BitShares Forum
Other => Graveyard => MemoryCoin => Topic started by: kanes on March 31, 2014, 01:40:36 pm
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Someone is dumping (selling) alot memorycoin at bter. The value of the coin is getting very cheap. :(
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Check MMCPool's 3.5% share :)
--Actually I have no idea. MMCPool's reserve balance is like 0.4%, and 1gh has been keeping their coins.
You need to do some TXID Research to really find out who is the culprit.
Mostly everyone pays their bills at the end of the month.
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the volume is small, a little push can drive the price up or down.
I suggest to withdraw your MMCs immediately after buying.
Use alternative exchanges, including bittrex.com and allcrypt.com, if possible.
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I think there may be a lot of selling pressure to get BTC out of Bter. Bter has stopped being able to do CNY transfers with the recent rumors of the PBOC banning bank involvement with BTC and other crypto-currencies. Since someone with crypto holdings can't currently get CNY out of Bter until they add a banking partner, they have to transfer BTC to other Chinese exchanges to get fiat. Bter was using a 3rd party payment processor that has cut them off. This will probably go on as long as there is uncertainty in China about the legality of crypto in the country.
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The funniest part is that the fiat currencies are creating this 'volatility' in bitcoin and cryptocurrencies. Investors stay away from high volatile instruments, destroying all demand for it. They look for consistent gains.
Fiat currencies have no choice but to create the deviation in market price. Cryptocurrencies will be the end of all currencies as a whole. It allows people to create their own money. They take money from the people through inflation and QE.
Why are the governments doing this? They want their money to have more value. The unneccesary swings are what all currencies aim to destroy. Inflation is sporadic. Fiat? They print it themselves. They need the value to fulfill the government and banks.