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Earlier quoted context omitted.
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.
How can someone adjust to such behavior, apart of stopping to trade it.
Earlier quoted context omitted.
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.
How can someone adjust to such behavior, apart of stopping to trade it.
It just shows CNBC is not ready for the crypto world. The whole point is the trade info public and distributed.
There was a trade for 3809 as the screenshot shows but also other larger trades. At $.10, there was $2,592.33 in trades now worth ~$7.8M.
Here are the trades in question:
{"time":"2017-06-21T19:30:18.05Z","trade_id":6326580,"price":"0.10000000","size":"134.00000000","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326579,"price":"0.10000000","size":"7203.30515953","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326578,"price":"0.10000000","size":"801.00000000","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326577,"price":"0.10000000","size":"5060.32727547","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326576,"price":"0.10000000","size":"2.87731448","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326575,"price":"0.10000000","size":"3809.73327491","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326574,"price":"0.10000000","size":"2534.39163532","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326573,"price":"0.10000000","size":"50.00000000","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326572,"price":"0.10000000","size":"74.77560000","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326571,"price":"0.10000000","size":"50.00000000","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326570,"price":"0.12000000","size":"220.00047159","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326569,"price":"0.12000000","size":"779.99952841","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326568,"price":"0.12000000","size":"50.00000000","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326567,"price":"0.15000000","size":"295.00000000","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326566,"price":"0.15000000","size":"790.93796645","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326565,"price":"0.15000000","size":"1728.30611742","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326564,"price":"0.15000000","size":"480.75591613","side":"buy"} > {"time":"2017-06-21T19:30:18.05Z","trade_id":6326563,"price":"0.20000000","size":"0.20000000","side":"buy"}
Meh. Flash crashes happen with big namebrand stocks too. The nice thing about flash crashes due to dumping is that they are self-punishing: whoever was dumb enough to dump that much ETH in a few seconds cost themselves a ton of money. A fool and his money are soon parted.
On reddit someone commented that this whale must have know what he was doing... So, in theory could dumping large amount of ETH could affect pricing of even larger amount enabling the whale to profit from this procedure?
Theoretically because literally everyone doing it got liquidated it probably won't happen again - people wont set up stop losses and gdax will probably introduce a circuit breaker.
"CNBC has been unable to verify the screenshot posted by DeMasie." It just shows CNBC is not ready for the crypto world. The whole point is the trade info public and distributed. There was a trade for 3809 as the screenshot shows but also other larger trades. At $.10, there was $2,592.33 in trades now worth ~$7.8M. Here are the trades in question: {"time":"2017-06-21T19:30:18.05Z","trade_id":6326580,"price":"0.100000…
It takes two to tango. A lot of people lost a lof money because they got margin called at ~$2 for a commodity that is worth ~$300. https://twitter.com/elnygren/status/877660177406865408 On the other hand, a lot of people made a lot money since there are buy orders that wen through at less than 1% of the real price.
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…
Instead MtGox disappeared, taking my money with them.
Over a long enough time period, the risk of any given crypto exchange being hacked approaches 1.
exactly 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…
AIUI, the way margin buying works is, the first, second, and third priorities are repaying the broker, and the moment your collateral looks like it might not be enough they will dump everything without caution to get the money back, which can result in making stupid (in hindsight) trades.
With that said, I do have a hard time believing there were no buyers at a price closer to $25, so that definitely seems shady. But margin buying is playing with fire and I'd say it could have been a lot worse ...
Earlier quoted context omitted.
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?)
A central institute isn't always bad
It takes two to tango. A lot of people lost a lof money because they got margin called at ~$2 for a commodity that is worth ~$300. https://twitter.com/elnygren/status/877660177406865408 On the other hand, a lot of people made a lot money since there are buy orders that wen through at less than 1% of the real price.
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…