Quote from: Nocturnal2112 on February 25, 2014, 06:00:41 AM

Quote from: deeppurple72 on February 25, 2014, 12:43:16 AM

DO NOT SELL YOUR LTB for the BUY ORDERS on the exchanges,
especially CRYPTO-RUSH!

Those BUY ORDERS are from Investor who basically want to buy
a $100 BILL for ONLY $1 --- Would you sell a $100 BILL to someone for $1 Huh

??

The exchanges are FULL of investors like that scamming to make a killing,
so beware!

Some are so dirty, they use 2 trade accounts:
1 to 'dump' coins for dust
then quickly buy them back with a 2nd account
to make the BUYS and SELLS really LOW to trick you into
thinking the market sucks, and you should sell LOW right away......
But its a nasty dirty trick!

also, keep in mind that JULY 2013 litecoin was worth $1.86
in 6 months it hit about $20.....

NEVER sell your coins when they first hit exchanges... or you will regret it later

have patience and let the exchange rate rise --- dont be so desperate to get some btc CHUMP-CHANGE! lOl

also, if you do sell, DO NOT TRY TO SELL LOWER THAN THE OTHER GUYS.....

those investors laugh and sit back while you miners "go to war" with each other in a competition
to see who can give away the most coins for "dust"

Ask for MORE when selling, or sell for the same as someone else instead!

Be smart when trading... and have patience --- do not expect an instant quick trade or you will get screwed.

WHEN SELLING, ALWAYS ENTER A HIGH RATE! DO NOT SELL FOR "DEFAULT" rate in the box!

DO NOT JUST ENTER THE QTY & PRESS SUBMIT !

BTW, I am holding on to the 2 LTB i just received, and will cherish them for a long time before
even thinking about exchanging them! Grin

While I agree with most of this logic. We all have to keep in mind that it's all a game between us as miners, and them as speculators. I have played both parts, I'm sure most of us have to a degree. As such, I know damn well that they are not going to randomly drop a ton of money on a coin (any coin) as long as they know that 75% of the coins are being held by the miners. Period. They are not going to "buy in" in any large way, only to have people with all the coins (in this case, the miners) dump on them. Certainly not at a premium price, they are going to need to "get it cheap" in their mind, to reduce the risk of loosing. At least some of the coins have to come out for the price to rise. Example:

You spoke of LTC jumping up in price... Do you remember what happened just prior to the huge insane price jump? The fact is LTC stayed for months and months at the $2-3 range, people were scared to buy in because the whales were holding 80% or so of the coins. In the day or two preceding that rise, most of the really big holders of LTC dumped a bunch of it onto the market. Fontas, Davidpate, Koolio, Simplyfun just to name a few that I KNOW of, all dumped LTC at about the same time (I sold off 600 I had been holding since april ...sigh). Suddenly hundreds of thousands of LTC's hit the market... BOOM! The price dumped hard... Then, it shot to the moon... as people were no longer scared to buy it (a big part of it China). Fact is, the price could not rise with all of them being held by a very few big holders.

Us as the miners currently holding all the coins, need to be aware of this, and let at least of few of the coins out into the market at a slightly lower rate. We cannot expect to just sit on 80% of the coins and dictate that people have to pay "our price". That is just not how the game works. The speculator's don't have to be the enemy, we need to let them make a dollar too.

agree . +1

JobalFox

Posts

Merits