This is mostly the same thing I wrote in the “Fight The ETN Dump Club Round 2!” thread but I felt this will just get lost forever in there since there are so many people talking in that thread. In contrary to how my post ended over there, here I will also try to get in to the specifics.
I might get some bad reputation saying this here but I think I need to nonetheless.
I see a lot of people talking about black whales and other mystical creatures such as malicius trading bots. Please try to remember that they are fundamentally just people trying to cash out for a reason x. If there are more sellers then the price will come down. If there are more buyers the price will go up. Now who do I think are the sellers then? Miners. Chinese miners that do not know the value of the coin and are just trying to get their ROI on their ASIC investments. There are 7 million ETN coins mined everyday. Once we have constant need for 14million+ coins daily in the developing countries the price will start to climb since the miners dumbing is not relevant any longer. Untill then it is up to us investors to buy those 7mil ETN per day to keep up the price
Where did I get the 7million coins mined everyday? 2min blocktime with around 10k block reward. If you like more numbers, check out my other post “Electroneum economics”.
Now are there other aspects influencing the price other than miners and investors? Definitely yes, ICO investors, people biting in to the fear uncertainty and doubt, people who invested too much and need to get fiat. And on the other side: people that are just learning about ETN, people “FOMOing” in on the news, people telling about ETN to their friends and ultimately the people in the developing countries adopting ETN as part of their life.
So do I believe there are bot’s doing some work to lower the price? Probably yes, but I would like to believe they are just the miners trying to get everything they can out of the coins they have mined. Also arbitrage bots are higly likely to be part of the market.
That is all from me for now. But I would like to discuss more in the comments if I left some stones unturned