You have a very valid point in that it comes down to what existing "float" is traded from the outstanding coins, however, lets take it to an extreme. If all the existing holders of the coins wanted to sell at $1 (unrealistic I know), there would need to be $75 million in investment to absorb it. No one knows when and where people will take profits at, but I'd rather see a slow and gradual rise that allows weak sellers the chance to get out with profits and longs to pick up the available supply than a double after double with no support so when all the sellers want to rush to the exit, there is actually buyers waiting to absorb it all.
...and before anyone thinks of questioning my agenda here, I hold xxx,xxx number of coins.
...and before anyone thinks of questioning my agenda here, I hold xxx,xxx number of coins.
Why is it when someone starts debating the future value of BlackCoin and they seem as if they have an agenda, they always find a way to slip in how much BC they own?
lol, I just wanted to let people know that I have skin in the game and am not out to bash the coin for the sake of bashing. I'm not out to wage war on you or BC. I like this coin and don't have any beef with you. I just don't want this to turn into a P&D when the coin could rise steadily and support itself on its own.
Although I agree with the point I think you're trying to make... and I certainly agree that the price cannot double infinitely... however, when you consider the amount of BTC/LTC (just what trades on a daily basis, and not including other alts) there is at least $10M-$30M USD actively trading in cryptos. I do not know the exact float in BC currently, nor do I care to cull this from the various exchanges - but let's say for argument's sake that it's 10M BC... that's actually a really conservative figure - I think it's probably more like 3M but whatever. If just those actively trading in the BTC/LTC market moved into BC - even temporarily... we've already got our $1 coins...
However, as we both know - it won't be $1 then... because there will be some that sell and were holding previously, but many more that will hold despite planning on selling. Who doesn't get scared of selling when the price shoots up 50-100% per day.
On the other hand you and others keep going back to the whole 'pump and dump' argument without considering two key points:
1) There are no more coins being mined - so the only price 'dilution' that can occur is if no one wants to buy BC at all... as this is the only thing that could drive the coin downward.
2) The pool generates both buzz, and new investors all the time. This is much more important that the actual BTC it generates. But just like was being discussed previously with market cap... just because the pool is only buying 20BTC a day, most of those coins are going to holders - after all, it would be stupid to mine at the bcmultipool... just to dump the BC for BTC - if for no other reason than exchange fees. So even if the miners don't believe in BC long term - I think most of them are going to hold the BC for at least a couple days... to maximize profits while also hedging against BTC losses.