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How is the price not crashing? It's down 10%, which is pretty much like the rest of the market.

21 8y ago
Because shitcoin prices have no relation to any sort of reality. Some shitcoins are traded on exchanges even if no actual coin or code existed.
- guiomie 8y ago
  They would exist as ERC20 tokens I believe...?
  - fiatjaf 8y ago
    EOS has begin trading without any of that. Now it's a ERC20 token, I guess, but still there is no code, no network, no nothing -- and in fact their creators have declared they won't be starting the network or whatever, they're just selling "the idea". The tokens themselves have no value at all, they only _hope_ that whenever someone starts the network they will give some privileges to the current token holders.
    - glitch003 8y ago
      >but still there is no code, no network, no nothing EOS mainnet launch is June 2nd, 9 days away. There's lots of code: https://github.com/EOSIO/eos https://github.com/EOSIO/eos Check this cool demo out: https://eosauthority.com/space/ https://eosauthority.com/space/
      - fiatjaf 8y ago
        Ok, many things may have changed, my latest information was from about an year ago, when there were people buying the token already.
CamelCaseName 8y ago
My understanding from a cursory read is that this happened a week ago, so perhaps the dump has already been priced in.
- IkmoIkmo 8y ago
  Well for one, the price is down by 10% from last week. Whatever was priced in from those 'in the know' a week ago wasn't that big of a deal. Secondly, the theoretical expectation was always that the value should go to 0. i.e., if parties can steal money whenever they want then the system is worthless. Obviously there are parties who together form 100% of the mining power, same with 51% of the mining power. They need only come together and decide in order to steal. The only thing preventing this was a bit of game theory about how their coins and mining equipment would become worthless the moment they do this. The fact that hasn't at all happened means they profited hard. And it means virtually any coin that has a set of investors with similar levels of disinterest is susceptible to these attacks. My prediction is this: the first attack has little influence, even on bitcoin. It'll be cast aside as some mysterious accident, the theft won't be large and it'll be seen as insignificant, people will remain hopeful. When these attacks happen with some frequency, like once a month and at a large scale, then we'll see trust completely plummet and prices with it.
Nasrudith 8y ago
I can see two explanations. One being the irrationality driving the amount of demand for it being unchanged by mere facts until reality gets in their face in some way like a recession forcing enough to withdraw. The second and more disturbing possibility being it is still good for money laundering cycles even if the actual suckers have cashed out. If money launders say maintain storefronts that give out digital goods of some sort the costs to themselves are minimal so they don't particularly care if someone gets a few megs downloaded for now invalid bitcoin.

21 8y ago

Because shitcoin prices have no relation to any sort of reality. Some shitcoins are traded on exchanges even if no actual coin or code existed.

guiomie 8y ago
They would exist as ERC20 tokens I believe...?
- fiatjaf 8y ago
  EOS has begin trading without any of that. Now it's a ERC20 token, I guess, but still there is no code, no network, no nothing -- and in fact their creators have declared they won't be starting the network or whatever, they're just selling "the idea". The tokens themselves have no value at all, they only _hope_ that whenever someone starts the network they will give some privileges to the current token holders.
  - glitch003 8y ago
    >but still there is no code, no network, no nothing EOS mainnet launch is June 2nd, 9 days away. There's lots of code: https://github.com/EOSIO/eos https://github.com/EOSIO/eos Check this cool demo out: https://eosauthority.com/space/ https://eosauthority.com/space/
    - fiatjaf 8y ago
      Ok, many things may have changed, my latest information was from about an year ago, when there were people buying the token already.

CamelCaseName 8y ago

My understanding from a cursory read is that this happened a week ago, so perhaps the dump has already been priced in.

IkmoIkmo 8y ago
Well for one, the price is down by 10% from last week. Whatever was priced in from those 'in the know' a week ago wasn't that big of a deal. Secondly, the theoretical expectation was always that the value should go to 0. i.e., if parties can steal money whenever they want then the system is worthless. Obviously there are parties who together form 100% of the mining power, same with 51% of the mining power. They need only come together and decide in order to steal. The only thing preventing this was a bit of game theory about how their coins and mining equipment would become worthless the moment they do this. The fact that hasn't at all happened means they profited hard. And it means virtually any coin that has a set of investors with similar levels of disinterest is susceptible to these attacks. My prediction is this: the first attack has little influence, even on bitcoin. It'll be cast aside as some mysterious accident, the theft won't be large and it'll be seen as insignificant, people will remain hopeful. When these attacks happen with some frequency, like once a month and at a large scale, then we'll see trust completely plummet and prices with it.

Nasrudith 8y ago

I can see two explanations. One being the irrationality driving the amount of demand for it being unchanged by mere facts until reality gets in their face in some way like a recession forcing enough to withdraw. The second and more disturbing possibility being it is still good for money laundering cycles even if the actual suckers have cashed out. If money launders say maintain storefronts that give out digital goods of some sort the costs to themselves are minimal so they don't particularly care if someone gets a few megs downloaded for now invalid bitcoin.