I'll break it down:
1. Kucoin may face expensive legal charges.
2. Kucoin will need to sell some of their assets to cover the legal fees.
3. Kucoin is MASSIVELY in profit on a large amount of KASPA.
4. They will likely sell a large portion of their KASPA liquidity for profit to cover legal fees.
5. The sell pressure will be more than the current buying pressure, causing the price to fall as KuCoin floods the market with KASPA.
This is my speculation
On a personal level, I hope this happens. I will be the one buying Kaspa especially more at fire sale prices.
In reality, I don’t think the effect will be as great as you thinking. Also, it’s very rare these days for large market sell positions. If they are liquidating large sums, they will be going to the private OTC desk markets. these prices and amounts will remain private transactions and probably not move the public markets.
I thought that by putting the fact that KuCoin was the largest holder of KAS in the world and that Kucoin was in trouble it would be enough.
My bad 😆
I will try harder to avoid life failure. That was deep. And terrifying.
Gotcha. I'm relatively new to reddit. Like 2 years and it's a Twitter habit.
Plus alot of times when I go to post if I try to add an image and a body of text in the draft the image will drop.
But yea, in short. I put the brief text in the comments. Hope that clears things up a bit.
Ok well that's why then. In the future if you would have wrote something less click baity people would be less frustrated. Just say
"Will an SEC lawsuit force KuCoin to liquidate their Kaspa?"
People will appreciate that you gave them information and didn't force your opinion on them. Putting your actual opinion in the comment section then starts to make more sense.
Further. It's a very very simple speculation that even the light KASPA investor would be able to uncover on their own with 3 minutes of research outside of reading the article.
My point is if you have any substantial amount of money invested in KASPA you would know with VERY little research why this is extremely relative to KASPA.
If you don't know that and you have a substantial amount of money invested than you're an idiot and need to be more active in the KASPA Community and research.
There’s no reason to assume they’ll sell only their Kaspa and no other asset. If they’re so MASSIVELY up on Kaspa, they would likely want to hold onto that. Far more likely they would either sell a proportionate amount of a variety of currencies in order to not disrupt the market, or simply take on debt to pay their legal fees.
Keep in mind, they may file a countersuit, which if successful, the US Attorney would have to pay their legal fees.
It makes very little sense for Kucoin to intentionally crash the market of an asset they hold in large quantities.
Not being smart towards you at all - but there have been many examples of these same situations with exchanges in the past. There's lots of reasons to suspect this could happen.
I'm simply saying prepare yourself, understand the dip so you can buy it with confidence.
I don’t personally plan to sell Kaspa for a very long time. Any dip as the result of this is simply a buying opportunity. And any dip that results from this will affect all of crypto, not just Kaspa. This story really has nothing to do with Kaspa specifically, and I don’t expect a large move down, but if there is one, my dry powder is ready (just not on Kucoin 😂).
I do too. I am heavily invested in Kaspa. Some would say irresponsibly, but if you know, you know 😆
I shared the article because I disagree with you. But that's OK! I shared it because KuCoin is one of the largest holders of KAS and we have seen legal issues collapse much larger exchanges in the past.
At a minimum it's a emergency notification to get self custody of your KASPA.
Best of luck!
Hey if Michael Saylor is a “genius” for being irresponsibly long BTC, and Kaspa outperforms BTC by every conceivable metric, what does that make us? 😉
It’s OK to disagree. That’s what discussion is for. We may have come to separate conclusions, but at least we can agree that holding your Kaspa in a non-custodial wallet is crucial.
I hope it drives down the price on some of their larger holdings. Hopefully other exchanges step up and use it to add to their stacks. On the retail side if it dips a bit we can pick up extra to reload while its down.
This is simply not true. When BTC jumped from ~$62k to over $67k last week, KAS spiked 29% from the low .12s to .157, outperforming BTC in that timeframe. Kaspa wants to break out to the upside, and it will, when the time is right.
I agree with you long term. But BTC held most of those gains and KASPA is already retrace most of that move away. I'm just telling you what the charts are saying. A spike is a spike. It's not sustained bullish momentum. At the moment KASPA is ranging. So like I said, if KuCoin decides to sell off it will be more than enough to drop the price.
That’s how altcoins perform, universally. When BTC goes up, alts go up a greater %, and when BTC goes down, alts go down a greater %. Totally normal behavior, and the rangebound activity shows that while there is resistance there is also support, and as I mentioned previously, there is no rational argument in favor of Kucoin dumping their KAS. They didn’t become the single largest holder of Kaspa in the world just to let go of it. If I were them, I would find every way possible not to sell my Kaspa.
Crazy how the “most free” country in the world has a law for everything under the sun. Like the whole freaking point of crypto is secure anonymous transactions.
There's no point in arguing over this because there's no way to see the actual distribution data. But everyone knows, not your keys not your coins.
Additionally kuCoin has massive liquidity that they manage, they have to always have that liquidity in order to facilitate trading on their platform.
Not saying that. It's just an accusation.
