Looks like we're still locked into a downward channel after all. This of course totally invalidates what I said yesterday. Wonder how far this is going to go?
It won't stop me from mining the crap out of it. I'm currently contributing a little over 100 KH/s to the network. I see huge potential in XMR and it seems to have a dedicated group of developers behind it.
It was obviously going to correct after such an aggressive rally, but this seems a bit much to me. Can't blame this slide on rising BTC value either IMO.
Disclosure: I'm cost-averaging into XMR on a daily basis, amassing a sizable long position, and planning to hold for the long haul.
I have been predicting a Monero correction down to .01BTC for a while. With that being said there is some crazy Monero FUD floating around today that is not helping the price.
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Not that old news about the 3rd party wallet vulnerability, is it? That keeps getting passed around like it's new, and misrepresented too. Intentional, maybe? I haven't seen any negative news today, but I haven't been looking for it either. Would you mind passing a link to such FUD my way? Thanks.
I'd say you were on point with a 0.01BTC target. I still think the fundamentals behind XMR are very strong for the long-term, provided it doesn't really step on it's crank somehow. All we need is a couple of high-profile cases of deep web exchanges and/or their patrons being tracked down and prosecuted thanks to BTC blockchain tracking services for BTC to cough up it's entire share of discreet transactions to XMR.
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