$100 Billion in Crytocurrency Vanishes

FrgMstr

FrgMstr

Just Plain Mean
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South Korea is causing some big ugly waves in the world of cryptocurrency that is impacting Bitcoin, Etherrum, and XRP. Coinmarketcap.com yesterday removed price quote data from more than a few cryptos that caused a big negative movement. The story is over at WSJ (possible paywall).


In mid-Monday trading, XRP had fallen 26% over the past 24 hours, Bitcoin Cash was down 18%, and litecoin was down 12%. Of the top 40 cryptocurrencies, 31 were down, including bitcoin and Ethereum. A representative of the website confirmed the moves in an email to The Wall Street Journal, citing “extreme price discrepancy” among South Korean exchanges. The company added in a tweet Monday afternoon that it “excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity.”
 
jwcalla said:
This kind of insane volatility seems normal for cryptocurrencies.
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The volatility is the best part. It's where all the profit is made with a proper buy/sell/hold strategy, and applying techniques like trailing stop losses to essentially nullify loss and risk.

There's a metagame to crypto and it's really not hard to pick up.
 
The full story is like this: Coinmarketcap decides, without announcing in advance, to remove all Korean exchanges from price calculations; Korean exchanges had higher than average prices for various reasons(some don't have trading fees); this causes Coinmarketcap to show all cryptos in the red; panic ensues, a few people sell thinking the sky is falling; people realise what happened, prices go right back up. And now there's more than a few that are angry and accusing CMC of market manipulation
 
It is an unregulated market. Neener! Neener! :)

At least that is what I think, as reading about it makes my head hurt. So I formulate opinions and spew forth like I have no clue, because I don't. There ya go.
 
I want to see the same story when the DJIA plummets, erasing billions of "actual" money.

DPI said:
The volatility is the best part. It's where all the profit is made with a proper buy/sell/hold strategy, and applying techniques like trailing stop losses to essentially nullify loss and risk.

There's a metagame to crypto and it's really not hard to pick up.
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Sooo, just like any currency? Currency trading is the metagame.
 
BSmith said:
It is an unregulated market. Neener! Neener! :)

At least that is what I think, as reading about it makes my head hurt. So I formulate opinions and spew forth like I have no clue, because I don't. There ya go.
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It is a market that has not found it's purpose yet :D
 
Now I wished HardOCP had some public Cryptocurrency addresses listed for donations -> Kyle would probably be a mega millionaire by now.
 
This is to be expected since the value of these "currencies" is completely speculative. Enter at you own risk.
 
buzzbomb said:
I want to see the same story when the DJIA plummets, erasing billions of "actual" money.
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The difference is that the companies that make up the DJIA make real, tangible products to sell that generate real profits and real revenues. Bitcoin is going up because some dude heard from some other dude on Twitter that "it's totally the future, man".
 
DPI said:
The volatility is the best part. It's where all the profit is made with a proper buy/sell/hold strategy, and applying techniques like trailing stop losses to essentially nullify loss and risk.

There's a metagame to crypto and it's really not hard to pick up.
Click to expand...
If you are able to foresee the next breach then let us all know. The dips in crypto isn't the same as equity markets or fiat currency - a bank gets robbed, but value of a dollar doesn't plummet.
 
S1B said:
The full story is like this: Coinmarketcap decides, without announcing in advance, to remove all Korean exchanges from price calculations; Korean exchanges had higher than average prices for various reasons(some don't have trading fees); this causes Coinmarketcap to show all cryptos in the red; panic ensues, a few people sell thinking the sky is falling; people realise what happened, prices go right back up. And now there's more than a few that are angry and accusing CMC of market manipulation
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Weak hands. Never, ever panic sell. I'm glad I have the ability to watch the prices on these coins fluctuate and just laugh at it. Went into crypto with the idea that I just threw away the cash I invested. It's like it doesn't even exist to me now, until the day comes where I cash out :) already up like 600% in 2 months.
 
I timed this well. Flipped some DOGE/LTC, profited $1,800 and ended up with ~1 more LTC and the same amount of DOGE that I started with. Wish I would have gone a lot bigger and made like $30K.


Your sell for $1,8XX.XX USD of LTC has started.
Subtotal $1,8XX.XX
Fee $2X.XX
Total $1,8XX.XX

X's added for obvious reasons.
 
Nukester said:
Good, wish it would just go away. not going to upgrade my video card at these prices.
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My 1070 today costs $5 less then it did over a year ago when I bought it.

I am damned happy with my purchase, how often does a component maintain that kind of value. I should ebay the damned card and upgrade now.
 
fightingfi said:
how do you lose it ? its NOT real Money..............
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You lose it by not selling it when it's high.

Bitcoin = real cash.

You're car isn't real money is it? No, it's not. But if you went to sell it, the person buying it puts cash into your hand. Same thing with bitcoin.

So yes, it's very very real money.
 
when did * fake not real electronic currency become real? is gold or silver behind it to back it up? Our Country \ Govt has NO money thats why were bankrupt and in the BIGGEST Depression this country has ever seen. Fort Knox needs to audited and they wont do that either...............
 
SixFootDuo said:
You lose it by not selling it when it's high.

Bitcoin = real cash.

You're car isn't real money is it? No, it's not. But if you went to sell it, the person buying it puts cash into your hand. Same thing with bitcoin.

So yes, it's very very real money.
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Ok Can i borrow 100 bitcoin from you sir ?
 
fightingfi said:
when did * fake not real electronic currency become real? is gold or silver behind it to back it up? Our Country \ Govt has NO money thats why were bankrupt and in the BIGGEST Depression this country has ever seen. Fort Knox needs to audited and they wont do that either...............
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Wrong.
 
fightingfi said:
when did * fake not real electronic currency become real? is gold or silver behind it to back it up? Our Country \ Govt has NO money thats why were bankrupt and in the BIGGEST Depression this country has ever seen. Fort Knox needs to audited and they wont do that either...............
Click to expand...

its empty man.
 
I think you guys should seriously consider stopping posting crypto currency news. Many people are too stupid in here to get it (you people do realise events like this happen all the time with any currency/stock/commodity). Whenever you post about a fluctuation or event that affects anything, there's immediately a bunch of "hur hur hur gud now I can get my new gpu at a sensible price, def 2 crypto" responses, followed by another bunch of people who don't really seem to "get it". The first one is too stupid to understand crypto and the second one seems to typically not want to. The ridiculous thing is if any of these people would pull their heads out of their partisan arses they might be able to at least understand what's happening from your articles. But I don't think they ever will.

Either way, I don't think you're educating or informing anybody with them.
 
After reading the OP, I immediately went to Newegg to watch for the video card price drops...to no avail. Guess they'll have to grab a few more billion.
 
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