/biz/ - Business & Finance

>>2548584
Redditors, when will they learn?

how is this possible?

>>2548584

Nigga got ethered worse than Jay-Z

>>2548584
Is that the same guy who always buys the first coin on the market for 1 btc and jacks up the graph for the rest of us? Fucking hate that when you zoom out a little too far and the graph turns into a L______

>>2548605
probably clicked sell at ask as the price fucked up

So was this that weird spike Gdax/Coinbase showed earlier? Reminds me of when that guy sold a ton of BTC for 0.06 cents.

>>2548584
why you never trade on margin

>>2548584
In a couple of weeks he will consider it a good deal.

Kek good lad. He made some people rich now.

>CryptoKing
hehe, not anymore

The king is dead, long live the king

HAHAHAHA

ETH MAXIMALIST BTFO
NORMIE KEKBASE BTFO

>>2548584
Kek, fingers crossed its this "bro"

https://www.youtube.com/channel/UCu2X1dIEyJW9BO4w23rM2RA

>he got scammed by /biz/ into buying ETH

sauce to reddit thread or gtfo

>>2548584
>reddit

How does that work though?
Assuming some guy sets his sell order at 16 cents, who got the coins? The one that had his buy orders nearest to market price or the guy having his buy order set at 16 cents?

>>2548705
https://www.reddit.com/r/ethtrader/comments/6ijyv0/daily_general_discussion_june_21_2017/dj7rb3b/

>>2548731
>https://www.reddit.com/r/ethtrader/comments/6ijyv0/daily_general_discussion_june_21_2017/dj7rb3b/

kek thx

>>2548725
The one with the highest buy order

>>2548725
I'd assume he was trading on margin and his exchange didn't like his position and potential loss given what's happening with ETH and just pushed the kill switch on his "loan"

>placing a market order
kek

$16 today
$7 next year
Why you guys never listen?

>>2548584
>this user has no posts

Lol that's one risk of trading with margin

>Go to Gdax
>Put in a buy order at 16$
>1 week later you have 100 ETH

It's that easy

>>2548584

L (for lol)

>yfw you fat finger 3 million dollars down the drain

>>2548731
That's a fucking larp

Right??

>>2548740
highest quantity of eth?

>>2548617
i make my living off these people, sh

>>2548584
HAHAHAHAHAHAHAHAHAHA

IM FUCKING DYING HAHAHAHAHAHAHA

>>2548584

Its OK, Vitalik will just fork again

Shaky weak hands must have fat fingered the buttons

this is also why i never daytrade with my ether, one mistake and you could sell your ethers to a fraction of the price, or just be left behind when it moons

>>2548725

He wiped out the whole order book

JUST

>>2548772

i think he meant 10k usd worth of ETH not 10k eth....i hope

i can't even read the graph on cryptowatch anymore because of that huge dip

this is the biggest JUST in eth history

also for you bitcoins faggot, this has happened to your dumb coin aswell, dont get too cocky

someone sold a fortune of bitcoin for a few cents couple of months ago

>>2548804
>sell 10k eth for $16,000
I think I'd just go blow my brains out at that point.

>>2548792
>muh weak hands meme
retard he was clearly trading off margin, fucking idiot meme-spouting newfag

and someone on my discord chat sold 295 ETH and received 0 USD

>>2548584
I will never forget this day
This makes every shitcoin moon-mission pale in comparison

>>2548584
if I put in a bid for 1000 eth for a penny each and someone clicks sell by asking price am I rich?

>>2548833
Holy fuck

>>2548850

they would have to wipe out the entire order book until it reached your order. happens once every few months when someone fucks up.

>>2548833
Atleast we know there's a solid floor at 13$, no worries

>>2548839
What the fuck am I looking at?
Did he place a stop loss?

>>2548878
kek

Own a lot of ETH, sell 100k for 16$ because you notice there is few orders for 16$ and you want to spook the market.

Place buy order for 16$ beforehand. You just gave the exchange some commission but its ok, because ETH will bounce back eventually and you just made a lot more money buying the dip.

Whaling 101.

>>2548617
Do people actually buy those ? I thought that were whales buying coins from themselves to hike the price

>>2548900
I would suggest you stick to your day job.

