Big whale tanked FTC for manipulation
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Getting FTC used is absolutely key, we want users. Maria one of our new developers is working for Computer Assistance getting their Feathercoin shop ready for launch. All the tools developed for this will be packaged and released for others to use.
Maria and I are also going to do some much needed work on the market site getting it up to the spec that people expect. It needs a built in escrow and wallet to make life easier for buyers and sellers.
Beyond this we are going to convert or make plugins for other cart systems. I did expect that our UNOCS partnership was going to help on the merchant front but that is a complete dud. We have some lost time to make up for.
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The Mint doesn’t worry if the stock exchange has a bad day. Our business is to secure the network and promote the community.
- What is a big whale and how did it hit a wall at 99?
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Have we reached out to Coinbase? I believe it would be a longshot, but maybe worth a try. Also, what every happened to the discussion with Manu
Sporny?[quote name=“Bushstar” post=“28360” timestamp=“1379451706”]
Getting FTC used is absolutely key, we want users. Maria one of our new developers is working for Computer Assistance getting their Feathercoin shop ready for launch. All the tools developed for this will be packaged and released for others to use.Maria and I are also going to do some much needed work on the market site getting it up to the spec that people expect. It needs a built in escrow and wallet to make life easier for buyers and sellers.
Beyond this we are going to convert or make plugins for other cart systems. I did expect that our UNOCS partnership was going to help on the merchant front but that is a complete dud. We have some lost time to make up for.
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I’m also not impressed with exchanges and their manipulators, what about doing more like this?
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I heard through the grapevine MCXnow will be adding FTC within the next 48 hours.
Can anyone confirm or deny this?
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Yup, saw it at the mcxNOW chatbox by RealSolid, they are going to add in first PPC(should be either later today or the day after) followed by NMC and then FTC.
But I don’t think its within the next 48hrs. As they are still getting PPC to go in first. But at least its in the pipeline.
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[quote name=“wrapper0feather” post=“28367” timestamp=“1379454764”]
I’m also not impressed with exchanges and their manipulators, what about doing more like this?https://www.bitcoinary.com/
[/quote]That’s correct, the main reason the prices are so manipulated is because it’s very hard to get hold of them. The more diverse the holders are and the wider they are spread over the planet the harder it will be for any one person to control the price. However we are at the mercy of the legacy banking system for this is the reason why you don’t have more exchanges because they want to guard the gates.
This is one of the reasons we are asking for peoples’ locations here:
http://forum.feathercoin.com/index.php?topic=3674So that we can start to make it easier for people to buy and sell Feathercoins peer to peer. But this is work in progress at the moment.
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[quote name=“Bushstar” post=“28360” timestamp=“1379451706”]
Beyond this we are going to convert or make plugins for other cart systems. I did expect that our UNOCS partnership was going to help on the merchant front but that is a complete dud. We have some lost time to make up for.
[/quote]Sort of on topic …
I emailed CoinWidget (Scott S.) in June and discussed adding a Feathercoin widget, then again in July Scott replied back that they were looking into adding a FTC widget. Nothing since.
I bet an email from the FTC dev might help things along, if you were so inclined. Personally, I’d love an FTC widget (yours, theirs, anyone’s) for my blog since most of the people following the crypto section are doing so mostly for FTC news. It simply sounds like they could pull it off in a matter of hours, they just need a reason and me emailing them (and John too I believe) was apparently not enough.
With John’s interview (great interview John!) on LTB the other day[b][i] it would be a great time[/i][/b] to contact (anyone) Coinwidget again (since they listen to LTB - allegedly) to see about getting an FTC widget.
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[quote name=“chrisj” post=“28453” timestamp=“1379539205”]
This is one of the reasons we are asking for peoples’ locations here:
http://forum.feathercoin.com/index.php?topic=3674
[/quote]I’m curious, could you harvest the IP’s from the forum and create a location map quickly?
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[quote name=“Tuck Fheman” post=“28490” timestamp=“1379596308”]
[quote author=chrisj link=topic=3702.msg28453#msg28453 date=1379539205]
This is one of the reasons we are asking for peoples’ locations here:
http://forum.feathercoin.com/index.php?topic=3674
[/quote]I’m curious, could you harvest the IP’s from the forum and create a location map quickly?
[/quote]Like the NSA? :o
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[quote name=“chrisj” post=“28495” timestamp=“1379598555”]
Like the NSA? :o
[/quote]You got me there. We could just ask them for it since it’s already done and they have real names instead of forum names. You’re always one step ahead of me Chris!
