Do people still have the idea that switching to merged mining was a good thing? I should have spoken up back when the discussion was taking place, ofcourse. My main concern was that people mining Bitcoin just use the merged coins as dumpware to be sold at any price, no matter the low. Since I've seen UNO drop in value for quite some time, which is very unlike UNO, I'm worrying I might be right. But I also haven't paid close attention to current affairs and it's been decades since I visited an exchange. Excuse me for hoarding!
Any wise people willing to share their view on this?
Hey MegaMike. That would make sense at first glance but the two are not related, or are minimally related. For the last 8 months or so we have had average daily exchange volume of ~$150+. We have also been producing a little over 7 UNO per day, which at current prices is $11, so miner dumping could contribute to at most 8% of UNO changing hands each day. (rough math).
February, March and April decline was a correction from the massive Pump in January. July and August decline appears to have been partly natural correction, but largely it was somebody very visibly pushing the price lower. They would dump through buy orders and place large sell walls. It's unclear if it was some disgruntled person cashing out irrationally, or if they were pushing it down quickly to a resistance point to accumulate (which would be ~0.0062 it seems).
Now, for the last 5 weeks we have seen great resistance at 0.006, I'm not saying it's impenetrable, but it has been quite solid. At these prices I could personally purchase all mined coins for the rest of my life, so it will be market-sentiment or whale-manipulation that moves this cargo ship, not mining rewards being dumped.
IMO Merged-mining was a fantastic implementation, we now have the second strongest blockchain out of 600+ cryptocurrencies. Second strongest!