Quote from: Bitye West on February 27, 2014, 09:58:11 AM

Quote from: tungfa on February 27, 2014, 09:27:54 AM

Quote from: matt608 on February 27, 2014, 09:06:34 AM

Quote from: anonymousxx1503 on February 27, 2014, 03:51:49 AM

Quote from: ThePatient on February 27, 2014, 03:16:46 AM

is now a good time to buy? Haven't really followed anything dark related

It's a great time to buy. DarkCoin is not a hype and pump/dump coin. It has attracted attention through actual value by means of the soon-to-be-beta (actually-in-alpha) DarkSend functionality (in addition to 11 different hashing algorithms which make it ASIC resitant, Kimoto Gravity Well (KGW) which makes it safe from multipools for example and adjusts difficulty every block and a great professional developer). This new feature will allow you to send coins anonymously directly from the wallet without passing by TOR (darkweb) or through a mixing service which requires trust in the operator of said service and also involve fees (2%). It is a trustless solution straight from the wallet and it will be the first coin to achieve such a feat. It experienced natural growth, going from around 0.00005 BTC when first hitting markets to 0.0025 BTC without any kind of useless hype (e.g. Maxcoin).

If you look at the price now though, it is quite a bit lower, ranging from 0.001 to 0.0014 depending on the market. What happened? One of the exchanges on which DRK trades (C-CEX) had a malfunction/hack which allowed a user to gain access to hundreds of BTC for free, which he couldn't cash out. He figured out that by buying DarkCoin, he could then transfer it out of the exchange easily, this caused a huge spike in buys since he put in around 300 BTC worth and bought up all DarkCoins up until 0.0075 BTC or 7.5 millibits. He then proceeded to transfer all those coins to another exchange (Poloniex) and started dumping as much as possible, as quickly as possible, with no regard for price. This caused a chain reaction which lasted for around 4 days. At first the coin recovered admirably to the dumps, staying very close to its regular price after a few dumps. After two days though, the price couldn't hold up anymore and we suspect that a lot of very early adopters started getting scared and began dumping as well.

Through some investigation and through a mixture of guilt, the "hacker" (who claims he actually isn't a hacker and the BTC simply appeared due to a mistake), came back and contacted the right people to start giving back the BTC he had taken from the exchange, since a lot of other people were affected and had their funds frozen. Of course he had lost a lot of value by filling very cheap buy orders for DRK so he can't possibly give it all back but the important thing is the dumps are stopped now and the coin has stabilized again. It has found solid ground and is starting to rise again. This rise will be fueled by the 3rd DarkSend alpha test which is happening tomorrow and after that, the developer (eduffield) has said that the beta will come soon as the code is very solid.

You have a unique chance right now to buy into a coin which really isn't supposed to be available at these prices anymore due to its real value. Only reason it's low right now is because of the situation I explained above. It belongs on the top of the charts as much as other coins with added functionality such as Peercoin/Namecoin for example. It's not a simple clone like 99% of other coins and it's here to stay.

TL;DR - Great time to buy

Well written, you should post that somewhere more public as well .>

Counterparty recently had a very similar event occur. It was trading up at .02 BTC/XCP, then a hacker dumped 35,000 XCP on poloniex.

The price dropped down to .010-.013 BTC/XCP after the hack/dump and there was a lot of similar optimism about how it was a great time to buy. I even picked some up myself.

The market is taking much longer than I expected to recover from the hack/dump and the price has slowly declined to .007 BTC/XCP.

I believe we're going through a similar phase with Darkcoin. We're definitely going to see .0008 BTC/DRK before we see .002 BTC/DRK again.

A hack/dump like that shakes confidence and will effect the market for several days, if not weeks. Early adopters dumping big chunks will also add to the effect and push the price down below .001 BTC/DRK over the next couple days.

Except this coin has continious development going for it and will have an open beta soon with darksend. If that doesnt push the price up (and some new coverage with it) then nothing will do.