I will be posting this dialog from https://steemit.com/@trevonjb dischord here, to share my thoughts with more affected people.
Concerning the daily chart:
As I was watching it from .0057 back up I will post my take on the event here... what I think happened, how I think it should be handled.
the 2.8k sell .. is the residual token sale that hit the market at 5k ish tokens at market price
which cleared all buys down to the flash crash
same as ethereum flash crash
even at this moment if someone posted a market sale of 500 tokens.. they would be selling many of those at around .007 or less... (flash crash)
so the whale obviously realized and set the limit they actually wanted to sell off the 2.2k tokens they lost at market price
bcc is down to prevent the exchange price reflecting volatility in their site which needs to be stable for loans to go through at deposit price
the reason people are crying scam or hack...
- I think some are bummed they missed the dump or are greedy and are trying to push ppl into selling...
- i think some people are basing it off the 10% volatility cut off on trades that happened before the site went down to keep stakers and loaners safe
some people genuinely see it as a hack... others are just yelling SCAM hoping to pick up on the chickens
i think the alt btc wallet addresses that popped up... were holding wallets bcc management created to help sort out.. anyone that would be selling on bitconnect.co and withdrawing out to the disparitied exchanges back and forth
seperating it from the main btc fund to help track the wroughting
that is my uneducated opinion.
it was a whale sale .. and they are trying to deal with whale token influx.
and i know that 2.8k is the same whale.. because I watched it from 4.8k slowly get munched back up to .0024,,, some panic selling also happened around the whale.. which added to the confusion
it wasn't anything like ethereums 10c crash tho
any input welcome... im just as worried by the lack of official news.
my remedy
bitconnect needs to maintain stability as their no.1 priority and thus should remove itself from exchanges... as it is not a speculative coin.. in nature.
they can do this smoothly by disallowing btc for bcc trades on exchanges whilst giving people a chance to exit their coins ... to the wallet... or site directly.
why stability first before speculation? because people need to deposit 100USD btc ... buy 100USD bcc .. to loan 100USD... for the service to hold confidence ... and hence why the site is down also. their service is imperilled by a lack of buyers on unassociated exchanges. which many statistic services base their bcc price off wrongly.
considering there is a 122page buying queue ... which is several pages over 100usd.. and many of those several pages... are 100's of bcc... this crash has no real market value impact.. or rather... shouldn't
on bitconnect site itself I mean.
the 140 - 150 usd in btc queue was a page long.. when the site went down.. whilst blockfolio was saying bcc was worth ... 50usd still? because it is pegged to rando exchanges.. same with market cap official.
official news
Angelo: "Here's a note that came straight from Bitconnect to the Australia promoter lead:
As some would have noticed in their accounts, BTC was accumulating in your wallet unexpectedly. What happened here was that many people decided to take advantage of cashing out on what did not belong to them and caused the system to shut down. This is the email that was returned to my request.
"We had glitch in website and many members took advantage of that by withdrawing more BTC/BCC than they actually owned. BitConnect dashboard and exchange platform will remain inaccessible for 2 days. We request for your patience. If you found any members in your team who took advantage, request them to send it back to system."
I am now waiting for a response on how those BTC can be returned if the system is down."
My take on this?
I personally think bcc wasn't aware of the whale sale and they think that the people selling back and forth from exchanges externally to them.. was mistaken for mysterious replays.
but that's just me again
haha
and i think it came from nova and live coin...
people buying at whale sale and selling at bitconnect price... to btc to whale sale to bcc to whale
= looks like a replay
poor whale
is what i say
sorry to be a broken record but did nobody get the 10c ethereum flash crash news a month ago?
it isn't very new.. i just don't think bcc had any idea how shallow buys were on these multi coin exchanges
people are busy with orders on a million things on nova
some whale sold at market price.... a massive ammount of ethereum.. and a bunch went for 10x
10c
i can't remember what exchange that was... off the top of my head but I remember they said they will honor the sales.. at flash crash prices
https://techcrunch.com/2017/06/24/coinbase-is-reimbursing-losses-caused-by-the-ethereum-flash-crash/
Anyway, sorry that is fragmented (and not formatted out of chat speak) i'm really tired and have been giving perspective all day.
Live coin may have gone down in communication with bcc management. And I was in chat on nova when their team decided to suspend bcc transfers until they knew more of what was happening. It was very organic and nova team seemed concerned that a hack had happened and didn't want to aid it.
Doge coin makes me happy:
DGPRtaarSvfQgCmELekCMjDcmGXVAzTWhh
I'm going to beeeed.
p.s. my official stance is my own, and take your own risks.
I think bcc is genuine and has a very transparent model which confuses people into thinking it is a ponzi just because they can see the tech, the long term goals and see how it is short term profitable.
Every company on a stock exchange is there to raise public capital and to reward people for supporting them with shares... bcc is as much a ponzi as any company on the stock exchange.
They are at just as much risk of shorting pressure also it seems.
But the thing is... your loans come out in dollars.. so no matter the bcc price... you still get your return.. to btc out if need be.
The issue is with providing security to stakers... which if staking is going to happen.. bitconnect needs to not be a speculative coin at risk of external whales.
BCC seem to have said they will be back in two days, probably after stability returns for their services to resume safely.
p.s I have no clue... i'm just going by my enthusiasm for deductive reasoning... glhf.
dogecoin is lyf -- socks for the homeless +1
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