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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

#141

Post by headsoup »

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.

So how about USDT losing its peg to the dollar, they some unknown that means nothing whatsoever?

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

#142

Post by rchaud »

woah wrote: post #35
seibelj wrote: post #17

This is not a product anyone has heard of. Negative crypto stories get a lot more play on HN than the legions of tech startups laying off workers, and FAANG stocks ruining RSU packages. The whole world of markets is being popped right now. For example pension funds are doing terribly: https://www.wsj.com/amp/articles/pensions-bad-year-poised-to... This has nothing to do with crypto and is going to hurt a lot of innoc…

GrubHub stock is down to $3 after a high of $20. Food is a scam.

Not a scam as such, but definitely a service that's been propped up with investor money, and is only now facing the realities of having to deliver real profits.

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

#143

Post by sokoloff »

oliwarner wrote: post #129
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.

It doesn't count as real crypto until zionic has heard of it? Irrespective of your attitude to an unheard-of coin, the situation rather epitomises the problem many have with crypto. They start off as penny stocks, but people expect them all to rocket to Fortune 500 levels for no good reason other than all the other gullible idiots pumping their savings into them, forgetting in their greed that it's quite as easy to s…

It’s not all pump and dump; there’s more to crypto than just that:

https://mobile.twitter.com/patdennis/status/1518637225789042...

  Sick of people calling everything in crypto a Ponzi scheme. Some crypto projects are pump and dump schemes, while others are pyramid schemes. Others are just standard issue fraud. Others are just middlemen skimming of the top. Stop glossing over the diversity in the industry.

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

#144

Post by archi42 »

koolba wrote: post #54
Nursie wrote: post #31

Earlier quoted context omitted.

Yeah, as a retailer their business is far more at risk from market fluctuations I guess. They can ride high in the bull market but a drop in asset price puts everything at risk. OK, well that does explain things more neatly.

Sounds like a market maker. In traditional finance the market maker hedges their large liquidity position through options to limit any risk from wild fluctuations in either direction. In defi, I guess they just hodl and then go bankrupt.

I like the analogy/idea, or more precisely find it amusing. But this company doesn't have the necessary liquidity. Plus I am not sure if there can be a real market maker given the transaction volume and volatility of BTC: In the past the daily transaction volume was in the 3 to 8 * 10^9 [billion] US$ range[1], which is massive. And the volatility isn't exactly famously tame either. For comparison, that company self-reports to have moved a mere 92 million in 5 years.

That's like someone with a 500k to 700k portfolio doing 1M worth of transactions in 5 years (should be reasonable?) trying to be market maker for Tesla.

[1] https://www.blockchain.com/charts/estimated-transaction-volu...

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

#145

Post by FabHK »

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.

To be fair, among the USD-"pegged" stable coins, UST was the third largest and had about 10% of the market cap, until a few days ago. The fact that you hadn't heard of it is hardly pertinent.

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

#146

Post by thfuran »

qeternity wrote: post #130
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.

Just to put in perspective: a number of non-crypto YC startups had their treasury in UST. The reverberations of this will be massive.

Any company that kept money it really needed in crypto deserves to vanish.

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

#147

Post by kd913 »

aaaaaaaaata wrote: post #139
kd913 wrote: post #51

Earlier quoted context omitted.

The latter answer is simple. Tether and other stable coins printing money from nothing. They have statements that they are backed as equivalent to dollars but it is utter nonsense. Just yesterday tether printed another billion usdt. They were openly proven to have only 3% of their currency backed by USD by the NY AG but everyone just ignores that judgement. They never held under audit, have proven to not be backed by…

Tether is propping up shitty exchanges/casinos — not cryptocurrency.

There are enough correlations to show Tether magic money being used to prop up btc, eth on these shady exchanges.

It is obvious they are using fake magic money to prop/inject into the eco-system.

When btc, eth props up, everything else tends to as well.

IDK how it's not obvious to you unless you have some financial incentive to ignore the obvious.

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

#148

Post by glerk »

xwdv wrote: post #133
glerk wrote: post #104

Earlier quoted context omitted.

BTC, ETH and XMR are pretty comfy. A lot of scams are going to get purged, and that’s a good thing. Good projects will survive as they always do.

BTC already dropped another 1000. Will continue dropping.

If you’re so sure about that, put your money where your mouth is and go short it.

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

#149

Post by Swenrekcah »

woah wrote: post #35
seibelj wrote: post #17

This is not a product anyone has heard of. Negative crypto stories get a lot more play on HN than the legions of tech startups laying off workers, and FAANG stocks ruining RSU packages. The whole world of markets is being popped right now. For example pension funds are doing terribly: https://www.wsj.com/amp/articles/pensions-bad-year-poised-to... This has nothing to do with crypto and is going to hurt a lot of innoc…

GrubHub stock is down to $3 after a high of $20. Food is a scam.

Interesting analogy, since food is the prime example of the sort of real and true value of which crypto has absolutely none.

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

#150

Post by aaaaaaaaata »

kd913 wrote: post #147
aaaaaaaaata wrote: post #139

Earlier quoted context omitted.

Tether is propping up shitty exchanges/casinos — not cryptocurrency.

There are enough correlations to show Tether magic money being used to prop up btc, eth on these shady exchanges. It is obvious they are using fake magic money to prop/inject into the eco-system. When btc, eth props up, everything else tends to as well. IDK how it's not obvious to you unless you have some financial incentive to ignore the obvious.

To you, does "prop up" mean "act as the only value behind", or "noticeably increase the price"?

This may be where we diverted from each other.

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