Burstcoin at low lows 11/16/2016



  • Does anyone have any speculations as to why Burstcoin just keeps going lower? I thought it had a pretty good floor around 100 sat but it is currently trading down to 78 sat. Is this primarily due to the rise in bitcoin prices or are there more factors at work here? I personally have stopped selling my Burstcoin when I hit a deadline or two where as before I was cashing out to cover equipment outlays. But the price has gotten so low I don't feel like I'm getting a good value! Does anyone think this is a slow death march to 0? I don't but then again I've only been bursting for two months now or so. Thoughts?

    Benjamin



  • @mcchurchmouse Alright so first of all you shouldn't measure Burstcoin in Bitcoin when referencing a dollar amount go to this website http://coinmarketcap.com/currencies/burst/ and click the USD label as Shown:

    0_1479340616077_Untitled.png

    This is how Burstcoin should be measured, if you measure in Bitcoin it gets to complicated as Bitcoin it self fluctuates independently of the US Dollar. The next technical support is 0.000333 USD which is 50 -60 sat's. As for Burstcoin going to 0 I say no, not likely there's too much structure backing this crypto for that to happen (Unless something BIG happens).

    One of the reasons the price is dropping is partly due to supply and demand. EX. Currently on poloniex the supply (People that are selling Burst) has a collective value of 236 BTC and the demand side is 23.6 BTC (Mostly orders are under 50 sat's).
    Another one is the 24hour trade volume is grinding to a near halt lately.
    Lastly, Most cryptoCoin's are going down right now just take a look 😉
    These aren't the only things bring Burstcoin down, but it's a market right?
    Things go up, things go down, hopefully more up than down.
    Personally, I'm buying a few hundred thousand Burst while they are cheap so I can reap the rewards when we get back to normalized levels.



  • Great site, never seen it before. That will simplify things to look at Burst in terms of USD. It can be hard for later adopters like myself who were introduced to Burst while it was in the upper 90 sat region. 78 sat might as well be an all time low and frightening for people who didn't ride it up from earlier. Hopefully this thread helps more than just me as I know I can't be the only one with questions like these since the community is still growing strong as far as I can tell..



  • @mcchurchmouse Yup no worries I've been in the game since it was @ 38 Sat's and I think this coin is just starting to mature. I'm also in the works of developing some stuff for BurstCoin to make the barrier to entry less.



  • @BURSTguy said in Burstcoin at low lows 11/16/2016:

    I like the comment about checking out the BURST price to USD (it's what I do as well)...because BTC can also be very volatile.

    BUT there is currently no way to directly convert BURST into USD correct? You always have to go through BTC so that price is always relevant. I mean the BURST to USD price is essentially theoretical (can't directly cash out)...or what am I missing?

    Bingo



  • @BURSTguy @Vanquish Ok, here's where things get complex. Yes you need to convert Burstcoin to Bitcoin in order to receive cash for exchange, as Burstcoin doesn't have the structure that bitcoin has. BUT here's the important part burst and all other cryptocurrencies including Bitcoin are priced in dollars NOT Sat's, and here's why. If Bitcoin went under and everyone stopped using it, does that mean all cryptocurrencies go to 0, short answer NO.
    We compare all other cryptocurrencies to Bitcoin because it's the biggest and the most successful of them all.
    Can you imagine if we had to get all structure and investment that Bitcoin has to start a new cryptocurrency(There sure would be less of them). The next reason why we do this comparison is because Bitcoin is the medium between Altcoin's and Goverment issued Bank Notes, also Bitcoin is considered a form of internet currency according to some governments(They couldn't let Taxes slip away).
    So over all Burstcoin is priced in USD and the USD value is converted in Bitcoin Sat's Value, this is done so you know what to trade in value Burstcoin has to Bitcoin.
    There are many other reasons why this is the case but listing all of them might be a assay not a post


  • Banned

    I am not worried in the least 🙂 That's all I will say on this matter right now 🙂



  • @AdamGuerbuez hope so, got many 8 tbs externals stacking and on the way 🙂



  • At this point the price of bitcoin will just have to rise. If it drops down I don't see much attention going back into burst.



  • @AdamGuerbuez I agree



  • And...it keeps dropping. This is crazy, only a short while ago I hear whispers of 150 being a new floor after a good pump but by tomorrow it could easily be below 70. Can't wait for the pump again.



  • @AdamGuerbuez Im just buying all I can right now!



  • yes this state is real sad :| and i will need to sell around 80k burst for my asset, now i would be happy even for 80 satoshi price



  • @LithStud We need to think positive. Think of it as an opportunity to buy Burst!



  • @JackManMania dont have funds for buying 😃 i would otherwise, what i need is to sell at the moment so i can invest for the asset 🙂 buying will come in about 2 months lol



  • @LithStud Oh ok. I need to release my asset to buy HDDs for it. Shame the price is too lol to sell 😞



  • @JackManMania i know right 🙂



  • Flirting back to 80 now. Let's see this steady incline



  • I think what Burst needs to make the prices go up on polo, is easy and tangible uses, or even the promise of a real world use. Something like a big company, or a VC funded company starting to use Burst for their needs. I know that is what every crypto wants, but Burst has one thing that most do not have, the fact that it is so green.

    I see a lot of possibilities for Burst, once the adoptance gets there and Burst becomes a little more polished. Then, companies that have en environmentally friendly agenda will want to get in on it.



  • i think we are to 100 sats this week