Pump and dump.
"Pump-and-dump" schemes involve the touting of shares of a company (usually small businesses, so-called "microcap") through false and misleading statements to the market. These false allegations could be made on social media such as Facebook and Twitter as well as message boards and chat rooms.
http://www.sec.gov/answers/pumpdump.htmUnfortunately as seems exactly what it was.
All below these statements were made .
"Excited to use @ CounterpartyXCP revolutionary technology to build our
#projectMedici :. p2p stock exchanges on #blockchain of #bitcoin "
https://twitter.com/OverstockCEO/status/520254771890884608 "" We are committed. We have formed a business unit within Overstock, we have lawyers, we have developers
these guys have a budget of several million dollars and they moved to Utah. We are at full speed. ""
http://www.coindesk.com/overstock-hires-counterparty-developers-build-cryptosecurity-stock-exchange/https://i.imgur.com/GYb2a9Il.jpgI appreciate the developers of counterparty a lot . One of the best in the business . Very upstanding group of people who even chose to not take money for this project. Also overstock, who accept bitcoin very early on . But the handling of this whole thing stinks.
The amounts I have lost so far from the point of buy to today is the equivalent of a year of work in my normal job salary . I wish to make it clear do not blame anyone for my own investment decisions, it is im happy unregulated trading. anyway market can go up and down. but I think we would be better if Overstock name had never been mentioned. we all know that the counterparty is not all about the Medici . But the effect such a major undertaking as a decentralized stock market supported by the power of such a large company as overstock can have on a small cap traded as thin as XCP is undeniable. . and what went up quickly crashed down even harder
so Instead we have seen the pump and dump because of really great news then a reversal of this news. While the big news announcement of partnership was heavily circulated on the roofs of the conferences, press releases, conference calls the fact this news was exaggerrated and things had since changed was kept mostly quite and hidden . only evidence was a slip of the tongue and now youtube video by a news reporter who contact overstock . the holder lose, the quick seller win. like bitcoin too.
I think so that the news sidechain be ready earlier than expected had some effect on prices, but not as much as this article. even though price is slipping for a while I think it's was a nail in the coffin. im sorry to recommend buying "cheaply" XCP my friends after the last video of Patrick when it seems positive, even they have lost half of their investment .
I think it was implied both projects had reached some sort of agreemen I thought the presentation of insidebitcoins with the big counterparty logo onscreen and speech marked the beginning and a contract was in place. I feel every time some doubt has surfaced about the partnership dissolving I feel it was reinforced that nothings changed .
For a company so against the dirty business practices. this strategic shift 180 turn has left many investors who shared the vision of decentralized exchange high and dry. At least those that thought they could invest in a part of the vision . I think it's a classic example of dirty business style
to pull the rug away like this, and it's a sure thing that investors would lose money after such an announcement. in this case I thing strongly such a confident talk of partnerships should not have said publicly . Very disappointed in this whole affair.
it was just my venting, my two cents.
Sorry for my english guys