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I called it accurately yesterday with my prediction on the price drop come the 51000 KGW implementation and I believe that in the next 12 hours max. we will see a dump back to 41 before consolidation of buy orders occurs.
The reason being, there are many miners, like the person who posted about mining 36 million coins in half an hour with a low 600K hashrate, who will be building up the sell walls and dumping at the highest buy order. Billions of coins have been effectively swiped unfairly because of the absurdly low KGW difficulty after 51000.
It is not tenable for a person who mined 36 Million coins in half an hour at 600K to suddenly be flush with potential Litecoin - the price MUST drop or else those buying at 48 and 49 and effectively throwing money away.
People are not stupid - they know coins were snagged in unacceptably disproportionate bundles by miners and they will not simply give away there Litecoin to these people, not en masse anyway.
The reason being, there are many miners, like the person who posted about mining 36 million coins in half an hour with a low 600K hashrate, who will be building up the sell walls and dumping at the highest buy order. Billions of coins have been effectively swiped unfairly because of the absurdly low KGW difficulty after 51000.
It is not tenable for a person who mined 36 Million coins in half an hour at 600K to suddenly be flush with potential Litecoin - the price MUST drop or else those buying at 48 and 49 and effectively throwing money away.
People are not stupid - they know coins were snagged in unacceptably disproportionate bundles by miners and they will not simply give away there Litecoin to these people, not en masse anyway.
I call bs.. I've been solo mining 24/7 since day 1. And I'm running twice what hes running... I haven't hit a block since the 3rd.
As one of those 'many miners', i too, ground thru the hard blocks on a single 5970, pulling nearly 400 watts, 24/7 for the whole duration, with little prospect of earning anything. I like many of the others didn,t forsee the windfall coming when the KGW kicked in an the diff went to zero, i picked up 38mill. Its more than i could hope to mine in a reasonable time, period! BUT, it happened to me because i was there and i was mining and i was mining because i believe in this coin and the community growing around it. With the exception perhaps of a donation to Notnull, I,ll be holding for the same reasons.
