Topic: [CRITICAL] Whitecoin - If You Own WC - Read This - page 2. (Read 2392 times)
I believe in WC and am currently holding my coins, not selling. However, the new wallet will likely be released within hours, or any minute for that matter. WC holders need to be aware:
All transactions of WC in and out of exchanges has been halted for 36 hours. Meaning the only ones trading are people who already had their coins in the exchange.
The SECOND the wallet is released and WC holders can transfer their coins into the exchanges, there will no doubt be a massive, massive influx of coins hitting the market.
The buy support is already thin. I ran these estimates on BitcoinWisdom using the trade estimator. Be aware of this folks!
If we see at 15 Million influx of coins to Mintpal, the price to liquidate those will drop to roughly 611, based on current buy orders. In all likelihood the price will drop lower, as buyers seeing the drop will pull their buy orders expecting a lower price. 15 Million WC is only 5% of the Market Cap.
If we see 30 Million coins, or 10% of the market cap hit the market, in order for those buyers to sell the price would crash to 98. That's right- 98.
I am willing to bet that only a very small percentage, perhaps 20% or less, is actually in the exchanges at the moment. Meaning 80% is in lockdown, and as soon as the wallet is released no doubt a lot of nervous traders will be moving their coins to sell. I don't feel my predictions, or estimates of 5 and 10% are overstated. They could very well be underestimated and the fall out far worse.
I am not posting this to cause a panic. But panic and massive sell offs as soon as the wallet is released is very likely to happen, I just think everyone should be aware of what we are likely to see this morning.
The price will hopefully recover as the development team has been and will be hard at work fixing the bugs and promoting this coin.
But an exodus of mass proportion is on the horizon. What you decide to do is up to you.
Me? I think I may just log off for a few days... And try not to watch. Although I doubt I'll be able to have the willpower to do so.
Strato
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