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Cryptocurreny retailer BitPrime closes trading after running out of money

bitprime.co.nz

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Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#111

Post by cycrutchfield »

zionic wrote: post #110
woah wrote: post #64

Earlier quoted context omitted.

This is some random startup nobody has heard of. HN likes to work themselves into a froth over every scrap of bad crypto news, but this is utterly insignificant. Crypto will continue to fluctuate wildly as it always has.

This. They did the same thing with “terra USD”, some shitcoin I had never heard of until it failed. It was even named to confuse people by sounding like USDT. HN is only a step above CNN when it comes to trustworthiness on this specific topic.

UST was like the #8 cryptocurrency by market cap…

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#112

Post by SkyMarshal »

soared wrote: post #16

Would someone mind calming me by explaining why this is not a huge red flag, this isn’t the beginning of the end, and a theoretical crypto crash won’t throw the market into turmoil (or why the current market turmoil ain’t so bad)? I don’t have any kids to feed, just young dumb and tired of market crashes.

Crypto is still a new and high-risk asset, and is considered a risk-on asset by all of the broader financial markets.

When Fed interest rates are low and credit is cheap, money supply increases and more of it flows into higher risk/return assets like crypto and drives their prices up.

When Fed interest rates go up and credit becomes more expensive, money supply decreases and funds flow out of high risk assets like crypto, driving their price down.

The current bear market will last as long as the Fed continues raising interest rates, then turn back into a bull market when that reverses. Unless there's a war going on, in which case all bets are off.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#113

Post by bogomipz »

tracer1 wrote: post #95
claytonjy wrote: post #84

Earlier quoted context omitted.

Who is the target market for such a service?

Generally OTC desks are useful for large purchases. Let's say you want to acquire $100 million in Bitcoin - you could go to Coinbase and just do it, but you'd drastically move the market, have a really obvious candlestick, and an observant third party could look for large movements from Coinbase and potentially track your holdings / de-anonymize you. An OTC desk can be setup to spread the buy over several days / mont…

Do most exchanges also run OTC desks or is the OTC desk generally a special type of exchange?

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#114

Post by zionic »

cycrutchfield wrote: post #111
zionic wrote: post #110

Earlier quoted context omitted.

This. They did the same thing with “terra USD”, some shitcoin I had never heard of until it failed. It was even named to confuse people by sounding like USDT. HN is only a step above CNN when it comes to trustworthiness on this specific topic.

UST was like the #8 cryptocurrency by market cap…

Lots of scams have blown up and temporarily been there. I’m sure bitconnect did too.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#115

Post by bitcharmer »

bogomipz wrote: post #113
tracer1 wrote: post #95

Earlier quoted context omitted.

Generally OTC desks are useful for large purchases. Let's say you want to acquire $100 million in Bitcoin - you could go to Coinbase and just do it, but you'd drastically move the market, have a really obvious candlestick, and an observant third party could look for large movements from Coinbase and potentially track your holdings / de-anonymize you. An OTC desk can be setup to spread the buy over several days / mont…

Do most exchanges also run OTC desks or is the OTC desk generally a special type of exchange?

Not exchanges. The reason is that, as GP indicated - oftentimes execution is spread across venues.

This is typically a role of a dedicated broker house or there is a special area in many investment banks that takes care of that as part of customer flow handling.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#116

Post by kgwgk »

jimmydorry wrote: post #91
majormajor wrote: post #49

Earlier quoted context omitted.

Consider also that Bitcoin already halved in value in recent months without having the impact of half of a France getting bombed out of existence. ;)

But still up at least 400-500% if you bought any time up until COVID hit. ;)

19,783 to 27,000 is much less than 400-500%.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#117

Post by smabie »

bogomipz wrote: post #113
tracer1 wrote: post #95

Earlier quoted context omitted.

Generally OTC desks are useful for large purchases. Let's say you want to acquire $100 million in Bitcoin - you could go to Coinbase and just do it, but you'd drastically move the market, have a really obvious candlestick, and an observant third party could look for large movements from Coinbase and potentially track your holdings / de-anonymize you. An OTC desk can be setup to spread the buy over several days / mont…

Do most exchanges also run OTC desks or is the OTC desk generally a special type of exchange?

Usually OTC desks are seperate and are part of a prop trading firm.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#118

Post by argonaut »

bogomipz wrote: post #113
tracer1 wrote: post #95

Earlier quoted context omitted.

Generally OTC desks are useful for large purchases. Let's say you want to acquire $100 million in Bitcoin - you could go to Coinbase and just do it, but you'd drastically move the market, have a really obvious candlestick, and an observant third party could look for large movements from Coinbase and potentially track your holdings / de-anonymize you. An OTC desk can be setup to spread the buy over several days / mont…

Do most exchanges also run OTC desks or is the OTC desk generally a special type of exchange?

It can be a service offered by an exchange or by another company. Coinbase and Binance have OTC desks, for example.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#119

Post by smabie »

zionic wrote: post #110
woah wrote: post #64

Earlier quoted context omitted.

This is some random startup nobody has heard of. HN likes to work themselves into a froth over every scrap of bad crypto news, but this is utterly insignificant. Crypto will continue to fluctuate wildly as it always has.

This. They did the same thing with “terra USD”, some shitcoin I had never heard of until it failed. It was even named to confuse people by sounding like USDT. HN is only a step above CNN when it comes to trustworthiness on this specific topic.

Not to defend Terra but Luna/UST were an absolutely massive part of the crypto ecosystem. It's not some random shitcoin

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#120

Post by smabie »

randomfinn wrote: post #20
soared wrote: post #16

Would someone mind calming me by explaining why this is not a huge red flag, this isn’t the beginning of the end, and a theoretical crypto crash won’t throw the market into turmoil (or why the current market turmoil ain’t so bad)? I don’t have any kids to feed, just young dumb and tired of market crashes.

> a theoretical crypto crash won’t throw the market into turmoil I don't think it will affect markets much. There are only a few companies involved. Most of the money is from the retail investors, and that money is already gone. The crypto exchange balances going to zero won't change things much as those are mostly imaginary numbers anyway.

Really hard to know the exact breakdown, but there's also a significant amount of institutional activity in crypto too. The recent crash has put a large whole in the balance shit of many trading firms and VCs
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