Coincheck Didn’t Bother With ‘Basic Security Protocols’ Because The Worst That Could Happen Is A $400 Million Theft
It was exactly the kind of scene that Japan’s FSA had been hoping to avoid when it became one of the few regulators globally to introduce a licensing system for cryptocurrency exchanges last April.
That's from a new Bloomberg piece documenting the fallout from last week's rather unfortunate episode that found one of Japan's largest cryptocurrency exchanges admitting it had "lost" some $400 million in "NEM coins".
The "scene" Bloomberg is describing apparently involved furious Japanese custo
Is that a Bitcoin chart at the end of an article about the NEM theft? really? Also that (mic) drop chart depicts a 9.6% drop, which is honestly not out of the ordinary in BTC… which is not to say that a 10% move in BTC has anything to do with XEM.
here’s a challenge: go look at a tick-for-tick Bitcoin chart from last week and tell me that decline wasn’t caused by the Coincheck news. Spoiler alert: it was.
nope, no connection here at all:
https://i0.wp.com/heisenbergreport.com/wp-content/uploads/2018/01/SpaceTokens.png?ssl=1
Dude I think literally every single charting app has some corr function, and even if not, you can run the ‘corr’ function yourself directly in Excel. Or run a regression. Either of those results should clearly show the patently obvious assertion that you are incorrect.
In response to daytraitor
Even if the overall market decline were due to the XEM theft, a 10% decline is literally nothing in crypto. Whats that old saying? Correlation implies causation? yup.
“a 10% decline is literally nothing in crypto.”
right. But Bitcoin is down 50% from the highs.
I don’t think the crypto market is just gonna go in one direction for the rest of time. Honestly I think a year to multiple year bear market is well within the realm of possibility. Its just frustrating to continually read bipolar articles about crypto, that posit everyone is either going to be a millionaire or broke in jail.