I have a simple question and i’d like to see the community thoughts on it.
Please notice i’m not saying it’s really happen or something like this but…
What if the etn team actually keep the price down ? Just think about it, low price => easier to buy. In the end it’s a coin designed to mass adoption and should be available to every1.
Etn need new people in because the current investors/holders are sceptics and impatients already.
Your simple question has a very simple answer: they don’t.
Our highest volume exchanges are actually relatively tiny compared to some of the more trusted ones. Our highest volume exchange creates maybe $20 mill total volume through all coins combined trading on it. Just one of them we’re getting listed on soon currently has about $120 mill of 24 hr volume. We’re still on just a few small exchanges with growing sell walls. Thinking the sell walls would probably thin out much easier if it is spread through more trading platforms. It’ll also make coins harder to manipulate that way because whales putting giant sell orders that look hard to burn through and intentionally make it look like there is more selling pressure forming for it in attempts to scare people into selling or not buying, will not be as effective when they’ve got to provide thick enough walls for these numerous bigger exchanges that could more easily get eaten through while the next exchanges move to meet in the middle price-wise. People tend to do the same with buy orders when trying to make many small ones to make people thing there is a bunch of buying pressure coming in as well.
There would hardly be any reason for Ells and his team to manipulate the price downwards when they actually would have had really great potential to spring up the ranks if they had the ability to let the price move up, create more FOMO buyers, and land a chain reaction of exchanges accepting them just based on the ridiculous volume of people putting their votes in because they’re mistaken that higher prices = succeeding…you know…rather than letting this go on for so long it instead crushes those buyers’ faith.
I agree with you.
But how can people make profit from selling 2-300 etns or 40 or 67 as it happens everyday? Is hard for someone who wants to sell 10-20k etns to split them in relatively micro transactions because should be a never ending story, let alone the transactions with 1 etn. Something is behind this, and like you said is always easy to manipulate a low price coin specially on mediocre exchanges.
If you take a look at coinbene’s volume of sell/buy of etn, it looks more realistic to me. Kucoin and Cryptopia is the place where etn gets manipulated because they still don’t do anything about small transactions.
Good basic article on price manipulation. It happens on the “real world” stock market and its happening here. Just ask Elon, tesla is the most productive failing company ever.
I should mention that I do think the price needs to be low enough for the “worlds” people to join in and a gradual rise would create FOMO and influence adoption. At the low volumes manipulation is much easier and with the tokenpay debacle we now know other coins are actively working against us which throws another possibility into the mix besides regular traders trying to get the best hand.
Let’s say I was part of a development team for a coin or part a group that had high stakes in a particular coin or number of coins. And let’s say our group has made millions $$$ over the years from OUR coin we have stakes in. And let’s say a coin like ETN comes along that threatens the price of OUR coin. So hypothetically, let’s say my tech buddies and I are out for blood and want to destroy that coin. So we try attacking their servers first during the ICO. That fails, so we take to the forums and youtube to spread FUD. Then we see a person called ‘Mike Stollaire’ affiliating himself with ETN, so we hack his TBar coin. To keep the popularity of our coin up, I wouldn’t stop. It would be worth spending money/losing some money to destroy ETN. So I would have my tech group buy several or more ASIC miners, mine the crap out of ETN, then dump it on the markets for as low as possible to see how close to 0.00 I could get it. I would even buy lots of ETN and dump it at low prices. I would even re-buy my own coins on the buy side, and then re-circulate them on the sell side at a lower price.
Not a tin foil guy, but my instincts keep telling me that the group that attacked ETN at the ICO, hasn’t quit. They want to destroy ETN even if it means spending money to do so.
Interestingly this was mentioned several times in the past but not to keep it down but stable as this would help with negotiations with partners (big companies want price to be stable and in fact this was actually originally on the FAQ as a strategy to exchanges). There is however no incentive for etn to drive the price down as 1) unstable means down as well as up in price 2) etn will have their coins released in November so it is in their interest if price is high 3) the mobile miners will run out sooner (more etn will need to be emitted for same amount of etn equivalents). So to answer your questions no it is not the etn but probably a rival that is keeping the price down.