beercoastertycoon
Newbie
- Jun 8, 2019
- 10
- 2
So I have a theory about the token called Upfiring (UFR). It's current price on bitfinex is $0.05. For context: Upfiring is pretty unknown right now. It is a token used to pay seeders for torrent files. It gives an incentive for the files to be seeded by many users.
The reasons I believe there will be a price increase:
A long and painful wait (medium importance):
About a year ago, the Upfiring developers identified a bug in their latest version which meant there were issues when either large files were being seeded, or a large number of files were being seeded by the same user. On investigation, it was found that it was quite a tricky bug, and it has taken longer to fix than expected. During this time, communication has been low, and the price has drifted downwards as people have become bored of waiting. Other items on the roadmap - marketing and community growth - had been paused while this was being fixed.
The development team have announced last night that the new version (which fixes the above problem) will launch on March 2nd. Marketing and community growth will be start again after the launch.
Small circulating supply (low importance):
The circulating supply is small compared to most cryptocurrencies. Price changes have a smaller impact on the overall value compared to projects with larger circulating supplies.
For example:
Upfiring: A price increase of $1 would add $21,600,000 to the market cap (overall value).
Ripple: A price increase of $1 would add $43,698,224,662 to the market cap (overall value).
BitTorrent (main competitor): A price increase of $1 would add $212,116,500,000 to the market cap (overall value).
There are no/very few sellers (high importance):
People wanting to sell their Upfiring tokens have lost access to their tokens, due to a number of exchange closures and hacks.
The main exchange to trade Upfiring was Cryptopia. As many will know, this was hacked. 800,000 Upfiring were stolen. Apparently 2,000,000 to 2,500,000 Upfiring tokens are still held by Cryptopia, these are locked until the court case is over (which wont be for a few years). This removed a lot of the existing selling pressure, at different price levels.
After Cryptopia shut down, the main exchange was Coss.io, the people wanting to sell sent their Upfiring tokens to there from wherever they were storing them. At one point there was two 300,000 token sell walls on Coss. Coss closed 3-4 weeks ago, and it looks to be closed for longer. It's speculated online that the funds have been lost somehow, and it wont be re-opening.
Why is this important: It has removed huge amounts of active Upfiring token sellers (2,500,000+ tokens). There are fewer sellers about. The price can increase quickly with small amounts of interest.
For example, if someone buys just 15,000 Upfiring tokens on Bitfinex, the price would increase to $0.75 (from $0.05) currently.
---
So that's my theory about why the price is going to rise and the reasons for it.
Feel free to add comments etc, I would be interested in people's opinions.
Edit: As with any token, if you're interested, do your own research
The reasons I believe there will be a price increase:
A long and painful wait (medium importance):
About a year ago, the Upfiring developers identified a bug in their latest version which meant there were issues when either large files were being seeded, or a large number of files were being seeded by the same user. On investigation, it was found that it was quite a tricky bug, and it has taken longer to fix than expected. During this time, communication has been low, and the price has drifted downwards as people have become bored of waiting. Other items on the roadmap - marketing and community growth - had been paused while this was being fixed.
The development team have announced last night that the new version (which fixes the above problem) will launch on March 2nd. Marketing and community growth will be start again after the launch.
Small circulating supply (low importance):
The circulating supply is small compared to most cryptocurrencies. Price changes have a smaller impact on the overall value compared to projects with larger circulating supplies.
For example:
Upfiring: A price increase of $1 would add $21,600,000 to the market cap (overall value).
Ripple: A price increase of $1 would add $43,698,224,662 to the market cap (overall value).
BitTorrent (main competitor): A price increase of $1 would add $212,116,500,000 to the market cap (overall value).
There are no/very few sellers (high importance):
People wanting to sell their Upfiring tokens have lost access to their tokens, due to a number of exchange closures and hacks.
The main exchange to trade Upfiring was Cryptopia. As many will know, this was hacked. 800,000 Upfiring were stolen. Apparently 2,000,000 to 2,500,000 Upfiring tokens are still held by Cryptopia, these are locked until the court case is over (which wont be for a few years). This removed a lot of the existing selling pressure, at different price levels.
After Cryptopia shut down, the main exchange was Coss.io, the people wanting to sell sent their Upfiring tokens to there from wherever they were storing them. At one point there was two 300,000 token sell walls on Coss. Coss closed 3-4 weeks ago, and it looks to be closed for longer. It's speculated online that the funds have been lost somehow, and it wont be re-opening.
Why is this important: It has removed huge amounts of active Upfiring token sellers (2,500,000+ tokens). There are fewer sellers about. The price can increase quickly with small amounts of interest.
For example, if someone buys just 15,000 Upfiring tokens on Bitfinex, the price would increase to $0.75 (from $0.05) currently.
---
So that's my theory about why the price is going to rise and the reasons for it.
Feel free to add comments etc, I would be interested in people's opinions.
Edit: As with any token, if you're interested, do your own research
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