Of course the first effect will be price going down, people will lose trust if they see this kind of bad things, and Bitcoin and other coins really take a heavy blow, this is not the first time people losing money because of the hacked exchanges, this incident will make the government tighten up the security and more regulation for the exchanges
More regulation for exchanges is not that bad, there are many suspicious looking exchanges out there and they are scamming their own clients of their money, however what we really need is to be able to exchange our coins without the need of exchanges, and that is where decentralized exchanges will come and save the day that is why I think it is a good idea to invest in tokens like that so you benefit when it skyrockets. 
Topic: Effects of hacked Japanese exchange on market (Read 376 times)
Of course the first effect will be price going down, people will lose trust if they see this kind of bad things, and Bitcoin and other coins really take a heavy blow, this is not the first time people losing money because of the hacked exchanges, this incident will make the government tighten up the security and more regulation for the exchanges
Most of us know it's bad practice to leave coins on exchanges, but think about the effect on outsiders. Those are the people who you want to enter the market to buy your coins, but this kind of news is scaring them away.
We are really seeing the failing of pre-crypto tech, not crypto itself.
What can we do about it? We need to eliminate the weak links, the pre-crypto tech like exchanges, which to be honest go against the spirit of crypto. Cryptocurrencies are about being in control of your money. Exchanges are a stopgap solution until coin holders can trade directly with each other.
Centralized exchanges or institutions are always going to be a weak point for crypto, decentralized exchanges will allow us to exchange one coin for another without those problems but the moment you need to exchange your coins for fiat that is where the real trouble will begin this is why if crypto is going to become as dominant as we want people will have to begin to accept bitcoin directly as payments for products and services. We are really seeing the failing of pre-crypto tech, not crypto itself.
What can we do about it? We need to eliminate the weak links, the pre-crypto tech like exchanges, which to be honest go against the spirit of crypto. Cryptocurrencies are about being in control of your money. Exchanges are a stopgap solution until coin holders can trade directly with each other.
Most of us know it's bad practice to leave coins on exchanges, but think about the effect on outsiders. Those are the people who you want to enter the market to buy your coins, but this kind of news is scaring them away.
We are really seeing the failing of pre-crypto tech, not crypto itself.
What can we do about it? We need to eliminate the weak links, the pre-crypto tech like exchanges, which to be honest go against the spirit of crypto. Cryptocurrencies are about being in control of your money. Exchanges are a stopgap solution until coin holders can trade directly with each other.
We are really seeing the failing of pre-crypto tech, not crypto itself.
What can we do about it? We need to eliminate the weak links, the pre-crypto tech like exchanges, which to be honest go against the spirit of crypto. Cryptocurrencies are about being in control of your money. Exchanges are a stopgap solution until coin holders can trade directly with each other.
It had a negative impact on all coins except for 1 ...... LISK
BitFlyer is Japans version of coinbase, and has the highest volume for trading bitcoin. It only has a few coins like coinbase but today it added LISK and the price jumped around 25% due to the bitflyer listing. I suggest you get some LISK fast due to the relauching event in 3 weeks, plus the impact of being added to the Japanese Coinbase. Who knows, maybe it will be added to the US version
BitFlyer is Japans version of coinbase, and has the highest volume for trading bitcoin. It only has a few coins like coinbase but today it added LISK and the price jumped around 25% due to the bitflyer listing. I suggest you get some LISK fast due to the relauching event in 3 weeks, plus the impact of being added to the Japanese Coinbase. Who knows, maybe it will be added to the US version
No big effect I think from hacked in Japan. Now it is trend that cryptocoins down. There are many countries that restrict cryptocoins. I think when those govt who ban find fact that their action worth nothing to crypto users, they will finally legalize cryptomoney.
Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?
I think only XEM take the hit from the hack alone.
The market is losing value last days because crypto's are attacked from all sides - fake news, fud, FB ICO ads ban, etc.
let's see what happens when their users are paid back. they might run for the exists with their jpy and coincheck's volumes might die off.
it may dent user confidence in japan as a whole, but this was the only big unregulated exchange.
it may dent user confidence in japan as a whole, but this was the only big unregulated exchange.
It's surely bad news, but I have a question:
May it be possible that because of hack and subsequent falling this cryptocurrency, tomorrow may be will rise another one? What do you think about it?
this hacking case could lead to a fall in prices, but maybe this is only temporary because the global market market cryptocurrency must do an action that saves each coin so as not to decrease drastically due to the effects of the hack. but for now the effect will result in global markets but will not last long. May it be possible that because of hack and subsequent falling this cryptocurrency, tomorrow may be will rise another one? What do you think about it?
IMO the price drop is unrelated to the hack or whatever it was. NEM has been pumping for a while and a correction may come from any excuse. The hack itself is meaningless.
