Over $100 billion wiped off global cryptocurrency market in 24 hours
Hello traders ,
how are you hope so every one fine but market not fine :) last 2 days
This happens so often that I don't know why people act like this is some kind of satisfying vindication. Its unstable and it fluctuates and every time a major cryptocurrency loses its value, that value soars in another one of the smaller ones.
Sadly, we're going to have lots of people who don't understand bitcoin thinking this is some kind of victory where their personal opinions were validated because of a one-off event. The actual Market Capitalization is still seeing growth in spite of this.
The concept makes sense, but unless the coin is in your local off-network private wallet, hacks will happen, foreign exchanges will manipulate rates, and any exchange can purposefully leave doors open for affiliated hackers.
Think about it. If you were an employee of an exchange, within a country where min wage is 1/3 ours at best, loose legal regulations, you're taught to be annoyed at the western world, and you have $100 billion of 'capitalists' money in front of you, who are we to expect that they wouldn't become a 'Robin Hood'
With the exorbitant fees these exchanges charge to move your coins out, it's already highway robbery.
This was me all week
Good post , and I also believe that there is something more than bad moments. It is a gigantic market but everything moves the same. I just made a post commenting on that. you can go through there: https://steemit.com/cryptocurrency/@alejandrofz/is-it-really-a-stable-market-read-my-opinion
Thank you but this is the not way to promote your links in comments ?
Encrypted money has turned from faith to capital play.
Should it be happy or sad?
Yes! you are right we should not leave our funds in the exchange , That would lead us to dangerous results , even sometimes we loose all the funds we have, So don't ever trust exchanges. 👍
Crypto money will be your future money.
I already lost thousand from exchange... I agree with you. Do not leave anything to exchange.
Weak hands and FUD is never a good combination. If someone doesn't understand the technology of the coin that they are investing in, they should get out of crypto RIGHT AWAY. To quote a Redditor that goes by the name Sendmybar:
Just keep calm, and HODL. We're in this for the long run, not for short-term "Lambo/Moon" gains.
Furthermore, the SEC has good news for cryptocurrency traders - they support cryptocurrencies! Feel free to check out the article that I wrote about it here:
https://steemit.com/bitcoin/@stevensteel/the-dip-is-almost-over-sec-chairman-s-positive-stance-on-cryptocurrencies-revealed-in-written-testimony-before-tomorrow-s-joint