So, is the lesson to always leave ridiculously low buy orders in case some madman flash crashes the market?

>>2548839
kek newfags btfo again

>>2548823
if he had sold at the ATH, he would have well over 4 million dollars now, which is more than enough to retire comfortable

that's what happens when you are greedy, and why daytrading is risky AF

one fat finger mistake or weak shaky hands are your life savings are gone desu

>>2548925
this is what i was thinking as well. you could easily make thousands from someone fucking up or am i missing something?

>>2548925
This is a lesson not to set stop losses and never trade on margin.
Buy. And. Hold.

>>2548900
except that other whales and bots would scoop up all that ether alongside you

>>2548584
Sauce? Is this real?

>>2548947
ur a retard, don't post

>>2548947
i read his reddit comments. It was 60 ether.

>>2548955
you're parking money in the exchange doing nothing on the off chance it happens

HOLD ON FOR A SECOND

Does this mean that if I had a buy order for 100 ETH set at 30$ a piece I would just have 10xd my money??????

>>2548980
no u

>>2548925
Uuuhhh...y...yeah??

>>2548992
maybe

but bots could easily have scooped it up before your order was fulfilled

>>2548985
yea but if it goes down to $14 like this, even putting like $250 could net you thousands if you were lucky enough to scoop it up. but im guessing there are thousands of bots that would buy it before you

>>2548947
i want to fuck this girl so bad man

>>2548992
yes. Why didn't u?

>>2548984
this

>>2548900
You are retarded

>>2549016
This. I'm pretty sure the whales have already accumulated that poor redditor's ETH for only $16.

lel

Shouldn't this like... not work like this?
A sell order should start selling to the most expensive buy orders in the order book automatically. right?

>>2548584

AHAHAHAHAHAHHAHAHAHHAHAHAHHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

https://www.reddit.com/r/ethtrader/comments/6iklta/please_boycott_vinny_linghams_civic_ico/

Etherfags mad their shit system making millions for other fags

>>2548925
>>2548955

it may not ever get filled

>>2548871
seems like a good place to store your Bitcoins. cancel your order if you need some hope someone fucks up?

>>2549024
who wouldn't

>>2549054
You would think and 60 ETH clearly shouldn't have gone through the whole orderbook.

>>2549054
That's what happened last time I fucked up...

>>2549035
Explain bots to me.

Do they automatically set buy orders at x$ if price drops below y?

>>2548947
>>2549024
iktf, bro

>>2549054
no shit, this is what happens when there are not enough buy orders to cover the huge amount of eth that was sold.

If post is true, liquidation would sell to an individual / group / firm. Not on an exchange. But in this case I don't see why any operation would sell that much for that little

>>2549041
>literally shaking
actually a dumbass

>>2549068
meant to tag this>>2549024

the price on coinbase has been frozen at $301.97 for the past 10 minutes

>>2549093
>>2549024

found a better version of the pic

cirno is best girl desu

>>2549054
it did
and when those were gone, it went to the next lowest
and the next lowest
and the next lowest
until it hit 13 dollars
we don't know if it was a fat finger 5 million dollar mistake, or a planned dump to buy up a shit ton on the way back

>>2549083
so then what happened?
is this a polo problem?
I've never bought/sold so much to have it go automatically through several orders, so I don't know, but I just assumed it worked like that.
It makes no sense that it doesn't.

How did it happen then?
>>2549084
explain? why it doesn't get filled with better buy orders?

>>2549102
$10k shouldn't go through the whole book

>>2549041
>literally shaking right now

Welp, its bait

>>2548774
I think so. The account is just a couple hours old. Or it might be a throw away account, but who knows.

>>2549132
godblessyou
biz has good taste
here's hoping we all weather the storm, bros

>>2549139
its not 10k usd, it was 10k+ ether or even more.

damn and I thought I was having a bad day for being down $1k on ETH value.

>>2549156
either way, dude got fucked pretty hard
HODL is not just a meme
now i WISH i had a fuckig 10k buy order at 20/ETH

>>2549156
the guy said 10k worth of ETH, that to me doesn't sound like 10k ETH though, but maybe you're right.
Too bad I didn't have a buy order

>>2549142
i honestly think this poor fuck isn't baiting
goddamn why are people like this

>>2549090
Yes, thats called a trailing stop loss.

