Quote from: mikenz on August 06, 2014, 08:53:28 AM

Quote from: smooth on August 06, 2014, 05:08:15 AM

Quote from: wyj1888 on August 06, 2014, 05:03:43 AM

why did the bottom fall out on the price???

More supply than demand is always the only objectively correct answer.

But my opinion is that it was grossly overvalued for a coin that was only a few days old with major "growing pains" and I said so a few days ago.

There is also an overhang of one guy with over 500k coins mined from the beginning at very low cost (and whatever other ninja miners we don't know about)

I still think it is somewhat overvalued, but not too bad at this point. I'd be a buyer at 1500 given no further developments.

Do you think it goes back up in the long run, given the high supply?

I think there is some price where the supply can be absorbed by the market, if the coin continues to develop and begin to realize its potential for scalability, microtransactions, etc. That is a big if, which is why the initial burst of buying was overly exuberant.

The supply is fixed in XCN but not in BTC. At a lower price the supply is less of an overhang.

If the price drops to something sustainable and then the coin begins to successfully develop, then the price should go back up.