Yesterday I posted an article about VeriCoin here.
Shortly after tweeting the link a kind stranger contacted me and informed me VRC’s drop was not caused by the attack on MintPal. Like a number of other investors I mistakenly believed VRC’s plummeting price was entirely the result of a mass panic. However, it can be partially or largely attributed to one whale and a couple manatees vomiting at the wrong time. The investor in question, who is not named in the document, spotted a double top reversal in the VRC chart. Convinced its fate was forever sealed, he not only sold his holdings, but advised others at a BTC conference to do the same. Few people have the luxury of making sure their predictions bear fruit.
In his broken English he states at the very end:
“Sorry, the coin was nicely build (sic) with devoted devs, but at the end money wins. Always!”
Earlier in the memo our mystery dumper reflects on his decision:
“Vericoin is a good coin and the idea behind an open dev team drove the price up. Also VeriBit and VeriSMS are nice features, BUT that’s it.”
That’s it? What does that even mean? What he listed is more than the overwhelming majority of altcoins provide, although it is difficult to compare as none of the others offer these same features. Several VRC fans on Facebook and Twitter have lamented the utter lack of correlation between a coin’s value and its price, but neither the innocent enthusiast nor the cold investor should only consider the short run.