Apparently, the difference in the price of ripple that everyone is seeing has nothing to do with the actual company or their currency. I just found out that Coinmarketcap.com has now removed the value at which coins are sold at on the Korean exchanges from the total value they credit the coin. Doing so caused a major disruption in the market. To the unknowing observer it looks like there's been a massive sell off of Ripple. Quite to the contrary, the move from the website was solely responsible for the devaluation of Bitcoin, Ethereum, and Ripple when the price fell without warning. The South Korean government has been getting more and more involved, and somehow the article I read attributed coinmarketcap.com's decision to the pressure being applied by the authorities.
So, that really puts a question in my mind. Is the value of a digital currency that easy to manipulate? I mean, we aren't talking about a few thousand dollars here. The decision dropped total market cap by 100 billion dollars. That is some very serious business right there.
On a brighter note, they are all beginning to bounce back. I also noticed that Ethereum is now outpacing both Bitcoin and Ripple. Is Ethereum going to be the next king of crypto hill? It certainly looks like it based on the direction their value is moving. One of Ethereum's founders did an interview the other day saying that many of the digital currency projects are unsustainable and that there is going to be a crash. He went on to say that the market will consolidate, and become more solidified. Honestly, it sounded like he was doing his best to jockey his coin into position to overtake the top spot from Bitcoin.
Cryptocurrency markets by their nature are extremely susceptible to manipulation. When many exchanges were no fee, you often saw Bitcoin holders buying and selling their own coins in order to pump up the market capitalisation value. Hence, the introduction of compulsory fees.
The market now is easily moved by rumours, the majority of buyers are responding to rumours and chart based recommendations, responding to price movements and noise in an almost reflexive manner. There is very little effort made to seek out quality projects, people rather preferring to invest in anything with a low enough price that will allow them in time to become millionaires when the coin goes to the moon, and of course we all imagine we are the ones holding those coins. This is the madness of the crowd.
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I was reading that as well. Many people panicked and sold there ripple. And they are upset because they lost money.
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Selling then was a good move. You could buy them back cheaper now and get more of them.
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They lost money according to what I read.. They bought it after the jump up...when it started going down, presumably lower than they bought it they panicked and sold which made them lose money, it started going back up, so they either bought it again late, or whatever and lost money.
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Being a banker's coin, Ripple will not die off completely until the entire banking system has collapsed.
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Bitcoin and Ethereum transaction fees are to much for me.
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