You know, I have seen pumps and dumps orchestrated to various scales and degrees of sophistication by a lot of slimy characters in the altcoin space but never have I seen a head of a multinational corp enter the arena and resort to this kind of tactic on a startup project with a few measly million dollar market cap. Unsurprisingly Byrne and co's affiliation and great positive announcements drove the price up close to 500% before it came crashing down on the long view chart like a sack of shit. Who knows how much of that was insider trading.
Not a single definitive public statement was made by either overstock or counterparty acknowledging that those earlier massively promising statements no longer held true. All we got is cover ups and 'accidental slips' that perhaps counterparty was not the only project they are working with,I've got no idea whether counterparty devs were informed or whether they were also in the dark until they checked reddit today to find overstock comms director and head of medici project making an off cuff statement that Overstock is no longer touching counterparty at all. Well gee. thanks for the heads up.
Make no mistake overstocks confident words controlled the price of this security from the get go. It is inconceivable they did not factor heavily into bouncing the price around. This painfully slow 180 bait n switch is absolutely criminal if you ask me. Haven't felt so cheated in the crypto world in years. investors trusted these were competent, truthful players. Overstock fucked us all in the ass and all we got was this lousy press release.
there is also still a bunch of incorrect information being thrown about by colored coins guys.
They really should correct this, it's an unfair comparison.
As a side note that chart was compiled by Flavien, author of open assets protocol. He wrote the news earlier that Medici will not be working with counterparty, and later made a post that "Counterparty's facade starting to crack " I presume Overstock had already had private communication with him at that time:
https://twitter.com/FlavienCharlon/status/554777555493208064To me, the biggest difference is that open asset based system is not a decentralized exchange, so at last they need a solution for one unless what they want is another centralized exchange. Before BTC script supports escrow, introducing a new currency is a must in building DEX.