Bittrex delisting XMR, DASH and ZEC. Will this affect Bitcoin? - page 3.

pooya87

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Quote from: stompix on January 03, 2021, 03:32:46 AM

Quote from: pooya87 on January 02, 2021, 11:52:16 PM

I don't think so.
The "current bull run" started about 2 years ago while these "mainstream" dudes started recently.
So how can an IOU trading platform that is not even linked to the real world's bitcoin market can affect bitcoin price?

This is what you want to believe, not what is happening!
You're biased from the start because you don't like PayPal you don't like their PPBTC but for the average Joe, it's a different story.

What the people who have not heard of BTC before and never bothered with the whole open account, exchange, send to the wallet, PP offers a simple way of owning something that would bring them money., they don't care about keys about fees about hacks, all they know is that if they would have bought 100$ worth of that now they have 200$. And people like that are millions, people who care about their keys about all that are thousands.

Like it or not PP has brought a lot of hype and thousands have bought coins with them, you can see tens of examples even here, in the bitcoincultist lair, do you imagine how the balances outside this, where people are not that biased?
There is a tiny difference between not liking it, as I don't do either, and denying it.

I agree with everything you said! I hate these services and at the same time they have let a lot of people buy bitcoin (or what they call bitcoin!) BUT that still doesn't mean they are the reason for this bull run.

Take your PayPal example here, when an average Joe buys bitcoin from PayPal it won't affect the actual bitcoin price that is determined on bitcoin exchanges such as Coinbase, Bitstamp, Kraken or even Bitfinex. Why? Because PayPal is not linked to any of them. If all average Joes dump all their PP.BTC right now it won't affect the bitcoin price either for the same reasons. Now if the same amount were dumped on Coinbase for instance the price will be affected and will drop.

PayPal itself has bought a certain amount of bitcoin (unless they are lying) and is selling THAT to its users. So if there were any influence it had already happened when they made the purchase not every day. Whereas we are seeing the price rise every day.

7788bitcoin

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I think it will not have an important influence on bitcoin price movements because so far bitcoin has a cryptocurrency platform that cannot be controlled by anyone and for altcoins that have been removed from the list of coins on the exchange are altcoins that have problems with regulation.

If the privacy coins are delisted in many exchanges then the investors will cash out huge amounts and then divert those to bitcoin and it will help the price of bitcoin while the price of rest of the coins will go down drastically. After the SEC verdict the price of XRP went down drastically but the price recovered a bit but these situation will hurt the coins during a time when the entire market was supposed to rally.

It is interesting to see how the developers will deal with this situation and this year is interesting as we will see many twist and turns in the entire market.

MCobian

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I am not so panicked about this news, because right now I don't HODL privacy coins and also rarely use privacy coins for transactions. And also
this news will not have any effect on the Bitcoin price, because from the start all altcoins that are affected by Bitcoin price movements are not
the opposite. Besides, I expected that sooner or later privacy coins would be delisted from several centralized exchanges, because the government
really doesn't like the existence of privacy coins that can be used for illegal activities.

coolcoinz

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Quote from: Wysi on January 03, 2021, 04:37:35 PM

It's really an alarming news (...)

Not that alarming if you don't hold them. I'm happy about XRP, this coin is a disgrace and people are buying it because it's in the top 10, not because it has any purpose or anything.
Bad news for those who hold these coins, good news for Bitcoiners. If we believe the theory that altcoin market takes away from bitcoin, value lost by these altcoins will flow back to coin market cap and be divided among other coins. Maybe it already is since Bitcoin has reached its new high after the news were published.

xtrusion

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Quote from: Wysi on January 03, 2021, 04:37:35 PM

It's really an alarming news and I would say this might have been preplanned as regulators (SEC) will gradually start neutralizing altcoins before attempting to cause damage to Bitcoin like they tried in the past but failed miserably. But this will have positive effect on Bitcoin on a short run because Bitcoin might receive those investment when investors move their existing investment from the mentioned coins.

unfortunately agree with you that SEC could damage some alts before hurting btc. privacy coins would be or are a perfect victim for SEC..

