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. Theres no such possibility any moreCan 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-29c398741ff1Instabuy 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 Minexcoins 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.
Instabuy caused this downfall. Instabuy removed a lot of buying pressure from the market, because now you dont have to wait or place orders on exchange for bulk orders. You can buy bulk cheaper and faster on Instabuy which doesnt contribute to price action at all. They advertise that they buy back from the markets when transactions are verified and validated but now it turns out they havent bought back anything yet and "are formulating a buy back program" which in simple terms is just a market manipulation. Release instabuy, remove most of the buy walls and buying pressure from the open market, sell ico/bounty coins from 0.001 btc price without buying back from the exchange which tanks the price since there are no buy walls/pressure left , wait until price has fallen enough and then buy back all the sold mnx for a big discount and pocket the difference in bitcoin.
This whole instabuy system would have been fair if they would have done like they advertise but reality is a lot different. Main reason why they would crash the market in my opinion is to make cards more cheaper to purchase hoping that more people will buy them to increase future profits from cards use.