WE SAW CRYPTO HISTORY TODAY

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.

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

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.

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

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

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

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?

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

I wish I had bought some of that nice 0.10 eth

does gemini crash as often as coinbase?

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

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

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"
api.gdax.com/products/eth-usd/trades?after=6326600
$720 into.. $2,304,960 in how many seconds??

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?

dubs and Gdax reverses TXs

anything else, rip

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.

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

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

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...

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

Not a bad idea....

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

what did he mean by this?

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

Post a screenshot

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.

no refunds

explain this in normieterms

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

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

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?

>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

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.

>Why would it result in lawsuits
Because USA

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

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

>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?

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

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

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

>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.

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

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

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

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

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

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

Lol fucken rekt eh bois

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.

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

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

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

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

>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

"be greedy when others are fearful"

look at all these fucking pussies ETH is gonna be on the moon by Dec, just check how many ICOs depend on them.

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

Don't tell them

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.

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

But it does happen often enough, especially recently

>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.

investopedia.com/terms/s/stophunting.asp

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.

[email protected]

computer science master,
>5 years programming experience

this

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.

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

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

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.

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

>ETH remains golden tech

LOL

falling for an exit scammer russian ponzi fuck

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.

Vitalik cashing out from this blockchain garbage

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

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

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

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

coinbase did nothing wrong

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

>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

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

>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.

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?

btc etc ltc

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

LTC

Safe, stable and more potential for gainz than BTC

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

stop being delusional

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

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

you're going to get burned

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

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

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

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

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