>>2549054
This is fake, folks. The account was created 3 hours ago.

>>2549127
That's because Coinbase/GDAX is shitting the bed.

Will ETH recover?

>>2549170
The guy in the OP's picture had a margin long open with his $10k worth of ETH. Some whale sold 10k+ ETH in a market sell which filled every buy in the order book.

>>2549179
There is a lot of people who trade crypto and do not have a reddit account , including me

>>2549179
maybe he created an account to voice his stupidity and get some sympathy

>>2549041
>my order filled at 302...pretty stoked

lold

I don't think 10 grand of ETH would have blown out the market

Someone may have fat finger liquidated millions, which would have temporarily crashed the price to around nothing before buying swarmed in though

The guy is maybe larping about someone real fuck up

hahahahahahahahahahahahha

>>2548584

>CryptoKing21

>>2549142
Don't think he's baiting, guy seems that he really lost his ETH judging from his posts

>>2549066
the ethereum reddit is just gold

>>2549142
>its bait
There's a reason that became a meme and the reason is all the millenial faggots that say shit like that.

>I may be out for good.
>I may
>may

not realizing he is financially ruined

>>2549235
CryptoKing$16

The fact that a whale decided to fill the whole orderbook instead of slowly selling his position is a bad sign for eth. Bank run incoming.

This is why you don't margin trade on crypto.

>>2548921
They buy a tiny at amount 1btc so they can be first.

>>2548737
>From lambos to trikes.
My fucking sides

>>2549283
either
A) someone knows something we don't (still stupid to sell that quick tho, unless he has 50x that)
B) fat finger, someone tying a noose right now
C) someone manipulating the order books since everything is locking up transactionwise to slam the price down and buy a shitton on the way back up

Bancor Jews cashed out.

how big was that order for it to momentarily crash the market to $13? is there a way to see this?

BREAKING NEWS!

Autist Vitalik forks again!

>>2549207
so basically the whale is the one who lost a lot more than anyone else, by selling for peanuts?
I never thought this could happen, if I did, I would have a set a buy order for very very very little.

Am I being baited in here? The dude put his sell price @ $13 by mistake somehow. He didn't buy everything on the books until $13.

>>2548584
:laughs at CryptoKing21 and calls him a fucking crybaby faggot.

>>2548878
almost double the expected 7$, doubters BTFO

>>2549400
yea he definitely lost more than if he would have sold a little at a time. all the people who had margin longs though pretty much lost all their money.

Some clarification for the newbs:

He's saying "liquidated". He isn't saying he fatfingered a sell. He's also talking about 10k worth of ETH, not 10k ETH. In other words, what happened is that he went long at some point, probably with all of his collateral in ETH, and got force liquidated by the exchange because the price dropped too much.

Whales will occasionally sell large amounts on exchanges to trigger this liquidation on a massive scale because they know it's full of over-leveraged normies who have no idea what they're doing. Whenever anyone gets a long liquidated, it'll automatically sell the ETH as a market order. This might trigger another liquidation, then another one, and so on, making the price drop in an instant due to this cascading effect. The ones liquidated late in the chain will end up being forced to sell their coins for ridiculously low prices (such as $16), filling the whales' orders. This is what happened on Kraken a while ago as well.

TL;DR: A bunch of idiots got owned hard, meanwhile the whales got richer.

>>2549407
margin trade, he had a 10k long and it dipped below whatever gdax's range id and it auto closed and liquidated him

>>2549503
thank you

so everyone that was on margin trading just got fucked? lol

>>2548584

more like a crypto peasant now

>>2549503

I didn't get all of that, but I'm somehow happy that people lost money
I must be a bad person.
I mean, I'm glad they lost it because they shouldn't play with money they can't afford to lose.
If they can't afford to lose it, and they lost it, then that will teach them a lesson.
So that's why I'm happy I guess.
I got $8k on cryptos, but I never put any money in, I was just lucky to mine a bunch of dogecoins 3 years ago, (along with 50 other shitcois though).
So I haven't risked any of my "actual" money.
I'm just playing the long game until the amount of money is actually life changing.

