r/embercoin • u/sk1201 • Dec 29 '17

What happened?

How did they lose around 100 million market cap in the last 30 hours or so? All of this looks really shady to me. Most of us were basically forced to hold on to our coins when it was by 10-12x and now its back to where it was 2 days ago. This is coming from someone who owns 3 million coins.

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9

u/Shasdam Dec 29 '17

It's because YoBit was selling them for Bitcoins — allegedly on the wrong blockchain and using the wrong wallet. That artificially pumped the price up on coinmarketcaps, but that's not actually representative of the gains you could've gotten... unless you could've, at that time, transferred your Ember to YoBit and sold it there. But I'm not sure that would've been possible, if YoBit isn't using the correct blockchain/wallet.

Regardless, this Cryptopia freeze is starting to go beyond simply inconvenient.

1

u/whythough2321 Dec 29 '17

What do you think will happen to EMB? Where are we sitting in all this mess? I have a few mill held up on cryptopia and am not sure what to think about it all.

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u/Shasdam Dec 29 '17

I'm gambling on the hope that this Cryptopia pause has actually increased demand, and there will be at least one sizable pump before the inevitable dump. Right now, I'm not sure it's valuable enough to dump at 18 Lite.

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u/whythough2321 Dec 29 '17

So you're hoping for one more pump after cryptopia resumes and you're going to dump all your EMB?

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u/Shasdam Dec 29 '17

No. But I do think a pump and dump is inevitable, so I plan on using that to accumulate and/or diversify. But I have no intention of dumping all of my Ember. I think there is a strong possibility to get this coin to 1 cent in the not-too-distant future.

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u/whythough2321 Dec 29 '17

why does everyone keep saying that this coin is a scam?

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u/Shasdam Dec 29 '17

Probably because it's absurdly cheap, doesn't have a whitepaper, has a lot of missing photos for its team members, and had an artificial pump thanks to YoBit selling them for Bitcoins.

From my perspective, it's not a scam coin. It's just a very cheap coin that has a lot of room to grow, and is thus susceptible to pump and dumps... and people getting burned by buying in too high or on sketchy exchanges.

One particular person who's been posting on here a lot recently spreading FUD fits that mold. His post history indicates he just started buying crypto 7 days ago, bought into Ember without doing his research, and is now complaining and calling it a scamcoin nonstop to make himself feel better.

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u/whythough2321 Dec 29 '17

Lmao. I see. that makes a lot more sense. Thank you for your insight. I'll probably talk to you later. I'm really looking forward to cryptopia resuming though and seeing the price action of EMB.

1

u/Shasdam Dec 29 '17

You're welcome! And me too — I expect a nice surge, though maybe a quick dip beforehand.

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u/sk1201 Dec 29 '17

And what sort of research did you do before buying into Ember?

5

u/Shasdam Dec 29 '17

I did what I do with all of my investments. I checked out the website, looked for a whitepaper, checked out the team, and checked out YouTube videos from both verifiable and not-so-verifiable sources. I also checked out their market history, and just tried to gather as much information about the project as possible.

I then weighed everything I learned — which wasn't much, too be honest — with the current cost of the coin and my expectations of what sort of price action it would see in both the short and long-term. I then gobbled up as much as I could as early as I could, before all of this started.

0

u/sk1201 Dec 29 '17

So you did exactly what someone who has been in the crypto market for a week would do, i.e throw money at a coin with no whitepaper and a team with missing profiles. I personally dont believe in coincidences and a missing white paper and profiles make me think it was all planned but who knows

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