[SNT] Official Status Network Speculation

[Iyeman]

warning

Yesterday I follow slack of Status fromthis web

and I got  this email



If U follow that link you will reach This



It Scam

may be phrishing mail

Slack is full of phishing links do not ever open any link from a bot there or even anyone if it was a link to a wallet site , You should have your wallets and exchange websites bookmark in your browser .  The email you got there is of course a scam .

Slack is not good place to interact with another person right now, the scammer already try to spread the fake news and try to steal another people's amount in the ethereum wallet.
my friend gettng scammed caused by the phising link.

[JaFa]

So much FUD with this coin everywhere... and those sell walls relentlessly appear to push down any small rebound.  Whoever is holding this coin down is going for the long haul, working both the price and social engineering aspects.  Anyone holding better be prepared for a long wait.  At least 700 sats appears to be holding as a baseline, as the price always seems to recover to that point.

[bircoin]

Dreams are beautiful . Even if it's a dollar for 25 cents , it can be very easy .

[sweetbet]

Now it's down to an all time low of 0.00000637

I wonder if this week's upcoming update is going to significantly pick up the price.

[cooly78]

I was weak .... I sold at the (very) little pump   

[JaFa]

I was weak .... I sold at the (very) little pump   

There is a good chance you'll be able to buy back again even lower in the short term.  Trends are everything in crypto, and SNT is still trending down.  The important thing is if you sold for profit, because if you did that's all that matters.  I really wouldn't recommend anyone sell at a loss right now.  The bottom has to be near.  Sooner or later this downward trend has to turn, and once it does the feeding frenzy will begin.

[Cashcash]

Should be higher than these levels . You will imagine to get one at that price when the market is stable.

[Minabo]

I was weak .... I sold at the (very) little pump   

There is a good chance you'll be able to buy back again even lower in the short term.  Trends are everything in crypto, and SNT is still trending down.  The important thing is if you sold for profit, because if you did that's all that matters.  I really wouldn't recommend anyone sell at a loss right now.  The bottom has to be near.  Sooner or later this downward trend has to turn, and once it does the feeding frenzy will begin.

It's time to buy for future profit! Don't lose your chance   

[a_north]

All:

I retract my previous statement in which I disagreed with previous posters' comments about SNT being manipulated in a big way.

To me, at this time, it is very clear this is the case.

I don't know exactly how, or who, but it is happening.

The previous poster who posted a few months ago is right- There is always one huge sell and one huge buy order a few Sats apart, essentially driving the price down and holding it there, then driving it down more.

This has been happening consistently for months now, I've been watching it.  

It's always the same thing:

The BUY/Sell orders are always about the same distance apart and for similar amounts, but this seems to be varied depending on the situation, which leads me to believe it is one enity (person, group of affilited people) doing this manually.

Sometimes these Buys/Sells seem to disappear without being filled, then reappear, but I'm not sure how I would confirm this, or any of this for that matter, but through my own observations and reading of other posts here I am 100% convinced.

In instances where there may be more natural upward market pushing, such as the completion of a double or triple bottom or a new all time low, this manipulaion seems to become more apparent and aggressive. Sometimes this means the Buy/Sell walls are larger, sometimes there are several stacked a few Sats apart.

Whatever it is, it is very counter to the way any order sheet I've ever wacthed behaves. The natural tendancies of the market to move, to rise, gain correct and so on are all very suppressed.

All of this got me curious so I started poking around EtherScan.io for SNT's stats, in particular the transactions and wallet balances.

Admittedly, I don't know what type of activity would suggest manipulation, in the blockchain and wallet activity that is:

Can anyone give me any insite on this? What type of information that could be found with a blockchain explorer would suggest and/or confirm any type of untrustworthy behavior?

Right now it looks like the top three addreses hold about 60% of the SNT tokens. One of these is Bittrex. The other two have only one, large, single incoming transaction from the same address on the same day, 80 some days ago. I assume these have something to do with the devs, since the token distribution states devs will hold 20% of tokens, which is exactly the amount in one of the wallets.

The other one has a single, large incoming transaction from the same address the dev wallet recieved a similar deposit from. 

One curious thing I noticed:
There is one wallet that has done 2,000 transactions over the last 5 days. More stats:  

-2,000 transactions in 5 days (122,460,424.5 SNT worth of transactions)
-Not in top 200 SNT wallets by ballance
- Transactions occur constantly, both recieving and sending
-Most of these transactions are either coming or going to the wallet affiliated with Bittrex, one of the top 3 by balance I mentioned earlier.

Is this just another Bittrex wallet perhaps? Is this normal?

A few more things I noticed in regards to the wallets. As mentioned, 3 of these wallets make up 59% of the SNT holdings:

-Bittrex Wallet ~10%
-Second wallet 20%
This is one of the two with only a single transaction ~80 days ago. I assume it is the SNT dev's wallet, because the token distribution pegs devs at getting this exact amount.
-Third wallet holds 29%. Same as the above, one large transaction ~80 days ago from the same address as the above wallet.

What's up with 29% of the tokens, the largest wallet balance, being seemingly affiliated with what appears to be the devs' wallet holding the alloted 20%?

Again, does all this make sense? Or does it seem weird?

I honestly don't know and would love to hear people who have more knowledge in this area's thoughts. Thanks.

[a_north]

I don't understand the logic of a whale bulk selling at such a low price if the price isn't going to go down much further and has only one direction left to go which is up.

