sad news, prepare for dump

[raider150shifter]

Recently hacked Japanese crypto exchange Coincheck will end trading for four privacy-oriented cryptocurrencies, Monero (XMR), Zcash (ZEC), Dash (DASH), and Augur (REP), Cointelegraph Japan reported May 18.

Following reports from back in March, the exchange has now officially confirmed the removal of the four anonymity-focused coins will come into effect June 18. According to Coincheck’s blog, the exchange will remove the four cryptocurrencies to comply with counter-terrorist financing (CFT) and anti-money laundering (AML) measures recently issued by Japan’s financial regulator, the Financial Services Agency (FSA).

The FSA has been especially active in regulating domestic crypto exchanges, specifically around customer protection, since Coincheck lost $532 mln in NEM in  a major hack in January of this year.

As part of its efforts, the FSA has stated that local, officially registered exchanges will face restrictions on the trading of privacy-focused altcoins, since they are more difficult to trace than cryptocurrencies like Bitcoin (BTC).

As Friday’s official statement from the exchange says, the targeted cryptocurrencies will be sold at market price and converted to Japanese yen.

Earlier this week, Monex Inc, the company that recently acquired Coincheck, revealed plans to expand the exchange to the U.S., claiming that the U.S. and Europe are more advanced than Japan in terms of regulatory clarity and “attracting institutional investors” to crypto.

read more at https://cointelegraph.com/news/hacked-crypto-exchange-coincheck-confirms-removal-of-four-anonymity-focused-altcoins

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[pey]

I think that will only affect privacy coins, it is difficult for regulators to accept such coins but as there are many decentralized exchanges, that will not turn a big problem in the future.

[Donovan XXL]

That's old news and it will only affect privacy coins, not the whole market.

[supermine]

I think that will only affect privacy coins, it is difficult for regulators to accept such coins but as there are many decentralized exchanges, that will not turn a big problem in the future.

Yes,it may only affect that four crypto currencies which was removed from the exchange so it will help for the increase in the price of bitcoin.But Japan is one of the important country for the crypto currencies but the population of Japan is very less and it may have little contribution with those four coins that OP was mentioned so I am also think that this may not have big impact.

[robertkamerer]

Always a risky thing investing in privacy coins, as you'll at some point most probably go against the government.

[1Referee]

Prepare for the wave, it was and is more than obvious that governments don't like privacy focused coins, which is exactly why I am of believe that eventually, these coins will be outlawed, and it's perfect because they will become only tradable through decentralized platforms. What's the purpose of a privacy focused coin if you buy it through a centralized exchange? It makes zero sense.

People quite often complain that Bitcoin is lacking privacy features, but they don't realize that the lack of privacy on Bitcoin's side is exactly what helps it move forward in a heavily regulated market.

Yes,it may only affect that four crypto currencies which was removed from the exchange so it will help for the increase in the price of bitcoin.

How exactly will this help increase the price of Bitcoin? At worst these coins will be dumped for Bitcoin, which means that more Bitcoins will end up on the market than previously.

[asyakashi]

Very bad I think this information is not fud, hopefully this incident does not impact too long and the government was able to reveal the perpetrators and arrested him.

[palle11]

This information wouldn't be a problem to the market. It is an issue of exchange delisting coin and moreover, bitcoin is not affected. Thus, it will appear as if nothing happened in the cmc.

[TravelMug]

I think this is forthcoming so I don't considering this a big blow to the market, although there are still exchanges that are willing to trade privacy coins though, but it's pretty obvious that government doesn't want any of this crypto at their backyard.

If there is a dump for sure those coins that are mentioned, but if those holders shifts it to other exchanges then I don't see any big dent of the current marketcap. So I guess, short term effect will be felt, but it will not last and people will go back to the market after after dumping it.

[justin86]

Those coins give no fuck about this news, just few speculators try to make people dump those coins, because those exchanges are not the only one trading privacy coins, there are many alternatives.

[TTITA]

I think that will only affect privacy coins, it is difficult for regulators to accept such coins but as there are many decentralized exchanges, that will not turn a big problem in the future.

Yes,it may only affect that four crypto currencies which was removed from the exchange so it will help for the increase in the price of bitcoin.But Japan is one of the important country for the crypto currencies but the population of Japan is very less and it may have little contribution with those four coins that OP was mentioned so I am also think that this may not have big impact.

