Ninjastic
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Re: Minexcoin - A new era of payments
by
bitbat45
on 15/09/2018, 01:03:35 UTC
Quote from: Fabriz on September 12, 2018, 02:24:34 PM
Quote from: BitPotus on September 12, 2018, 08:17:32 AM
Taking into account the last transactions, so-far around 80k coins have been bought through Instabuy, 27k of them on the Saturday-Sunday night. This was the situation that caused the dump. There’s no such possibility any more

Can you explain how instabuys cause dumps?

Shouldn't it be causing buying pressure?

From: https://medium.com/minecoin-blog/announcement-launch-of-instabuy-refferal-and-cashback-programs-29c398741ff1

Instabuy users just have to send their BTC (or BCH) to the designated address and receive the associated MNX (The supply of MNX will come from Minexcoin’s own funds). Once the transaction is verified and validated, the same amount of MNX will be bought from exchanges and taken out of the market. We endure the hassle, you experience the pleasure!


If 80K was bought via instabuy and those 80K were meant to come out of your own funds and then you are meant to go on the exchange to go buy

those 80K back, does that mean that you intentionally crashed the price so you can buy cheaper?

Can someone explain this to me cause am afraid am a bit thick....

Thanks.



i think he would say people instead buy on exchange used Instabuy, so the market on exchange wasn't equilibrate....80k Mnx in the actual volume are a lot

Instabuy was announced about 28 day ago.  Since then the price of Minexcoin has decreased from ~0.001 BTC to ~0.00031 BTC.  Is sounds like someone was buying MNX with instabuy (coins being delivered from Minexcoin private funds)  and dumping the coins on an exchange.  I also noticed artificially low sell orders (possibly a bot) which continued to push the price lower on livecoin.net over the past few weeks.  Look for yourself.  Not sure why someone would do this unless they were trying to purposefully push the price lower.  In my opinion it wouldn't make sense for the Minexcoin team to push the price lower.  Must have been a 3rd party that would profit if Minexcoin performed poorly.

Also, Minexcoin needs to stick to their word and buy back the coins that were purchased with instabuy.  More transparency and sticking to your word will increase confidence in this coin.