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The mining pools sold but I think they saw what was going on on the stock market and thought it to be a good moment to dump before a panic starts on its own.
They prefered to incite the panic than add to it later on.
Personally I'm not afraid of seeing 9000 again. It's still a very strong level and I disagree with traders who think that losing 10 thousand would indicate a longer bearish trend. If stocks jump back up you can expect BTC to follow.
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I want to imagine the "earn" to be a kind of function that will teach people how to make money either via a skill set or via compensation for a particular service rendered. These days people to seek to earn crypto and coinmarketcap l has being two steps ahead by bringing innovative features mostly as islt has newly been considered a good investment by binance's CEO.
Why do you have to imagine? The earn feature is already on CoinMarketCap, not a feature for training on how to earn money in crypto but a feature for getting coins that are doing promotions on CoinMarketCap. Many exchanges do something similar where they award people for completing crypto courses. It's a great way to spread knmowledge and award people for taking time to learn. The more educated people are in this space the less FUD and volatility caused by FUD we'll experience. |
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so, is this news the reason for the red market?
Korean market is a big crypto investor pool.
Bithumb also is one of the big and well-known crypto exchanges.
With that amount of money, it can lead to a bad impression for mass adoption in Korea.
It's not. I don't get why so many people think that this was the reason. A Korean exchange with juat 1/4 of Binance's volume crashed the market because it was "seized" but it's still online and trading. If they are processing withdrawals and have not shut down the news is more of a FUD than a real story. Maybe they were charged with something but not shut down. Here are more legit reasons: https://cryptonews.net/en/374069/ |
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I'm not 100% sure who should be blamed here the scammers or the victims. Would you transfer your money to an account someone gave you on the phone? Hello, Sir we want you to send your money to this address. Yes we are from the bank! My name? Vladimir Vladimirovich the manager  |
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Well, there you have it, the reason why the market went down today: https://bitcoinity.org/markets/bitstamp/USDAt least this whole thing has nothing to do with major cryptos like BTC or ETH but rather a sketchy token. The drop in the btc price was probably caused by korean panic sellers shitting bricks after reading the headlines  cheap coins before we test 12k again? decent short-term profits =P I though that today's downside movement was pure volatility as usual, but turns out there's a reason for that, huh. Well, that's nice, it means that we'll recover quickly when the panic will subside, and 12k will indeed be retested soon. It's kinda strange that such small and insignificant in the long term news can still shake the market, only shows that the liquidity of Bitcoin market is still pretty low. I wouldn't call this raid "the reason". The same price action could be observed in the beginning of last month where the price went 12 thousand to 10.5 in 1h. Was there an exchange raided on that date as well? Most likely a big mine is seling once a month or some rich investor is getting rid of his investment in a slow pace so that it doesn't crash the market completely. |
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To those of you above who said it's a normal swing. Have you noticed that we had a big dump on 2 August and the price was pumping for a few days before. Now we had the price pumping for and again on 2 September there's a dump. Somebody could say there's a pattern.  |
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Anything related to currency certainly has risks, buying bitcoin with money can certainly risk losing value if the price drops, but I have other experiences in my country that there have been cases where people save their big money in a private bank then the bank goes bankrupt, Currently the fate of customers is frustrated to hear that, so actually everything is full of risk depending on how that person keeps their money, I prefer to put my money in crypto
Anything related to life has risks There are only bigger and smaller ones but you take a risk in everything you do. As long as the reward grows proportionally to the risk you're fine. The important rule to follow in life is to avoid unnecessary risk. Follow it and you'll be fine most of the time  Personally I'm heavily invested in Bitcoin. |
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The guy behind these tweets doesn't understand that in order to use electronic banking we also had to learn.
In the last 20 years we've learned how to use ATMs, how to use websites to send money, how to track our balance and invest online, how to activate and block credit cards online, how to set limits, how to track fees. It all came gradually and we find it to be easy now but it wasn't easy in the 90s!
Learning to use a wallet like Electrum takes a few minutes. It's not a big deal.
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There's a lot of sell pressure though from the traders.
Hard to say who we should thank for this move. Probably pump and dumpers who will get it below the top of 12400 and start selling. For them the goal is to get as much fiat out of the market as soon as possible so we can't rely on moves incited by those manipulators.
I'm still waiting for a legit wave of new investors.
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Of course the risk of holding money in a savings account is much smaller than holding it in Bitcoin unless you're holding dollars of Zimbabwe or any other worthless fiat money.
The problem with having a savings account is that it's not really an investment. The purpose of profit from this account is to contradict inflation. In many countries you get less than 3% a year but the inflation is at 2% so all you're getting is 1% a year. Bitcoin often appreciates 10% in a month.
