Bithumb hacked: price went up = good sign? - page 2.

BitcoinNewbie15

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Bitcoin isn't a bubble. It's the pin!

Quote from: BrewMaster on June 20, 2018, 09:55:51 AM

Bithumb was hacked yesterday and the news has been spreading in the major media for at least 14 hours now based on the article times[1].

price however has not shown any reaction to the news and on top of that in the past 14 hours we have had a rise. granted it was a small rise but still it reached $6841 a couple of hours from this news.

I do agree though that it is a good sign the market had no significant reaction to this hack. But I wonder if the Tether news canceled out any negative price movement since both news came out at relatively the same time, I believe.

Quote from: BrewMaster on June 20, 2018, 09:55:51 AM

is this a good sign that we have reached the absolute bottom?

[1] https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/

As much as I truly hate to say this, I think it is still too early to call in the bottom. It does look like a triple bottom has formed, but we haven't had any real significant breaks above the down-trend line or past resistance levels really. I hope that this red market is over, but I personally don't think it is. we very likely will see the $4k - $5k price ranges.

Greed Dev

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Quote from: BrewMaster on June 20, 2018, 09:55:51 AM

Bithumb was hacked yesterday and the news has been spreading in the major media for at least 14 hours now based on the article times[1].

price however has not shown any reaction to the news and on top of that in the past 14 hours we have had a rise. granted it was a small rise but still it reached $6841 a couple of hours from this news.

is this a good sign that we have reached the absolute bottom?

[1] https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/

Market prices are hard to predict. Sometimes there is a lot of good news for crypto, but the price of the market will drop. And today when there is bad news such as exchanging Bithumb attacked, but prices have not dropped and are trending up.

Harlot

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Quote from: fabiorem on June 20, 2018, 10:54:54 AM

Centralized exchanges should be a thing of the past already.

We need blockchained exchanges, that we can store in our computers in a P2P format. This way, nobody will hack it. Although I doubt there are hackings in these exchanges, it always looks like a inside job.

Also, KYC is the cancer of centralized exchanges. Sooner or later, only bankers will be able to deal in these exchanges. And there's a thing I noted, about KYC: the more strict the exchange is, the higher is the probability of being "hacked".

One hack or even frequent hacks does not justify of not having a centralized exchange. It just means that this cryptocurrency exchanges must improve their security as this emerging market is getting a lot of attention from criminals. In order for cryptocurrencies to be successful the government needs our full cooperation with their decision and so far majority of the countries are pro-cryptocurrency. And can we just be real for a moment? We cannot exactly have a world where cryptocurrency can have a feature of anonymity.

hatshepsut93

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Most people already realize that it's not Bitcoin's fault that exchanges get hacked, only clueless nocoiners say that "Bitcoin can be hacked". So, that's the first reason for why the price is ignoring this latest hack. Also, people are looking at past performance, and what they see is the tendency for the price drop after the hack to decrease - we went from the crash and bear market after Gox to just minor drops with the last few incidents.

olumyd

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Quote from: BrewMaster on June 20, 2018, 09:55:51 AM

Bithumb was hacked yesterday and the news has been spreading in the major media for at least 14 hours now based on the article times[1].

price however has not shown any reaction to the news and on top of that in the past 14 hours we have had a rise. granted it was a small rise but still it reached $6841 a couple of hours from this news.

is this a good sign that we have reached the absolute bottom?

[1] https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/

It's hard to believe this was a real hack, if it were, being a notable exchange should have caused a ruckus, as people would have been afraid of repeating the fate of Mt. Gox. This is the presumption each time an exchange gets hacked. However, there may be more to the story since the price was not so much affected in a negative way and even recovered 'too quickly'. Although, the storm is yet to pass, and the thing to fear the most is the aftermath of this hack, especially with the G20 review of cryptocurrencies coming up in July and SEC breathing down the industry's neck; calling $30 million USD a small amount may have been a wrong choice of words.

teramit

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The Last Cryptocoin Burner

People will never understand there is no relation between hackings and btc price. If any exchange hack coincided with a price fall everybody connects them but a lot of times price rised while a hacking news was hot.If hacking is not on your exchange you dont have to cry, no affect to your money, you dont have to sell.

bitcad4u

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Quote from: BrewMaster on June 20, 2018, 09:55:51 AM

Bithumb was hacked yesterday and the news has been spreading in the major media for at least 14 hours now based on the article times[1].

price however has not shown any reaction to the news and on top of that in the past 14 hours we have had a rise. granted it was a small rise but still it reached $6841 a couple of hours from this news.

is this a good sign that we have reached the absolute bottom?

