FYI:
So why are those sell orders at 2 sat holding the price down.
That is because their are one or more whales are using those sell walls to accumulate zeitcoins at a ridiculously low price ,
before they relent and watch the price skyrocket along with their investment.
Whales current strategy : Position Building & Suppressing prices
Smartest play by all investors is to accumulate as many zeitcoins as possible while the whales are still suppressing the price.
Thank you for your educated answer.
While i can't totally disagree on the first part, your conclusion seems far fetched.
I don't think there is such a thing as a Whale conspiracy. It's juste the game of supply and demand, people go where it is profitable.
Supply is high because the whales don't believe in the coin anymore and what appears as a huge sell wall is just people trying to unload as they can.
Demand is very low.
That's the exact opposite of what a good investor would seek : low supply, high demand, and good entry price.
Here you may still have a good entry price, only if you change a parameter.
If not the interest rate, what could be done ?
Whales Manipulate a market by locking the price below a threshold and micro buy over time , and later once they have accumulated their desired amount, remove their walls and the price shoots up, this is happening to all of the crypto coins in existence today. Enough of the global populace is not yet using enough of any coin to overpower the influence the whales are currently exerting on the markets.
Part of the reason for the ZEIT KNIGHTS is to stabilize the supply and prevent the whales from centralizing the coin as they are in most coins.
Proof of Stake is more secure with larger numbers of coins, verses small quantity.
ZEIT still has to have 1 more hard fork ,
the next hard fork will fix it so transactions fee are added to the stakers interest when they stake.
Plus it will need to change the current transaction fee from .1 to .001
Once those changes occur and the usage of zeitcoin grows globally,
people that stake will earn the ULI plus the transaction fees.
When the transaction are at :
¼ Capacity = 3024 zeitcoins will be paid out as fees per day
½ Capacity = 6048 zeitcoins will be paid out as fees per day
3/4 Capacity = 9072 zeitcoins will be paid out as fees per day
Full Capacity = 12096 zeitcoins will be paid out as fees per day
The Advantage to this design is that the fees do not increase the supply , so they won't cause a corresponding drop in price per coin like increased interest does.
Supply will be basically a constant, and as usage grows so too will the value and the transaction fees will pay the stakers more than the ULI interest earned.
As we are no where near even ¼ capacity, we have plenty of time before the hard fork is required, will probably be in 2019.
FYI:
Once Zeitcoin Full Capacity get near , we will increase the block size or speed up the blockspeed, so that users can earn more coins per day from transactions.
That is many years off.
FYI2:
To understand the mindset of the whales and their strategy,
read
https://steemit.com/bitcoin/@joseph/wolong-the-game-of-deception-unedited-version All one has to do , is realize the Zeitcoin is going to be a true decentralized world payment system and in time
Stakers will make a living off of staking alone , never needing to sell anything but the transaction fees they earned by processing transactions.
The Whales are playing their games now, but when mass adoption really occurs, those whales will be blown away as if they were the smallest guppies.
