Quote from: InsanityDev on April 05, 2014, 06:16:01 PM

Quote from: mikem on April 05, 2014, 05:53:42 PM

I think the dev has successfully chased many wolf owners away, we are tired of every coin going in the tank, and he kind of forced wolf down below his normal buy price. Now people just want out. If I could sell my 5500wolf for .00102 I'd be gone too.

I'd love to be able to put my finger on what it was, from my side here's what happened over a few weeks:

week one: fewer players with orders spread out, entailed buy price went very high
week two: more players with orders less spread out, entailed buy price went up a little
week three+: roughly the same amount of players, but sell orders very tightly bunched

each week I've been left with a simple choice:

(a) throw all the btc at the order book in one go, this doesn't move the price noticeable as all sell orders are so tightly bunched, I did it one week to much discontent.
(b) trade actively in a small spread, this doesn't move price noticeable but does allow active traders to make a profit in whichever currency, the down side is that it doesn't lift the price / value of the coin, and it doesn't encourage anybody new on board.

Ultimately, each week there's a huge wall of sell orders which the BTC pot at any level can't clear. Fifty traders all trying to make a small profit in BTC just doesn't work mathematically, and this shows each week.

I've honestly been very surprised by the bunching of orders, and in some cases the loss taking.. it doesn't make much sense to me.

Simply, if there was a spread out order book, each week I'd throw the BTC pot at it and the price would rise significantly - but rather many of those buying wolf force the price to be as close to supply price as possible, and it puts me in a position of being responsible for no-rise, even though there's no action I can take to counteract it. I've tried each week to make spreads and lift price any way I can, people just keep bidding lower than each other.

Every week roughly 80% of all wolf on market is offered within 10% of the supply price, the remainder after it. Or put another way, if the pot was 150 btc one week (with a random 50 btc thrown in), the first 120 BTC would lift the price by ~10%, and the remaining 30 BTC would lift the price by 90-500%.

If somebody who consistently placed the lowest order, or even orders within the first 50 btc worth, could elaborate on why, I'd be really interested to know the logic behind it. I've seen it on other coins and I'd often assumed it was miners or coin creators doing this, but now that I know it's traders doing it with coins they've bought for a set price, I'm a bit at a loss to know why (and it impacts us all massively outside of wolf in the other coins we collectively hold).

Because no one wants to be a bagholder. And when just one person sets their order low, most people follow. Because when the rebuy price every week is the same, it makes no sense to be left holding any wolf that you can sell at any point above .001. I think the main flaw in the game was the consistent rebuy price. Each week the rebuy price should have been set at perhaps the average of the sells.