Hey guys, I just want to share my thoughts today about this, I have always said "bounty hunters are not the ones killing projects", but now I'm having second thoughts about it, I participated in youengine bounty campaign for about a week, although it lasted for quite a while,the bounty had about 4 rounds, the bounty ended about a week ago i guess and distribution of "youcash" started, I received about 307 youcash tokens as shown below
By 8am this morning the 307 tokens was worth $10+, i didn't sell, I held on to it, to my greatest surprise this evening I checked my wallet and I saw that the 307 tokens are now worth just 0.35$
Although it recovered later, but it's not looking good at all, I guess this dump is caused by the bounty hunters because they just keep dumping the token, what about you, what do you think is the cause of this massive dump?
By 8am this morning the 307 tokens was worth $10+, i didn't sell, I held on to it, to my greatest surprise this evening I checked my wallet and I saw that the 307 tokens are now worth just 0.35$
Although it recovered later, but it's not looking good at all, I guess this dump is caused by the bounty hunters because they just keep dumping the token, what about you, what do you think is the cause of this massive dump?
Bounty hunters do contribute on these pump and dump of tokens but the dumping of token are not solely made by bounty hunters, Most of these dumping and pumping process are made by a bigger group which do really has the control on the market. As you know the one that holds the mist number of such tokens will have a better control on the market if these person/campany/organization plan to raise the value of such tokens one group will do the selling/dumping and the other will do the buying/pumping and while doing these process they make the advertisement and different way to gain popularity to public and soon recognized and as the popularity arises more people will do the pumping and dumping. And when the price of such tokens have reach the planed peak the organization will dump a huge amount of such token to gain profit while other people are pumping/buying of such tokens. So the sudden dump of huge amount of token will really hit the market and will cause a huge drop on the price.