And Monero falls even further, what is going on?
People losing faith in monero. There is already no official GUI since over a year now
mrkavasaki, you and Truecryptonaire are my two least favorite Monero 'supporters'. You both never post anything constructive or informative. It is obvious as hell that Truecryptonaire is trying to manipulate the price, and I'm pretty sure you are trying to do the same.
Back to price speculation- I'm betting that we have a large upswing soon, won't take much to set it off. Soon could be this week, or in another 2-4. My bet is on the next missive and 0.8.8.7 coming out. On Polo, the sell-side has been pretty steady with 275k on it, and the buy side has been steadily falling in fair sized increments each week.
And Monero falls even further, what is going on?
Well, if we use my last digest #'s from 3/25, there were 6.8 million monero available.
Now, there are 7.4 million monero available. So thats about 600k new monero.
If you do a rough calculation based on the data of the last spike, its roughly 500k monero. So lets use 500k monero.
The price at the last spike was 0.0041 according to coinmarketcap.
So, if every coin emitted since that day were to be bought at that price, that would be 2050 BTC, and at $230 per BTC, thats $471,500
There just simply wasn't half a million dollars worth of demand out there. Why is there no demand? No idea. Probably because no one knows about Monero except those involved in these forums.
Is the lack of a GUI a real reason? Perhaps, perhaps not. I don't think so. Indeed, I was thinking about it this morning and realized - if you're a person who needs to protect their financial movements (some of the use cases we've been talking about, where you send money overseas and you don't want your relatives neighbors knowing about it because kidnapping or theft or something), you can probably hire someone to do this, and you probably already have. It's probably not a far fetch to think that you could hire someone with knowledge of cryptocurrencies to perform this function for you (and you probably will, because your rich, and aint nobody got time for that). And that person with knowledge of cryptocurrencies can probably navigate the CLI.
Gingeropolous I believe is correct that this steady drop is mostly attributed to the emission not being absorbed. I've been seeing some new faces posting, but not enough to hold through the miners selling. I disagree about his take on the GUI though
. I think this recent downturn has been made worse by some traders. Not going to say that trading the coin is good or bad, it is inevitable, but anyone should be able to tell that a few are trying very hard to influence the price, and even fewer are successfully moving the price.
I'm still buying a bit here and there. I have gotten two new friends interested in Monero, and a friend who already has some is picking up more. As always I am very bullish with Monero and I believe that 2015 will bring some very good days.