Effects of hacked Japanese exchange on market

[South Park]

;That is why i like to keep my coins on a wallet of some sort, I'm not comfortable keeping coins stored on any exchanges! You never know what hackers are up to, and besides that if any of them were to get shut down then you would be out too! Imo i just think that it's safer to keep them off of the exchanges!

People never learn, it has been repeated many times that is a huge mistake to leave your coins in an exchange and yet people keep doing it because it is more practical, I hold mostly bitcoin and I do it in my own wallet but I hope that once the lightning network begins to work that people will stop leaving their money there since now you could easily convert your money to bitcoin and transfer it for very low fees, that way if something happens to the exchange you use your coins will be safe.

[BlackBoxRecords]

IMO the price drop is unrelated to the hack or whatever it was. NEM has been pumping for a while and a correction may come from any excuse. The hack itself is meaningless.

[bandungan]

It's surely bad news, but I have a question:
May it be possible that because of hack and subsequent falling this cryptocurrency, tomorrow may be will rise another one? What do you think about it?

this hacking case could lead to a fall in prices, but maybe this is only temporary because the global market market cryptocurrency must do an action that saves each coin so as not to decrease drastically due to the effects of the hack. but for now the effect will result in global markets but will not last long.

[European Central Bank]

let's see what happens when their users are paid back. they might run for the exists with their jpy and coincheck's volumes might die off.

it may dent user confidence in japan as a whole, but this was the only big unregulated exchange.

[jjdub7]

Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?

I think only XEM take the hit from the hack alone.

The market is losing value last days because crypto's are attacked from all sides - fake news, fud, FB ICO ads ban, etc.

[blockchainmarketus]

No big effect I think from hacked in Japan. Now it is trend that cryptocoins down. There are many countries that restrict cryptocoins. I think when those govt who ban find fact that their action worth nothing to crypto users, they will finally legalize cryptomoney.

[5ensei]

It had a negative impact on all coins except for 1 ...... LISK

BitFlyer is Japans version of coinbase, and has the highest volume for trading bitcoin. It only has a few coins like coinbase but today it added LISK and the price jumped around 25% due to the bitflyer listing. I suggest you get some LISK fast due to the relauching event in 3 weeks, plus the impact of being added to the Japanese Coinbase. Who knows, maybe it will be added to the US version

[Vansire]

Most of us know it's bad practice to leave coins on exchanges, but think about the effect on outsiders. Those are the people who you want to enter the market to buy your coins, but this kind of news is scaring them away.

We are really seeing the failing of pre-crypto tech, not crypto itself.

What can we do about it? We need to eliminate the weak links, the pre-crypto tech like exchanges, which to be honest go against the spirit of crypto. Cryptocurrencies are about being in control of your money. Exchanges are a stopgap solution until coin holders can trade directly with each other.

[South Park]

Most of us know it's bad practice to leave coins on exchanges, but think about the effect on outsiders. Those are the people who you want to enter the market to buy your coins, but this kind of news is scaring them away.

We are really seeing the failing of pre-crypto tech, not crypto itself.

What can we do about it? We need to eliminate the weak links, the pre-crypto tech like exchanges, which to be honest go against the spirit of crypto. Cryptocurrencies are about being in control of your money. Exchanges are a stopgap solution until coin holders can trade directly with each other.

Centralized exchanges or institutions are always going to be a weak point for crypto, decentralized exchanges will allow us to exchange one coin for another without those problems but the moment you need to exchange your coins for fiat that is where the real trouble will begin this is why if crypto is going to become as dominant as we want people will have to begin to accept bitcoin directly as payments for products and services.

[xuan87]

Of course the first effect will be price going down, people will lose trust if they see this kind of bad things, and Bitcoin and other coins really take a heavy blow, this is not the first time people losing money because of the hacked exchanges, this incident will make the government tighten up the security and more regulation for the exchanges

[South Park]

Of course the first effect will be price going down, people will lose trust if they see this kind of bad things, and Bitcoin and other coins really take a heavy blow, this is not the first time people losing money because of the hacked exchanges, this incident will make the government tighten up the security and more regulation for the exchanges

More regulation for exchanges is not that bad, there are many suspicious looking exchanges out there and they are scamming their own clients of their money, however what we really need is to be able to exchange our coins without the need of exchanges, and that is where decentralized exchanges will come and save the day that is why I think it is a good idea to invest in tokens like that so you benefit when it skyrockets.