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Earlier quoted context omitted.
Bitcoin alone was apparently given a market cap of over 2 trillion recently. That’s roughly the entire GDP of France. If France’s economy poofed out of existence or halved in value, that’d be a huge shake up.
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. ;)
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.
If you are big into an altcoin, prepare for that to go up in smoke the next few months.
If you hold a lot of Bitcoin, make peace with it losing over 75% of value in the next few months. It’s going back to pre-covid levels at best.
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.
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.
Hmm... Bitprime have grown since the last time I was paying attention. 20 employees.... For some context, a few years ago, they only did OTC trades (you ask for a quote and have a few hours to confirm the price and send the funds), with quite a large minimum of a few thousand. You only really delt with them if you wanted to on-road or off-road large amounts of New Zealand dollars. They didn't even run their own crypt…
Who is the target market for such a service?
Bitprime allowed people in NZ to easily transfer value in and out of those exchanges. Or directly into a wallet for other services (i.e. buying NFTs or paying ransomware), or to hoddle.
Hmm... Bitprime have grown since the last time I was paying attention. 20 employees.... For some context, a few years ago, they only did OTC trades (you ask for a quote and have a few hours to confirm the price and send the funds), with quite a large minimum of a few thousand. You only really delt with them if you wanted to on-road or off-road large amounts of New Zealand dollars. They didn't even run their own crypt…
Who is the target market for such a service?
An OTC desk can be setup to spread the buy over several days / months, buy across markets, and optimize for best price execution. It's not necessarily a huge business, but a lot of businesses and high net worth individuals will use these types of services instead of trying to learn the skills themselves.
Hmm... Bitprime have grown since the last time I was paying attention. 20 employees.... For some context, a few years ago, they only did OTC trades (you ask for a quote and have a few hours to confirm the price and send the funds), with quite a large minimum of a few thousand. You only really delt with them if you wanted to on-road or off-road large amounts of New Zealand dollars. They didn't even run their own crypt…
Who is the target market for such a service?
Also, the best OTCs tend to be failure tolerant: website down or DDoS'd? Doesn't matter, you talk on Signal or WhatsApp or Telegram.
Quoted post unavailable.
Hmm... Bitprime have grown since the last time I was paying attention. 20 employees.... For some context, a few years ago, they only did OTC trades (you ask for a quote and have a few hours to confirm the price and send the funds), with quite a large minimum of a few thousand. You only really delt with them if you wanted to on-road or off-road large amounts of New Zealand dollars. They didn't even run their own crypt…
Who is the target market for such a service?
If you do that by buying $10k x 10k transactions, your demand will increase the price of the asset and mean you pay more than current price for no good reason.
OTC desks either collect the $100m from large holders in big blocks, or they use working capital to constantly buy the asset and sell it for a single quoted price (hoping to gain on arbitrage).
In this particular case, they also offered the unique service of accepting /nzd vs. EUR/USD/JPY/KRW
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.