I also do not understand because the only movement I see is the sale, so it is not possible that it is someone accumulating. I'm coming to the conclusion that the developers are pouring SNT into the exchange.

@sweetbet and others who commented on this:

Are you still following SNT?

This is still going on, this apparent order book manipulation. I am wondering if you or others have any recent thoughts on this. It's been happening now for some time and I am really interested in getting to the bottom of this.

Have you checked any of the wallet and/or transaction information on the Eth Block explorer?

I did, and noticed there are 3 wallets holding ~60% of all SNT tokens. One of these has exactly 20% of total distribution, which is the exact amount distributed to the devs as outlined in the ICO notes. A second wallet holds 29%. Each of these wallets recieved one large deposit from the same wallet address on the same day about 80 days ago. No transactions in or out since then. Take a look at my previous post above for more on this.

I'd love to hear your or anyone elses updated thoughts on this situation. It is quite strange and I have become very interested in figuring out more about what might be going on here.

[zorranco]

I understand that these walls can keep the price low intentionally, while the coin doesn't have the attention of the masses....but once it gets momentum, these walls will be break into pieces.

[VargyrBard]

I did, and noticed there are 3 wallets holding ~60% of all SNT tokens. One of these has exactly 20% of total distribution, which is the exact amount distributed to the devs as outlined in the ICO notes. A second wallet holds 29%. Each of these wallets recieved one large deposit from the same wallet address on the same day about 80 days ago. No transactions in or out since then. Take a look at my previous post above for more on this.

I'd love to hear your or anyone elses updated thoughts on this situation. It is quite strange and I have become very interested in figuring out more about what might be going on here.

Hey @a_north, if you check page 31 of the Status whitepaper (https://status.im/whitepaper.pdf), you'll see the distribution breakdown. You are correct about 20% of the total SNT supply being allocated to Status Core Dev; the Founders and Team. Those tokens are locked in a smart contract with a 24 month vesting period with a 6 month cliff.

The 29% in question is the Reserve for Future Stakeholders. Those tokens will be periodically offered to new contributors at a later date, but only if deemed necessary for the growth of the network, or burned if proven otherwise. They are locked for a minimum of 12 months.

The Status team has been completely transparent about these tokens, and even the ETH that they raised in the Contribution period. If you go to the status-network-token repository in their GitHub (https://github.com/status-im/status-network-token/blob/master/MULTISIG.md) you'll find links to not only the Status Community Multisig containing the locked 29%, but their R&D Multisig containing the ETH raised during the Contribution Period.

They raised 299,343.15 ETH during that time; of which, they still hold 284,429.085 ETH.

I hope that clears things up a bit.

[thangoffshore]

Good job VargyrBard, I've written same response to him but saw your post then it is not necessary anymore.

The Devs tokens are locked by smart contract, then whether the manipulation is real or not, it's not them anyway. There are quite a big number of tokens have been distributed during ICO, some parts of them went to the whales. They are free to use it at will, even to manipulate the market.

The price manipulation on exchanges just affect the short term investor. I would say mainly.

Long term hodler just don't care, and wait for updates/releases from the Devs. So yes, we are still following SNT.

[a_north]

Great, thanks guys, I really appreciate the responses.

A long as I know it's not some kind of internal, dev led manipulation I am happy to stick it out. The whales will tire out and move on to a new game once this one gets old enough for them.

[shewasfourteen]

2018 will be Status year.  We have to be patient.

[dotuan]

If price isn't raising tommorrow, i will finish 3M SNT target 

[que91]

Should be higher than these levels . You will imagine to get one at that price when the market is stable.

The cryptocurrency market will be stable, but important, the whales still want to spend their money for make the price of Status token comeback or not, because it depends they have invested their money to this token and are waiting best time for create new trend like your wish or not too!

[JaFa]

The key thing to hope for is that it's not the devs behind this manipulation.  If what others have said is true, and the devs are locked to ether contracts, that is good news to hear.

Whales manipulate, it's what they do.  Look at the buy order charts.  It's like they are a set of steps, with heavy buys at certain points.  Zoom out on the long term movement charts.  SNT's fall is a steady predictable decline.  This is too accurate not to be anything other than a bot, probably something they created.  I've programmed and created crypto bots before, so I kind of have a feel for them.  They can appear random at first, but will always have a pattern if you look closely enough.  Also some of the randomness is from other people buying/selling normally, which the bots have to adjust to.  I can guarantee for every step they push the market down, they accumulate more SNT and put that aside for a future maneuver.

What should be done about it?  Absolutely nothing.  If they have the SNT and Bitcoin to manipulate the market like this for this long, then all the power to them.  Clever traders will recognize the patterns and use that to trade to their advantage as well.  But a word of warning, and I said it in my last post, we must be nearing bottom soon.  The lower they push the market down, the cheaper it becomes for another whale to move in and start buying their sell walls.  When that happens, they will turn off their bot and start buying from their profits as well.  Don't be surprised to see the market price double within a few hours, and for the people that are trying to flip the waves making 10% a go, they may find themselves having to buy back at a huge loss.

Until SNT appeals to more buyers, you will be at the mercy of a couple of whales, it's as simple as that.

[manjyomethunder]

any update when the app is released in public?

[lordzc]

It feels like a polonnex will be trading soon. Of course this is only my 6th feeling