Its been 4 days already that Bitcoin is in below $15k, it started to drop on 21st of December 2017. It drops nearly 40% from $20k down to $12.5k in just a few days ago. There are so many speculations arises on why this huge drop happened. So many factors affecting this incident such as the bitcoin cash theory, investors prefer more on altcoins, the pump and dump theory & etc. But I think the main reason why this drop happened is the incident happened in South Korea.
The South Korean cryptocurrency exchange Youbit was hacked and lost 17% of their total holdings including their user's online wallets. This is the second time that they were hacked, they lost nearly 4,000 Bitcoins last April cyber attack. Immediately, Youbit filed for bankruptcy and they're saying that the remaining 75% of user funds will eventually be available and they'll try to get back the next 75%. Speculations spread throughout the web that the possible culprit of the hacking incident was the North Korea behind the attack and South Korean government still investigating this matter. This incident will surely raise a red flag for all virtual currency investors to be very careful on their hard-earned currency. Exchanges are still weak and subject to hacking and these will scare-off a lot of investors. We must secure our coins and keep it from hackers, if possible we will store it in an external storage - The World of Cryptocurrency - Security
Agreed for the exchanges part... We need to work on securing our wealth further :) lots of potential wealthy investors are being scared by the fact there is no 100% guarantee for their investments
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Investing in virtual currency is very risky indeed. We should secure our coins, exchanges is not that reliable security wise.
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@enjoyinglife you have a cogent point and I reason with you. securing assets is important than liability
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The woman has a point, I just agreed with her. Nice try though with your comment there. ^^
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Agree! 😄
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So what's really the faith of cryptocurrency
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I assume this is the reason why the price decreased this much ... I have to agree with you on the fact that there are more and more cases about people getting hacked and losing their wallets.Recently I watched a YouTuber which became a millionaire and his wallet got hacked even though he had 2 factor authentication.
The only way to really protect your hard earned money is by storing them in an external wallet or so called offline wallet.
Thank you for this great post = )
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Thats true.
Its very frustrating if we lost our hard-earned coins w8th those exchanges. Its better to store it in offline wallet such as razor or the like. Bitcoin is a treasure nowadays 😉
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Indeed.If I get to a point where I have bigger amount of bitcoins or any other crypto then I would consider buying an offline wallet because its the best solution for now. Maybe there's going to be another solution soon but for now we got to use what we have.
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@elizahfhaye sad to hear that Youbit was hacked and lost 17% of their total holdings including their user's online wallets and the worse thing it happened twice. Embarrassing situation for Youbit, In the World of business every things depends upon company reliability & Trust. Youbit will definitely lose the trust of people. Yes you are absolutely right it's our duty that we should secure our assets (coins) and keep it away from hackers. offcourse external storage is a great option. great post as usual. have a nice time:)
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Youbit already declared bankcuptcy due to a series of cyber attacks. I think, they will open new exchanger and change their youbit name into other name to hide their worst reputation. Surely, no one will transact with them if they will retain the name youbit in their business.
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Yes They have only one choice i.e change their name. Any way all the best to currency holders for the safe custody
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Agree
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Thanks you may visit my blog;)
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@ elizahfhaye its obvious Bitcoin is in below $15k, it really affect me in the act of selling my sbd at a cheaper prizes. I pray bitcoin recovers soon.
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For sure it will recover this coming few days, we will just wait for it :)
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I pray so
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Hopefully 😉
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Hackers have been hurting the crypto market. Last November a similar thing happened and BTC dropped from 1k to 400 USD. Of course the rest is history but it does cause some uncertainty in the market.
I still believe BTC and other crypto will pull through and will stand through this test.
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i agree, hackers nowadays very busy finding a way on how to penetrate those huge online wallets and xchanges. lets be very careful
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Yep it seems like their targeting the big exchanges. But even if it was a smaller exchange, its still not good for the cryptoworld.
However, I think the harder you hit the blockchain , it's only gonna get stronger!
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you have a point, hackers are parts of it, more so, lets reason with it from the aspect of inflation and deflation in the economy, exchange rate and the likes.
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very important news. thanks for sharing
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Thanks buddy
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Things are getting seriuos :/
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Its very frustrating if your hard-earned coin will be gone :(
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Let's hope someone will do something for that :s
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We are still hoping 😓
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Damn.. first I'm hearing of this.. the 2nd attack that is.. these exchanges really need to tighten security.. but then again you shouldn't keep your funds on a exchange..
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yup agree, lets not keep our funds in exchange for a long time.
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This is getting worse, hope it gets better soon
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Hopefully buddy
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oh no! Thanks for reporting the news. @elizahfhaye
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Thanks 😉
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welcome
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😄
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cryptocurrency is the next generation coin.
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agree!
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Thanks
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:)
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Sir, if you don't mind, you can help for me?
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Help on what? How?
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Sir, because of some wrong reasons, my reputation has come from 44 to 10. But I want to do steemit now. If you help me by an upvote & comment, then I will be able to get back to you with a very good repetition. And steemit can work smoothly. And I will be forever thankful for an upvote for you. Thank you
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Combined efforts of all of you can save a waste account.
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This could be bad for others but good for some. We can take the opportunity, buy more bitcoins for our portfolio and hodl. haha
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You got a 25.72% upvote from @allaz courtesy of @elizahfhaye!
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You got a 13.41% upvote from @postpromoter courtesy of @elizahfhaye!
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Thank you @elizahfhaye for promoting this post together with https://steemit.com/budget/@jerrybanfield/introducing-steem-budget-proposals
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Thats a really awful habit. What's happening
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This post has received a 7.29 % upvote from @aksdwi thanks to: @elizahfhaye.
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I must agree that breaches like this are bad for the image of crypto currency as far as it's image with folks new to the whole world of crypto goes. Personally I believe that the current state of bitcoins functionality has deeply contributed to the decrease in value.
Those of us who have used BTC for a long time can see the changes and have all but quit actually using BTC due to insanely high fees and slow TXs. Personally I fear that if these problems are not fixed that it will only further damage BTC.
All it will take is for another alt coin to start getting more acceptance and recognition and Bitcoin could possibly become the Myspace of cryptocurrency.
I just hope something is done soon because I love Bitcoin and would love to get back to being able to use it.
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This post has received a 12.40 % upvote from @buildawhale thanks to: @elizahfhaye. Send at least 1 SBD to @buildawhale with a post link in the memo field for a portion of the next vote.
To support our daily curation initiative, please vote on my owner, @themarkymark, as a Steem Witness
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You got a 8.89% upvote from @upme requested by: @elizahfhaye.
Send at least 1.5 SBD to @upme with a post link in the memo field to receive upvote next round.
To support our activity, please vote for my master @suggeelson, as a STEEM Witness
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This post has received a 16.04 % upvote from @boomerang thanks to: @elizahfhaye
@boomerang distributes 100% of the SBD and up to 80% of the Curation Rewards to STEEM POWER Delegators. If you want to bid for votes or want to delegate SP please read the @boomerang whitepaper.
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Resteemed by @resteembot! Good Luck!
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