OK, to continue the discussion about trading - how is a market supposed to function if no one ever sells? At what point do you all think its ok to sell? (My guess is that you just don't want anyone selling until the price reaches the point where you want to sell)
What's so bad about someone taking profits, at the price they choose? Each person that dumps matches up with someone else that buys, so I just don't get why this is a problem. The only problem at the moment is that there are more sellers than buyers, so the price is going down. The price will go up when people think it will make them money if they buy. I just really don't like the idea that you are criticizing people that trade, as if they are somehow hurting the market. We ARE the market. You sitting on your coins is not doing anything at all to affect the market either positively or negatively.
I'd really like someone to explain to me how the market would be better if no one sold. That's the part you keep harping on and it just doesn't make sense.
I guess I get to be the one guy where Greed does not Supersede Ethics.
The thing I dislike most about traders; you pointed out yourself. You all require "Someone Else".
-Someone else to buy the coins your wanting to sell @ a high price (for you)
-Someone else to sell you coins you want to buy @ a cheap price (for you)
-Someone else needs to add buy support
To paraphrase your statement: "I have made a bunch of BTC selling my UTC to "Fools Greater than me"; I used those to buy a ton more UTC from "Fools greater than me". Now everyone else needs to buy, so I can do it some more."
The nice thing about holding a coins is you actually SUPPORT the coin; Actively, by yourself by not selling. One could also argue; "If you hold a coin, then you believe in it. If you sell a coin then you believe in what you sell it for"
You had asked in the end how a market could work if most of the holders held; We can compare that to several other areas where this has occurred.
- Diamonds Best example. Most all diamonds are held not sold. The price is high BECAUSE of holders. Thankfully here, there is no realm of reality where it could be considered otherwise.
- Gold Large percentage of gold is held. Gold would be less than 500.00 now if it was based on production cost ( I have worked in this arena to know)
- Silver 2011, price rise into 50.00. That was not because a bunch of new money came in. It was because people held for higher value
- BTC Bitcoin would not have gotten over 50.00 if any significant percentage was / is traded of coins minted. (last estimate I heard was 10% traded)
I suppose some may consider those "too small" to be examples. I assume they will work as an explanation of how a market works when most hold.
Moving on; It does appear that you did a good job of convincing people to go ahead and sell, so congrats there? You would think if a trader TRULY was concerned about lack of buy support; they wouldn't wait until the lowest volume time to sell. However that is just logic, which has little place in this world now.
You Guys want everyone to "think" it's IPO or miners; but it's just you traders. Miners have never been at any great profitability for this coin (save first couple days) and I watch enough coins to know IPO's haven't moved as well. Because of all the high difficulty early; myself I would have mined more $$ just mining LTC this whole time. Now of course, if I had sold everyday since the start; I would have a bit more than LTC. However, I would not have any UTC and why would I support it then as "I took profits" already.
I do hope all the traders realize the fire your playing with. If you are trying to shake hands and get cheap coins "be careful what you wish for". Very Very high percentage of these coins have not moved from wallets. If you do manage to make a low enough price for these coins to move; then you dumpers haven't seen anything yet.
-The single largest UTC wallet; purchased more coins than IPO. Also, that person purchased MANY coins dumped early @ 25-35 cents. Also, NONE of them have been sold. For you own sanity, you should pray you do not shake the confidence of this or other large wallets.
For myself; I've invested a bit of time, effort, energy, electricity and money into UTC. I've put more into UTC than I ever thought would be required for any crypto. Mining LTC for a year; the most I did was see if miners were on and "Not sell". I have no realized returns, for this coin, and would be at a 300% loss from cost if I sold any UTC. As with any crypto, I will not invest more than I can afford to lose and I did not here with UTC. However, there comes a point where the disparity between energy out and energy in, require a change of course.
As such. I've put my miners back to LTC. No, I have not sold coins. If you want to take the price to 1 satoshi; fine if you want, I still won't sell. At this point, I have to consider this a total loss and a waste of my time. I had really hoped my first adventure into an Altcoin would have gone better; but hey S%&t happens. I do hope someday that UTC will get back to a point where, most of the early buy support can get out of bagholding; maybe then there would be more overall support.
I'm sorry to make a post with negative in it and I will not do it again. I would like to thank everyone in the UTC community who has/ is working hard and I hope things go well for your efforts. Also, thank you for giving me the chance to try out altcoins.
Take care
Prot
