I wish they would all crash and stay crashed so GPU prices will come down again ;-)
Now most miners are using ASIC instead of GPU.
Which ASICs are for Ethereum? A quick search says GPUs are still popular?
Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
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Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#42exactly the same thing happened to me with Litecoin on GDAX.
They sold off my entire holdings for $0.01 - $0 after fees. At the time LTC was trading for something like $25/LTC.
It took about 3 weeks to get anything but an automated response from their support team.
This was the response:
"After further review, this sell was due to a margin call of your margin position on the LTC/BTC order book. A series of large sell orders were placed on the LTC/BTC order book on May 21, 2017 around 1am UTC causing a large price decline which triggered a margin call of your position when your maintenance margin ratio was exceeded.
The trading engine and margin call functioned as designed. The large price decline was due to the relatively low liquidity on the order book at that time."
They eventually refunded the coins.... but a couple of days later removed half of the refund with no explanation. I'm out of pocket by about $1200. I'm still waiting for a response from them on that one.
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#43Earlier quoted context omitted.
Now most miners are using ASIC instead of GPU.
Which ASICs are for Ethereum? A quick search says GPUs are still popular?
There are no ASICs for Ethereum. It's currently impossible to get latest gen GPUs from any retailer, or for anything close to retail price on eBay, because there's a mad rush to get into Ether mining.
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#44exactly the same thing happened to me with Litecoin on GDAX. They sold off my entire holdings for $0.01 - $0 after fees. At the time LTC was trading for something like $25/LTC. It took about 3 weeks to get anything but an automated response from their support team. This was the response: "After further review, this sell was due to a margin call of your margin position on the LTC/BTC order book. A series of large sell…
I don't see a reason why you should be refunded anything. As I understand it, you were margin long and you got margin called after someone dumped into a relatively low-liquidity market.
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#45Earlier quoted context omitted.
Wait, so basically I could create a buy order for $2, leave it sitting there, and wait until there is another crash [1]? If there is no crash, then nothing happens. For good measure, do it for every currency on the exchange. Is there any risk or downside to this? Seems like buying a lottery ticket for free. ---- [1] ... or someboy fat-fingers an order - although I think in that case I think still the higher bidders w…
They call this "catching a falling knife", or more charitably "buying the dip". The conventional wisdom was that you shouldn't do this, because if it crashes to below $2 that's more likely to be because it's worth $0 than because of a glitch, and you're more likely to lose your money. But it's absolutely something you can try, and I wish someone with serious backing would try - I suspect the conventional wisdom isn't…
The conventional wisdom was for stocks, which are much higher volume, liquidity, etc, and aren't a newfangled math experiment.
I think with these coins it could be a decent bet that we'll see this happen again in the next year or two.
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#46Earlier quoted context omitted.
Even market orders on highly liquid, perfectly well-understood things like forex can bite you in the ass; see all the levered people who got wiped out when Switzerland dropped their peg to the Euro. Stop orders on cryptocurrency are just pure idiocy.
How is the Swiss franc gap up related to market orders?
It's not "related to", it's "illustrative of" the pitfalls of market orders. The point was that even in highly liquid markets (i.e. Swiss franc), you can have sudden gap moves and liquidity fluctuations and a market order will just match against whatever momentary, ridiculous price happens to be there.
I would note however that after the SNB event many exchanges and brokers busted the trades that were done at extremely off prices.
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#47Earlier quoted context omitted.
They call this "catching a falling knife", or more charitably "buying the dip". The conventional wisdom was that you shouldn't do this, because if it crashes to below $2 that's more likely to be because it's worth $0 than because of a glitch, and you're more likely to lose your money. But it's absolutely something you can try, and I wish someone with serious backing would try - I suspect the conventional wisdom isn't…
The conventional wisdom was for stocks, which are much higher volume, liquidity, etc, and aren't a newfangled math experiment. I think with these coins it could be a decent bet that we'll see this happen again in the next year or two.
> The conventional wisdom was for stocks, which are much higher volume, liquidity, etc, and aren't a newfangled math experiment.
If anything that means the conventional wisdom should apply even more, no? It seems more likely that Ethereum would go all the way to zero than whichever company it was that traded at $.01 during the flash crash (Proctor & Gamble?)
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#48Earlier quoted context omitted.
Even market orders on highly liquid, perfectly well-understood things like forex can bite you in the ass; see all the levered people who got wiped out when Switzerland dropped their peg to the Euro. Stop orders on cryptocurrency are just pure idiocy.
I think you are agreeing with the parent?
Replying to someone doesn't necessarily mean disagreeing with them.
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#49So is there something like a limit order on ethereum? I'd like to place a $1 limit order & see if I catch anything.
Sure, most experienced people use limit orders. However, an event like this will likely not happen again for a few years, since people are adjusting their behavior now.
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#50Earlier quoted context omitted.
Would that imply nothing was exchanged at 10 cents?
https://stocktwits.com/jdemasie/message/86641301 Edit: fuck that, check this out! 7200 ETH at 0.1 USD!! https://api.gdax.com/products/eth-usd/trades?after=6326580&l...
So the current "value" is around $300, but something fishy is going on, and the exchange is trading at $.10?
This does not build confidence.