dont sell cheap guys
hold your coins
Agreed. Seems to be quite a few cheap sell orders going. I'm going to hold my coins for now and wait until the initial burst stabalizes
I know I'm repeating a previous post I made but that was before SBC hit the market....What would help to raise SBC's value would be to clear out some of these cheap sell orders to move the price up and thus catch the attention of more miners. To get to a price floor of .0001 we'd need to move only ~4.75 btc of sell orders or about 65K SBC. If we could convince about 13K of those orders to cancel them (say 1btc) then we'd only need to pool about 3.75 btc/$400 to get SBC to .0001 btc. Then to get it to hold there we'd need to put a price floor via a large sum of buy orders (large being .75-1.25 btc for Cryptsy) at .0001 btc. If we could get 50 people here to agree to pool $10/.1BTC then we could move the price to .0001 and hold it there long enough to get more miners in and raise the hashrate.
Right now the more sell orders go in, the more miners we lose, the more price goes down, the more SBC loses its value and this cycle would crush the price(not saying that's going to happen but all it takes is a few panic sellers). But if we could give SBC a boost and draw some fresh blood for mining in then we'd all be better off.... This would increase the hashrate of the pool, which would pay out less SBC per share, which would make that 5BTC/$500 pool more than just a temporary price floor. We've all seen the power of just one person putting in some higher buy orders for a low-hash coin after/while they mine it just to give the hashrate a temporary boost (and thus the price). If one miner can move things that much then a group of people can really shift things.
Here's a quick aggregate supply/demand chart I drew up to explain(don't pay too much attention to the values as they are more for illustrative purposes). We are at the point in the middle where AD and AS meet, 65K SBC and a price of .00004BTC. By setting a price floor the idea is to move us to AD1 by lowering the supply and increasing demand in the short-run. Once we get there my hope is that more miners will have joined and more SBC buyers will hold their coins as they see the value rise.
I know some of you are saying "Wait! don't price floors create a surplus?" In traditional markets, yes if we were selling t-shirts and wouldn't sell for less than $30 a shirt, that would create a surplus as people leave the market/refuse to buy. However the nature and reaction of crypto's(and investments in general) is different since it is viewed as an investment to most so the inverse occurs (a shortage) or to be more exact, a new equilibrium is reached since people are buying not for consumption but with the hope that it's value will continue to increase.
I doubt I can actually convince enough people to go along with this but I'm gonna try anyway.
We can start off with a small goal of .00006btc since somebody has 10K/.67btc SBC sitting on cryptsy. Right now we'd need .42btc to get there. I just bought 685 SBC for a total of .0287btc so its less than .40btc to go (unless more people dump some sell orders anyway). A price floor/buy wall would really help and I'll gladly put .1btc toward it if two people here will agree to match me. I'm thinking .0005btc.
I can't say for certain how well this would work if executed correctly but there is some real potential to give some long term support to SBC with some short-term actions if we can pool some resources.
tl;dr
We need to not only tell people not to sell SBC, but to start buying all sell orders below a certain price to raise the hashrate/value. Buy as much SBC below .0006 as you are willing to spare and reply your willing to "donate" some btc for a buy wall and we'll try to figure out what price and to put it all in at once.
