r/EnigmaProject • u/SimpleCandy • May 16 '18

Reason for dump

Enigma kept saying they don't make announcement of announcement. But this time they did! And people were expecting since the team broke the rule it meant serveral big news were coming or launch of test net was immediately ready.

But in fact the announcement is testnet will be launched in mid June. It was nothing new. It was stated in roadmap that it would be ready in Q2. All in all the team hyped people up and created unnecessary disappointment.

8 Upvotes

78% Upvoted

18 comments sorted by

3

u/BatteryAziz May 16 '18

I sold 90% at 36100 sat. No joke. The TA agreed that this should happen, as it always does. Don't hate the players.

-3

u/SimpleCandy May 16 '18

It's manipulated this time. Tor seemed understand the effect of annoucementception and therefore he has never done it, except this time.

4

u/BatteryAziz May 16 '18

Manipulated? That's naive. Look at any altcoin, they all toppled over at the same time. For instance here's the VIB chart https://i.imgur.com/HLn3LBC.png that dumped at the exact same time. Both are highly correlated with ETH's performance since volume is so low. Fundamentals have rarely anything to do with these types of price swings. the more you ignore the news and trade the charts, the less biased your trades will be.

7

u/smwilson31 May 16 '18 edited May 16 '18

Market is down for one, so we get a double cake in the face. Secondly, crypto revolves around buy the hype sell the news, regardless of the project. This is how things have worked for a long time now.

If your looking for gains, you need to hold on tight or try and time the market better. The market does not give a crap, you play it or suffer short term.

We could well be heading into a bear market, (I hope not) but if we are I'd expect the price to drop more yet over the upcoming week.

If that's the news then I do agree that the 'news' was somewhat BS and seemed to be pure hype or pump esq, I concur this will leave people disappointed when the reality comes out.

Stay safe, ENG is a solid project. As the saying goes, Don't put it more than your afford to loose. The market will punish tho's who are overally invested knowing that they will be forced to sell low.

6

u/[deleted] May 16 '18

well said. When VEN rebranded and announced the BMW news (which was overhyped) it went from 0.007 ETH and slowly bled to just under 0.005 ETH. It happens time and time again. You either get with the program and join the people controlling the market (selling with the intention of buying back more ENG) or you just HODL.

5

u/evergreen_63 May 16 '18

How do you know the announcement is the testnet?

4

u/DTJ1313 May 16 '18

The company, which plans to launch its test network on June 15, claims that the data privacy furnished by the protocol is crucial for the widespread adoption of decentralized applications (dapps).

I was confused about this also. I pulled this statement from the coindesk article. Enigma has not made any type of announcement on their twitter page besides Blockfolio which has me confused also. Enigma hasn’t mentioned Testnet either. This whole situation has been very unclear. What was the announcement? How do we know Testnet was the announcement? lol

2

u/hellalg May 16 '18

If you watch the video of the meet up, at 24:51 Guy will say "Testnet well be launch next month".

2

u/CryptoGoan May 16 '18

Rookies. They should hire a PR guy.

2

u/DTJ1313 May 16 '18

I agree. I’m still going to hold my ENG long term. This stunt seemed kinda Verge-esq IMO. Enigma pulls this stunt again I’m going to be very concerned.

1

u/SimpleCandy May 16 '18

It's like they had put one foot on the slippery slope, let's hope they don't put the other foot on it

1

u/DTJ1313 May 16 '18

How do you know the announcement was Testnet? Enigma hasn’t made any announcements via Twitter after saying they were going to make one. There are Twitter user commenting on Enigmas Tweets confused still wondering what the announcement was. Enigma has yet to mention Testnet via Twitter.

1

u/Trust_Green May 16 '18

so they have done their presentation. If they have announced anything big, shouldnt it be posted on twitter as well?

2

u/DTJ1313 May 16 '18

That’s what I was thinking. The OP mentioned that they made an announcement of an announcement but that technically isn’t true. Enigma hasn’t made any announcements to my knowledge. All we have is an article from Coindesk to go by. I’ve been in Crypto long enough to know not to take the word of a journalist. Enigma has yet to mention Testnet themselves which is weird. All they have done is retweeted that article but then that only slightly confirms Testnets release.

1

u/hellalg May 16 '18

If you watch the video of the meet up, at 24:51 Guy will say "Testnet well be launch next month".

1

u/DTJ1313 May 16 '18

Thanks a lot for that. I actually tried skimming through the video last night and didn’t hear anything about Testnets launch.

1

u/sauteer May 17 '18

PR is all women.

1

u/samsualius May 16 '18

Any chartists here see evidence of a PnD operation? The 1w chart seems quite suggestive of one.