100 BTC worth of MAID dumped, price crashes 15%

Less than 12 hours since my post on MAID pricing action so far this month and the coin is close to 0.00007 (day’s low on 5-min bar chart: 0.00008009).

Hours ago one or more traders (maybe MaidSafe the company!) has started aggressive dumping of MAID and over 100 BTC worth was sold in a hurry.

Of course something like this cannot happen without heavily impacting the price, but the seller either didn’t care or was in a hurry (didn’t think the demand could recover before other potential sellers get a hint).

dump-june-12

This is exactly what should be happening!

  • There is no rational reason to wait and not dump one’s MAID for BTC.
  • Now we’re just 159 BTC away from the magic level of 0.0000660 BTC for 1 MAID from which MAID won’t recover for months, if ever
  • 20 million counterfeit MAID coins are worth only $960K at the current price level (but less than 1 BTC worth of MAID can be sold at the current price level without further crashing the price)

Unless they found greater fools willing to sink few thousand BTC into this worthless token, MaidSafe’s plan is predestined to fail only 12 days after its announcement.

So much for expert prognostications on how 20 million MAID can be gradually sold into the market without impacting the price of MAID. Those MaidSafe community members whose buy orders were filled hours ago must be very happy now!

As they used to say at the time of MaidSafe crowdsale: “The magic is still live[sic]!” For how much longer?

Notes

Crowdsale participants received 17,000 MaidSafeCoins per BTC, with early bird discounts:

  • First Week Incentive:   40% bonus
  • Second Week Incentive:   30% bonus
  • Third Week Incentive:   20% bonus
  • Fourth Week Incentive:   10% bonus

Source: https://bitcointalk.org/index.php?topic=579797.0

Separately, some MAID were sold for MSC so there’s no single crowdsale price.

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