On January 8th we all watched helplessly as our portfolios went from a comfortable shed of light to a dark volatile waste land of... HODL and buy or Panic and run. Since then, we have not been able to recover the billions of dollars stripped from the market cap. Why? how? and who to blame. Chinese new years, the talk of regulations by governments, Bitconnect! This time it might have just been the work of one person.
An article from The Wall Street Journal https://www.wsj.com/articles/the-programmer-at-the-center-of-a-100-billion-crypto-storm-1516708800 blames Brandon Chez, 31 year old creator of coinmarketcap.com. Chez a developer living in apartment in Queens, NY launched the website in 2013 which became one of the most popular crypto tools in the world.
January 7th, Chez decided to remove South Korean trading activity from the algorithm due to price differences being higher then most. Chez did not announce the change. Instantly driving the price down the value of cryptocurrencies throughout the website.
Really can't do a damn thing about it and its hard to say it won't happen again. So, until any real regulations are imposed, Its a doge eat doge world. Welcome to Crypto!
picks of the week
EBTC
STEEM
ROBINHOOD
ASADA TACOS mmm...tacos