[1] https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/

Bitcoin price is volatile one. So you can buy at dip and sell at the peak.If you want to get more profit , holding and patience is the best option.When the price reach the mountain,you can sell at the best price.We have to take care for our asset with some security.Then our bitcoin will safe.

Denker

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Quote from: BrewMaster on June 20, 2018, 09:55:51 AM

Bithumb was hacked yesterday and the news has been spreading in the major media for at least 14 hours now based on the article times[1].

price however has not shown any reaction to the news and on top of that in the past 14 hours we have had a rise. granted it was a small rise but still it reached $6841 a couple of hours from this news.

is this a good sign that we have reached the absolute bottom?

[1] https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/

Bithumb got hacked, made the announcement and the price went down.
Today Tether published an half backed audit to claim that all is fine, and the price went up.
So for these 2 days price action was totally news driven.
If you don't believe me, check the time of Tether's announcement via twitter and the BTC price getting pumped.
Today's price rise has nothing to do with yesterday's hack. Two different events.

fabiorem

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Quote from: cryptokwuk on June 20, 2018, 11:25:56 AM

The massive on-chain activity doesn't promise much.
People are just waiting for their funds to confirm on exchanges and then the panic selling can begin.
Here comes the dump!

As i predicted before, we will see 3500 before the end of the month.

$3500? This is too much, duck. It will go to $450, according to Elliot Wave Theory, the favorite TA of the permabears.

gentlemand

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Welt Am Draht

Quote from: BrewMaster on June 20, 2018, 11:26:25 AM

this was so insignificant in my head that i totally forgot about it LOL

It happened during a proper fall which goes to show that these hacks are meaningless unless they're properly large.

Quote from: BrewMaster on June 20, 2018, 11:26:25 AM

did your main account (kuwkduck ) get banned or something?

It hasn't posted since Feb so something happened to it. This is very much not a loss to the rest of us.

BrewMaster

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There is trouble abrewing

Quote from: gentlemand on June 20, 2018, 11:13:21 AM

Quote from: BrewMaster on June 20, 2018, 11:09:27 AM

what exchange hack was last week? i missed that.

Somewhere named Coinrail.

https://www.theguardian.com/technology/2018/jun/11/bitcoin-price-cryptocurrency-hacked-south-korea-coincheck

Which I've never heard of and no one else has either and there's no way for foreign money to get in and out of Korea anyway. Yet it was blamed for last week's falls which tells me it's all a load of hogwash.

this was so insignificant in my head that i totally forgot about it LOL

Quote from: cryptokwuk on June 20, 2018, 11:25:56 AM

The massive on-chain activity doesn't promise much.
People are just waiting for their funds to confirm on exchanges and then the panic selling can begin.

i was expecting someone to say this. but that is where you are wrong. there are always a lot of funds on exchanges belonging to a lot of traders. if there really was a panic then price would have dropped because those traders would have sold.
besides all these transactions aren't waiting for 20 hours to confirm at the same time. they ARE being confirmed so even if people were panicking to dump then we should have seen a slow drop as their transactions confirmed in each block every ~10 minutes.

Quote from: cryptokwuk on June 20, 2018, 11:25:56 AM

Here comes the dump!

price is pretty much the same if not risen! we even set a new ATH for the week

Quote from: cryptokwuk on June 20, 2018, 11:25:56 AM

As i predicted before, we will see 3500 before the end of the month.

did your main account (kuwkduck ) get banned or something?

cryptokwuk

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The massive on-chain activity doesn't promise much.
People are just waiting for their funds to confirm on exchanges and then the panic selling can begin.
Here comes the dump!

As i predicted before, we will see 3500 before the end of the month.

renes

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It might not continue to rise now but that's really good sign because it hasn't decreased much after the news are spread. Bithumb is also very big exchange that should have affected bitcoin Cheesy

gentlemand

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Welt Am Draht

Quote from: BrewMaster on June 20, 2018, 11:09:27 AM

what exchange hack was last week? i missed that.

