The buy price did. Sell price stayed mostly unaffected.
That's not what the article says. It said that trades occurred at the crashed price (and that's the common definition of 'price' when covering trades)
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
#12Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#13It 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.
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Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#14Earlier quoted context omitted.
That's not what the article says. It said that trades occurred at the crashed price (and that's the common definition of 'price' when covering trades)
He means the resting asks did not drop that low, only the resting bids.
The resting visible asks.
Clearly if the exchange matching engine was working properly there were asks that low (in the form of stops).
That's pretty typical in crashes.
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#15How to turn 2.0003 million dollars into 3:
1- Have 1 million dollars in ETH
2- Place a buy order at a very low price
3- Place a sell order for the 1 million dollars in ETH you own
4- Have a partner fill that sell order
5- Watch the price topple down and your order from 2 get filled
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#16this is only "possible" because etherium has even less real value than btc.
btc still have intrinsic value as it is traded for chinese expating money, scared Venezuelans, American weekend drug users, etc.
etherium exists for the sole purpose of playing investing with btc. everyone I know who owns etherium bought after they decided to buy btc and got a price hike on their investment so they flip btc and etherium instead of btc and usd. because they see it as two things that ever goes up. ha.
this is the most perfect scenario for a pump and dump. intentional or not.
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#17How to turn 2.0003 million dollars into 3: 1- Have 1 million dollars in ETH 2- Place a buy order at a very low price 3- Place a sell order for the 1 million dollars in ETH you own 4- Have a partner fill that sell order 5- Watch the price topple down and your order from 2 get filled
That's not how exchanges typically work you don't get to choose who fills your order the exchange does.
But you can manipulate the markets in a similar way without a collaborator. It's called running the stops and is an old technique.
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#18It 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.
"commodity" :)
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#19Don't place market orders, you will get screwed sooner or later.
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?
Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade
#20this is only "possible" because etherium has even less real value than btc. btc still have intrinsic value as it is traded for chinese expating money, scared Venezuelans, American weekend drug users, etc. etherium exists for the sole purpose of playing investing with btc. everyone I know who owns etherium bought after they decided to buy btc and got a price hike on their investment so they flip btc and etherium inste…
Events like this happen on currency exchanges as well.
So unless you are suggesting the Swiss national currency is also not as valuable as bitcoin your hypothesis doesn't hold up.