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This makes me think of this bitcoin fund manager guy. https://www.youtube.com/watch?v=OcAotaGHRfoIt works like this: he's supposed to be a professional trader who will trade your coins for you. Don't ever believe that some random guy in the Internet will manage your coins for you. If you send coins to these scammers you can only blame yourself for the loss. |
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First of all I don't understand how somebody would hold 1400 BTC since 2017 and not check the balance or install updates. Even if he bought it in 2017 for 1000 dollars and forgot about it it would still be 1.5 million USD spent on Bitcoin. With hardware wallets priced at 100 dollars it's amazing that he did not protect his coins. I installed the update which immediately triggered the transfer of my entire balance to a scammers address.
From what he wrote it's obvious he had a compromised wallet file and lost it all because he was too lazy to download a legit version from the right site. |
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I'm nearing my Immortal rank any time now, but I haven't been grinding much since I'm currently busy with all the workloads and whatnot, and it's really a fun game.
Is that high? Like global elite? Anyway, the game is a potential hit for betting due to its fast-paced action and some quirky gameplay mechanics. If I were to say it, it's like Apex Legends' skills, CS:GO shooting mechanics and Overwatch movement (some of it) were refined and balanced and you have Valorant. It's one of the best in its genre right now and a lot of organizers and big leagues are converging towards the said game which means more money on viewership and more money on sponsors. Also, Riot Games is reaching to its player-base more often than anyone else in the scene right now, so it's not really that hard to see it being added on sportsbooks as an event.
Currently there are only a few pro teams that are proving themselves on the playing field, but more and more tournaments are coming so expect that bookies also have their eye on this.
It's more flashy than CS for sure. More appealing to younger audience. I find it like buildt for corner camping. There's so many camp spots and maps are built a bit like tight mazes with a lot of hallways. It's not bad overall might play some more if I had more free time. |
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But have they given a period to transfer your funds before implementing the compulsory KYC policy?
Yes, but they should still allow users to withdraw coins deposited before the announcement. What about people who deposited and forgot about their coins for a while? They could've had a death in the family, exams, wedding and honeymoon. They came back after a few months and their coins were frozen. The only way to withdraw is to do KYC but sometimes that's not enough. With bittrex I had a similar situation to this guy. If you really want to hijack coins you can ramp up requirements. https://medium.com/@herman_10687/is-bittrex-the-next-mt-gox-6887b038efb4 |
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A trader has to consider everything. You shouldn't focus on the news or technicals alone.
OP is a bit confused because news and TA are very different.
News are not predictions but rather things that can influence the price despite technicals. They can play into your TA or contradict it but whether you take them into account or not you should always base your trades on Technical and fundamental analysis adding news and the situation in economy and other markets to the mix as needed.
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They're doing something similar to Bittrex. I still have some coins there that I'm not getting back. My account is frozen because I ignored their KYC policies.
What these exchanges are doing is extortion. If someone doesn't pass KYC they should send his coins back and simply deny them service (trading). They have no right to hijack coins.
Another proof that not your keys = not your coins.
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At this point all he could do is influence the price.
Even without access to genesis coins Satoshi would be able to incite a dump. His comeback would scare some whales for sure. I think that with Satoshi Back we'd be at 3000 if not lower.
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In short, if you bought for 1000 and it's now worth 100 then it lost 90% of value. Something like that shows the token is a worthless shitcoin and/or you bought at the top.
Normal coins don't lose 90% of value in a week or so. If a coin does that it's worthless. It means it's a scam or it has no liquidity or the team bailed which also means it's a scam.
Hypothetically if I missed and already lost 90% I'd set up a sell order for at least 50% of value and wait for a pump. Chances are the coin will pump.
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I'm not as positive about the situation as OP but there definitely is an improvement in Bitcoin's image.
I don't agree that people are starting to see it as a store of value. There was no real estate crash yet and land is still a much more popular investment than Bitcoin.
Bitcoin is still a speculative asset and an alternative to traditional stocks. It may be an alternative to gold as well but real estate is still the end goal for most people and Bitcoin only the money making machine that they can later invest into something more stable.
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Question regarding the viability of bitcoin in the long term. From my understanding, the security of bitcoin comes from miners who verify the blockchain. What happens when there is so much halving that the reward for mining bitcoin is extremely low and the cost of verifying the blockchain for the miners exceeds the reward of their bitcoin?
Mining farms will never stop because they are making rewards from transaction fee as well, due to the halving the rewards will get lesser but by that time the expected value of those rewards will be huge valuable than now. That's correct. Even if the reward ecomes 10% of what it is now it will still be fine for the miners as long as that 10% covers the cost of mining. 10 years ago the reward was much bigger in the amount of coins but much smaller in fiat money. If this continues we will be getting less and less coins but those coins will be worth more every halving. 100 BTC used to cover a monthly electricity bill for a farm. Now to do the same you only need 0.1 BTC. |
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