Somewhere named Coinrail.

https://www.theguardian.com/technology/2018/jun/11/bitcoin-price-cryptocurrency-hacked-south-korea-coincheck

Which I've never heard of and no one else has either and there's no way for foreign money to get in and out of Korea anyway. Yet it was blamed for last week's falls which tells me it's all a load of hogwash.

BrewMaster

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There is trouble abrewing

Quote from: gentlemand on June 20, 2018, 10:51:36 AM

Quote from: BrewMaster on June 20, 2018, 10:38:12 AM

there is also a lot of activity on-chain in the past ~8 hours.

I've read elsewhere that most of that was Bithumb themselves shaking up their cold storage just in case.

The fact that a nothing exchange hack was correlated to last week's fall yet a major exchange being hacked for a similar amount this week did nothing much tells me that people shouldn't be attributing this stuff to exchange hacks as long as it's a minor amount.

what exchange hack was last week? i missed that.
Bithumb thing happened today. and although i agree that people shouldn't really pay attention to these stuff but they do.
and this was a big amount. it is $31 million dollar which is nearly half what was stolen from Bitfinex in 2016 and by then price dropped 30% and the drop started before the news came out then continued down to $465

Quote from: dunfida on June 20, 2018, 11:05:05 AM

whats actually behind why it isnt been affected or just a bait?

as i said in OP maybe because we have hit the absolute bottom?!
but it can not be a bait because the way these things work is that first the insiders dump and price goes down even before the news comes out. then the news comes out and the panic starts because people hear the news and see the price drop so they decide to sell so drop becomes bigger.
in case of bitfinxe first price dropped from $657 down to $600 and then the news came out and the big drop happened down to $500ish then bitfinex approved the suspicious and said they have been actually hacked and price dropped hard down to $465

dunfida

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Quote from: BrewMaster on June 20, 2018, 10:38:12 AM

there is also a lot of activity on-chain in the past ~8 hours. the mempool size currently is 27-28 MB which shows people are moving their bitcoins around so there must be a panic going on BUT the price is not showing it at all which makes it even more interesting!
just for the record current price is $6761

https://jochen-hoenicke.de/queue/#0,24h

Actually ive been waiting for the price to drop since yesterday after the news but it turns out the price havent moved down inspite of that exchange hacking.
We do usually seen price drop when theres an incident related to this but it turns out that it doesnt being affected which is quite surprising and we dont even know whats actually behind why it isnt been affected or just a bait?

fabiorem

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Centralized exchanges should be a thing of the past already.

We need blockchained exchanges, that we can store in our computers in a P2P format. This way, nobody will hack it. Although I doubt there are hackings in these exchanges, it always looks like a inside job.

Also, KYC is the cancer of centralized exchanges. Sooner or later, only bankers will be able to deal in these exchanges. And there's a thing I noted, about KYC: the more strict the exchange is, the higher is the probability of being "hacked".

gentlemand

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Welt Am Draht

Quote from: BrewMaster on June 20, 2018, 10:38:12 AM

there is also a lot of activity on-chain in the past ~8 hours.

I've read elsewhere that most of that was Bithumb themselves shaking up their cold storage just in case.

The fact that a nothing exchange hack was correlated to last week's fall yet a major exchange being hacked for a similar amount this week did nothing much tells me that people shouldn't be attributing this stuff to exchange hacks as long as it's a minor amount.

BrewMaster

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There is trouble abrewing

there is also a lot of activity on-chain in the past ~8 hours. the mempool size currently is 27-28 MB which shows people are moving their bitcoins around so there must be a panic going on BUT the price is not showing it at all which makes it even more interesting!
just for the record current price is $6761

https://jochen-hoenicke.de/queue/#0,24h

xali

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YES
BUY THE DIP
Grin

But seriously there's just no way Bitcoin can drop. Some say this is like a triple bottom. But anyone who knows about blockchain knows that it's here to stay. Maybe one day Bitcoin will become dead, but it HAS to be replaced.
If there is no replacement on the horizon, you can bet your socks that Bitcoin can only go up... Barring any more market manipulation and any other panic selling

On that note, I would bet that the whales pumped and dumped all they could during the rise and fall from 20K. And the recent hacks being inconsequential as you say, have emptied the pockets of all the spineless panicked people.

Only the real folk are left

Topic: Bithumb hacked: price went up = good sign? - page 2. (Read 514 times)