>>2549580
You've just been raised poorly and can't handle others making money.

I bet you hate TA too.

>>2548819
wrong

I remember that day in april

it was coinbase maintenance and the exchange went offline for a few minutes

that was a .0000001 BTC order at 6 cents that I believe was used by coinbase themselves to test the system before bringing it back online

sorry m8 not the same

>>2548584
Margin trading Crypto with the volatilty associated with it is plain stupid. He asked for it

t. someone who lost 5k in literally 1 minute while trading the cable on 100:1 leverage. the fucking cable ffs, which moves like 1-2% up or down in a month if your'e lucky. It happended during the flash crash in October last year btw

9,984 dollars worth of keks at some moron's expense

God is good

>>2549381
it was about 8000 ETH sold in one minute

im assuming the majority of that was the fat finger but a sizeable portion was probably many stop loss orders adding fuel to the fire

>>2548584
>cryptoking21

>>2549315
Hard fork incoming. That's more than likely what the whale is thinking.

> cryptokek21

>>2549739
you're a literally retard. an exchange doesn't move coins across the blockchain for every trade. it's all still on gdax. please educate yourself on how cryptocurrencies work.

>>2548584
Oh, fug.

This was on the GDAX exchange? Is the price still tanked or has it recovered?

>>2549697
What's the deal with the 15k buy order just a few minutes later?

>>2549809
i dont know I didnt see this happen in real time

I guess someone else dumped a few minutes later and it was promptly bought right back up again?

Can someone simply explain how one persons fuck up led to a cascade of people being "liquidated"? I'm seeing this all over reddit how people lost there money. I'm confused? My ETH is still fine...

>>2549821
you have to think, the order book was totally wiped out a few minutes before, so im sure the bids were VERY thin at that moment and it would be easy to slam the price downwards like that

>>2548783
What are the real chances of a high sell/low buy order being filled if I judt leave it for a while? I.e. if I cut off a zero to get a better price. How often to people fuck up like this?

>>2549315
>>2549283
Its not uncommon for bots to go apeshit, especially during a huge sale. Some dude probably fat fingered some, bots did the rest.

>>2549597
I never had trouble with money, and I don't do TA
I said I just play the long game, I just hold coins and sell when they moon.
But people who bet more than they can lose, are just gambling away money in a lottery.
People need to understand that, so I'm happy they lost money

>>2549832
People placed Stop Losses and not Stop Limits

>>2549832
that only happens if they have a "sell order"
i.e. they tell the exchange "if the price drops below XXX, sell all/some of my ETH at that price"
when the price drops to 16, that is below their sell orders, so the exchanges goes LOL OKAY and fills the sell order at 16 (when more than likely they had their sell order at like 290-something)
in short: don't put sell orders on fucking crypto

stabilizing at 300ish on gemini right now.

dip over? buy now??

>>2549854
i wouldn't say "happy", but sometimes this kinda shit needs to happen for people to learn
TL;DR DON'T STOPLOSS CRYPTO
ONLY INVEST WHAT YOU CAN AFFORD TO LOSE

>>2548804
he sold 60 ETH, not 10k ETH
https://www.reddit.com/user/CryptoKing21

>>2548584
That's what you get when you use Leverage. One day you feel rich and a second later it's all gone. Lesson to all.

>>2548833

I can't see it. On which exchange was that so I can try on Crpytowatch?

>>2549922
GDAX

>>2549381
>>2549697
It was 300k ETH. 8k ETH wouldn't cause this. Either GDAX system can't accurate report the crash(thus reporting only 8k) or it's a glitch.

>>2548765
>tfw when you have gigantic buy orders at 16... euros, because gdax kikes won't let you play usd with the big boys

>>2549965
i believe you, that makes more sense

>>2548878
I'll still be in the green.

>>2548900
This is the bad way to do it.
Good way: open short on x5 leverage with your 200k eth, then sell an extra 100k eth.
Guarantee you whoever is responsible for the crash made more money than all of /biz/ combined.