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[quote name=“Tuck Fheman” post=“28497” timestamp=“1379600366”]
[quote author=chrisj link=topic=3702.msg28495#msg28495 date=1379598555]
Like the NSA? :o
[/quote]You got me there. We could just ask them for it since it’s already done and they have real names instead of forum names. You’re always one step ahead of me Chris!
[/quote]Quick everyone open up tor and chose a random country!!
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[quote name=“wrapper0feather” post=“28365” timestamp=“1379453309”]
The Mint doesn’t worry if the stock exchange has a bad day. Our business is to secure the network and promote the community.- What is a big whale and how did it hit a wall at 99?
[/quote]
I realized I didn’t answer your question.
A big whale is someone who comes in with a lot of money. In this case 700+ BTC.
The whale created a fake wall which affected everything around it then made it vanish. Thus manipulating the market for sell off.
Why is this a concern for the community? Any monetary system should be concerned by large manipulations. In the BTC market major fluctuations at gox cause fluctuations in the market overall because of it’s market share. This is slowly eroding though it’s having less of an effect due to more exchanges grabbing a percentage of the market. My suggestion/question was more geared to how can dilute the effect of such a manipulation? Which would be to have more people with the currency in everyday life but also diversification in exchanges. BTC-e is essentially the gox of FTC.
Was this a sign of bad times for FTC? No. Just someone manipulating the market. I’m not expecting a big to do about but rather as something to remind everyone that there are other things to pay attention too.
- What is a big whale and how did it hit a wall at 99?
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[quote name=“jeremiel” post=“28529” timestamp=“1379617767”]
[quote author=wrapper0feather link=topic=3702.msg28365#msg28365 date=1379453309]
The Mint doesn’t worry if the stock exchange has a bad day. Our business is to secure the network and promote the community.- What is a big whale and how did it hit a wall at 99?
[/quote]
I realized I didn’t answer your question.
A big whale is someone who comes in with a lot of money. In this case 700+ BTC.
The whale created a fake wall which affected everything around it then made it vanish. Thus manipulating the market for sell off.
Why is this a concern for the community? Any monetary system should be concerned by large manipulations. In the BTC market major fluctuations at gox cause fluctuations in the market overall because of it’s market share. This is slowly eroding though it’s having less of an effect due to more exchanges grabbing a percentage of the market. My suggestion/question was more geared to how can dilute the effect of such a manipulation? Which would be to have more people with the currency in everyday life but also diversification in exchanges. BTC-e is essentially the gox of FTC.
[/quote]That’s correct. The people who are being hurt the worst is FTC holders. What your witnessing is called a “price correction”, and it’s caused by two teams: The big whale, and those who believe that a coins is worth what it’s exchanging for on BTC-e.
You can dilute the effect of such a manipulation by increasing the value of the coin: The more it’s perceived to be worth, the harder it is to manipulate. If the coin were more widely adopted, the price would be harder to manipulate because with that adoption comes stability and more reference prices to be informed by. When a coin is pegged to a value in terms of it’s worth by multiple sources, manipulating the price becomes a lot harder, because people can simply say, “Well, it’s still worth X for a Y on Z, so that’s a good deal, I should buy into the sell off.” and all the whale will do is lose his coins at a cheap rate.
The problem is lack of mainstream adoption. But, as the argument goes, it’s not ready for that yet, so the devs are adjusting it so it may be.
[quote]Was this a sign of bad times for FTC? No. Just someone manipulating the market. I’m not expecting a big to do about but rather as something to remind everyone that there are other things to pay attention too.
[/quote]I wouldn’t say sign of bad times… the fact that the coins is still on the radar of the people who want to manipulate the currency for their own profit certainly speaks more highly of it than most other coins. Only a hand full can claim the dubious honor of being significant enough in their market cap to be abused by market manipulators.
But I kind of think there SHOULD be a big to-do about it. This is [u][b][i]CRITICAL[/i][/b][/u] news for anyone who is invested in FTC, or is thinking of investing in it. If I were running a crypto-coin newspaper, this would be on the front page.
Please do not sweep this under the rug. Ban my account for being negative if you want, but someone’s gotta stand up and say, “HEY! THIS ISN’T OK!” because it’s not; It’s not ok to be victimized and stolen by market manipulators, and the story needs to be told to anyone who’s listening.
