As expected, a large seller (we wonder who?) celebrated the beginning of MAID trading on Yuanbao to rebalance their portfolio (cough, cough).
Within a single 30 minute interval over 500 BTC worth of MAID was dumped onto the optimistic MAID muppets, instantly smashing the price of MAID by over 20%.
Expect this type of selling on good news to continue. This is the only way MaidSafe can survive. Pump and dump.
Buy walls – WTF?
MAID being utterly useless, the presence of over 500 BTC worth of buy orders is very suspicious: less than four weeks ago the price was higher and the amount of buy orders was 20-30% lower. In the meantime it’s become clear that Safecoin won’t come out anytime soon and that MaidSafe will most likely dump 20 or so million MAID. How to explain that?
Part of it is the China-related hype. But what about the rest?
At this time we wouldn’t bet on this, but we are beginning to suspect that MaidSafe are behind one of those MAID buy walls – probably the first one, in the 11550-11370 range – the idea being that a small part of MaidSafe’s Poloniex-parked BTC serves as confidence booster for traders and a shock absorber that can stabilize the price.
Pump & dump as far as eye can see
MaidSafe management stated they won’t disclose in advance any details about their trading activities. Actually they said selling, not trading, but since they’ve made that choice why should we assume they’re only going to sell and not buy (or create buy orders)?
Their primary goal is not to “protect the investors”, but to raise the maximum amount of BTC by selling the counterfeit MAID. Without that goal the project is at risk of never being completed. Any and all other goals have lesser priority.
A muppet from the MaidSafe community forum asked MaidSafe about their arrangements with Yuanbao (which we wondered about a while ago) and we watch that topic to see whether that too is a secret.
It is their right to operate in secrecy. It is our right to speculate what they may be up to.
If MaidSafe was indeeed the big seller on the 24th, they can now survive until October or so. With that in mind, we expect these large pump-and-dump activities to occur on a monthly or quarterly basis.
By September/October – if they make any progress with Safecoin development – it should become clear to all that Safecoin is not going to work anytime soon. The more they dump now the better for them, especially considering the high exchange rate of bitcoin (and the low exchange rate of the pound).