mcap of xmr + dash + zec < 1% of mcap of btc, so don't guess any relation, too little volume

Wysi

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It's really an alarming news and I would say this might have been preplanned as regulators (SEC) will gradually start neutralizing altcoins before attempting to cause damage to Bitcoin like they tried in the past but failed miserably. But this will have positive effect on Bitcoin on a short run because Bitcoin might receive those investment when investors move their existing investment from the mentioned coins.

xtrusion

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I think so too that is not a major connection between delisting of privacy coins and BTC performance.
However, its pretty difficult to deal with privacy coins right now if you own some of them.
DASH f.e. is my biggest bet on cyryptomarkets, it seemed much undervalued compared to most other coins / tokens.
Now due to delisting (and the fear that more exchanges will act in a similar way), the situation has changed. But: Could it make sense selling DASH for 90$ or lower right now? It would hurt a lot; DASH was priced at that level even in 2017 when BTC was priced at approx. 1k$ (similar example to ZCash, just XMR performed better)

edit: my thoughts maybe fit better in an alt coin topic..

mardaed

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Quote from: TheBeardedBaby on January 01, 2021, 05:40:39 PM

More and more privacy is taken away from us.

XMR,DASH and ZEC already crashed with more than 15% after the news about delisting on bittrex.
What effect the delisting will have on the bitcoin price?

https://bittrex.zendesk.com/hc/en-us/articles/360054393492-Pending-Market-Removals-01-15-21

I can't see any connection to it, pretty sure it can affect the XMR, DASH and ZEC but with regards to bitcoin then there is not connection that I see in order to affect the bitcoin price from the decision of Bittrex.

But if the investors of those currencies will try to sell their asset and convert to bitcoin then the affect of it to bitcoin is pretty good as bitcoin price will surely to continue to increase but with regards to bitcoin price to decrease because of this happening then I cannot see any good reason that I can connect to it.

fauzan123

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Quote from: masterrex on January 02, 2021, 04:39:11 AM

That was expected because of the SEC pressures from those platforms that were based or have a business operation in the US territory, the Monero's privacy-centric features were considered by US SEC and other agencies as a potential threat to their operation because of its superb privacy function. and we are not surprised if many other exchanges will follow that move sooner or later.

It looks like the start of the year is not very good for some altcoins that are experiencing problems, like XRP and even some have bad issues. But for the delist on Bittrex itself, I don't think it has a big impact on the movement of bitcoin, because the rating of this Exchange is also quite medium, so it can't be said to have a big impact either.

Smartprofit

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Quote from: Hobo66 on January 03, 2021, 12:11:00 AM

Quote from: charlesmichel1 on January 01, 2021, 11:00:51 PM

It may affect Bitcoin, but it's early to draw any conclusion. One can assume that after delisting privacy coins Bittrex' customers will switch to Bitcoin, so the price will go up.

I don't think this will be the case. if Bittrex delist privacy coins then those privacy coins investors will more to another exchange. they just don't switch to Bitcoin like that. it is not the way to force people to switch to Bitcoin.
it's not good for bitcoin and crypto and it does not work like that. all those privacy coin lovers will simply leave bittrex and start with another exchange. it is not a big deal for them to delist from one exchange. there are hundreds of other exchanges to use.

Every morning I look at the price of three cryptocurrencies - Bitcoin, Ethereum, and Monero. And what do I see? Bitcoin and Ethereum prices are rising. Monero's price falls. Currently 1 XMR = 0.004 BTC.

For any cryptocurrency, liquidity is important. The removal of Monero from cryptocurrency exchanges is an expected event. However, this event negatively affected the price of this coin. For Bitcoin, the delisting of Monero from the Bittrex cryptocurrency exchange is rather a positive event. Monero is a potential competitor to Bitcoin.

Private coins are going through difficult times right now.

stompix

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Quote from: pooya87 on January 02, 2021, 11:52:16 PM

I don't think so.
The "current bull run" started about 2 years ago while these "mainstream" dudes started recently.
So how can an IOU trading platform that is not even linked to the real world's bitcoin market can affect bitcoin price?