With many consideration, that maybe good decision to takes by Coincheck, even it could be bad news for those privates coins dev, and that money majority will turn into Bitcoin as Japan was big support for Bitcoin, so it should increasing for Bitcoin demand, hope so.

[supermine]

Yes,it may only affect that four crypto currencies which was removed from the exchange so it will help for the increase in the price of bitcoin.

How exactly will this help increase the price of Bitcoin? At worst these coins will be dumped for Bitcoin, which means that more Bitcoins will end up on the market than previously.

Those who invested on that coin will now look to convert their coins into some other coins so probably bitcoin will be the most people's choice so when they are converting them into it which means the demand will increase and also the price will be.Am I right?

[Pursuer]

whenever a news like that comes out, it will either affect the price of said coins immediately or not at all. and that means when the news came out before the price of these coins should have dropped hard which has not happened and now it is too late for it to happen.
in other words the news didn't have the effect that you thought it might have because people didn't pay any attention to it.

[The Sceptical Chymist]

Meh.  Japan is just one country out of more than 200 in the world, and I've never even heard of this exchange before.  The only coin among those that were listed is Dash, and it's still close to $400--that's not bad, as I recall very clearly a time when it was under $4.

Crypto never quite reacts the way you'd think about news like this, especially news about exchanges going out of business/dropping coins/scamming.  Most of the exchanges are shady anyway, and news that they're gone doesn't really affect the underlying coins much.

So if you're doing something silly like shorting these coins in anticipation of a drop, good luck with that.  Make sure you cover your positions before you lose too much.

[matthewoz101]

Prepare for the wave, it was and is more than obvious that governments don't like privacy focused coins, which is exactly why I am of believe that eventually, these coins will be outlawed, and it's perfect because they will become only tradable through decentralized platforms. What's the purpose of a privacy focused coin if you buy it through a centralized exchange? It makes zero sense.

People quite often complain that Bitcoin is lacking privacy features, but they don't realize that the lack of privacy on Bitcoin's side is exactly what helps it move forward in a heavily regulated market.

Yes,it may only affect that four crypto currencies which was removed from the exchange so it will help for the increase in the price of bitcoin.

How exactly will this help increase the price of Bitcoin? At worst these coins will be dumped for Bitcoin, which means that more Bitcoins will end up on the market than previously.

Governments hate privacy coins. Without the assets being traced, how can they tax? They can't. Decentralized exchanges makes much more sense and can't be stopped by the governments or laws thankfully.

[RoftheN]

So you expect that the market will dump cause four privacy based coins are going to no longer be trading on an hacked exchange in Japan. Does this even makes any sense to you? Do you think that the crypto market is so small that it will start dumping based on this small news. You must be new to the crypto market.

[btyco]

It's not sad news, it will not affect the market unless you are holding those particular coins. Also, it is just one exchange which is delisting those coins, anyone who really wishes to purchase monero, dash, zcash, or augur can simply use another one to buy them

[Mahanton]

I think that will only affect privacy coins, it is difficult for regulators to accept such coins but as there are many decentralized exchanges, that will not turn a big problem in the future.

Yes,it may only affect that four crypto currencies which was removed from the exchange so it will help for the increase in the price of bitcoin.But Japan is one of the important country for the crypto currencies but the population of Japan is very less and it may have little contribution with those four coins that OP was mentioned so I am also think that this may not have big impact.

With many consideration, that maybe good decision to takes by Coincheck, even it could be bad news for those privates coins dev, and that money majority will turn into Bitcoin as Japan was big support for Bitcoin, so it should increasing for Bitcoin demand, hope so.

If they took off privacy coins then its their own jurisdiction and choice the thing on here being mentioned which I don't really see any reason for it to cause a market dump.Even though it might able to contribute into fundamentals which might give some negative views then its possible but as being said Japan is only a small populated country which I do expect volume is just lesser if they are removing it,then let it be as long for those traders who are on that exchange and possess such coins then better to short it out.

[carter34]

Those coins give no fuck about this news, just few speculators try to make people dump those coins, because those exchanges are not the only one trading privacy coins, there are many alternatives.

That is the issue with privacy coins. Although these are part of top coins but it won't make much impact because options are there in almost all the exchanges.

[aardvark15]

Luckily i currently don’t hold any of those coins. However, we are seeing a correction in the cryptocurrency markets today and it is possible that this is affecting the entire market.

We have seen many times in the past that any negative news reports about a cryptocurrency can trigger a short term sell off for other coins as well. This seems to add to the volatility of cryptocurrency price because investors are very cautious.