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[AudraMiller]

It appears that the US authorities have placed charges against this bitcoin exchange company (BitMEX) and also extended these charges to the leaders of this company as well. The executives of this company are accused of disregarding the US banking laws, and as a result the charges were brought on by the US government on 1 October.

Now with regards to high risk, there are reposts that the larger investors in this company have withdrawn over 50 00 bitcoins from this exchange in the last week alone, which begs the question of is this exchange planning to shut down and bail out with the profits? Are investors now worried about the potential lawsuit that is being filed? And what is the way forward for this exchange site?

What do you guys think about this? what do you believe is in store for the fate of this exchange?

 

[mahdi304]

bitcoin as volatile as it is can fall below 10,00 at any given time, one example of situation for this if that majority of the bitcoin holder would just sell their bitcoins and the price of bitcoin will just plummet

like when the pandemic started and btc price went down to around 4000$ or almost all other crypto currencies for that matter

 

[microunit]

like when the pandemic started and btc price went down to around 4000$ or almost all other crypto currencies for that matter

true, probably when the pandemic started people were all about and were panicking due to the lockdown that were occuring and many were losing their businesses and jobs, and people also sold their bitcoin to get money

 

[highspeed]

bitcoin as volatile as it is can fall below 10,00 at any given time, one example of situation for this if that majority of the bitcoin holder would just sell their bitcoins and the price of bitcoin will just plummet

I see. Possible could think how in this bad period of humanity causes the coronavirus pandemic. Where many have been forced to sell, due to health reasons. Quite right?

I don't think that anyone in crypto can use the word never, so that is a bit skeptical in my opinion. Especially since the price is so volatile and it is all dependent on the supply and demand of the coin. What do you think? Do you agree with the term of never?

You are right. in every commercial situation or trade, there are always two factors: the offer and the request. Any market situation varies according to these two. Am I right?

 

[microunit]

I see. Possible could think how in this bad period of humanity causes the coronavirus pandemic. Where many have been forced to sell, due to health reasons. Quite right?

well yeah, everybody needs money in order to buy the neccesities they need and to live, so instead of waiting longer for the price to rise bitcoin holders were prompted to sell due to necessities

 

[mahdi304]

You are right. in every commercial situation or trade, there are always two factors: the offer and the request. Any market situation varies according to these two. Am I right?

and as such the price could fall or rise by huge amounts at any time it's all about demand which makes crypto currencies even more volatile than stocks(same principle there but there are more factors in play)

 

[AudraMiller]

You are right. in every commercial situation or trade, there are always two factors: the offer and the request. Any market situation varies according to these two. Am I right?

Definitely. Everything in this world depends on those rules of supply and demand. If there is no demand for a product, the price ideally needs to be reduced to create a desire for the product in the first place. no demand, is no supply, and no price. So essentially it is the people that give stuff value.

 

[microunit]

Definitely. Everything in this world depends on those rules of supply and demand. If there is no demand for a product, the price ideally needs to be reduced to create a desire for the product in the first place. no demand, is no supply, and no price. So essentially it is the people that give stuff value.

true , it also depends if the product is inflationary or deflationary as with inflationary there would be more products in the long run whereas deflationary will be the opposite

 

[highspeed]

Definitely. Everything in this world depends on those rules of supply and demand. If there is no demand for a product, the price ideally needs to be reduced to create a desire for the product in the first place. no demand, is no supply, and no price. So essentially it is the people that give stuff value.

As you expressly said: "it is the people that give stuff value"
But the real value of anything, nobody really knows!
Thank you.

Question and request, as it has always been in the actions, in the financial market.
@microunit & @mahdi304
I quote you both here, because in my opinion, you are right.
Greetings.

 

[AudraMiller]

As you expressly said: "it is the people that give stuff value"
But the real value of anything, nobody really knows!
Thank you.

This is true. Without a market, there is no value for anything. As in the same way, if there are users that decide to boycott the bitmex exchange after this scandal, soon the exchange site will also have little to no value as well.

 

[highspeed]

This is true. Without a market, there is no value for anything. As in the same way, if there are users that decide to boycott the bitmex exchange after this scandal, soon the exchange site will also have little to no value as well.

Indeed. As for example, in another thread we talk about Facebook's Libra cryptocurrency.
There are various controversies about it!

 

[AudraMiller]

Indeed. As for example, in another thread we talk about Facebook's Libra cryptocurrency.
There are various controversies about it!

I have heard about this currency but i have never actually seen it or used it in any way. Is there a market for it? Does it have a good value? Which exchange have you found this coin listed on if i may ask?

 

[mahdi304]

I have heard about this currency but i have never actually seen it or used it in any way. Is there a market for it? Does it have a good value? Which exchange have you found this coin listed on if i may ask?

its current price is around 0.016$ you can trade it on a few exchanges including binance/okex/gate.io/etc

 

[microunit]

I have heard about this currency but i have never actually seen it or used it in any way. Is there a market for it? Does it have a good value? Which exchange have you found this coin listed on if i may ask?

libra was a failed project by facebook, the fact that you didn't heard about it is also one of the reason it failed, as they didn't even advertise their libra token much, majority of their users in facebook doesn't even know what cryptocurrency is. If they could've just invested money to educate people about crypto then use libra in facebook as some sort of payment option perhaps it could've been successful

 

[AudraMiller]

libra was a failed project by facebook, the fact that you didn't heard about it is also one of the reason it failed, as they didn't even advertise their libra token much, majority of their users in facebook doesn't even know what cryptocurrency is. If they could've just invested money to educate people about crypto then use libra in facebook as some sort of payment option perhaps it could've been successful

Thank you for this explanation. Yes you are completely right when it comes to advertising. One of the most important things with new coins and their success is investment and advertising. That is where airdrops come in as well, in order to promote the coin and for those people to refer it to other people as well.

 

[SCAMEXPOSER]

I wonder why most of the Facebook users didn't know about Libra coin, i am also very sure that if not for the fact that I am a member here I won't know about it also. Bitmex needs to step up it games to enable it retain it customer base.

 

[mahdi304]

i'm not a facebook user per say but i do follow crypto news from time to time and try to stay updated but libra just flew over my head and when i found out about it it didn't take long for me to completely forget about it again

 

[microunit]

Thank you for this explanation. Yes you are completely right when it comes to advertising. One of the most important things with new coins and their success is investment and advertising. That is where airdrops come in as well, in order to promote the coin and for those people to refer it to other people as well.

I think pre-selling coins is better than airdroping them, as pre-selling them would be same to like making people invest to them and it would also give value to the coin

 

[SCAMEXPOSER]

May be Facebook didn't pump enough money to advertise the coin probably because they felt it a stable coin and may not bring in any profit as such.

 

[Josemendez]

bitcoin as volatile as it is can fall below 10,00 at any given time, one example of situation for this if that majority of the bitcoin holder would just sell their bitcoins and the price of bitcoin will just plummet

It is not just Bitcoin but any coin that is out there. This type of selling surely will have a negative effect on the price . But then I don't envision a situation whereby Bitcoin users sell their coins at once

 

[microunit]

It is not just Bitcoin but any coin that is out there. This type of selling surely will have a negative effect on the price . But then I don't envision a situation whereby Bitcoin users sell their coins at once

well if majority of the bitcoin users would sell their bitcoins and the price would plummet I think some whales or traders or investors would take advantage of it and buy and invest