When Coinye's launched, I saw a big discussion on it and decided to jump on the bandwagon. I mined several million in a couple days than read that the rapper's lawyers were going to pursue anyone who traded the coin and figured Cryptsy probably wouldn't touch it. I quit mining them and kept an eye out on a place to unload them for litecoins. Then a few days ago a site opened up where you could trade them for litecoins. At first, I wasn't sure about the place so I test traded 100,000 for .000004 litecoins and they sold instantly. When I got paid I went back and could easily get .000004 for whatever I had. I went back to mining them because they were paying better than mining litecoins directly. Over the next day or so, their were several buyers who would low ball but all the coinye holders would stick to their price. Eventually, you would see lowball offers disappear then one of the coinye's offers would also disappear and the new price above would prove they just sold at or just under .000004. Then coinye sellers started popping up and all were busy trying to underbid the other guy instead of just setting at the same price and waiting it out. Everyday, more lowball coinye sellers would show up and undercut the lowest offer. Now they are posting under .000002. On the first day or two, you wouldn't think of selling for that. We had them and they wanted them. Eventually, they would pay the price. Right now, their are offers to sell so low, it won't even pay for the electricity much less the rig. As I am typing this post, a fool has over 3 million Coinye's offered at .00000140. I can guarantee that if he had just mined Litecoins, he would have netted about 2 more coins than he's selling for there.
Quit giving your coins away. By doing so, you are driving the price to an unprofitable level. Don't panic. People want your coins but you still deserve to get paid for mining them. The folks that come to buy them want to add them to their portfolio and, if you hold your ground for a good price, they will come around and pay it. If everyone low balls just to dump them, it ain't worth mining. Supply and Demand. You got the supply that's in demand. Quit getting into price wars with your fellow miner.
Oh well, back to mining Litecoins.