Belacoin (BELA) is a crypto-currency token that considerably interests me just now because it currently has real-world application in the form of a chess game - Bellachess - which is available to download from the Google Play Appstore, and pays out BELA when you win a game.
The development team also have the intention to integrate the currency into any number of future projects, the most important to-date is the (still under development) photo sharing App - BelaCam. Which will pay users when people Like their photo uploads.
You can read more about both projects here - http://www.belacoin.org/
It doesn't take much imagination to see how profoundly important and potentially profitable the BelaCam application in particular could be for investors/holders of Belacoin when we look at the user base of popular applications such as Instagram and SnapChat, and exactly how much they are valued at. Alongside these platforms, Facebook and Twitter are also still heavily image-sharing based. What separates BelaCam from all of these platforms is the use of blockchain technology and payment to users for sharing their content. That is the 'unique selling point', and 'killer-app' if you will which could help spur rapid adoption and thus an increase in BELA value.
BELA Price Rise
Between the 21st and 25th of February the price of BELA climbed rapidly from 0.00002688 up to 0.00006889 - a 256% increase in value, and a new all time high.
The main reason for the rise can be attributed to online posts from the development team that:
(1.) Closed Alpha testing was underway,
(2.) Screenshots of the product would be soon made available / marketing blitz,
(3.) Listing on Bittrex had been officially applied for.
So far, it looks like the price was pumped up on this hype into a bubble, which has subsequently burst. We can see by looking at the attached chart that the price is now working its way down through a (78,6%... 61.8%... 50%?...).
Support Line A
We've seen a bounce off Support Line A, not falling quite as far as 50%, and returning to the 61.8% level. We need to watch this area closely for an indication of whether the retracement will further continue downwards. We are currently seeing a tug of war at this area. This will likely be guided over the next couple of days as the hype and release of marketing material hits social media. A successful marketing campaign should help keep the price above this level. So could a slip in Bitcoin price.
Support Line B
The next significant key area we should be looking at for the possibility of a bounce is at the 50% mark. This currently looks like the most likely area that we'll see a turnaround if support at 61.8% fails, with a likely bottom of Support Line B. Firstly, we could see prices drop to this area if the marketing material doesn't live up to the hype, secondly we could witness the effects of "buy on rumour, sell on news", lastly, we could see some continued pressure from the rise in Bitcoin price.
Support Line C
There is also the possibility that factors mentioned above could put exceptionally heavy pressure on BELA. In which case a drop to find a bottom at Support Line C - which is the long-term support line remains, though currently unlikely, a possibility.
The Bela Coin Developers have made a few errors with the swap from sovereign coin to an ERC20 based coin, and they are not willing to correct their mistakes, so I am here asking for the community for help.
I, and plenty of others, all got screwed out of our Bela Coin when the Bela Coin Swapped.
I have lost all my coin to the swap, because the management thinks a few months of notifications and 60 days was a good amount of time to allow everyone to be notified and to the swap from the old coin to the new coin.
They closed the swap down on May 30 2018
The multi-coin-pool I was on told us about the swap on June 10, 2018, 10 days after it swapped.
My wallet company never notified us either, and they have lots of coins in their wallet.
Bela Developers say they sent out emails to all bela pools and wallet groups, and I understand they did that, but the mining pool and wallet company coinomi didn't seem to know about it.
I contacted the Bela Management and they denied my swap request.
I have been told by Bela Management that it would not be fair to allow me to swap my coins after the 60-day period, and I argue that it is not fair to allow me NOT to swap my old bela coin for the new ERC20 Bela coin since I and others spent time and money on hardware and electricity to mine the coin.
I see they burned 1,500,000 BELA coin that they had left over after the swap.
They should have kept the Bela Swap site open for 90-days, and closed the old Bela mine to all connections except the swap-bela site after 60-days, which would let people who find out about the switch to ERC20 still swap the coin they have.
I am asking the community to help me get my Bela Swapped to ERC20 so I do not lose my 25,000+ coins.
I also know there are others who also had the coin and did not swap it either, so it's not just me.
If we, as the community, tell the Bela Coin Developers that they should re-open the bela swap site while making sure the old bela site isn't allowing stratum connections, and or that a few months and 60-days is not long enough for people who mined Bela between 2014 and 2018 to find out about the swap and swap their old Bela, they will listen to the community and do it.
I propose that the Bela Coin Management do the following;
1) stop all connections to the old Bela Mine so no one can mine it any longer. This should have been done 1 month prior to the end of the swap at the very minimum, and if it had been done, every stratum would have failed and thus all mining pools and all miners would no longer be able to connect (only the swap Bela connection would exist) and would know there was a coin swap when they looked at the Bela Site or contacted the Bela developers.
2) Start the Bela Swap site so that people who find Bela coin in their wallets in the next year or so can swap the coin.
Thank You for Reading, and hopefully, joining this effort to get Bela Coin Management to do the right thing by me and the others who have Bela coins that haven't swapped to the new Bela ERC20 coin yet.
Our next expectations will most likely be that BELA will continue to the 50% mark. The support that will therefore be important to watch for further indication of upward or downward movement now is Support Line B.