Guys.. 3 BTC is not a whale.. nor is it high frequency trading..
This is just some regular speculation buy/dump trading..
People don't have much patience in altcoins.. lots of competition.
That's just the way it is around here. If we don't have good news on daily basis/hype.. some other coin will shine that day.
Always bet on the community, and the dev team, imo.
agree it's not real HFT but:
-they most probably have some proprietary software for trading on mintpal ( one can buy a bot for cryptsy and btc-e but not for mintpal )
-have seen large transactions on mintpal on the screen less than a second ( as close to HFT as mintpal can do )
-this - as i say , whale , - who might be interested to invest in Asiacoins anywhere from 100 to 500 BTC ( at rock bottom prices ) most likely is doing same thing for a number of other altcoins . might have capital for only altcoins something like 5000 + btc + has ability to write good working proprietary trading software
still way to George Soros levels but for altcoin world a word , whale, seems okay or not ?
I said this before and I'll say it again. I think this is nothing more than a readjustment to the BTC rise in price today. Almost all currencies are down today. As soon as BTC went up, everything else went down. The price is a ratio of AsiaCoins to Bitcoins (and then to USD). If the price of Bitcoin goes up, that means the ratio gets smaller. You have less AsiaCoin, but your BTC is worth more.
For example, let's say 2 Asia Coins are worth 1 Bitcoin (some day, right?!). To get how much $$ in USD each Asia Coin is, you have to convert to BTC and then to USD. Like this:
2 AsiaCoins 1 BTC
---------- x ---------- = Each AsiaCoin is worth $0.0044444444444 USD.
1 BTC $450 USD
Now let's say the price of Bitcoin goes up to $500. Using the same formula, but readjusted to the new BTC/USD price we get:
2 AsiaCoins 1 BTC
---------- x ---------- = Each AsiaCoin is worth $0.004 USD.
1 BTC $500 USD
Let's say the price of BTC went up to its all time high of ~$1200.
2 AsiaCoins 1 BTC
----------- x ---------- = Each AsiaCoin is worth $0.00167 USD.
1 BTC $1200 USD
So you see, when the price of BTC rises, your AsiaCoins are actually worth less. Thus, when you look at the price solely as a ratio of AsiaCoins to Bitcoins, you see that the price of AsiaCoin must decrease to keep its value the same when the price of Bitcoin goes up. However, your BTC is worth more so when you cash out to USD, you're still getting the same amount of USD out of the system. You can't expect the BTC price to rise and your coin value to also stay the same. That would be like getting double your money.
Stop fixating on the price so much and look at the bigger picture.
