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Crypto Global market moves

  • 08-01-2018 2:39pm
    #1
    Registered Users Posts: 4,310 ✭✭✭ jon1981


    I see as of now the Global market stands at 716bn. Down from 780 bn last week. That's a huge drop, no doubt people got burned. You could see an acceleration here.


Comments

  • Registered Users Posts: 60 ✭✭✭ covfefe


    Sites eliminating Korean exchanges from their calculations could be the cause of some of this discrepancy.

    https://themerkle.com/coinmarketcap-excludes-south-korean-prices-total-market-cap-drops-by-50bn/


  • Registered Users Posts: 14,609 ✭✭✭✭ banie01


    If you were to flip the view and ask if on the 1/12/2017 when the global cap was $300bln, and were asked to extrapolate what effect a 175% growth in 6 weeks would have, what would your expectation be?

    Or indeed if you were to base a trend analysis on the data for between the 21/12 and the 24/12 where the market dropped from $648bln to to $422bln what would the expectations be?

    Crypto is a strange market, from December to date the overall growth has been massive but even with that gowth their have been dips in excess of $50bln with no real effect on the overall market growth. There are also huge outlier exchanges such as Korea, Venezuala and Zimbabwe which if excluded give a truer reflection versus average coin prices.

    With equities, Technical analysis and trends can give a good degree of insight and predictability to a market trend.

    With Crypto it really does strike me as a mob mentality, sentiment and rumour drive the market a lot more than any fundamental or quantifiable "hard data".

    The drops can easily be attributed to profit taking, and the rises to the ongoing and growing awareness of the current bull markets and FOMO coupled with ever growing institutional investments which is where the "real" money lies still.


  • Registered Users Posts: 60 ✭✭✭ covfefe


    You're absolutely right, great post. Although in this instance I think the drop is clearly down to coinmarketcap removing some exchanges from their pricing calculations.

    Because the Korean exchanges were trading at a premium, there was an immediate significant drop in the"price" of most coins, a lot of people sold thinking everything was going down which caused things to go down further.

    Maybe the market was just waiting for a reason to correct though, who knows!


  • Registered Users Posts: 1,552 ✭✭✭ WhiteMemento9


    covfefe wrote: »
    Sites eliminating Korean exchanges from their calculations could be the cause of some of this discrepancy.

    https://themerkle.com/coinmarketcap-excludes-south-korean-prices-total-market-cap-drops-by-50bn

    This seems to have caused a huge amount of confusion and has certainly contributed to the tumble.

    From Reddit:
    CoinMarketCap removed Korean Exchanges from their price averages making it appear that many cryptos are crashing when in fact nothing had changed. No warning was given and the only way to tell what happened is seeing the small asterisk next to Korean exchanges in the market section. This has led to panic sells and mass confusion about the market value of cryptos such as XRP. I don’t know why they did this, but I’m furious at their lack of public notification prior to doing so.


  • Registered Users Posts: 4,310 ✭✭✭ jon1981


    If this is true i.e. the impact is due to recalculating, we should see money returning as information spreads. Might be a time to buy.


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  • Moderators, Society & Culture Moderators Posts: 15,417 Mod ✭✭✭✭ smacl


    jon1981 wrote: »
    If this is true i.e. the impact is due to recalculating, we should see money returning as information spreads. Might be a time to buy.

    Yup. I fully expect the market getting back to normal just prior to the time the SEPA transfer I made this morning hitting my Kraken account ;)


  • Hosted Moderators Posts: 9,796 ✭✭✭ mik_da_man


    It's a bit crazy that they have such an influence over the prices.
    And very strange that no-one though to notify users of the website as to their plans.


  • Registered Users Posts: 4,310 ✭✭✭ jon1981


    smacl wrote: »
    Yup. I fully expect the market getting back to normal just prior to the time the SEPA transfer I made this morning hitting my Kraken account ;)

    Alot of green in the last hour. I hope your SEPA transfer completes in time :D


  • Registered Users Posts: 4,310 ✭✭✭ jon1981


    mik_da_man wrote: »
    It's a bit crazy that they have such an influence over the prices.
    And very strange that no-one though to notify users of the website as to their plans.

    Really this shows how regulation can be a good thing. Alot of people will have been burned over this.


  • Closed Accounts Posts: 2,021 lifeandtimes


    jon1981 wrote: »
    Really this shows how regulation can be a good thing. Alot of people will have been burned over this.

    Their own fault really for panicking so easy but at least it removes the weak and shakey traders


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  • Registered Users Posts: 8,718 ✭✭✭ Matt Simis


    jon1981 wrote: »
    Really this shows how regulation can be a good thing. Alot of people will have been burned over this.

