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

Post by HalteMich » Thu, Jun 22, 2017, 2:34 PM UTC

lmm wrote: post #47

jbooth wrote: post #45

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?)

Post by strictnein » Thu, Jun 22, 2017, 2:38 PM UTC

iak8god wrote: post #43

MichaelGG wrote: post #41

Earlier quoted context omitted.

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.

Post by beberlei » Thu, Jun 22, 2017, 2:43 PM UTC

ty_a wrote: post #74

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

>but ethereum/bitcoin aren't fiat currencies? Fiat currencies are created by fiat (legal declaration). No government created either, so no, they are not fiat currencies.

Post by tobltobs » Thu, Jun 22, 2017, 2:47 PM UTC

drcode wrote: post #49

codecamper wrote: post #34

So 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.

Post by dsacco » Thu, Jun 22, 2017, 2:51 PM UTC

blater wrote: post #42

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…