I was reading an article by Nassim Taleb which said this:
why a price can drop by ten percent because of a single seller. All you need is a stubborn seller. Markets react in a way that is disproportional to the impetus. The overall stock markets represent currently more than thirty trillions dollars but a single order in 2008, only fifty billion, that is less than two tenth of a percent of the total, caused them to drop by close to ten percent, causing losses of around three trillion.
Most of the time when the Blurt price drops, it's because of a single seller crashing through buy walls which are tiny.
Here is a screenshot of the walls currently on Ionomy:
At the moment, 1 BLURT = $0.00271072. So $1's worth of Blurt is 368 Blurt.
Now look at the bids in the screenshot above. At 14 satoshis, the buy wall is only worth $16.79. At 13 satoshis the buy wall is worth $52.
Someone urgently selling $60 worth to pay a bill, will crash the price down to 13 sats, very nearly 12 sats.
But what if the community was willing to defend the coin?
Suppose 2,000 of us were willing to each place a buy order of 368 Blurt ($1) at 12 satoshis? We'd each only be risking a dollar, but the wall would be $2,000 (736,000 Blurt). A single seller wouldn't be able to tank the price.
When things have calmed down, we could move the wall upwards, to support the price at a higher level.
We'd need to do this across Ionomy, Pro-Bit and Hive-Engine, but I think the community is big enough to build substantial walls across all three, even if each member was staking just a dollar.
What do people think of my idea?