- What is a big whale and how did it hit a wall at 99?
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[quote name=“Kevlar” post=“28571” timestamp=“1379637504”]
[quote]Was this a sign of bad times for FTC? No. Just someone manipulating the market. I’m not expecting a big to do about but rather as something to remind everyone that there are other things to pay attention too.
[/quote]I wouldn’t say sign of bad times… the fact that the coins is still on the radar of the people who want to manipulate the currency for their own profit certainly speaks more highly of it than most other coins. Only a hand full can claim the dubious honor of being significant enough in their market cap to be abused by market manipulators.
But I kind of think there SHOULD be a big to-do about it. This is [u][b][i]CRITICAL[/i][/b][/u] news for anyone who is invested in FTC, or is thinking of investing in it. If I were running a crypto-coin newspaper, this would be on the front page.
Please do not sweep this under the rug. Ban my account for being negative if you want, but someone’s gotta stand up and say, “HEY! THIS ISN’T OK!” because it’s not; It’s not ok to be victimized and stolen by market manipulators, and the story needs to be told to anyone who’s listening.
[/quote]haha… I’m trying to be less volatile. The last few times I thought something like this was a major issue I was minimized because it was viewed as something of the norm. aka sit down and shut up. Hard to pound against a marketing machine.
I almost wish there was a historically annotated graph on the major market moves. For awhile I’ve been interested in creating a watchdog group because of stuff like this though time is becoming thin for me.
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[quote name=“unkunku” post=“28653” timestamp=“1379707865”]
What I don’t get is, without the big whales holding up the value, is there really anyone out there willing to buy FTC?
[/quote]Check out the volume on btc-e. We’re pretty much up there on day to day volume, and that’s even on days when the price doesn’t move. People are buying, people are selling. Only problem is that FTC is currently seen as a commodity rather than a currency.
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[quote name=“unkunku” post=“28656” timestamp=“1379708643”]
[quote author=mnstrcck link=topic=3702.msg28654#msg28654 date=1379707969]
[quote author=unkunku link=topic=3702.msg28653#msg28653 date=1379707865]
What I don’t get is, without the big whales holding up the value, is there really anyone out there willing to buy FTC?
[/quote]Check out the volume on btc-e. We’re pretty much up there on day to day volume, and that’s even on days when the price doesn’t move. People are buying, people are selling. Only problem is that FTC is currently seen as a commodity rather than a currency.
[/quote]I would say rather as a currency, FTC has no commodity value and provides no differentiating technology advantage as of now, thus not a commodity. Speculation in fiat currencies are enormous, but manipulated by central banks etc to keep value steady.
Yes there is volume, but is it people selling/buying into the walls or is it the whales doing internal trading? Remember that anyone can trade with himself/herself on the markets, this is totally unregulated territory ( practically the wild west ). To create huge volumes are not so hard after all if one are willing to take some losses in the process (1-2% max daily ).
Don’t trust anyone in crypto-world…
[/quote]Right now FTC is valued on perception alone. That FTC is on BTC-e gives it a leg up on all other cryptos. It is pretty much treated as a commodity. This commodity is being sold at the largest volume alt-coin market. You want to sell your apples in new york, new york more than Wilmington, NC just on volume. With more store based sales and person-2-person exchanges the value will start to be set at in people’s minds. Outside of BTC no other coin has that right now, that’s right ltc isn’t there yet either.
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The market place for FTC is not there yet. Without this the price is likely to keep falling especially with the huge daily influx of FTC. (~110,000 FTC / day).
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[quote name=“unkunku” post=“28656” timestamp=“1379708643”]
I would say rather as a currency, FTC has no commodity value and provides no differentiating technology advantage as of now, thus not a commodity.
[/quote]FTC has performance advantages. There’s plenty of value there.
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[quote name=“zerodrama” post=“28675” timestamp=“1379723288”]
[quote author=unkunku link=topic=3702.msg28656#msg28656 date=1379708643]
I would say rather as a currency, FTC has no commodity value and provides no differentiating technology advantage as of now, thus not a commodity.
[/quote]FTC has performance advantages. There’s plenty of value there.
[/quote]Yes… Less than 1/100th the value of bitcoin according to speculators. If that alone was valuable, FTC would be worth MORE than BTC. So that’s a non-argument in this case. If it’s to be on par with BTC, it must have the same adoption driving its value up.
