I do what I can to help keep the price stable and keep GLD active on Cryptsy. Right now I am buying and selling other coins for BTC and when I build up my BTC I buy LTC and then invest it in GLD. I've found you can bring the price up, but then it will fall right back. You can keep it up to say the 0.00018 range for a few hours, then leave and go back in a couple of hours and the price will be 0.00016 or 0.00015 range, sometimes less. All I can think of is some miners are just selling GLD at almost any price to get LTC. I understand why, LTC will be on Gox and the value will go up. But if they can get 0.00018+- range you'd think they'd try and keep it there.
But then again we don't have any services that people can use GLD for at this time. That is what we need, Stores, Auction site etc. give people a place they can spend it. Cryptsy said they are going to have a Merchant API, I might be able to use that at some point.
I do the same as you do, and try to hold the price up like have done to day. It has only costed me 10 LTC. Imagine what we can do if everyone in this community chips in!
The reason for the past reduction in the value of GLD has been some angry past contributors to the GLD community (Not interested in the reason for it). They have purposefully driven the price down and made other people in Cryptsy to dump their coins.
I think a lot of this is absorbed now, but they still have more. We as a community need to absorb ALL their coins. After this it will be easy to get the price to go threw the roof!
When it comes to the Cryptsy market it really does not matter much to have Stores, Auction site etc. It is only helpful to get people to have faith in the coin. We as a community already have faith in this coin, but need to combine our faith with works; namely buy GLD and buy a lot because it will make us rich if we do this!
When traders see a coin that is climbing steady they do not care about the haters or the application of the coin, only profit.
In other words, when we combine our faith with buying a lot of GLD other traders will get faith in our coin and they will work for us.
There where actually a guy who bought a lot of ALF today, because it was on top of the list. It is really not important for a trader what the coin can be used for as long as he thinks he can get a profit. We just don't care, we only trade to earn a living.
The reason to have uses and good wallets etc. Is to make a sustainable market for the long run. It is very important, don't get me wrong. But we will have a kickoff with a low valued coin instead of a high valued coin. We need to take control of our coin in the trading market and investing our money to buy GLD in a manner that shows we believe the price of 1 GLD will be worth 4 USD and that we can buy cars and houses with it in the future.
So please don't be discouraged by wallets, lack of uses etc. It really does not matter at this point. We can have a high value coin right now, when we buy into it as a team!
For those of you that have mining rigs, don't be tempted by CoinChoose etc, because the last thing we need is a 51% attack on GLD. Keep on mining for your future wealth
PS! The reason for the current drop was the introduction of a new coin called InfiniteCoin that plummeted to 1 Satoshi and everyone started selling everything to get that. I expect the Cryptsy market to stabilize in a weeks time. You can really get GLD dirt cheap now if you are fast!