This is what you want to believe, not what is happening!
You're biased from the start because you don't like PayPal you don't like their PPBTC but for the average Joe, it's a different story.

What the people who have not heard of BTC before and never bothered with the whole open account, exchange, send to the wallet, PP offers a simple way of owning something that would bring them money., they don't care about keys about fees about hacks, all they know is that if they would have bought 100$ worth of that now they have 200$. And people like that are millions, people who care about their keys about all that are thousands.

Like it or not PP has brought a lot of hype and thousands have bought coins with them, you can see tens of examples even here, in the bitcoincultist lair, do you imagine how the balances outside this, where people are not that biased?
There is a tiny difference between not liking it, as I don't do either, and denying it.

Hobo66

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Quote from: charlesmichel1 on January 01, 2021, 11:00:51 PM

It may affect Bitcoin, but it's early to draw any conclusion. One can assume that after delisting privacy coins Bittrex' customers will switch to Bitcoin, so the price will go up.

I don't think this will be the case. if Bittrex delist privacy coins then those privacy coins investors will more to another exchange. they just don't switch to Bitcoin like that. it is not the way to force people to switch to Bitcoin.
it's not good for bitcoin and crypto and it does not work like that. all those privacy coin lovers will simply leave bittrex and start with another exchange. it is not a big deal for them to delist from one exchange. there are hundreds of other exchanges to use.

pooya87

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Quote from: Sithara007 on January 02, 2021, 11:26:16 PM

The current bull run can be almost solely attributed to the mainstream adoption of Bitcoin, especially by platforms such as PayPal and Square.

I don't think so.
The "current bull run" started about 2 years ago while these "mainstream" dudes started recently. Additionally platforms such as PayPal aren't buying bitcoin every day, they don't even let people deposit/withdraw bitcoin, they aren't even trading bitcoin there! They bought bitcoin a while ago and if they sell THAT to people it still isn't affecting the bigger market that the price is decided in.

So how can an IOU trading platform that is not even linked to the real world's bitcoin market can affect bitcoin price?

Sithara007

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Quote from: stompix on January 02, 2021, 06:47:57 AM

Quote from: jademaxxiss012 on January 01, 2021, 05:44:25 PM

If I were to manage or run an exchange...

But you're not!
It's easy to comment on the side but when you're caught in the middle and you're facing fines and even worse things all the toughness melts away and is its turn to hide away in its momma's basement. Big exchanges make a lot of money from trading, dropping a pair that barely makes it to top 10 volume while still keeping friendly with the authorities is the way of survival, when you already make millions it makes no sense to act like a hero, real heroes don't come back from battles.

Quote from: Darker45 on January 01, 2021, 08:39:42 PM

They are now resorting to other means of hopefully bringing them down. And just like their past attempts, and even huge bounty on cracking Monero, these recent steps wouldn't make these privacy coins worthless. As a matter of fact, all these attempts from government authorities are actually adding more weight to these coins' existence, making their arguments more valid than ever, although they also push them underground.

Yeah, pushing them underground with no exchange, no cashflow, no real-life utility...what will the price be at that time?
Let's have a little imagination exercise and let's look at bitcoin with no exchanges, no ATMs, no Paypal, no Grayscale, no shops accepting it, just dark market usage. What tag price you pin on it?

Can't put it any better than this. The current bull run can be almost solely attributed to the mainstream adoption of Bitcoin, especially by platforms such as PayPal and Square. If Bitcoin is pushed underground, then I believe that the exchange rates would be less than 1/10th of the current levels. And you are right about taking an aggressive stance against the authorities. BTC-e tried to do that, and it didn't ended well for them.

acener

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I think if it would affect Bitcoin it would be in a good way for BTC,
Those who owns some crypto that would be delisted would surely convert their holdings into other crypto and the best choice for them could be BTC or other Top crypto.
I think BTC would get more pump because of the delisting of other crypto.

tranthidung

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Quote from: Kemarit on January 01, 2021, 07:29:47 PM

Probably XMR, DASH and ZEC investors ->> BTC? it's going to be a win win situation for us.

