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Carnage In Cryptocurrencies As Coincheck Withdrawal Halt, NEM Collapse Rattle Market

How many times have we said it? Almost everyone needs an exchange. 

How many times have we said it? Almost everyone needs an exchange. 
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2 comments on “Carnage In Cryptocurrencies As Coincheck Withdrawal Halt, NEM Collapse Rattle Market

  1. Private cryptocurrencies are becoming internationally and systematically boxed in regarding the ability to cash out of them by a growing number of national treasuries. This was always the inevitable reality, just as denial of this reality was always the cryptocoin faithful’s popular misperception. The relative (as opposed to a sudden sharp stick in the eye) good news for cryptocoin holders is that the process is being purposefully advanced very slowly, to let as many cryptocoin blind faithful cash out in a more or less orderly fashion before all the gates close completely.

    Non-private cryptocurrencies and blockchain however are doing just fine as progressively advancing and developing technologies. These technologies are being adopted by national treasuries and corporations – not only for national crytocurrency purposes, but a host of product accounting and tracking software functions.

    Now all the cryptocoin faithful that repeatedly (ad nauseum) said that cryptocurrency and blockchain were here to stay, were the unstoppable future and that naysayers – “You old men yelling at clouds – just don’t understand the technology.” – should be very proud of themselves – they were at least correct about the value of blockchain. Being correct about the longevity and unlimited growth of Bitcoin and the other 1100+ private cryptocoins – not so much, and not by a long shot. The shallow end of the private cryptocurrency speculative trading pool – just didn’t understand the technology, the economics/market forces and or the politics effecting and limiting private cryptocurrency – and or that private cryptocurrencies were never anything more than private currencies – a concept that national treasuries have historically stamped out and without exception for the past 3,000 years.

    • Daytraitorhodlon

      Here we go. You’ve got some things back-assward. Bitcoin, Litecoin, Ethereum etc are tokenized PUBLIC blockchains. Hyperledger project and other corporate projects are examples of private blockchains. The difference is in who compiles and validates the ledger. From an investment standpoint, who knows how private blockchains are doing because you cant invest in them, in the same way you cant invest directly in any given companies accounting or supply chain systems (at best you can invest in the company running the project). Maybe you were referring to anonymous cryptocurrencies, in which case you have a lot of things mixed up as well. I would hardly consider Bitcoin an anonymous currency as every transaction is publicly available all the time, if you do not tie your identity to your wallet it is possible to achieve some level of anonymity but that is shaky at best and not a concern for most people buying BTC. Right now BTC and ETH make up over 50% of the total crypto market and neither of those currencies are anonymity focused. The only coins with significant market share which are anonymity based are DASH and XMR, who’s market share tops out at a whopping 1.06 and 0.89% respectively. Both coins are up thousands of percent year over year. The vast majority of projects and cryptocurrencies are not concerned with anonymity or enable privacy as an added feature.
      On the “increasingly difficult to cash them out” side of the coin (pun fully intended) you could have fooled me, given that I can and have withdrawn cold hard USD cash from an ATM directly from my coinbase account. I have bought coffee from Starbucks with my BTC debit card, I have received USD wire transfers from exchanges after taking profits and the money hit my account in 3 days. I have done this multiple times, with different exchanges, in order to max out my retirement account or most recently buy a house.
      Advice: stop telling yourself your right before, during and after trying to form an opinion. BTC bears like the idea that everyone is an irrational Mr. market sheep while simultaneously dry swallowing one of the most prominent and historically inaccurate narratives of the last 6 years.

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