Re: [ANN] GOBYTE [GBX] - Masternodes, PoW, Secure, ASIC Resistance, & Decentralized
If anybody is asking why the price goes down, there are several explanations:
1. the mining reward is too big, it generates too much coin in a short time. 24 blocks per hour x 24 hrs=576.
576x15= 8640/day.
At price of $30, this would mean ~260,000 usd/day.
Pouring the equivalent of 1 million $ every 4 days is too much, the market can't absorb this volume at current levels. Also, this would mean a capitalization of 365x260,000 = ~95 mil $ in one year.
So the price must go down. At least temporarily.
2. The starting price of $10 is somehow arbitrary, since there is no economical value behind, only perception and user sentiment. While the initial request to buy coins was motivated by the high roi, obviously the price increased up to a very high level. But as the market gets saturated with the new coins, the price will 'calibrate' to a lower level.
3. As I was pretty active on this market on cryptopia, I noticed that during the last 3 days, with very few exceptions, there were mainly 'sell' transactions. People wanting to buy knew that they just have to wait and the order was being filled slowly.
However, there were some spikes in buy, looking like somebody was willing to spend some coins just to raise the price by several %, and it raised the price for a short time, then continuing the downtrend.
I assume/guess this was the dev
So, price will go down for a while, it's hard to stop it now because there are very few buyers with high volumes.
It will stabilize to a certain price. As it goes down it and some people will sell their mns, it might attract new people etc.
Before you jump in and tell me that I want to push the price down to buy coins cheap, just take a look at other 2 pow+pos coins, MAG and XYLO.
1. Correct1. the mining reward is too big, it generates too much coin in a short time. 24 blocks per hour x 24 hrs=576.
576x15= 8640/day.
At price of $30, this would mean ~260,000 usd/day.
Pouring the equivalent of 1 million $ every 4 days is too much, the market can't absorb this volume at current levels. Also, this would mean a capitalization of 365x260,000 = ~95 mil $ in one year.
So the price must go down. At least temporarily.
2. The starting price of $10 is somehow arbitrary, since there is no economical value behind, only perception and user sentiment. While the initial request to buy coins was motivated by the high roi, obviously the price increased up to a very high level. But as the market gets saturated with the new coins, the price will 'calibrate' to a lower level.
3. As I was pretty active on this market on cryptopia, I noticed that during the last 3 days, with very few exceptions, there were mainly 'sell' transactions. People wanting to buy knew that they just have to wait and the order was being filled slowly.
However, there were some spikes in buy, looking like somebody was willing to spend some coins just to raise the price by several %, and it raised the price for a short time, then continuing the downtrend.
I assume/guess this was the dev
So, price will go down for a while, it's hard to stop it now because there are very few buyers with high volumes.
It will stabilize to a certain price. As it goes down it and some people will sell their mns, it might attract new people etc.
Before you jump in and tell me that I want to push the price down to buy coins cheap, just take a look at other 2 pow+pos coins, MAG and XYLO.
2. Correct.
3. Correct. Except the "I assume/guess this was the dev
". We have no market implication nor safety fund for market risk management and manipulation as some exchanges request.4. Don't compare us to MAG or XYLO. Don't want to hate but.... :|
We don't have broken code, we don't sold our MNs with a fixed sum, everyone bid as high as they wanted. We are sticking to our roadmap. And the last thing, we are waiting for January 2018.