So I'm confirming what I've suspected for a while. Someone is intentionally price manipulating OMC downward. They just put OMC up at very low prices at AllCrypt to purposely lower it's value. There is no other reason to post OMC well below market value other than to push the price down.
Sadly, I just lost $200 to confirm this but now I know it's true.
Unfortunately not a lot I can do about it except confirm that it's happening. We don't have enough regular activity there to float the price higher.
So when people moan and groan about the price you can point them to this thread.
My guess it would take a thousand dollars or more to buy out the clown doing this. It could be the guy who stole all those OMC but could also be a troll or two that is just a hater.
Eventually once this clown runs out of OMC and the market for OMC demand increases the price will rise and no one will be able to easily manipulate it with a few sell orders.
Oh well...
Sorry about this hopefully the clown runs out of omc sooner then later.
Is this related to the two kids who stole 190k OMC Omni?
I've been watching the market closely and just noticed your 200$ spend! Hopefully this idiot gives up soon
We were just discussing this recent buy on Skype actually. I think it's honestly just people competing with each other as the hacked OMC was dumped early on. There was a day when there was over 80k trade volume when the wallets were rumoured to have had an exploit which most of us assumed was the selling. It's possible they could still have some left but I think they would have tried to get out early on rather than holding the OMC to intentionally sabotage. To me that ~OMC~ guy seemed like somebody who wanted a quick buck as opposed to trying to sabotage something.
Edit: I actually watched the sell prices out bid eachother. It seems as though people are fighting for the lowest sell price as opposed to being patient.
Price was .00002450. Why would someone create a sell order immediately afterwards for 1500, 1300,1100. There is no logical reason other than to devalue OMC and push price down.
Those sell orders were added within minutes of me making the buy orders.
Only a dumb ass would price something 60% below market value.
Why is people taling about this "clown" selling omc, and waiting on this "clown to run out of omc".
This person is buying OMC and have pulled the price on allcrypt from 0.0000 0700 to 0.0000 1800
If there is someone trying to devalue the market, waiting for him to run out of BTC won't work. He will simply wait for the market to rise again and sell all his OMC and will actually profit. Then he simply has to rinse and repeat. He can devalue OMC and gain a profit at the same time. It's actually an interesting method.
Jun 24, 2014 09:47 AM
(This post was last modified: Jun 24, 2014 09:47 AM by Phobix.)
(Jun 24, 2014 09:38 AM)Omniscient Wrote: Price was .00002450. Why would someone create a sell order immediately afterwards for 1500, 1300,1100. There is no logical reason other than to devalue OMC and push price down.
Those sell orders were added within minutes of me making the buy orders.
Only a dumb ass would price something 60% below market value.
Would this realistically harm the OMC economy though? Everybody gets the coin for pennies on the dollar, and eventually when this guy runs out, the price won't be challenged artificially anymore.
It'll be crazy low, but stable, and slowly go back up over time, I'd imagine.
I'm not the most knowledgeable with cryto currency however so this is just an assumption.
(Jun 24, 2014 09:38 AM)Omniscient Wrote: Price was .00002450. Why would someone create a sell order immediately afterwards for 1500, 1300,1100. There is no logical reason other than to devalue OMC and push price down.
Those sell orders were added within minutes of me making the buy orders.
Only a dumb ass would price something 60% below market value.
Yes I watched it start at 2000 and then a secondary order of 1800. They then proceeded to try to outbid eachother which happens often on exchanges. It went 2000, 1800, 1700, 1600, etc attempting to be the lowest sell offer. It could stand to reason that somebody believed the price would soon go back to what it was at (around 800) so they would sell it for well below the market value hoping to sell it before others put lower sell offers. Truthfully I believe it could have been somebody I was in a chat with as I saw it happening in real time and discussed it in two different Skype chats.
Jun 24, 2014 10:10 AM
(This post was last modified: Jun 24, 2014 10:10 AM by Omniscient.)
(Jun 24, 2014 09:43 AM)Abraham Lincoln Wrote: If there is someone trying to devalue the market, waiting for him to run out of BTC won't work. He will simply wait for the market to rise again and sell all his OMC and will actually profit. Then he simply has to rinse and repeat. He can devalue OMC and gain a profit at the same time. It's actually an interesting method.
Technically I stand the most to gain. The lower the value of OMC now the larger my own wallet becomes. I personally don't see how this other person is profiting because mining OMC means you don't make a lot (if any) money at the prices he's selling and if these are stolen OMC he's also better off selling slow and making more money at higher prices.
Also it's ridiculous that those 3 lowball sell offers happened within minutes after my buy orders were placed. So someone is watching it and intentionally pushing price down. There is no logic for that.
EDIT: Again they just set a sell order at .00001. That's almost half what the nearest sell order was.
Quote:Would this realistically harm the OMC economy though?
Well when you see a downward trend on OMC you may decide to pass up mining it or purchasing it. So it does hurt. Less buyers means it continues to trend downward. Less miners means it's easier to binge mine at low difficulty to gain lots of OMC easy and quick.
(Jun 24, 2014 10:14 AM)Omniscient Wrote: Well when you see a downward trend on OMC you may decide to pass up mining it or purchasing it. So it does hurt. Less buyers means it continues to trend downward. Less miners means it's easier to binge mine at low difficulty to gain lots of OMC easy and quick.
Ah. Kinda like panic selling your shares/BTC when you see the price drop.
Snowball effects until the coin isn't seen as stable and is dropped from circulation. Sigh.
I still have the skype of the user who stole the OMC's.
Could be him, nobody else would ever do that.
It's just a waste of money.
hi there.
Please tell me, What's the real OMC price? On hackforums.net I mean
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