In all seriousness what do you make of this price action, NEM suppresses on high volumes?
Hacking uncertainty, closed exchange wallets. I'm surprised it's held up this well. The hacker is clearly slipping through the cracks here and there but we don't know what's happening behind the scenes at exchanges.
Something will have to happen on that front before there's any progress. I think we'll be in the doldrums for quite some time yet.
Hopefully this is a crypto quite awhile ie 2 weeks, haha.
Damn shame to see the reputation of the project tarnished.
Hacker has apparently laundered ~84 million already:
This would give lots of downward pressure ...
https://asia.nikkei.com/Markets/Capital-Markets/Coincheck-hackers-have-laundered-84.7-million-worth-of-NEM?page=2Damn, so much for their 'tracking' claims. It didn't stop the hackers from cashing out, while making the community debate the merits of the effort, like destroying some of the fungibility.
It would be nice to have the claims officially verified though. If true, even at a 15% discount to the market rate, that's a significant amount of money. The people who are buying it are likely going to flip it on 'regular' exchanges for a profit, so you're right that the sell pressure might exist for a while at least.
I think it would be nice to get an official statement from the NEM foundation, even if it is just a simple update on things.
On the price side, the pressure will likely continue unless we have further adoption of NEM. This means more ICOs, more uses for NEM as a currency and mosaics, and likely the Catapult release. On the plus side, as a PoS implementation, at least it pays (even if just a little bit) to just hold and stake.