What are the effects of Korean prices being removed from coinmarketcap.com?

yoseph

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Quote from: webtricks on January 12, 2018, 10:23:09 AM

Quote from: Swenna on January 12, 2018, 09:30:45 AM

The whole market was dyed red yesterday. It was such a bloody Thursday but I think, the fact that the Korean prices being removed from cinmarketcap.com is not the real reason behind it. For me, the main reason was the FUD's still hanging around that causes a lot of holders to dump their coins just because they saw the prices decreased by so little amount, was overthrown by their emotions and then sold their coins with trembling hands and knees in fear of profit loss. All of this just because of the news about Korea planning to ban trading. All in all, this will not really affect the price of the coins in the coin market. If we look now, we'll see that the most coin prices had already recovered.

What you are talking is just temporary impact of removing Korean Exchanges. Sooner or later, market will and has recovered. But there is another aspect we all are missing at the moment which could seriously effect long term sustainability of Bitcoin and that is...
"So far CoinMarketCap was taking Combined Mean to determine price but now in order to lower deviations, it has removed extreme values. But was it necessary? I will say no. By removing Korean prices, CMC stressed on the idea that US/UK prices are more accurate than Asian prices. After Korea, we could see Indian, Chinese or Japanese exchanges being neglected by CMC. Are we going on the path of declaring West to be the power of Bitcoin? Are we diluting decentralization essence of Bitcoin? Maybe..Maybe.."

Are the south Koreans just going to regulate the sale of bitcoins and other cryptos or are they completely going to ban it because from what they are saying, its because of the non payment of taxes related to the exchanges that's why that are threatening to do that.

Bolt Brownie

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Quote from: Crypto Sway on January 09, 2018, 12:49:28 PM

Yesterday we saw the average price on coinmarketcap.com drop to around $14,000/BTC. One of the leading factors of this was coinmarketcap.com decision to remove Korean prices from this average. Today the price is back up to $15,000 what do you think will happen next? Bullish or Bearish?

It already had an effect on the market since most people use coinmarketcap as reference for prices, and since there was no clear sign that the influence form Korean exchanges prices was being removed, people just saw a huge drop in price of a lot of coins, and start panic selling. Of course that is now solved, and things are getting back to normal, but I hope things will be done differently in the future. I usually go to the markets detail, to search for arbitrage opportunities, so I actually saw that small note that exchanges like bithumb were no longer taken into consideration, but things should have been made more visible in my opinion.

krauzzer02

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Just a minor effect I think because there would be gap between its price when you will check other markets website like cryptocompare and coinmarketcap causing some confusion to the people who are unaware of what the heck is happening to cryptocurrency prices, that would be one of the effects of removing Korean based prices to some exchanges and market websites.

webtricks

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Quote from: Swenna on January 12, 2018, 09:30:45 AM

The whole market was dyed red yesterday. It was such a bloody Thursday but I think, the fact that the Korean prices being removed from cinmarketcap.com is not the real reason behind it. For me, the main reason was the FUD's still hanging around that causes a lot of holders to dump their coins just because they saw the prices decreased by so little amount, was overthrown by their emotions and then sold their coins with trembling hands and knees in fear of profit loss. All of this just because of the news about Korea planning to ban trading. All in all, this will not really affect the price of the coins in the coin market. If we look now, we'll see that the most coin prices had already recovered.

What you are talking is just temporary impact of removing Korean Exchanges. Sooner or later, market will and has recovered. But there is another aspect we all are missing at the moment which could seriously effect long term sustainability of Bitcoin and that is...
"So far CoinMarketCap was taking Combined Mean to determine price but now in order to lower deviations, it has removed extreme values. But was it necessary? I will say no. By removing Korean prices, CMC stressed on the idea that US/UK prices are more accurate than Asian prices. After Korea, we could see Indian, Chinese or Japanese exchanges being neglected by CMC. Are we going on the path of declaring West to be the power of Bitcoin? Are we diluting decentralization essence of Bitcoin? Maybe..Maybe.."

Fatunad

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Quote from: hasmukh_rawal on January 11, 2018, 07:02:46 AM

It would not make any difference since coinmarketcap shows only the average price of the coin from all the exchanges listed.
Korean exchanges were trading coins at a higher price than the other exchanges and so the average price on coinmarketcap was a little more than the normal price on coinmarketcap. This is why the traders were feeling difficulty in knowing the price of the coin and that's why coinmarketcap removed Korean exchanges form it's list of exchanges. This wouldn't make any negative impact and will give better results since the average price now will be more accurate towards the exchanges.

True, which coinmarketcap is just a tool/site on checking recent prices which i dont see any effects on removing those Korean prices which i do see its much better because prices would really be more accurate.We have seen those recent news which really makes the price too volatile thats why they decide up to remove it which is actually a good decision by them.

