down to 10
Keep an eye on the richlist now. There are now 10 more addresses above 30 million. Guess when they bought them all? These last couple weeks. We haven't really had a shakedown of the weak hands yet, so I'm guessing that's what will happen before the price stabilizes.
http://explorer.jpcpal.com/richlist.phpI think there were 18 addresses above me before, now there's about 27. I don't think people usually accumulate that much if they're afraid of the price staying low forever.
Exactly my thoughts on this.
Even if they are accumulating, what can be done to raise prices, just because they are mining doesn't mean the price is going to go up. I don't understand your logic, I'm not saying your wrong, just wanted you to elaborate on why you think the accumulation can be a sign of impending price jump.
thanks for your imput
It doesn't mean it's a certain thing, it just means that people would have to spend anywhere from $2000-$5000 to get to 40 million coins over the last couple weeks, and most of the time that means people have confidence in the coin. When whales start dropping off the rich list and the price is going down, then I'm less confident. If more people have high balances after the price goes down, then it means more people have been buying them and it's getting distributed better. There is less risk of one large coin holder dumping everything at once when coins are more evenly distributed, so the price becomes more stable.
Well that's my opinion at least. I don't think people would buy and hold so much if they were ultimately worried about it in the long run. If they're worried about the price that much, they would probably just day trade it, not invest a lot of money and keep it in their wallet.
I have also been down on almost every other coin for as long as jpc has been declining. Sure they had a few pumps, but the end result is roughly the same scale. We'll see what happens when the volume comes back for alt coins. I remember just a week ago having multiple coins over 300btc/day but now you're lucky to find one with consistent volume.