Agreed on all points (to a degree . . . slow nominal selling would probably go pretty much undetected . . . but as you say, with such limited liquidity, it would have to be very slow and very small indeed), except the real ramifications of the last: those founders have it perfectly within their means to sell as much of their holdings as they like (correct me if I'm wrong on that - I thought those figures were circulating supply figures, not total theoretical supply); technically, it's on the books and there are buyers and sellers, albeit very few - again, you'd have to stealth sell into that kind of market . . . but someone has been selling, for months now. Perhaps I'm missing something though, which could always be the case and it wouldn't be the first time either (that's one of the reasons why I blog here, to get feedback and confirmation, or find out I've missed something important or misunderstood something).