ONECENT Daily Report - The Rush - Day 2
After a fairly quick start to the ONECENT game, the price appears to have hit a sell-wall at 16 cents.
The precise level differs every time this kind of game is played, but there is always an "end of phase one" feeling at some point.
Now we can pause to reflect on what just happened.
There are 12,676 ONECENT tokens in play at the moment with a current value of 1,156 STEEM, of which about 22 STEEM is within Steem Engine.
This gives us a current value of about 9.1 cents per token. This is already slightly higher than the expected average of about 8.5 cents.
It is, I feel, far too early for the game account @onecent to intervene, but at some point in the game it is possible for this account to offer to buy tokens at the average price and burn those bought.
In a zero-sum game, we would now see prices cascade down as people scramble to liquidate tokens. In the case of ONECENT, the value per token should increase over time. We shall see a kind of scramble for quick profits, but the terms of the game mean that there is less of a rush for some people.
It is, of course, a matter of strategy whether to wait for a higher value or to take what appears on offer.
But bear in mind that the averaging I just did for the whole game is something worth doing for an individual portfolio of tokens. Just as in dealing in shares, it is rare that there is one price point for either buying or selling.
Let's see what happens today...