    Regulation would have no bearing on some public (and free) stats site and changes to how its counts the market size..?


  • Registered Users Posts: 105 ✭✭ diarmaidol


    Yes it would as it's the type of thing that would be regulated, you would have to stand over the information you are publishing.


  • Registered Users Posts: 4,310 ✭✭✭ jon1981


    Alot of FUD about china killing the mining operations. What you guys think? Something to worry about?


  • Closed Accounts Posts: 2,021 lifeandtimes


    jon1981 wrote: »
    Alot of FUD about china killing the mining operations. What you guys think? Something to worry about?

    Nope


    https://news.vice.com/en_us/article/59w5eb/china-is-about-to-kill-nearly-all-bitcoin-mining-operations-in-the-world?utm_source=vicenewsfb

    1. China dose not have 70% of the bitcoin processing network. (6.91%)
    https://bitnodes.earn.com/
    2. A new bitcoin is mined every 10 minutes regardless of the amount of processing power in the bitcoin network. The block chain automatically adjusts the difficulty of the encryption.
    https://bitinfocharts.com/comparison/bitcoin-difficulty.html
    3. If 70% of the network was turned off (which it's not) it would make it much much more profitable for the rest of the miners. There are hash farms out there that are working on other currencies (litecoin, etherium, etc) that would just switch over to the now more profitable bitcoin.
    4. Miners hash algorithms (in bitcoin's case SHA256) and in doing so process transactions (push blocks through the blockchain). The transaction fee you pay when sending bitcoin or any other POW (proof of work) cryptocurrency serves as an incentive for miners to process your transaction and go directly to the first miner to reach the deadline. Miners will also receive a "block reward" in the form of newly minted bitcoin. Also worth noting that GPUs are no longer used to mine bitcoin. Powerful machines called ASICs (stacks of custom built hash panels for the SHA256 algorithm) are used primarily.


  • Registered Users Posts: 318 ✭✭ h0neybadger


    Nope


    https://news.vice.com/en_us/article/59w5eb/china-is-about-to-kill-nearly-all-bitcoin-mining-operations-in-the-world?utm_source=vicenewsfb

    1. China dose not have 70% of the bitcoin processing network. (6.91%)
    https://bitnodes.earn.com/
    2. A new bitcoin is mined every 10 minutes regardless of the amount of processing power in the bitcoin network. The block chain automatically adjusts the difficulty of the encryption.
    https://bitinfocharts.com/comparison/bitcoin-difficulty.html
    3. If 70% of the network was turned off (which it's not) it would make it much much more profitable for the rest of the miners. There are hash farms out there that are working on other currencies (litecoin, etherium, etc) that would just switch over to the now more profitable bitcoin.
    4. Miners hash algorithms (in bitcoin's case SHA256) and in doing so process transactions (push blocks through the blockchain). The transaction fee you pay when sending bitcoin or any other POW (proof of work) cryptocurrency serves as an incentive for miners to process your transaction and go directly to the first miner to reach the deadline. Miners will also receive a "block reward" in the form of newly minted bitcoin. Also worth noting that GPUs are no longer used to mine bitcoin. Powerful machines called ASICs (stacks of custom built hash panels for the SHA256 algorithm) are used primarily.

    Nice! We’re number 23 on the list for most nodes.

    And your 100% correct. China dropping miners would have very little affect on the overall of what Bitcoin is.

    At most we would see a price correction for a short time.
    But those of us who are running ASIC miners would have the best time of our lives ;)


  • Moderators, Society & Culture Moderators Posts: 15,417 Mod ✭✭✭✭ smacl


    jon1981 wrote: »
    Alot of green in the last hour. I hope your SEPA transfer completes in time :D

    Still hasn't hit with a few of the coins I was interested more expensive than before the drop. Ah well...


  • Registered Users Posts: 4,310 ✭✭✭ jon1981


    Market cap down to 555m now. Huge drop off there recently. Could be a massive amount of profit taking. Given how long it takes to get your money into hard cash we could just be seeing it now due to this lag.


    Also every hour a new coin/ICO is created, this is not helping. It's akin to betting on a roulette wheel but the odds of making any money reduce daily.


  • Registered Users Posts: 9,062 ✭✭✭ Kenny Logins


    jon1981 wrote: »
    Market cap down to 555m now. Huge drop off there recently. Could be a massive amount of profit taking. Given how long it takes to get your money into hard cash we could just be seeing it now due to this lag.

    $574 Billion. :D


  • Closed Accounts Posts: 2,021 lifeandtimes


    This guy gets it


  • Registered Users Posts: 4,310 ✭✭✭ jon1981


    This guy gets it

    Time to buy so :D


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