A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes
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Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes
#2Well that definitely contributed, but that alone didn't cause the crash. There was irrational price rise in the last few weeks for certain cryptocurrencies(Ripple, Tron) and this is part of the correction.
Also, The market as a whole should get away with global averages and depending on one website to track everything. I wrote an article on it if someone is interested - http://coinsocial.io/2018/01/09/its-time-for-cryptocurrency-...
Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes
#3Well that definitely contributed, but that alone didn't cause the crash. There was irrational price rise in the last few weeks for certain cryptocurrencies(Ripple, Tron) and this is part of the correction. Also, The market as a whole should get away with global averages and depending on one website to track everything. I wrote an article on it if someone is interested - http://coinsocial.io/2018/01/09/its-time-for-cr…
>There was irrational price rise in the last few weeks for certain cryptocurrencies(Ripple, Tron) and this is part of the correction.
What makes their increase 'irrational'?
Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes
#4To be fair, I would expect the same if a well-respected regular-stock website changed its data and suddenly shifted its reported values.
Now, if the % change is more or less, I guess that indicates how many market participants have their own value estimates of each currency.
Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes
#5Well that definitely contributed, but that alone didn't cause the crash. There was irrational price rise in the last few weeks for certain cryptocurrencies(Ripple, Tron) and this is part of the correction. Also, The market as a whole should get away with global averages and depending on one website to track everything. I wrote an article on it if someone is interested - http://coinsocial.io/2018/01/09/its-time-for-cr…
>There was irrational price rise in the last few weeks for certain cryptocurrencies(Ripple, Tron) and this is part of the correction. What makes their increase 'irrational'?
When you are betting on Bitcoin or Ethereum, you are betting on the technology, developer community, ecosystem and the adoption. With Tron, there's hardly a product and Ripple while seems to have some successful pilots, is still far from realizing the dream of replacing the FIAT currency among banks.
Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes
#6It's facetious (and bad 'journalism') to claim $100B vanished. It was never there to begin with: market cap isn't something you can cash in on. It's merely the result of price multiplied by supply. If you owned a significant portion of all the coins in the world, and tried to sell them all at once, you wouldn't end up with number_of_coins * price, it would (realistically) be a smaller number given the market slippage.
Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes
#7Earlier quoted context omitted.
>There was irrational price rise in the last few weeks for certain cryptocurrencies(Ripple, Tron) and this is part of the correction. What makes their increase 'irrational'?
When you are betting on Bitcoin or Ethereum, you are betting on the technology, developer community, ecosystem and the adoption. With Tron, there's hardly a product and Ripple while seems to have some successful pilots, is still far from realizing the dream of replacing the FIAT currency among banks.
Your biases are showing. There's no reason someone can't place a bet on Ripple's "technology, developer community, ecosystem and the adoption".
Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes
#8Earlier quoted context omitted.
When you are betting on Bitcoin or Ethereum, you are betting on the technology, developer community, ecosystem and the adoption. With Tron, there's hardly a product and Ripple while seems to have some successful pilots, is still far from realizing the dream of replacing the FIAT currency among banks.
Your biases are showing. There's no reason someone can't place a bet on Ripple's "technology, developer community, ecosystem and the adoption".
May be.Really, In the current scenario, you can't like avoid any implicit bias, like even if you don't mean it. That's why in my comment, I didn't explicitly comment on Ripple's product or team.
Also, a bet is one thing, but the get rich quick scheme going on in the market with new investors is another. I still hold some Ripple if that breaks any bias, and I think the correction was unavoidable.
Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes
#9Well that definitely contributed, but that alone didn't cause the crash. There was irrational price rise in the last few weeks for certain cryptocurrencies(Ripple, Tron) and this is part of the correction. Also, The market as a whole should get away with global averages and depending on one website to track everything. I wrote an article on it if someone is interested - http://coinsocial.io/2018/01/09/its-time-for-cr…
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Re: A Cryptocurrency Website Changes Its Data, and $100B in Market Value Vanishes
#10CoinMarketCap is in a tough position here.
I can obviously understand not wanting to list massive outliers in an average, but at the same time there isn't realistically a way for them to "safely" adjust which exchanges they include in the averages.
No matter what, it's either going to cause big sudden jumps in either direction, or they can "smear" it across some time, which (in my opinion) would look really bad as it would imply sustained increase or decrease.
Giving advance notice should be expected of them, but I honestly don't know if they gave one or not, and I don't really think that many people would have read it if they did.