I think some folks on here should give the swithering and swathering a bit of a break now. The drama levels have got a bit overblown.
This correction could be seen a mile off to anyone monitoring chart technicals. In particular, the twelve hour momentum rollover to the downside was co-inciding with the 4 hour, so that was a kind of mega smoke signal if ever there was one for speculators to take profits.
Nothing to do with masternodes or XC or anything else apart from maybe a bit of a push, so all this flamewaring with other coins is a bit of a waste of energy and people should get back to using this thread for discussing operational issues. If your not day trading the coin then price corrections like this are largely irrelevant anyway - there have already been about 4 of then in the last month where it dipped to half it's value before growing again.
Another reason for keeping your hair on is that this correction is going to last at least till after the weekend and possibly well into next week. The twelve hour has a good 4 or 5 days to go to recover that momentum and the 4 hour isn't doing much else than bouncing up to the neutral level while it waits on a consolidation.
Looking at the volume history, the two big resistance levels look like being at 0.009 and 0.006. So we'll probably take a few dips, bouncing of the first one of those before next week's recovery.
Meanwhile, selling at this moment in time is possibly even riskier than holding. On fundamentals, it got past the turbulence caused by the hardfork and has taken the hit on valuation. The clone competition issue a non-issue. I don't think that did any more than slightly amplify the correction. It's not my policy to be critical of other coins - they are all viable projects in my opinion and I even have a stake in some of DRK's contemporaries.
However it's a fact that clones (I use that term loosely, meaning coins in the same technical 'sector' that are not originals in that sector) never get near the valuation of the original apart from temporarily. Witness LTC vs (All other SCRYPTS), Blackcoin vs CINNI, PPC, BTC itself etc. The market needs a damn good reason do disinvest itself of millions in market cap and throw it all at another coin. Different technical approach / dev / community are not nearly enough as long as the original is doing its job.
I was on holiday when I saw the dump on the cards about 6 hours prior to it commencing. But I couldn't be bothered doing anything about it because - hey, a person's got to have a life and I'd have had to have stopped relaxing, get my laptop out, charts, start worrying about liquidity and where to get in / out.
Sod that.
You people need to stop peeing your panties over price corrections and getting into hate mail fests with holders of other coins. Also, don't hate on day traders who decide to dump. That's their job - to keep the market 'clean'. They will dump at the end of chart cycles of moving averages. Even a robot can do it. Don't worry, they won't dump past the core valuation of the coin and it'll soon come back up while there's work in progress going on.
Get back to constructively contributing to the coin's technical evolution. Stop worrying about competition - it will sort itself out and nobody's going to run off with all the value in your precious asset. Have some confidence ffs. It takes a lot more than is currently on offer to knock an original off its stride. But at the same time, this is not tribal warfare. All these projects should be seen as constructive and complimentary, so start treating people with respect even if they don't reciprocate. You'll be rewarded a hundred times over because bad vibes are negative PR and 'noobs' can read. If you really need to attack someone, use the humour approach (there are some well qualified posters on here
).
Sometimes legitimate critisisms are made dressed up in flamewar camouflage. Just answer it politely - or even accept the point. Defensive rhetoric just looks like you've got something to hide.
That's today's wee rant over. Enjoy your bacon & eggs.
