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What the Hell is going on with Eth price?
RavinderDhillon
Member Posts: 74 ✭✭
So i've been waiting patiently for two weeks now for the price to recover, but it shows no signs of doing so, its almost as if its in freefall.
And this while Bitcoin continues to climb. And I can not think of any logical explanation for either. Sure there have been some attacks on Eth but the network recovered quickly from them. I mean just a few months there were talks of Eth surpassing Btc but we dismissed that as highly unlikely, if someone had told me it would drop to under $7 I would have told then that's equally unlikely as well.
So what the hell is going on? In all honesty I got into Mining just to make profits, and I sell what I mine as soon as I mine it, but I have been holding all mined ether for almost 20 days now because i felt the price was being manipulated and if I dump at such a low price im adding to the freefall.
Anyone have any insights or News to offer on Eth and when its going to be stable again?
And this while Bitcoin continues to climb. And I can not think of any logical explanation for either. Sure there have been some attacks on Eth but the network recovered quickly from them. I mean just a few months there were talks of Eth surpassing Btc but we dismissed that as highly unlikely, if someone had told me it would drop to under $7 I would have told then that's equally unlikely as well.
So what the hell is going on? In all honesty I got into Mining just to make profits, and I sell what I mine as soon as I mine it, but I have been holding all mined ether for almost 20 days now because i felt the price was being manipulated and if I dump at such a low price im adding to the freefall.
Anyone have any insights or News to offer on Eth and when its going to be stable again?
Comments
This is actually part of the problem. If you're willing to sell ETH at $7 people will buy it at that price and it will continue to stay at $7.
"In all honesty I got into Mining just to make profits, and I sell what I mine as soon as I mine it".
THIS: https://forum.ethereum.org/discussion/11018/miners-impact-on-eth-price
Seriously tho, well said.
Let talk about holder who believe in future, but NOT future in this case. The true that Ether's coming down 4 months ago.
LoL, Why people's still believe in Ethereum ???? with 86 million and don't have ANY plan for the economy, that's a trash. People on this forum will see when it back to 1$ and then they'll blame for miner, and the true Genesis have 72 million coins.
Also, I haven't made any claim I can predict future pricing, nor have I offered any predictions. I would, however, be happy to wager against several of your recent price predictions - like I said recently, I have a text file of quotes for my later amusement.
If Somebody's pro-Financial, they're NEVER long term with ETH. Hope for future ?? Don't make me laugh.
"The hacker validated rumors circulating online that indicated big sell orders placed in ether and Augur were the result of his group.
Shen confirmed the hack to CoinDesk, though he did not disclose the total lost in the attack. In response to rumors more than $1m in ether was stolen, he responded the total amount was "less than that" but offered no further details."
Hm... there you go. A large quantity of ether was stolen recently and has been dumped on the market. The fact they won't say how much means it was clearly a lot, probably at least over $500k worth. Explains some of the weird jolts in the market recently and quick recovery back above $7.
You have no confidence in its future price so you dump ETH onto the market creating more supply than there is demand. Multiply your mindset times several thousand and you get what you have sown.
The future price of ETH will depend in large part what we as miners do with the ETH we mine. If we don't believe in it being useful then the price will stay below $20 USD.
And if you read full statements, which you apparently do not, you would see me mentioning that I have been holding for some 3 weeks since the freefall began because I didn't want to contribute to it. I feel like i'm repeating myself over and over again.
Anyways, the whole point of this thread was that I thought I understood Ethereum a bit better than other Crypto currencies, and it seemed to be solid, backed by a good team, had a real world use etc, so its recent fortunes were a bit perplexing. I was hoping someone could help shed light on what could have caused the dropping value in trading, the coindesk article that @work shared is an example of what I was seeking. Instead what I got is a bunch of High and Mightys telling me how "It's you Miners fault". Get over yourself, will you.
Case in point - this guy that just confused coinBASE with coinDESK, tried to assosiate the two to discredit me and others, and is clearly getting more and more aggressive the longer the Ethereum price isn't falling as far as he predicted.
Ya... I'm the one spreading propoganda.... lol, @G416G... nothing but a troll. You didn't even answer me about what kind of bet you're suggesting... all talk eh?
CoinDESK has removed nothing. The article I linked actually speaks to the OP's topic. Nothing in @G416G's post last post is relevent and clearly intended as missdirection - THAT is propaganda.
@RavinderDhillon it's hard to find the constructive posts thru all the hate sometimes - truely sad.
As far as your "mistake," you probably wouldn't make them if you actually read and understood people's posts instead of jumping to personsal attacks everytime you get a slight wiff of someone disagreeing with you.
Furthermore, you weren't talking about the price anywhere in your post... you were rambling about corrupt news and spreading the very definition of propaganda. Hell, the bottom part of what you quoted from (the highly biased) newsbtc completely contradicts you're very point about a scam or propaganda.
You ignore what people say, and then attack what they didn't. Which logical falacy is that again? https://yourlogicalfallacyis.com/strawman
@work I can't believe you're still around here buddy! I sure do miss the good old days! What a difference a few months make!
Gotta hit that magic 2000 posts =p
On topic: $8.30
I thought this was the boards for Ethereum not to argue about why prices should fall, if I wanted that I would hop back on yahoo boards. Anyways ETH is @ $8.50 and rising. Yes I'm short sighted but like I said prices will go back up double digits and much more in the next few years. 86 million coins is nothing. Yahoo has one billion shares outstanding and there are hundreds of thousands of stocks. Yes I know don't compare stocks. Well in the eyes of the IRS crypto and stocks are taxed the same way, so that's a good comparison. Peace out.
The amount of time and energy @G416G spent here leads me to believe he actually valued being a part of this community and indeed he attempted to help many. It was those optimistic thoughts of inclusion by which I've not taken earlier action. However the weight of his toxic behaviour was always against him.
On topic: >$8.40 and .011 BTC again