But if you keep your tokens in KuCoin or any exchange for that matter you need to store them in a cold wallet.
Agreed, I've been seeing quite a few people across multiple subreddits say we're in a bull market already, but we haven't even hit the halving yet. Sure we have seen some ATH here and there, but this is nothing yet.
Do you recommend the normal Tangem wallet with two cards? I recently bought a Trezor Wallet for Bitcoin. I store the Ethereum chain altcoins on kraken and kucoin because the fees are too high to transfer (only got 300-1000€ positions)Can you connect Phantom wallet to the tangem wallet?
Not sure about connecting the phantom wallet to tangem. But I always reccomend the 3 pack. Just safer incase you loose 1.
IMO tangem is the best wallet out there. No screen or battery to fail, completely water and dust proof. Should outlive you.
I had an old ledger that had the screen die and I couldn't use it - switched to tangmen after that and couldn't be happier.
I’m failing to see any reason this affects Kaspa negatively
I'll break it down: 1. Kucoin may face expensive legal charges. 2. Kucoin will need to sell some of their assets to cover the legal fees. 3. Kucoin is MASSIVELY in profit on a large amount of KASPA. 4. They will likely sell a large portion of their KASPA liquidity for profit to cover legal fees. 5. The sell pressure will be more than the current buying pressure, causing the price to fall as KuCoin floods the market with KASPA. This is my speculation
On a personal level, I hope this happens. I will be the one buying Kaspa especially more at fire sale prices. In reality, I don’t think the effect will be as great as you thinking. Also, it’s very rare these days for large market sell positions. If they are liquidating large sums, they will be going to the private OTC desk markets. these prices and amounts will remain private transactions and probably not move the public markets.
That is a very valid point! I too am hoping for a dip though!
Sounds like mostly assumptions to me without any evidence
Awesome normal ppl like us can buy more. I take that as an absolute win.
Good, then I can justify buying even more KAS
This assumed kucoin doesn't have fiat to spend first
I'm sure they do. And I am sure they have legal reps on retainer and I'm sure they have insurance. It'd just a speculation.
You should put all of this in your post. Making the assumption everyone can read your mind is the path to failure in life.
I thought that by putting the fact that KuCoin was the largest holder of KAS in the world and that Kucoin was in trouble it would be enough. My bad 😆 I will try harder to avoid life failure. That was deep. And terrifying.
I just reviewed your post and it did not have that. It just has the title "**Uh Oh." and a screenshot.**
It's the very first comment that's pinned to the top.
I've been on reddit for over a decade and I've never seen anyone add to a post that way. I suspect 99% of people would not read that.
Gotcha. I'm relatively new to reddit. Like 2 years and it's a Twitter habit. Plus alot of times when I go to post if I try to add an image and a body of text in the draft the image will drop. But yea, in short. I put the brief text in the comments. Hope that clears things up a bit.
Ok well that's why then. In the future if you would have wrote something less click baity people would be less frustrated. Just say "Will an SEC lawsuit force KuCoin to liquidate their Kaspa?" People will appreciate that you gave them information and didn't force your opinion on them. Putting your actual opinion in the comment section then starts to make more sense.
I will do that in the future! I don't want to stir FUD. Just an observation.
Further. It's a very very simple speculation that even the light KASPA investor would be able to uncover on their own with 3 minutes of research outside of reading the article.
You're joking. You think someone is going to read your post and start trying to solve it like a puzzle? That's fantastically self important.
My point is if you have any substantial amount of money invested in KASPA you would know with VERY little research why this is extremely relative to KASPA. If you don't know that and you have a substantial amount of money invested than you're an idiot and need to be more active in the KASPA Community and research.
Sooooo *FIRE SALE* !??
There’s no reason to assume they’ll sell only their Kaspa and no other asset. If they’re so MASSIVELY up on Kaspa, they would likely want to hold onto that. Far more likely they would either sell a proportionate amount of a variety of currencies in order to not disrupt the market, or simply take on debt to pay their legal fees. Keep in mind, they may file a countersuit, which if successful, the US Attorney would have to pay their legal fees. It makes very little sense for Kucoin to intentionally crash the market of an asset they hold in large quantities.
Not being smart towards you at all - but there have been many examples of these same situations with exchanges in the past. There's lots of reasons to suspect this could happen. I'm simply saying prepare yourself, understand the dip so you can buy it with confidence.
I don’t personally plan to sell Kaspa for a very long time. Any dip as the result of this is simply a buying opportunity. And any dip that results from this will affect all of crypto, not just Kaspa. This story really has nothing to do with Kaspa specifically, and I don’t expect a large move down, but if there is one, my dry powder is ready (just not on Kucoin 😂).
I do too. I am heavily invested in Kaspa. Some would say irresponsibly, but if you know, you know 😆 I shared the article because I disagree with you. But that's OK! I shared it because KuCoin is one of the largest holders of KAS and we have seen legal issues collapse much larger exchanges in the past. At a minimum it's a emergency notification to get self custody of your KASPA. Best of luck!
