In my previous trading-related post I mentioned how I expected the price of MAID to recover for a while before it resumes its inevitable decline to zero.
The rebound was mild yesterday, but much stronger today (over 20% up at the moment). Unfortunately I missed the peak, but I got a screenshot of the current status.
To better appreciate what just happened, take a look at Buy Orders.
628 BTC is about twice as much vs. couple of days ago when it ranged between 350 and 400 BTC.
During today’s 30 minute price spike over 500 BTC worth of MAID changed hands and after that there’s still 166 BTC of buy orders above 9000 satoshi.
What is happening?
Unlike that self-professed trading expert from the MaidSafe community forum (who yesterday said he shorted MAID at 8000 satoshi – just before this 25% jump), we don’t know.
- Encouraged by yesterday’s development update, one or several large MAID bagholders staged an attack on MAID shorts by withdrawing funds from lending and going long MAID.
- A professional trader is screwing around with MAID, maybe going long on margin.
- (Less likely) MaidSafe Inc going crazy with BTC they made selling the 900K counterfeit MAID. This could be a part of some crazy plan to punish the shorts after the good news. We hope they aren’t gambling with investors’ money, but who knows.
In our opinion the latest development update is insignificant. Yeah, yeah, the code now works more efficiently. So what? Safecoin still can’t work and the project is destined to fail due to all the reasons I described in previous posts.
Whoever came up with the idea to go long this way is a fool. Those inclined to short MAID can start building their short positions now. The coin is useless now (except for trading) and it will remain useless in the future.
The Last Pimping
Apparently I missed the pimping-pumping announcement:
It is our pleasure to announce that one of China’s largest asset exchanges, Yuanbao, will soon support the trading of MaidSafeCoin in China. This agreement follows on from MaidSafe developer, Qi Ma, recently introducing MaidSafeCoin and the SAFE Network to Yuanbao’s customers at a recent roadshow in Bejing.
New victims have been found – unsuspecting Chinese “investors” will be supplied (large) part of the 24 million counterfeit MAID coins. The issue of just where to dump millions of MAID coins may be addressed.
Clearly this is the big thing the MaidSafe schemers have been working on. Personally, we think this is deplorable but some disagree. A “trusted” MaidSafe community optimist who goes by the nick of happybeing said that this Pump and Dump is exactly what was needed: the Chinese want in, and MaidSafe needs money.
I wish they told us how much discount Yuanbao can expect for their participating in this strategic dump. We hope to find out more on how this Pump and Dump operation was arranged and remain puzzled that organized overseas coin dumping can be done this way.
Since 2 hours ago (when we wrote this post) MAID on Poloniex has dropped to 9189 satoshis, which means anyone who started shorting MAID when our post was published is now up 3-4% (or more as shorts are naturally levered up). And the total bids have dropped to 547 BTC as the number of fools has been pruned by opportunistic sellers (possibly including MaidSafe Inc.) and short sellers.