As some of you may have noticed, in Bittrex there has been a trader with 10,000+ GEO (roughly one third of one percent of all circulating supply) keeping a sell in place at just over the best offer. The effect of this is to suppress the rise of any sell offers, and to make sure if you do try to sell, it's for ridiculously low profits, maybe 10 sat or less over the best offer. I think this is an automated process to accumulate, while constantly driving the value down.
Well, I was watching the stock for a chance to buy in dips and sell in peaks when I noticed this large block removed from the Ask list. Maybe it noticed me glaring at it. Does this mean the pump is incoming? Hard to say, I've been expecting it for days now. But it *can* happen now, which is a promising start. At the very least, natural and organic growth of the coins value can occur, at least until they decide to put it back in place (hopefully, never).
EDIT: They put it back in place.
I wish someone with 3.5 BTC to burn would just buy it from them, they'd probably make a nice return on it once GEO resumed it's normal upward trajectory.
In other GEO news, I spoke with the development team earlier today and they confirmed some basic facts I was wondering about, namely what happens to the old GEO when they finish the migration to the UBQ block chain? Don't worry, all existing GEO will be transferred to the new format with current ownership maintained. This will be handled by the Bittrex exchange internally. This new blockchain is not a fork, there is not going to be two GEO's, none of that.