;That is why i like to keep my coins on a wallet of some sort, I'm not comfortable keeping coins stored on any exchanges! You never know what hackers are up to, and besides that if any of them were to get shut down then you would be out too! Imo i just think that it's safer to keep them off of the exchanges!
People never learn, it has been repeated many times that is a huge mistake to leave your coins in an exchange and yet people keep doing it because it is more practical, I hold mostly bitcoin and I do it in my own wallet but I hope that once the lightning network begins to work that people will stop leaving their money there since now you could easily convert your money to bitcoin and transfer it for very low fees, that way if something happens to the exchange you use your coins will be safe.
;That is why i like to keep my coins on a wallet of some sort, I'm not comfortable keeping coins stored on any exchanges! You never know what hackers are up to, and besides that if any of them were to get shut down then you would be out too! Imo i just think that it's safer to keep them off of the exchanges!
These kinds of things always make people panic sell their currencies, leading to a chain drop in prices. Prices will settle down in a few days I guess.
It's surely bad news, but I have a question:
May it be possible that because of hack and subsequent falling this cryptocurrency, tomorrow may be will rise another one? What do you think about it?
Direct competitors of NEM could go up as people move their money away from NEM to other coins, but if I was an investor of NEM I will take this opportunity to buy NEM, the price seems to be at the normal levels but it dipped at some point, so if you could have bought at that moment you will have good profits and if you did not then you need to wait and see if it dips again. May it be possible that because of hack and subsequent falling this cryptocurrency, tomorrow may be will rise another one? What do you think about it?
I agree in that scenario dude this hacking happen to japan exchange site is the right time to buy more nem especially if you are nem investor so sad that japan market are being hack 400mil is a big money in that case the market are in the dip right time to buy more good altcoin.
Well, we didn't see much of a change in the market.
This was a HUGE hack. I mean it's bigger than Mt.Gox which crashed crypto market. But this time we have a lot more money invested in crypto and Bitcoin doesn't hold as much percentage as before.
I hope those who lost coins will get them back, but fuck that exchange for keeping so many coins in a hot wallet.
This was a HUGE hack. I mean it's bigger than Mt.Gox which crashed crypto market. But this time we have a lot more money invested in crypto and Bitcoin doesn't hold as much percentage as before.
I hope those who lost coins will get them back, but fuck that exchange for keeping so many coins in a hot wallet.
It's surely bad news, but I have a question:
May it be possible that because of hack and subsequent falling this cryptocurrency, tomorrow may be will rise another one? What do you think about it?
Direct competitors of NEM could go up as people move their money away from NEM to other coins, but if I was an investor of NEM I will take this opportunity to buy NEM, the price seems to be at the normal levels but it dipped at some point, so if you could have bought at that moment you will have good profits and if you did not then you need to wait and see if it dips again. May it be possible that because of hack and subsequent falling this cryptocurrency, tomorrow may be will rise another one? What do you think about it?
Obviously this would result to another overall market dip but not the same dip as China and Korea regulations scenario. anyway. But how can we confirm its not inside work right? Court of law its almost impossible to find out or find evidence. --On the other hand a lot people have the false impression of complete security and anonymity behind firewalls and other protection software. We have become complacent through deceitful promises and groundless guarantees from security experts and products. Fact is, NOBODY is safe anymore as hackers come up with more clever ways to exploit infrastructure at will, every single day. There is nothing more dangerous to enterprise than a persistent and motivated hacker.
Apparently, the stolen NEM is going to be burned, leaving the hacker with nothing.
And the hacked exchange said they will pay back the affected customers.
Hopefully, this all turns out to no loss to anyone and a lesson to everyone.
And the hacked exchange said they will pay back the affected customers.
Hopefully, this all turns out to no loss to anyone and a lesson to everyone.
Hopefully this is what will happen, if so then trust will be regained shortly with their customers and the crypto world.
People say it is a hack but I have another theory, it could be an inside job. And it is normal in crypto, every year some exchanges are getting hacked, so I am used to it. Who is next, what do you think?
As sad and as bad as a hack is, it hopefully teaches the others in the crypto space that they need to do more to keep their users safe. Hopefully we end up with much securer trading sites.
But it did not affect their users, the platform was hacked and they only lost money for that.
Probably only a few users lost their money, but they need to understand that they can not keep their money on an exchange, that is the most risky thing that you can do, specially on cryptos.
The money lost is around 500 million. That's a lot of money to begin with. And I'm sure that this will have a negative effec on Coincheck.
And with that amount lost, almost all of the users lost their money on that exchange. I'm sure that they know that its not safe to keep a lot of money in a exchange because in a event of an hack, like we have seen today, your funds will be stolen.
I really do hope that it will not cause a big stir in the crypto's, otherwise it will be a long and lasting effect, not as big as the Mt. Gox hack but investors will be skeptics to trade and invest once more.
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