Bitcoin is a King and dominates the market. You can exclude those privacy coins and think of DeFi tokens. Bitcoin does not need any crash or collapse from DeFi tokens to dominate the market. Bitcoin investors invest in bitcoin because they have some sort of belief in bitcoin decentralization, its fixed deflationary total supply and future higher demands on bitcoin. They don't invest in bitcoin because they feel bad with altcoins (at least it is not their main reasons).

Capital from those coins can switch to bitcoin or to other altcoins. Wink

Quote from: Darker45 on January 01, 2021, 08:39:42 PM

They're not really taken away from us. They failed to break these privacy coins. They are now resorting to other means of hopefully bringing them down. And just like their past attempts, and even huge bounty on cracking Monero, these recent steps wouldn't make these privacy coins worthless. As a matter of fact, all these attempts from government authorities are actually adding more weight to these coins' existence, making their arguments more valid than ever, although they also push them underground.

They will come back, I believe. It is almost similar story for bitcoin. How many times governments try to shut down bitcoin and mixing serivces but the price of bitcoin today is a strong evidence of governmental failures (with their fiats and their attempts to break down bitcoin).

If you think those privacy coins are good technically and governments force exchanges to delist those coins, it is unofficial announcements of success for those privacy coins.

Personally, I expected to see those negative things in early or middle of 2019.

CipherTrace Files Two Monero Cryptocurrency Tracing Patents
SEC Awards Over $1.6 Million to Whistleblower

Shasha80

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This is shocking news to me, because there is no explanation why suddenly several large exchanges such as Bittrex and Binance in Australia
delisted privacy coins. Maybe this is related to political issues or illegal activity, we know that some countries feel threatened by the existence of
privacy coins which are considered to be widely used for illegal activities.

So in the end Bittrex and Binance made this decision based on orders from the Australian government. Although all privacy coins are delisted
from Bittrex and Binance, I'm sure it won't have any effect on Bitcoin, it might cause the Bitcoin price to go higher. Because there are several
privacy coins holders that transfer their funds to Bitcoin.

0t3p0t

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Quote from: bL4nkcode on January 01, 2021, 10:18:16 PM

This will only affect all the privacy coin listed on US-based exchange though some exchange might follow but it just that. More people will still use privacy coin.

Since a privacy-coin user will always use a privacy coin no matter what happens especially if the government make a move against it.

I agree. Only centralized exchanges can delist those privacy coins and still privacy coin investors and users can freely interact with the ever growing community of privacy coins where they can trade or swap. This move will really affect the market flow of these privacy coins due to restrictions however this will add liquidity to Bitcoin since some hodlers might shift for safety though not all of them because some will still prefer privacy coins despite the current situation.

TedMosby

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https://bitcointalk.org/index.php?topic=5274318.0

I wish I see this thread before. I have already bought ZEC a few hours ago. Grin

I am a simple person, I see a big red, I buy.
same like other members, not sure about this delisting. Can anyone make a short summary about it?
so, is this how the government will make the crypto market crash this year by taking out privacy coins from the market?

Smartprofit

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Quote from: masterrex on January 02, 2021, 04:39:11 AM

That was expected because of the SEC pressures from those platforms that were based or have a business operation in the US territory, the Monero's privacy-centric features were considered by US SEC and other agencies as a potential threat to their operation because of its superb privacy function. and we are not surprised if many other exchanges will follow that move sooner or later.

Monero (XMR) reacted to the news with a drop to 0.0045 BTC. The delisting of anonymous coins was carried out not only by the Bittrex cryptocurrency exchange.

Also, trading in private coins was discontinued by the Australian branch of the cryptocurrency exchange Binance:

https://youtu.be/p9OInPf53ZU

In the short term, this news did not affect the price of bitcoins. It is likely that as a result of this delisting, the capitalization of private coins will decrease, while the capitalization of bitcoins, on the contrary, will increase.

We see the desire of regulators and institutional investors to turn Bitcoin into a new type of financial asset that will not look like a traditional crypto.

Topic: Bittrex delisting XMR, DASH and ZEC. Will this affect Bitcoin? - page 3. (Read 1073 times)