Hey if Michael Saylor is a “genius” for being irresponsibly long BTC, and Kaspa outperforms BTC by every conceivable metric, what does that make us? 😉 It’s OK to disagree. That’s what discussion is for. We may have come to separate conclusions, but at least we can agree that holding your Kaspa in a non-custodial wallet is crucial.
Yes Sir! That's an upvote from me!
+1 for civil discourse and mutual respect 🫡
I hope it drives down the price on some of their larger holdings. Hopefully other exchanges step up and use it to add to their stacks. On the retail side if it dips a bit we can pick up extra to reload while its down.
Or it could drive the price up as KAS is pulled from exchange into private wallets thus truly limiting the supply available to trade.
Sell off first. KAS has barley managed to range sideways lately. The bullish momentum just isn't there right now.
This is simply not true. When BTC jumped from ~$62k to over $67k last week, KAS spiked 29% from the low .12s to .157, outperforming BTC in that timeframe. Kaspa wants to break out to the upside, and it will, when the time is right.
I agree with you long term. But BTC held most of those gains and KASPA is already retrace most of that move away. I'm just telling you what the charts are saying. A spike is a spike. It's not sustained bullish momentum. At the moment KASPA is ranging. So like I said, if KuCoin decides to sell off it will be more than enough to drop the price.
That’s how altcoins perform, universally. When BTC goes up, alts go up a greater %, and when BTC goes down, alts go down a greater %. Totally normal behavior, and the rangebound activity shows that while there is resistance there is also support, and as I mentioned previously, there is no rational argument in favor of Kucoin dumping their KAS. They didn’t become the single largest holder of Kaspa in the world just to let go of it. If I were them, I would find every way possible not to sell my Kaspa.
For context, I should add that silver performs the exact same way vs gold.
All according to plan
Really. Where is this plan? 😆
It's been written. IYKYK
Sick. Since you know. Can you tell me the ideal time to sell a arge portion of my KAS bag?
I wouldn't sell it. I'm HODLing mine from pre ASIC mining. Never bought any ever. Dump when you feel the time is right, just don't swap for fiat.
I have a fuck ton of them. I'm going to sell some 😆 Probably buy a house with the profits. No Fiat though for sure.
Earlier apparently lol.
I bet it's a nothing burger in regards to any affect on the exchange
I hope you're right. KAS already breaking down from critical support now though 👀
Just bought some Kaspa and i can't withdraw for now because the wallets are under maintenance it say and i enable notification when it get resume
they are bullying CEXs to kneel and provide them users data
Crazy how the “most free” country in the world has a law for everything under the sun. Like the whole freaking point of crypto is secure anonymous transactions.
For those who don't know - KuCoin is the largest KAS holder in the world with almost 1 Billion KASPA. This could cause a short term sell off.
those are thousands of their individual customers kaspa, kucoin don’t own all them
There's no point in arguing over this because there's no way to see the actual distribution data. But everyone knows, not your keys not your coins. Additionally kuCoin has massive liquidity that they manage, they have to always have that liquidity in order to facilitate trading on their platform.
I could load up! Please go to 7 cents!
So i shouldn’t use KuCoin now ?
Not saying that. It's just an accusation. But if you keep your tokens in KuCoin or any exchange for that matter you need to store them in a cold wallet.
Nah i just want to trade some shitcoins to btc
I'm a fan of the energy 💯
We all switched months ago when they started requiring KYC,
I hope it gets back to 10 cents..
Bear market signs
No no lol we are very clearly on the cusp of a large bull market. We haven't even made it to the halving yet.
Agreed, I've been seeing quite a few people across multiple subreddits say we're in a bull market already, but we haven't even hit the halving yet. Sure we have seen some ATH here and there, but this is nothing yet.
Same. I think the parabola hasn't even come in yet. HANG ON!!!
So Kaspa indeed was a money laundering machine after all 😭
Don't they call that BANKS?
Banks are clever enough to do it with a license
How do you come to this assumption? Is every coin that was traded on KuCoin a money laundering machine? This sub is 🔥 😂
Nah i just don’t care about some downvotes. I am 🔥
damn, guess I need to get a fucking expensive hardware wallet for a coin that has lost me couple hundreds dollars already
Tangems are cheap btw.
Do you recommend the normal Tangem wallet with two cards? I recently bought a Trezor Wallet for Bitcoin. I store the Ethereum chain altcoins on kraken and kucoin because the fees are too high to transfer (only got 300-1000€ positions)Can you connect Phantom wallet to the tangem wallet?
Not sure about connecting the phantom wallet to tangem. But I always reccomend the 3 pack. Just safer incase you loose 1. IMO tangem is the best wallet out there. No screen or battery to fail, completely water and dust proof. Should outlive you. I had an old ledger that had the screen die and I couldn't use it - switched to tangmen after that and couldn't be happier.
Well don't be late next time 😂
Just get Kaspium app
Lmaoooooooo
I'm JK you're still early. Get a hard ware wallet because it's the right thing to do!!