I think we should request Mintpal hold off on opening the Bitcoin market for 2 weeks, until the next block halving (well the next block thirding) in 10 days. Hopefully the block thirding will put us at over 5 satoshi (breaking the sell wall at 300 LTC). I can imagine a 5 satoshi sell wall forming on the Bitcoin market to match the sell wall at 300 LTC.
I can also imagine a 5 BTC buy wall forming which would cause the price to go insane, however I'd prefer to be cautious.
Chargin.
Chargin you yourself pointed out the risks of having such a rapid drop in block reward just a few days ago.
surely it must have occurred to you that if this coin does not move to BTC market
before the block reward dropping to 1/3 it may very well not be able to do so in the short term.
block reward halving can only have one of two outcomes.. either the price rises to match the new reward structure or the hash rate drops.
this effect is likely to be amplified since the reward is dropping down to 1/3
I'm curious.. have you decided to throw away all of your concerns simply because of the price rise in recent days?
I for one am happy to see more fresh faces in the community and healthy prices but this level of price growth (more than 100% every few days) is not sustainable.
I don't think an attack is imminent, it is more likely to occur after the next block halving than this one.
Why do you believe Karma needs to move to the Bitcoin market before the block reward halving?
put it this way... if Mintpal opens a BTC market before reward halving then it is guaranteed to happen because we are already sitting well above 140 litoshi.
if a significant drop in hash rate occurs and causes a downward correction in the price then you may not see that BTC market for a long time.
now hash rate alone does not dictate the price of a PoW coin but it does form the basis of many peoples views on how strong a coin is both in terms of security and community participation.
and it is with those views that they make trading decisions on whether to buy or sell.
I'm simply saying that it is clear that people want the opening of the BTC market. That is one of the main factors that caused this recent rally to happen. So with that in mind it is better to give the people what they want than to risk them not getting it if the market rally loses momentum. (which it appears to be doing)
personally I don't really care if it moves to BTC or not. In the long run it will have little effect on the price even though recently it appears to have caused some nice short term volatility for traders like myself.
Fully agree. It must happen before the block thirding. We saw what happened to Doge. Every one predicted a price increase on that first block halving - instead nethash dropped by 60% and the price dropped hard. It doesnt have the effect some people here seem to think.
We must strike while the iron is it - while KARM is still on the front page of Mintpal, still in the view of everyday traders. Once that volume dies down it is going to be EXTREMELY hard to get that BTC pairing. We need to unlock the market from the 300 Litoshi whale and the other manipulators.
If we can spread the coins out over the LTC and BTC market - and BTC markets have a lot more traders with much more to trade with - then we break the absolute power of these people pushing the price lower and lower with 20 litecoin sell walls every couple of Litoshi. Much harder to hold a market down when you have to split your coins over BTC and LTC to do so, much greater risk of someone snapping your sell wall up too.
Just having the announcement from MINTPAL saying "Congrats Karmacoin! KARM/BTC pairing now up again!" will bring new people and more importantly new bitcoin to the market.