Swenna

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The whole market was dyed red yesterday. It was such a bloody Thursday but I think, the fact that the Korean prices being removed from cinmarketcap.com is not the real reason behind it. For me, the main reason was the FUD's still hanging around that causes a lot of holders to dump their coins just because they saw the prices decreased by so little amount, was overthrown by their emotions and then sold their coins with trembling hands and knees in fear of profit loss. All of this just because of the news about Korea planning to ban trading. All in all, this will not really affect the price of the coins in the coin market. If we look now, we'll see that the most coin prices had already recovered.

hasmukh_rawal

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It would not make any difference since coinmarketcap shows only the average price of the coin from all the exchanges listed.
Korean exchanges were trading coins at a higher price than the other exchanges and so the average price on coinmarketcap was a little more than the normal price on coinmarketcap. This is why the traders were feeling difficulty in knowing the price of the coin and that's why coinmarketcap removed Korean exchanges form it's list of exchanges. This wouldn't make any negative impact and will give better results since the average price now will be more accurate towards the exchanges.

chiggz

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Quote

I don't think it will change anything at all. It's just a way of checking prices, it doesn't really have any influence on the market. The only thing is short term if people don't realise they may be wondering why the price fell and that could instill some fear.

There was a little impact due to the CMC fiasco. Many people including me first check Coinmarket cap to check the overall indicator of the health of the market. When they see red more people are inclined to sell the coin. This is most common mistake noobies make.

Also as a result many new coins not available in the Korean exchange had a nice pump since people sold their coins to buy these. Secondly people who use bots for trading with CMC api may go into sell mode due to this. This is just my speculation though. Anyways CMC should have informed or put up a banner explaining the situation instead of a star mark berried deep in the markets tab . But its their choice anyways to do it or not since they offer a free service. Its the people who need to be cautious and understand why and what before panicking.

krishnapramod

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Coinmarketcap messed up the situation a bit especially for the newbies when they suddenly excluded some Korean exchanges without prior announcement, being unprofessional, but while CMC takes global average, premium of up to 10% is acceptable, but around 50% just somewhat messes up the whole global average. According to Cryptocompare, KRW has a daily volume of about 5%. Right now the stats are more accurate and meaningful, not just inflated. Already the damage has been done, don't see why it would have any further impact. For reference, newbies can also use websites like Livecoinwatch.

https://www.livecoinwatch.com

talkbitcoin

legendary

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All I know is that I know nothing.

the effects of the removal itself are nothing. coinmarketcap.com is a website that lists coins and their stats it is not a place that can affect anything regarding prices or anything like that.

the effects of the news constantly talking about it and creating panic saying "it will fall" or the "fall was because of it" is very different. that is called spreading FUD and that can cause a drop which it already did cause a drop. but it is a drop that would have happened nonetheless. the altcoin dumps are always inevitable.

8270thNinja

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busy in real life, long post gap is understandable

Technically, It will not have any effect but we can assume and speculate that a lot of people are using coinmarket as their main source of price monitoring, we can say that these people got affected and easily moved by their emotions when they saw that Bitcoin's price decreased on CMC rapidly and as i always say , it is pretty normal and we cannot control these people on how will they control their emotions in this kind of events. For me, I think Bitcoin will still continue to rally up, despite of several downs , we can see that Bitcoin is always recovering.

kaysersoze

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The only effects is that a lot of people started to sell all their bitcoins like crazy because they thought that bitcoin was started to go down. In fact, it didn't, but once that they all started to sell, it all went down for a while.. It is a shame that they are stil selling their bitcoins

Sosolean

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Think it will just be a short term blip as people were unware that that information was being removed saw a dip and panicked

shaun98

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It was merely a short term effect. As coinmarketcap didn't do any prior announcement, lots of people thought that the price was dropping and sold their holding due to fear. Once that happened, the price actually dipped, though it has since regained some of the losses of yesterday.

reymartH

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Just my opinion but there’s going to be a lot more regulation coming this year and many altcoins are going to get killed. Be VERY selective. So far price is the driving motivator behind purchases as it’s assumed all coins will go up eventually if you just HODL.

godzillarekt007

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Floki Robot

Quote from: Mcfee lee on January 09, 2018, 04:07:10 PM

doesn't affect ..one to two day will become nomal

It did though the markets looked significantly worse than they were yesterday especially if the coin you were in had inflated prices because of it. Things will go back to normal but yesterday they were pretty ugly all day long and that is no lie.

Mcfee lee

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doesn't affect ..one to two day will become nomal

jimbo2000

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Quote from: Crypto Sway on January 09, 2018, 12:49:28 PM

Yesterday we saw the average price on coinmarketcap.com drop to around $14,000/BTC. One of the leading factors of this was coinmarketcap.com decision to remove Korean prices from this average. Today the price is back up to $15,000 what do you think will happen next? Bullish or Bearish?

I don't think it will change anything at all. It's just a way of checking prices, it doesn't really have any influence on the market. The only thing is short term if people don't realise they may be wondering why the price fell and that could instill some fear.

haroldtee

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It would not really have any effect technically on the market, as whatever will happen at the end of the day is still determined by the reaction of a market at a certain point in time. The rate at which Korean market affects the prices and the margin compared to the global market rate is huge, so that sounds reasonable for it being removed. For now, we cannot say if bitcoin is going to be bullish or bearish, as far as I am concerned, it is an extremely crazy market and following the trend as we move on now is what really counts. So many times that technical analysis just keeps failing recently with the bitcoin market, so, one may just have to chill and watch what happens next.

Crypto Sway

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Yesterday we saw the average price on coinmarketcap.com drop to around $14,000/BTC. One of the leading factors of this was coinmarketcap.com decision to remove Korean prices from this average. Today the price is back up to $15,000 what do you think will happen next? Bullish or Bearish?

Topic: What are the effects of Korean prices being removed from coinmarketcap.com? (Read 147 times)