Topic: [2018-01-23]Meet the man behind coinmarketcap (Read 146 times)

https://www.wsj.com/articles/the-programmer-at-the-center-of-a-100-billion-crypto-storm-1516708800

The Programmer at the Center of a $100 Billion Crypto Storm
How a top source of bitcoin data contributed to a sudden plunge in digital currencies

By Paul Vigna and  Jim Oberman
Jan. 23, 2018 7:00 a.m. ET
104 COMMENTS
The drop was swift: Prices for bitcoin and dozens of other digital currencies on Jan. 8 fell sharply, lopping more than $100 billion off their collective market value.

The globe-rattling move can be traced to one address: An apartment in a new residential building across the street from a local union headquarters in a gentrifying section of Long Island City, Queens.

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It is the workplace of Brandon Chez, the 31-year-old computer programmer behind coinmarketcap.com, a website that is a top source for data on bitcoin and hundreds of other cryptocurrencies. Mr. Chez’s site, which went live in 2013, has become one of the most heavily trafficked websites in the world.

Competition is heating up. On Thursday, Interncontinental Exchange Inc., the owner of the New York Stock Exchange, announced a partnership to launch a bitcoin data feed for Wall Street banks and traders. Independent sites including Onchainfx.com have also popped up.

Meanwhile, Mr. Chez’s site is wielding unexpected impact. On January 7, coinmarketcap.com decided to remove trading activity from South Korean exchanges from its price-quote algorithms. The reason: prices there were significantly and persistently higher than in other countries. To some, it seemed the Korean trades were artificially inflating the price of bitcoin.

Without the South Korean bids and offers embedded in the CoinMarketCap listings, prices on the site fell precipitously. The price of the cryptocurrency XRP, for example, went from about $3.40 to $2.60 in one sharp move.