The price at cryptsy dropped so hard, because middlecoin.com mined the hell out of PXC yesterday as it shot to the top of coinchoose. middlecoin.com then dumped every PXC it mined yesterday, massively driving the price down.
The drop in price of PXC has nothing to do with PXC or the fundamentals of PXC. The drop was a result of it being the most profitable coin to mine yesterday, one particular pool amassing a ton of PXC and then dumping them all immediately.
The drop in price of PXC has nothing to do with PXC or the fundamentals of PXC. The drop was a result of it being the most profitable coin to mine yesterday, one particular pool amassing a ton of PXC and then dumping them all immediately.
Could be but I'm not even sure it worked like that. I was watching the sells as it happened and this was a deliberate attempt at driving down the price (I ended up taking advantage of it though
)Why do I say deliberate attempt? The seller was dumping at half the market value until the buys were all filled, then kept halving what they were selling at until until price was about 1/8th of where it started. If they cared at all to actually get out of the coin they could have kept selling at market value and received significantly more BTC in return. I'm just curious the motive? Was a large holder paid to dump at a loss?