A lot of talk on how the Mg Gox trustee struck once again moving 8214 $BTC from cold storage, locked and loaded to fire away, Efforts to track the coins in custody galore online but bear in mind unless you are the actual custodian it is nearly impossible to keep abreast of the full picture.
All wallets have countless addresses they can regenerate. Additionally, a transfer itself doesn’t prove an actual transaction and Mr. Kobayashi would be retarded to try and offload these coins on an exchange. I am almost 100% certain he’d be unloading them through an OTC desk, like us =).
In any case, the next hearing will be in September. What we do know is that he had 161k $BTC in his custody as per the previous hearing.
The other fright came from team EOS or rather the misleading headlines around their management of $ETH. It is nothing new that Block.one has been selling $ETH throughout the year long ICO.
So why fret now?
Have also fielded a handful of questions regarding the prosecutor’s raid on Bithumb. The headline in my opinion was the tipping point nudging these markets south. Classic knee-jerk reaction. Sell on the news and book out your 50% gains off the lows.
It seems a bit more complicated than that. Two months ago, the CEO and four directors of Coinnest were called in for questioning. Among the allegations, the one that stuck out like a sore thumb was the fact that they were using an umbrella account to trade for their users instead of segregating them as told. A bit unfair don’t you think? The government passed on the responsibility to the banks to deal with it after the public uproar following the initial ban, but they’ve also made it clear that if any of them fumble, there will be no backup. So instead of dutifully opening accounts for the literally millions of backlogged pending registrations, they’ve shuttered their doors and have left things in limbo. What is the upside?
It is immaterial whether the allegations against UpBit are true. The exchange never once reneged on a trade for their users and given the non-existent guidance from the government in denial (at the time), they are trying to have it billy both ways. Sweep in the tax revenues whilst casting blame on the industry. It don’t work like that sonny…
The allegation of executing trades on coins they did not have is a farce. It’s like cracking down on corporations for operating on debt. It is the company’s prerogative to utilize leverage. In fact, the regulators should be applauding these Korean exchanges for putting the country on the map (three of the top five exchanges were Korean once upon a time) and persevering despite the outright hostile regulatory backdrop. Given the meteoric rise of Upbit, I wouldn’t be surprised if it is later found out that an envious competitor blew the whistle on this fictitious malpractice. What a joke!
Roger Ver a.k.a. Bitcoin Jesus is an animated character and regardless of whether you agree or disagree with his mantra, am sure few would say he is a bore to listen to. Best known for his tenacious support for $BCH insisting it is infact the OG Bitcoin that Satoshi launched ten years ago, he reckons the flippening of $ETH (not $BCH) could be just around the corner.
“I see it happening, and I believe it’s imminent… Ethereum could overtake bitcoin by the end of the year and Bitcoin Cash could do the same before 2020.”
He does add that $BCH will be throwing distance behind. $ETH is already c.3x the size of $BCH’s network so perhaps a little easier to take?
A lot of speculation as to what EIP0 Summit implies for the Ethereum network. The public pledge to work on shared values, build open source tools, convene monthly and meet again were done without Vitalik Buterin. When asked, the co-founder of the ecosystem said he did not attend nor give “permission” for the event. Will leave this for food for thought but my two cents? a positive development as one of the biggest criticisms of the network was that control was way to centralized.
Whatever the reason for this dump, I find it comforting that $BTC has found support at the lower range of it’s bollinger band. This will in retrospect, be a good an entry level as any other. Greed and fear… be the contrarian.
May trend be your friend… happy trading!