Just woke up

Fuck fucking whales.

Is there anything that says this won't happen again? I guess it depends on the exchange and how exploitable it is

Holy shit. Assuming he is the one who placed the $0.10 orders he made easy millions with ONE FUCKING CLICK

In crpytoland whale fucks you.

fuuuck me, I thought that HE got fucked somehow, but he actually MADE millions didn't he?

Odds are good he shorted on another exchange after this stunt.

I don't know why retards use Coinbase, Bitfinex, or other exchanges with bad reputations, traders always get fucked on them and yet you all keep coming back to them.

Not only that, but you forgot to mention that these 39,000 ETH were from the genesis blocks, so this is one of ETH founders who did this.

Sincerely this makes ETH look like a terrible bet to be the king of crypto. At the very least the price is overvalued by a lot right now. And you're all being manipulated by whales

weak hands are also to blame
businessinsider.com/ethereum-flash-crash-explained-gdax-2017-6

You basically described using different terminology what happens in forex and commodities every day.

weak hands are not blame, weak hands are to be laughed at.
AHAHAHA
like that
AHAHAHAHAHAHAHA
or like that

>ETH
>king of crypto
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

So is this just a blip. I'm actually about to leave right now to pick up an RX 480 to flip.

NO.

Get your facts straight. This happened:

>(((somebody)))

Doesn't GDax allow like 25X leverage? I was actually considering moving my BTC there two days ago to buy ETH with leverage. Thank God I didn't.

Is this what large-scale dump and pump?

It was Vitalik. over 30,000 ETH got taken from the GENESIS block and DUMPED

It's industrial-scale margin chargin'

whats wrong with coinbase? other than the pain to get verified

Also, is it possible to get in on something like this if it happens again? say I set a buy order for ETC at $13?

Typically on most US exchanges, 2:00 PM – 4:00PM EST is when nobody trades/lowest volume

The "crash" happened at $3:30.

Also there was an "investigation" but that was clearly them hiding their tracks.

>ETC

I meant ETH

Looking at what happened to BTC, I should buy all I can while I can.

>as network panics
nobody panicked, it all happened in seconds as some newbie went to lamboland and put a 9999999 eth market sell.
This was literally one person

NVM too late, it rebounded. Damn.

There were some people who were only trading on 1% of their stack and lost everything. In this case, their stack was sold to the whale for 10 cents.Now I know why people always say margin trading crypto is suicide.

CAN SOMEBODY EXPLAIN WHAT DOES TRADING 1% of their stack mean?

So what's the difference between margin and leveraged?
I kinda unsterstand the idea behind leveraged trading with traditional assets, and they can make you loose more than you put in, but 1% of your stack looses everything? So it's essetially a factor 100 lever? If so, that's just asking for it.

>>CAN SOMEBODY EXPLAIN WHAT DOES TRADING 1% of their stack mean?

They were only margin trading 1% of there total portfolio, but when the margin got liquidated the rest of their cryptos will have been took from their account to pay the difference.

Wasn't it the fault of the stoppage orders on individual accounts racing to the bottom looking for buyers? If you don't sell your stacks, how could you lose your investment when the market re sets?

Hahahahahaha

it means if you have 100$, you ask a loan of 100$ because you think a shitcoin gonna moon, then you are margin trading at 50%. (half of what you have is from a loan)
Let's say the shitcoin is worth 1$, so you buy 200 shitcoins.
>sceario 1:
10minutes later the shitcoin moon, is now worth 2$, you sell your 200 shitcoins at 2$, you have 400$, you pay back the 100$ of your loan + tip, effetcively ending up with ~300$ (instead of 200$ without margin)
>scenario 2:
The shitcoin crash at 0.50$, your total worth is now 100$ wich is also your debt, the site will automaticly liquidate your account to pay back the loan. You are left with 0$.

>Wasn't it the fault of the stoppage orders on individual accounts racing to the bottom looking for buyers?
yes
it's not like the price going down was their fault
it's more like them losing all their money was their own fault.

Does that giant stick candle show that Eth will be on a massive downtrend?

yes

Not necessarily Vitalik.

Anyone who participated in the Eth ICO would have received coins from the genesis block.

blog.ethereum.org/2014/07/22/launching-the-ether-sale/

It's events like this that make me glad that my own ignorance prevents me from margin trading.

this isn't the first time this has happened. do not margin long ETH.

Second time a flash crash has happened in the last few months for ETH.

Wow

Is it possible to place a low buy order on coinbase in case this happens again? Or won't coinbase be able to execute my buy order (e.g. at 20) because its offline?

Cryptocurrency is a scam. They took away people's investments then made up a story of what happened. It's Mt Gox all over again.

Even if so, didn't he educate so many other whales on how to simultaneously sell their stash for major cash, while simultaneously buy a lot more for a fraction of the price...and to then do it again.

Why the fuck wouldn't this happen again? Hell, so many Veeky Forumsraelis have said they would do it in a second if they had the capital. I'd do it.

The only question now is whether gdax will do something to prevent this from happening, not whether there's a will out there to do it.

>tfw you realize the whale responsible wasn't a single man
>tfw you realize the whale responsible was coinbase

always remember, to paraphrase felix dennis in spirit if not in word, if it's a bank robbing everyone can participate in, it's not a bank robbing anymore

There's no proof for this.

>Cryptocurrency is a scam. They took away people's investments then made up a story of what happened. It's Mt Gox all over again.

Jesus Christ, you're a fucking retard.

Talk about crypto all you want, it's what this board is for. I just hope you don't actually believe that these memecoins are anything other than pump and dump scams where you're gambling on not getting left with the bag.

If you actually think these memecoins have any value, you will be promptly separated from your money.

>ETH
>king of crypto
PFFTAHAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAaaaaaaaaaaaaaaaaaadasd