/biz/ - Business & Finance

[Anonymous No.2556372]

WE SAW CRYPTO HISTORY TODAY

https://blog.gdax.com/eth-usd-trading-update-5d8142b5bdc1

[Anonymous No.2556393]

>>2556372
WITNESSED!

[Anonymous No.2556430]

Charlie Lee is /our guy/ now.

[Anonymous No.2556448]

>>2556372
Could this result in a cascade of lawsuits? There's millions of dollars in losses involved here.

And it would have heavy implications to us, just think about the headlines in major news outlets "he lost everything because of cryptocurrencies", "U.S. biggest cryptocurrency exchange sued", "don't invest or you could end up like these people" etc. Normies that are investing now would gtfo on a whim. BEAR MARKET INCOMING

[Anonymous No.2556450]

ETH btfo

Sell now

[Anonymous No.2556465]

Is this 2017's Mt. Gox?

[Anonymous No.2556481]

>>2556465
yes. eth will probably drop down to ~$50

[Anonymous No.2556496]

>>2556372
so much butthurt in the comments
idiots are playing with fire and got burned

[Anonymous No.2556502]

Save this for your Ethereum memory book. RIP.

[Anonymous No.2556506]

>ywn make 25m in a couple clicks

[Anonymous No.2556508]

I dont know about the shit you sayin guys. I want profit and so far bitcoin didnt even raise tht much, therefore bitcoin is a fucking disappointment to me and its future looks even more dark than my anus. While eth is that ´cheap´ I will by back in that. Fuck your bitcoin religion shit, you bitcoin shillers were a mistake, you fuds.

[Anonymous No.2556525]

>>2556372

FUCKING WOW ETH BTFOOOOO
LOL
NOW ALL ETH ON COINBASE IS FROZEN THEY CANT TRADE IT AND CANT MOVE IT BECAUSE ETH SYSTEM IS DOWN

LMAO BITCOIN MOONING IN 15MINs

ALL SHITCOINS ARE DEAD

[Anonymous No.2556533]

>>2556372

So it is confirmed now that it was due to an actual sell order (multi million dollars) and not a "technical error" like the ETH shills hoped for.

[Anonymous No.2556551]

>>2556448
This is a good point, this puts Coinbase/gdax in a pickle

[Anonymous No.2556559]

>>2556533
yes, some idiot or idiots fucked it really up hard this time. ETH remains golden tech but the market price sure is tanking.

[Anonymous No.2556572]

>>2556533
I may be wrong but I think their system did as intended....

[Anonymous No.2556586]

>>2556372
>>2556502

Noob here. Am I reading this correctly? Some person who owned 39,300 ethereum coins just ordered the system to sell them all at once, thus crashing the price and also causing a bunch of other people to trigger sell orders for their own coins as the price crashed?

Thus, a single dude looking to cash out was able to fuck over hundreds of other people simply for the lulz?

[Anonymous No.2556587]

>>2556525
welll due to there policy trading on gdaz for eth will stop in 7 days. you better get out now. they have to wait 7 days before they can stop trading
f
f
f
f
f

[Anonymous No.2556588]

I wish I had bought some of that nice 0.10 eth

[Anonymous No.2556608]

does gemini crash as often as coinbase?

[Anonymous No.2556615]

>>2556372
> as low as $0.10.
$0.10 per eth today.
$7 per eth next year.

[Anonymous No.2556628]

>>2556586
it is said to be the creator that did this. so my guess is that he knows his coin is shit. going to kill it and rewrite code and start a new coin. billions will be losted. in a matter of secounds. this started 3 days ago eth system crashed and has not recovered. then the sell today. in 7 days gdax is stoping trading. ya get out

[Anonymous No.2556659]

>>2556586
Yes, that's why it crashed down to .10cent an Ether. I don't think it was simply for the lulz, it was a planned flash crash. Look at these buy orders tho lmao.

"price":"0.10000000","size":"7203.30515953","side":"buy"
https://api.gdax.com/products/eth-usd/trades?after=6326600
$720 into.. $2,304,960 in how many seconds??

[Anonymous No.2556679]

>>2556586
It was a result of a large market sell order and then it triggered margin sell orders. If I understand correctly. Someone correct me if I'm wrong.

Also, was anyone here margin trading on gdax today?

[Anonymous No.2556705]

dubs and Gdax reverses TXs

anything else, rip

[Anonymous No.2556707]

>>2556586

The person with the 39k ethereum flushed millions of dollars down the toilet. It wasn't just that they cashed out, but they "cashed out" at a ridiculously low price.

A cat probably walked across their keyboard.

[Anonymous No.2556743]

>>2556707
Or before he crashed the price he put up a buy order first and doubled his eth

[Anonymous No.2556823]

>>2556743
Or he had a massive short against ETH.
In turn he makes bank and fuds ETH at the same time.

[Anonymous No.2556846]

>>2556743
If this was intentional then bravo, I like the cat going across a keyboard idea. Or was this intentional to spark an overall crash?

Either way if you trade on margin let this be a lesson...

[Anonymous No.2556848]

>>2556823
My god...that son of a bitch did both

[Anonymous No.2556860]

>>2556823
Not a bad idea....

[Anonymous No.2556863]

>>2556846
The exchanges are the ones that lose when margin sales go for pennies.

[Anonymous No.2556868]

what did he mean by this?

[Anonymous No.2556891]

>>2556863
That also is not good, cuckbase is how normies get in and out

[Anonymous No.2556921]

>>2556848
Post a screenshot

[Anonymous No.2556929]

wait so the ETH that crashed the market today was from the genesis block?

so one of the eth foundation members did this? the original ICO buyers don't have coins directly from the genesis block do they?

this is a huge scandal.

[Anonymous No.2556948]

>>2556868
no refunds

[Anonymous No.2556954]

explain this in normieterms

[Anonymous No.2556973]

>>2556954
the ethereum founders premined 78% of all ethereum tokens that exist. today they cashed out a huge chunk of it directly to dollars.

[Anonymous No.2556997]

Shit like this is what's going to get Crypto heavily regulated.

[Anonymous No.2556999]

>>2556973
why would they do that? Isn't ethereum doing business with the whose who of the world? Does this kind of volatility mean they'll soon be out?

[Anonymous No.2557002]

>>2556372
>We are continuing to conduct a thorough investigation and will keep customers updated with any resulting actions. With that in mind, it is important to note that these trades are final in accordance with our GDAX Trading Rules (Section 3.1). Honoring properly executed orders is critical to maintaining the integrity of an exchange.
NO REFUNDS

[Anonymous No.2557053]

>>2556448

Why would it result in lawsuits? Everything worked as intended. You can't just take risk out of the equation because it affected a large amount of people.

[Anonymous No.2557091]

>>2557053
>Why would it result in lawsuits
Because USA

[Anonymous No.2557092]

so theyre not refunding anyone?

if no good for them. people who play with fire are gonna get burned once in awhile. i mean im not HAPPY people lost money but i dont think being a sore loser has any place in markets or crypto

[Anonymous No.2557108]

its not gdax fault that someone sold a large amount of Eth? This can happen anytime with any coin. Just dont do margin lol

[Anonymous No.2557130]

>Margin accounts
not
even
once

im guessing the amount of stop losses that the mass sell-off triggered caused a shitload of margin calls and wiped out entire portfolios as well?

[Anonymous No.2557133]

>>2557091

Yeah ~~overlitigious~~ and other memes, but what even is the case?

[Anonymous No.2557213]

Fucking faggot exchanges halting trading and not letting the market find real prices.

[Anonymous No.2557281]

>>2557130
i have no fucking idea what that means, even though i understand the general idea.

[Anonymous No.2557289]

>>2557092
>so theyre not refunding anyone?
that's margin trading man. It's all fun and games til you get gang banged. I find it funny, fuck every single one that got caught, since they are the reason everything went down today.

[Anonymous No.2557314]

>>2556448
they knew what would trigger a margin sell off like that. this is a inside job. the initial funds lost on the first sell are covered with the buy orders placed very low. scam

[Anonymous No.2557343]

>>2557289
well ive dabbled in margin trading desu, just small amounts, but even regular trading theres alot of risk here that youve gotta learn to shoulder

[Anonymous No.2557378]

>>2557343
you don't get your entire portfolio vaporized if one of your shitcoins tanks in regular trading though

[Anonymous No.2557398]

Literally just started my journey in the stock market and cryptocurrency market today. Wandered into /biz/ for the first time today. Stumble across this apparently massive deal.

This looks like it's going to be a wild ride

[Anonymous No.2557427]

>>2557378
youre right, i dont think i could ever dump it all in a margin trade

[Anonymous No.2557433]

Lol fucken rekt eh bois

[Anonymous No.2557444]

>>2557130
Just don't margin trade on leverage. Only borrow to the value you hold and you don't have to worry about liquidation if a single coin does this.
Now if the whole market crashes 90%, well you have bigger problems anyway.

[Anonymous No.2557522]

What does this mean for the near future? Isn't eth switching over to pos soon? What about the EEA?

[Anonymous No.2557593]

>>2557398
>This looks like it's going to be a wild ride
We are just getting started.

[Anonymous No.2557644]

>>2556372
>it is important to note that these trades are final in accordance with our GDAX Trading Rules (Section 3.1).
jews win again

[Anonymous No.2557679]

>>2557522
I'd stay the fuck away from ETH in the near future until this all gets sorted out.

[Anonymous No.2557866]

>>2556372
>This slippage started a cascade of approximately 800 stop loss orders and margin funding liquidations, causing ETH to temporarily trade as low as $0.10.
>its fine
Alright, so if I buy 0.000001 of a coin on Bittrex for 10 cents next month, trigger stop loss orders and then buy lower, this is totally fine? Cool

[Anonymous No.2557881]

>>2557522
"be greedy when others are fearful"

look at all these fucking pussies >>2557679

ETH is gonna be on the moon by Dec, just check how many ICOs depend on them.

[Anonymous No.2557903]

>>2557866

Yes? It's a fucking market, not a central banking system

>>2557881

Don't tell them

[Anonymous No.2557946]

>>2557903
Makes me wonder why people don't do it all the time. It's easy money from people who fell for the stop loss meme.

[Anonymous No.2557976]

>>2557946

I'm positive there are other whales who would fuck it up for them somehow

But it does happen often enough, especially recently

[Anonymous No.2558006]

>>2557946
>Makes me wonder why people don't do it all the time
They do, just not to this extreme. It's a common thing among wall street whales.

http://www.investopedia.com/terms/s/stophunting.asp

[Anonymous No.2558426]

>>2557866
No dumbass, you'd have to buy through the entire order book all the way down to 10 cents. so if you have the millions of dollars to burn, go right ahead.

[Anonymous No.2558479]

[e-mail]

computer science master,
>5 years programming experience

[Anonymous No.2558673]

>>2556823
this

[Anonymous No.2558748]

I believe what we saw here today is a brief and terrifying glimpse at what this shit is actually worth: $0.10

Ok, back to the delusion. For now.

[Anonymous No.2559593]

There might be lawsuits... and this could possibly end badly for coinbase.
Traditional exchanges have “circuit breakers“ in their order book. Means if it drops e.g. 20% within seconds, sells will be disabled for 15 minutes, then it continues. This is specifically implemented for this known issue. However, coinbase doesn't have this feature... let's see how it ends. I for now take my coins off there

[Anonymous No.2560177]

>>2556502
>GENESIS
what did ((they)) mean by this?

[Anonymous No.2560248]

at least theyre not fucking over the people smart enough to have buy orders set low like gemini.

sucks for the people who got margin called/stopped out but thats the risk you take when you decide to trade on low liquidity exchanges like gdax.

[Anonymous No.2560250]

>>2556372
Those butthurt commentors piss me of
>Weeeeeeee no government regulation it's so easy so much profit
>Weeeeeeeeeeeeeeee margin trading galore, I know what I'm doing
>REEEEEEEEEEEEEEEEEEEEEEE LAWSUIT TIME I'M SUING YOU FOR STEALING FROM ME, YOU'LL BE HEARING FROM MY COUNSEL GOLDSTEIN & SILVERSTEIN IN THE MORNING AS WELL AS MY POLITICAL REPRESENTATIVE FEINSTEIN

[Anonymous No.2560393]

>>2556559

>ETH remains golden tech

LOL

[Anonymous No.2560448]

falling for an exit scammer russian ponzi fuck

[Anonymous No.2560458]

>>2556448
I'm not a guy who'd put all his net worth in margin trading, but if I did, I'd probably go postal at their headquarters.

[Anonymous No.2560476]

>>2560448
Vitalik cashing out from this blockchain garbage

don't hold your breath for another hard fork this time guys . lol

[Anonymous No.2560483]

>>2556502
I have yet to see any direct proof that the events are related.

[Anonymous No.2560485]

>>2560250
and they neglect you could have done custom stop losses. like setting stoploss at 300 and then order to put a sell at 290.

but thats reddit for you

[Anonymous No.2560489]

>>2556559
>>2556586

No you dumb fuckers. A big sell order triggered a margin trader liquidation cascade, how many times does this need to be explained?

[Anonymous No.2560513]

>>2560458
coinbase did nothing wrong

[Anonymous No.2560544]

To borrow a reddit meme:
"Play stupid games, win stupid prizes"

[Anonymous No.2560582]

>On 21 June 2017 at 12:30pm PT, a multimillion dollar market sell was placed on the GDAX ETH-USD order book.
Some men just want to watch the world burn

[Anonymous No.2560588]

If you want to play the next level crypto investing game, add me on Skype: CryptoAnna

[Anonymous No.2560596]

>>2560582

>set up shorts and buy orders at ten cents

>sell 40,000 ether from genesis block

>10x your money in seconds

they just stole everyone's money. world isn't burning it's working as expected.

[Anonymous No.2560617]

Question is when people start dumping out hard in the next few days, where are they gonna go? Back to btc or to a new coin?

[Anonymous No.2560644]

>>2560617
btc etc ltc

[Anonymous No.2560654]

GDAX Eth margin traders on suicide watch pretty much...

[Anonymous No.2560662]

>>2560617
LTC

Safe, stable and more potential for gainz than BTC

[Anonymous No.2560666]

>>2560617
>when people start dumping out hard in the next few days
no, people are just going to buy back in.

[Anonymous No.2560671]

>>2560662
stop being delusional

[Anonymous No.2560681]

>>2560489
one last time, but i really think im starting to understand all of this
t. newfag

[Anonymous No.2560704]

>>2560666
>genesis block scam
>people r just gonna buy back in

you're going to get burned

[Anonymous No.2560723]

>>2560489
specifically, the "liquidation cascade"
this word means nothing in my brain dictionary

[Anonymous No.2560747]

>>2560723
when you set up a margin order, you're borrowing other people's funds to multiple the gains you make (ie you're betting 3x as much, but if you lose 1/3rd of your funds,, you lost everything) . when the price swings too much the exchange automatically sells your shit so it can return the money to the people you borrowed from. so everyone who was margin long on eth got forced to sell their eth to return lenders funds, multiplying the sell off effect

[Anonymous No.2560863]

>>2560747
AHAHAHAHAHHAHHAAHA
OWNED BY BOTS FUCKING KEK
BASED RUSSIAN SPIES TELLING VITALIY TO GRIEF

[Anonymous No.2560945]

>>2560863
this isn't the first time this has happened to eth.

Would NEVER margin trade it ever. Unless I'm shorting

[Anonymous No.2560960]

Some great keks to be had here: >>2532355

[Anonymous No.2560997]

>>2560617
if they want out of eth they'll go into dollars or bitcoin, the majority dont care about the rest of the pump and dump altcoins out there, theyre in eth for $ or btc

[Anonymous No.2561035]

>>2556929
No. The eth was from gdax. There is no way of telling what block the eth came from

[Anonymous No.2561062]

>short eth
>go to sleep
>wake up go to chuck wage job
>my short probably went to tens, if not hundreds of thousands of dollars probably during my lunch break
>i never saw it happen

i must improve
i must get better

[Anonymous No.2561102]

I don't want to name sources but the P versus NP problem has been solved and I'm gonna tell you the result will fuck up all of our security systems. I guess the guy who sold the ether somehow got this information too so he was smart to cash out.

[Anonymous No.2561133]

>>2561062
so place orders to buy out your short before you leave

[Anonymous No.2561145]

>>2561102
yeah sure, bud

[Anonymous No.2561168]

>>2561035
>the genesis block moved millions of dollars of eth
>hours later, gdax crashes

HMMM...yup no way to know what happened, coincidence probably lol

[Anonymous No.2561193]

>>2557314
>they knew what would trigger a margin sell off like that.
Anyone could have known that. The order book is public.

[Anonymous No.2561230]

>>2561193
So someone or some group made a big haul yesterday. Props on them for finding a hole in the system.

Wish I was a whale too..

[Anonymous No.2561245]

>>2561230
Yes, put buy orders at $0.10, $1, $10 and $100
Put huge sell order, eating up the entire order book
Trigger margin call & stop-limit chain reaction
Flash crash
Your buy orders eat up everything dirt cheap
Make millions in seconds

It's 100% legal and fair game
You just have to find a market shallow enough like GDAX ETH/USD was

Note that Bitfinex and Kraken ETH/USD markets were unaffected

[Anonymous No.2561298]

>>2561230
if it was the 39k genesis dude how much did that cost him initially to buy that? seems like its an easy job becoming a whale these days with everything exploding

[Anonymous No.2561363]

>>2561298
so what's your excuse?

[Anonymous No.2561590]

>>2556372
How do we recreate this event?

[Anonymous No.2561605]

>>2561298

from what i can gather, 1 BTC got you 2000 eth at the ico, btc was in the 500 range at the time.

they premined millions of coins...so yeah, there are quite a few whales out there...

[Anonymous No.2561682]

>>2556608
been loving Gemini

[Anonymous No.2561700]

>>2556999
The EEA members aren't necessarily using Ethereum, they're studying it for their own blockchains.

[Anonymous No.2561858]

Isn't Coinbase supposed to have weekly sell limits? How did someone drop 2 million worth of ETH?

[Anonymous No.2561961]

I'm new to ETH, but can someone explain me why don't people who were since the beginning cash out?

I imagine some people have lots of coins because of early mining. What stops them from getting millions of dollars without selling all their ETH?

[Anonymous No.2562314]

>>2561961
They do. After all, every buy means that someone sells.

[Anonymous No.2562746]

>>2561102
>I don't want to name sources

No one here wants to listen to your bullshit.

[Anonymous No.2563089]

None of you mentioned that Simone actually bought ETH for as cheap as 10 cents yesterday and these were worth 300 USD 10 seconds later.

Winners gonna win haters Gomna hate

You bunch of negative fucks.

Many instant millionaires were born in the blink of an eye last night .

[Anonymous No.2563192]

>>2563089
A lot of people mentioned that???

[Anonymous No.2563235]

All it did was fuck all those stop loss faggots and bots. Eat shit losers.

[Anonymous No.2563662]

So many retards on this thread, this has nothing to do with ETH, it's just how margin works, it will happen to any coin or stock, usually when there is lot's of open margin order on an exchange site, the site tips a whale that a market buy/sell of X$ would trigger a margin call liquidation cascade, the whale put beforehand large limit order at ridiculous price, then trigger the liquidation.
They buy all the liquidated assets at a fraction of it's real price, and share half of it with the exchange site who tipped them.

[Anonymous No.2564969]

>>2563662
... or the gdax did it themselves makes me wonder

[Anonymous No.2565568]

So how low are you setting your buy limits now biz? I feel as though my buy at $0.10 is going to be surrounded by millions of other buys after this.

[Anonymous No.2565697]

>>2556508
>t ETH bagholder in denial about ETH never reaching 400 again.

[Anonymous No.2565753]

>>2563662
except this is history repeating itself again for SOLELY ETH

you don't remember when ETH flash crashed to 30$ from 90$?

this shit keeps happening to ETH

[Anonymous No.2565778]

>>2561590

>How do we recreate this event?

first step, become rich.

[Anonymous No.2565818]

>>2558006
This. What happened yesterday is somewhat like breaking the code of thieves. Expect major activity the next week.

[Anonymous No.2565819]

>>2564969
Wouldn't surprise me. Coinbase has limits on how much you can sell in a day, so you theoretically shouldn't be able to drop that much ETH in one order. If Gdax pulled that trigger to push out all the margin traders and buy up cheap ETH, that's a major scandal.

[Anonymous No.2565864]

>>2556372
Step up the crypto trading game, add me on Skype: CryptoAnna

[Anonymous No.2565917]

>>2565753
It doesn't matter if it has only happened to ETH

Do you know how exchanges work? This could happen to any asset at all, any stock or anything. Stop being idiots

[Anonymous No.2565942]

>>2565753
that's actually encouraging, because it went to 400 despite that

[Anonymous No.2565958]

>>2565864
post dick

dont you get tired of spamming your "classes"? did any retard fall and sent you money?

[Anonymous No.2566070]

>>2556707
>>2556823
>>2556743
>sell 39kETH at peak
>Short ETH
>buy back in a couple minutes later after crash

free money, whoever did this potentially made millions.

[Anonymous No.2566641]

>>2565753
>SOLELY ETH
False.

A few months ago exactly the same happened to XRP on Poloniex.