Thanks. I just read about it. It looks more like a decentralized fiat currency exchange than a cryptocurrency itself. It still depends on central banks to give legitimacy to the currencies that the platform supports.
is there a source of data to get volume of buy and volume of sell for a cryptocurrency? i'm curious how much of an "inflow" of money there was to Ethereum over time as a comparison to reserve requirements for various target prices for BNT.
Is there any work being done to buy BNT directly with fiat (USD/EUR)? I think that’d help adoption greatly. Reasoning about the pride to something people are familiar with through another cryptocurrency (ETH) is difficult
I share your sentiment but I still think its interesting to see how common these kinds of comments are in the cryptocurrency world. In any other market, expecting at least a 3x increase in value would be considered crazy. Here it’s considered norm.
I agree with that. I just don't think all cryptocurrencies can be compared to start-ups. A lot of them don't provide value except for the price tag that people put on it (granted, 21st century startups could be considered the same).
If enough people decide that some of the coins aren't worth their current price tag, but bubble will burst and there's little underlying value to keep the price from plummeting.
I think there are others out there. Which is why I think Bancor is interesting. It's more a startup, solving a problem for the cryptocurrency space where the coin is secondary. It's not something where the coin is everything there is.
I realise I may sound cynical. There's just a lot of ecstatic exclamations of "going to the moon". I would benefit from that as well as the next person here (I have money in BNT which is why I'm here). However, I'm trying to steer clear of the hype and find a balanced view. My experience is that if something has no negatives to be talked about (or they're there but ignored and not talked about), it's usually too good to be true.
People often talk about how they like to measure cryptocurrency prices in bitcoins. I think that means that they view Bitcoin as having the greatest potential growth, and when they liquidate some other coin, they do so to Bitcoin. For me, BNT is now what I measure other cryptocurrency prices in. I use my BNT to buy other cryptos (for example, recently I bought some FLIXX), and take profits in BNT.
Warren buffet thinks cryptocurrency will end badly. In general I think he may be right. There will come a point I think where only the big boys will remain. And anything on the bancor network, lol. My biggest fear is that the market is super inflated. I don't think that's the case but it will at some point be due a huge crash like the 1929 stock market as more and more dumb money floods in.
For a few reasons, firstly the markets are very bearish (downward) at the moment. There has been no sign of the trend reversing so Bitcoin and other cryptocurrencies are likely to continue falling further.
The second reason has to do with Bitfinex and USDT…
Why Tether (USDT) will cause the markets to tumble.
The original idea of Tether was great, a cryptocurrency that is ‘backed’ by the dollar. Investors loved Tether as it was a safe haven for storing profits. I often used Tether to protect my gains from the markets correcting. To understand entirely why Tether (USDT) will cause the markets to crash let’s first look at what Tether is.
As mentioned before, Tether is a cryptocurrency that is supposedly backed by the dollar. To quote from their website:
‘Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD.’
In order for this cryptocurrency to work there needs to be frequent and very accurate auditing, and to begin with Tether did publish their audits monthly. This is where the problem arises…
Tether has not posted their audited accounts for several months, they had a contract with an auditing firm called Friedman LLP that began 8 months ago and was recently terminated for reasons ‘unknown’. Of course, Friedman LLP cannot disclose Bitfinex’s accounts however it does not take a genius to understand that the realistic reasoning is that Friendman LLP have discovered severe flaws in their accounts and do not want reputational damages. To further back this point, all mentions of Bitfinex (who have close ties to USDT) have been removed from their website.
Now that we understand that USDT is not actually backed by the dollar at all. Let’s have a look at the manipulation that has been going on.
‘A wash trade (not to be confused with a wash sale) is a form of market manipulation in which an investor simultaneously sells and buys the same financial instruments to create misleading, artificial activity in the marketplace.’
There is a person / group of people on Bitfinex that go under the name of ‘Spoofy’ and wash trade to manipulate the markets. Many investors believe that this could very well be the team at Bitfinex printing USDT and controlling the price of Bitcoin. Of course, this is very illegal and begs the question again why the auditors were not able to complete their audit. If they were to find even the slightest proof of insider trading / market manipulation this would cause Bitfinex and USDT to crumble.
I really suggest having a read of a few of the articles on here:
He really goes into great detail as to why and how Bitfinex is using USDT to manipulate the price of cryptocurrencies, especially Bitcoin.
Many investors are now begging the questions as to whether or not the December / January rallies were manipulated by Bitfinex (and other exchanges) or not. I personally believe that it was to a degree and that BTC will drop to at least USD 8,100.
Earlier today, at approximately 00:00 UTC, Bancor experienced a security breach. We take this incident very seriously. We are committing every resource to resolving it, getting the network back online and tracking down the criminals involved.
The details of the breach are still being investigated, but we wanted to update the community with the facts that we have so far.
A wallet used to upgrade some smart contracts was compromised. This compromised wallet was then used to withdraw ETH from the BNT smart contract in the amount of 24,984 ETH (~$12.5M). The same wallet also stole:
229,356,645 NPXS (~$1M)
3,200,000 BNT (~$10M)
Once the theft was identified, we were able to freeze the stolen BNT, limiting the damage to the Bancor ecosystem from the theft. The ability to freeze tokens was built into the Bancor Protocol to be used in an extreme situation to recover from a security breach, allowing Bancor to effectively stop the thief from running away with the stolen tokens.
It is not possible to freeze the ETH or any other stolen tokens. However, we are now working together with dozens of cryptocurrency exchanges to trace the stolen funds and make it more difficult for the thief to liquidate them.
We will continue to post updates as and when appropriate on our Telegram channel and on Twitter. We appreciate your patience as we resolve this matter.
While blockchain technology makes it relatively easy for anyone to launch their own cryptocurrency, many newly issued tokens encounter a lack of liquidity. Here's how Bancor provides liquidity for the longtail of tokens. https://twitter.com/Bancor/status/1135455453830426624