Are crypto crashing because of the Alphabay DNM downing ?
As all of you most probably know, there are Darknet markets around there giving their users the possibility to trade and exchange all type of goods from drugs to weapons, stolen credit cards, etc.. One week ago, the most important market on the Darknet abruptly stopped and left thousands of users wondering what was happening.
On the first hours, people on reddit thought it might juste be a server update and that the site would come back soon, the staff running the market was planning to introduce the support of Zcash(ZEC) so everyone stayed relatively calm.
Now after a week without informations, users suspect an exit scam has taken place and they speculate that over $50M worth of bitcoins have disapeared or may have been seized by law enforcements.The law enforcement thesis comes from a Canadian media that related the FBI got his hands on computers related to a "Worldwide dark web operation" and that coincides with the shutdown of the Alphabay market and that news got speculation going on.
Here is the link to the article (French speaking media) TVANouvelles
Alphabay was the biggest market out there, the site was hosting $600,000 to $800,000 worth of transactions each day and some investors thinks the current drop in cryptocurrencies happening right now is related to the closure of Alphabay.
And you, what do you think about this ?
Follow & upvote ! ;)
Charlyy
Interesting topic, might be one of the reasons for starting this downspiral
With the importance and status of Alphabay, i think the price drop is related.
You just have to take a look at the official reddit of Alphabay to see how many people were affected and sometimes for large amounts of coins. With that in mind, i think some "druglords" are closing positions and cashing out to fiat because they fear being caught by LE.
..interesting ...but i don't think it has nothing to do with the free fall we are seeing in the cryptocurrencies
If people lost crypto coins ..it is even better ..they will have to purchases more coins to buy their drugs or whatever stuff that they were buying and the cryptocurrencies would go up, not down
Yes, i agree with you that in term of money supply this could drive the price higher but think about those people who got away with at least $50M worth of coins, they'll have to turn it into other CC or FIAT to be able to go live under the sun ;) I think this could drive the price down, even if just temporary.
ohh yes ...this is the other side of the story...
let's just hope that soon we will see green digits in the various exchanges
very interesting topic @charlyftw I will keep myself updated with the evolution of crypto currency exchange prices. But it may not be as secure as we believe the blockchain structure...will the States be above it?
Thank you darega03 ! We had already seen this with previous DNM exit scams being able to move the BTC exchange markets (Silk Road, Evolution,etc..)
I personally think the blockchain structure is not bad and that governments can't do so much to get their hands on BTC to manipulate the market, that's a big advantage compared to gold and silver wich have been manipulated for years...
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