I have been hearing rumblings of South Korea buying too much into ADA. This morning when I was at work the South Korean website for trading ADA with Upbit had 74% of the trades for ADA. OK that is a lot. throughout the day I was watching and as I write this Upbit has 85.39% of all of the ADA coins. So if something happens to South Korea literally 85% of your holdings will disappear. Someone help? I think we are Screwed! If South Korea is fine ADA is fine. People look at that, we are only fine if Korea is fine now with them owing 85%
I don’t understand the current fascination with the ADA price rising. Unless you’re a daytrader hoping for a speculative 2-3x increase so you can dump, we’re in this for the long haul. If it drops 85% I’ll be buying up a shit ton of ADA with a giant smile on my face. This is because absolutely nothing will have changed about the actual substance of the project. Until they launch with full capacity to have staking, smart contracts and interoperability in full effect, I don’t see what (other than pure speculation) will drive the price movement significantly between now and then. So I say PLEASE South Korea…PLEASE pull that trigger. Daddy wants a clearance sale!!
I do agree, I believe in the project and I am in this for the long haul, but I am nervous with so much of the volume currently with South Korea. I too would buy more especially if South Korea sold all. As of now South Korea holds 87% of the ADA market. I think we can all agree this is not healthy for the long term goals of ADA.
When I look at ETH it is very diverse. Maybe when we get into more exchanges this may change but I just don’t think this is healthy for ADA.
I am not day trading or selling any time soon but I am concerned.
I don’t think that South Korea holds 87% of the ADA market, a lot of it is also hold in Japan, where it is legal currency already. Crypto is just much wider spread and accepted in Asia than in the West. That’s why their demand is higher as they are realizing its enormous potential earlier.
I think what you are seeing is the percentage of trading volume. SK has 87% of the trading volume which is a lot but that is different that 87% of total Ada coins. I would think only a small percentage of total Ada holdings are actually on exchanges and being trading contributing to this stat. Part of the problem is Ada is only traded on a few exchanges at the moment and both Bittrex and Binance have not been accepting new accounts due to an influx of new users late last year. February should see the addition of new exchanges and this should help lower the total percentage that is traded on Ubit.
You know regsanman you are right, I was thinking of it wrong. Thanks for clearing up how I thought about it. That makes a lot of sense. Also would make sense why the others are not as active with ADA. I think a lot of the users from those other services are probably holding for the long term.
OK, sorry for the poor observation and thank you for the help.
This was a great short thread.
An educated question with a genuine concern resulting in a great answers addressing the concern.
I hope this forum stays like this.