I think what happened is they put in an order for 10,000 DRK at 196, knowing that the exchange engine would mop everything up to that price and leave the buy the surplus on the bid stack.

So once he had got his order filled at that price he just withdrew the rest.

(i.e. it's like saying to the exchange "give me everything you've got up to a maximum of price(x) and return me the change).

Things now returning to normal. We're in descent mode again. Also, remember whales operate on liquidity: If they think they can make 10%, they'll put in 100 BTC and take it back out again on a 10% rise.

That makes them a quick 10 BTC on what is quite a small price change for "the rest of us". You need high liquidity markets to do that which is why most of them stick to the BTC / LTC market or US Dollar markets on BTC-e. But DRK's volume has been so huge recently that it has attracted such speculators who are making massive amounts on 2-10% price swings.

There you go

Massive buy just went in.

2800 DRK shot pushing it up to 196, with another 8000 DRK on the order book.

So it doesn't look like it'll drift too far.

EDIT: It stayed on the order book for all of 10 seconds and then disappeared.

Well I can tell you why I sold mine. A couple of days ago Max Kaiser tweeted that all the DRK charts were positive - the 6hr, 4hr, 1hr, 15min etc.

Later, I went and checked them and found that they weren't. And by yesterday they were all in fact negative. The indication across the board was that we were headed for a 3-5 day correction.

This was consistent with the fact that any time Max Keiser tries to pump any crypto currency market he has almost a 100% record of the price going 180 degrees in the opposite direction. Bitcoin, Quark, Maxcoin, DRK - you name it, he's the coin Jinx. Kind of "RMT" (Reverse Midas Touch). The only one he ever got right was Bitcoin itself years ago so I suppose we can forgive him all the small misses given that he got the big one right

Another reason it's consolidating is simple fatigue.

The market has been pumping this coin for weeks and there comes a point where it just says "right, that's your lot for now pal, enjoy it" and goes off to look at something else.

Don't worry, it will settle and set a new base in good time for RC3 emerging.

I think the real reason LTC is declining is because there are now alternatives to Bitcoin with genuine differentiators which weren't there before.

It's no accident that NXT and DRK are up there. Between BTC-NXT- and DRK you've got all bases covered:

[1] - reserve currency

[2] - anonymous transactions (not supported by Bitcoin or NXT)

[3] - POS and 2nd generation services (not supported by Bitcoin or Darkcoin)

Litecoin doesn't have its own "sector" any more - it used to be the fact that it was SCRYPT. But that is no longer a distinguishing feature since all POW currencies are lumped in the same sector now that bigger differentiators are here such as dark networks, POS and 2nd generation services.

So LTC is now on the road to definite terminal decline IMO. BTC-e troll box is in denial. But denial is a river in Egypt because there's no way LTC's going back to 0.03 as some of them are harping over there. You only have to look at the 1-week BTC-LTC chart to see that the longterm downward momentum is massive. It's Niagra Falls.

+1.

I dropped my last LTC last week. (Also dropped my PPC weeks ago).

The two biggest investments I held long term were NXT and DRK.

LoL. You can give the defensive remarks a rest on this one - it was a joke  

NXT and DRK are not in competition with each other. One's a bank, the other's eBay. They won't be stepping on each other's toes.

...how's that one going by the way ?  

Thanks to all who replied. I'll open a ticket on Poloniex (if I can find the link).

Is there a Mac GUI wallet ? I can't seem to find one. Snookered:

 - can't withdraw to Poloniex (crypto note doesn't support the Payment ID
 - can't withdraw to Wallet (no Mac GUI)

What do I try next. Bittrex ?

I just transferred some Monero out of crypto note to Poloniex without reading the small print about using the payment ID.

What does this mean. have I lost my coins ?

Interesting post.


I make that 0.01 if it goes to Litecoin's position. (29/5) x 0.0175

So we've are already exceeded Litecoin's price numerically (which is only of symbolic significance) and we are at 20% of Litecoin's price corrected for coin supply.


I don't really see why this is important. NXT and DRK can go up and down like YoYos and not affect each other's market cap. They are completely different types of animal - about as different as investing in a football team and a furniture company. NXT could easily go to 3 times its market cap based on what's going on in its world and DRK could go to 3 times its market cap based on a completely different set of criteria.

We are on the moon right now.

Because there's no point in owning 125 million JPC if it's not worth anything.

LoL !!  Touché. Don't think I'll ever live that one down. Too late to delete  

Markets don't work like that.

No coin in crypto has a high value because of technical superiority. If that were so, you'd see a whole different league table than what we see today.

The properties that support most of DRK's valuation at the moment are:

 - it's considered an "original" by many in this market sector. That always appears to sustain the asset for a long time (see Peercoin for example)

 - it just moved into a new development phase recently (i.e. Darksend going live) so there's been a flurry of news

However, in crypto, the market prices things in way in advance of them actually happening. So over the last few weeks the market's been anticipating Darksend, anticipating masternode payments, anticipating the new exchange etc. Now there's nothing left to anticipate so it's going to take profits for a while in a kind of orgasmic gush which will flood people's wallets with actual BTC that was only theoretical up till now.

Don't worry. I agree with you that DRK ultimately has a good chance of replacing Litecoin as the number 2 crypto and so I'm still long (just not as long as I was before). But it isn't going to get there in a straight line that's all.

I think the more reasonable explanation is that the coin was overdue a revaluation and that revaluation is now complete, so people are locking in their profits which is just the sensible thing to do.

Nothing to do with "trying to cause panic".

It's 1300% up on a few weeks ago. Is that not enough for you ?

Why don't we just start a fund ?

We need 14 BTC to get to 1st place. That's just 0.5 BTC each.

We'll get it back with the impact a Mintpal listing will have on the price.

Bitcoin's at $660 folks on BTC-e - the most conservative exchange of them all.

...and the 1-week MACD has almost got its last bearish block in.

Looks like you can't loose whatever you do as long as you stay in crypto.


EDIT: (Of course it also might be the dollar starting its long predicted tank. All the Russia-China pow wows on non-petro dollar oil & gas trading, Janet loving her printer even more than the Bernank, Euro deflation on the cards).

Always remember:

Fiat is highly levered credit money. 1 seat for every 10 persons max.
Crypto is unlevered base money. 10 seats for 10 persons min.

No prizes for guessing where's the wealth gonna run when the preverbal hits tha fan. (And it ain't gonna be metals)

Thanks but I don't have an iPhone.

Don't even have a smartphone. My mob. makes phone calls and nothing else

LoL !  If only I knew.

It might not go down much at all from here - I might not get a chance to buy back in and I'm prepared to loose out considerably on the next rise.

On the other hand, if it does, it looks to me like the resistance is at 19, 15 and 10. I really don't see it going below 15 at an absolute minimum and it may just hover around 19 while a bit of profit taking goes on.

As I say, I left quite a bit in there because I'd like to be able to sleep at night either way and eat dinner with my family without crashing out to check the DRK price every 10 minutes and them thinking I need 'treatment' 

Yes indeed. You should not dump based on crap FUD.

I just had to make that post to cleanse my soul    ...since I don't feel that great about dumping such a good asset.

On the other hand, I still have a stake in it which I would have considered pretty damn huge a couple of months ago and so I won't be complaining if it does another 4x from here  

I also think the dev team is probably one of the best and most dedicated around.