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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

#101

Post by alimbada »

DiNovi wrote: post #82
gwern wrote: post #78

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.

It was actually a cascade - the market sell brought it down to 224, but then there was a crush of margin calls and market stop loss orders, which triggered all the way down to 10 cents. Wish I was there to scoop some!

Yep, someone who bought ETH during the pre-sale cashed out (https://etherscan.io/address/0x7d551397f79a2988b064afd0efebe...) which then triggered the cascade.

Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade

#103

Post by lmm »

jbverschoor wrote: post #99
lmm wrote: post #47

Earlier quoted context omitted.

> 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?)

The trades caused by the flashcrash of apple were halted and reversed. A central institute isn't always bad

Whether reversing those trades was good is not at all clear-cut. Some argue it punished those who were willing to make markets during unstable conditions (because their profitable trades were cancelled and their loss-making hedges weren't), whereas such trading is something we ought to be encouraging.

Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade

#104

Post by tnzn »

fivestar wrote: post #26
gcb0 wrote: post #16

this 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…

While I somewhat empathize with all those use cases (not the drug users), especially in the totalitarian world we inhabit, I don't think a money system based on black market transactions is going to survive. Weekend drug users, indeed! Fact: Venezualans screwed themselves because they were too dumb to know that Marxism sucks. Fact: The Chinese avoid doing the hard work of reforming their nation and instead allow a fa…

Fact : what you call facts are ideologically biased interpretations.

Fact : things wont change by the mere will of individuals so they need to have other options before things sort out.

Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade

#105

Post by DiNovi »

alimbada wrote: post #101
DiNovi wrote: post #82

Earlier quoted context omitted.

It was actually a cascade - the market sell brought it down to 224, but then there was a crush of margin calls and market stop loss orders, which triggered all the way down to 10 cents. Wish I was there to scoop some!

Yep, someone who bought ETH during the pre-sale cashed out ( https://etherscan.io/address/0x7d551397f79a2988b064afd0efebe... ) which then triggered the cascade.

I don't think it was confirmed this was the person, or was it?

Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade

#106

Post by DiNovi »

bluejekyll wrote: post #50
curiousgal wrote: post #10

Earlier quoted context omitted.

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.

No. there was a market flood so the asking price went down to 10 cents for about 2 seconds.

Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade

#107

Post by alimbada »

curiousgal wrote: post #15

How 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

Or:

1- Someone bought ETH for a ridiculously cheap price during the presale and forgot all about it (https://etherscan.io/address/0x7d551397f79a2988b064afd0efebe...)

2- Realised two years later how much it's worth

3- Decided to cash out having no prior experience of how stock/ForEx/crypto exchanges work, i.e. they were ignorant of the consequences of dumping that much ETH on one exchange in one go

4- Which then triggered a cascade of stop losses and margin calls.

Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade

#108

Post by wcarron »

beberlei wrote: post #76
shawabawa3 wrote: post #36

Earlier quoted context omitted.

but ethereum/bitcoin aren't fiat currencies? market cap is useful in that it shows the total value of the coin. Comparing the price of 1BTC to 1ETH doesn't make sense, but comparing their market cap does

Well they have no intrinsic value like gold. And the code could be considered a legal framework that acts as a contract for how BTC/ETC are valued.

Well gold also has little intrinsic value. Of course, it has uses like in the manufacture of technology, but most gold is used for making useless shit into shiny useless shit. Crypto has uses, too though. Such as facilitating payments, DLT, etc.

All value is assigned. So, what then, besides traditional consensus, makes gold 'intrinsically valuable' without also making cryptocurrencies intrinsically valuable?

Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade

#109

Post by thinkmassive »

dsacco wrote: post #81
iak8god wrote: post #43

Earlier quoted context omitted.

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.

Huh? I saw several 1080s and 1080 TIs in stock at a local Microcenter in New York just two days ago. Which GPUs are specifically used for mining?

AMD Radeons are far more efficient than NVidias for the X11 hashing algorithm that Ethereum uses.

Re: Ethereum crashed from $319 to 10c on GDAX after ‘multimillion dollar’ trade

#110

Post by zeep »

beberlei wrote: post #76
shawabawa3 wrote: post #36

Earlier quoted context omitted.

but ethereum/bitcoin aren't fiat currencies? market cap is useful in that it shows the total value of the coin. Comparing the price of 1BTC to 1ETH doesn't make sense, but comparing their market cap does

Well they have no intrinsic value like gold. And the code could be considered a legal framework that acts as a contract for how BTC/ETC are valued.

Bitcoins have intrinsic value until the hash is broken and gold has intrinsic value until we can make it from neutrons, protons and electrons
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