with us well into the teens, and then the price took off...all the way up to 0.0245. Eight months later, the price was 0.0055. I fear what happens when people who might be interested at Dash at a lower price simply move on, and we miss out on organic growth due to a giant wall that effectively sets a floor to the price. (There are surely investors out there right now who believe that if BTC does come anywhere close to an ATH, 0.013 is way too high of a price for Dash. So they just move on instead of getting behind a wall that looks impenetrable.)
Yes, it's great right now. Yes, it's great to see the bleeding stop. But what about the long term? What about investors that take a look at the order book, say "Wow, that coin is hardcore manipulated by a few whales" and then move on?
Even for those who believe we need a buttress against the market's foibles, what happens when the $400,000 defending 0.013 is exhausted? Then there's nobody to defend 0.01, or 0.008...
Look at the order book on polo...2275 to get to 0.013...45299 to get to .01299...57453 to 0.007...61000 to get to 0.001. Nobody is placing any buys below 0.013, because why would they? Yet if that wall breaks, or gets pulled, then liquidity dries up instantly and it's flash crash time.
)