>>2549927

Tnx mate. Wow, so what happened here? Someone fatfingered 13$ or was massive temporary sale of like 10k ETH?

>>2548605
Stop-loss set to 290 or whatever, the buy walls disappearing for no reason (whales and bots saw a crash happening and safeguarded themselves by removing orders) and the stop loss triggering on basically no volume
Some guy got his buy orders to trigger at 70 cents on Gdax, on Coinbase price got down to 74 before they halted all their trading
ETH it's a shitcoin, this is practice for the actual crash triggered by the ICO memes shortly after the the August BTC soft fork
>>2549503
>He's saying "liquidated". He isn't saying he fatfingered a sell. He's also talking about 10k worth of ETH, not 10k ETH. In other words, what happened is that he went long at some point, probably with all of his collateral in ETH, and got force liquidated by the exchange because the price dropped too much.
Exchanges won't liquidate you at such loss, you would be indebted to the lender with no collateral at all
They will freeze your funds if they can't liquidate you without losses for the lender
He set a stop loss order without margin, and the flash crash triggered it on ridiculously low prices

>>2550048
This was on purpose.

This is the best explanation:
>>2549503

>>2548610
Underrated

reminder TA would have never predicted this, and is basically the same as astrology

>>2548900
Talks bullshit all the way through the post
>Whaling 101
Kek
Fair bait though!

>>2550304
No chartist would ever claim to be able to predict something like this. This is f u n d a m e n t a l.

>mfw it was a test launch of bancor system

>>2550304
Thisssss

>>2550336
goddamn that would be fucking hilarious

>>2548584
>redutard for 3 hours
>literally shaking

faggot is probably making this thread.

>Reddit

Hopefully someone gives him reddit gold, would be poetic.

>>2549080
>spike
Source?

>>2550329
so fundamentals would have predicted it? fucking retard. if anything, the "news move the markets" is true when you are the news.

this fat finger made news, while every other retard trying to guess what's happening.

>>2550336
lol did someone said scam?

>>2548584
> crypto king

>>2548584
just use advanced stop order and set a custom sell price when a certian price hits. like set it 10 dollars below your stoploss and that shit wont happen

but its reddit so i am lmaoing my ass off rn

>>2548623
It wasn't all caused by one guy it was a chain reaction of margin trader's stop losses being triggered across the whole platform wiping out the whole order book.

>>2550529
on which exchanges can you set orders so specific?

>>2549832
Maybe lots of them were leveraged and GDAX simply margin called their positions and wiping out their accounts. At least they didn't end up owing money to the exchange. That's what happens when you trade on margin and don't know shit about markets

>>2550596
Bittrex, gdax
propably polo too

check the advanced function, but reddit is obviously too stupid for that stuff

>>2548785

>>2550692
Thanks. Out of all these exchanges, which has the lowest fees/is best for buying and HODLing shitcoins?

>>2550737
bittrex is the best and if you enable 2 factor it should be safe too because they are in sweden or so.

Although the safest exchange is btc-e. its anonymous and in russia, but its been around for so long the owners are propably so well off its just a nice side project to them for the community.

>>2550813
thanks anon! Appreciate it.

>>2550843
y-you too

So how would someone take advantage of this? Should I just have buy orders at like 30 dollars for BTC/ETH and lower on other coins?

>>2550813
they're actually in Seattle m8

>>2550336

>>2548584

>>2548584
Damn, maybe I should put some buy orders for ridiculously small amounts hoping some madman actually sells it

>>2548610
just ask kiss

>>2549248
By may be out for good he means hes going to an hero imo

>>2548584

hahahah poor guy. if you reading this guy, i genuily feel sorry for you. pls dont kys if i meet you irl i will throw you a few coinz if you say we wuz coinz

>>2548656

I must be a huge brainlet because I just read this entire thread and I still don't understand what happened/what is going on

>>2548584
naw.

>>2551853
see >>2549503

>>2549041
>CryptoKing21
pottery

>>2550145
I got forced out of a long position at 120 due to the crash. I had a long position opened and it liquidated enough of my eth to cover the margin. Was the crash an accident or due to an acutall massive dump? I ask because the only way a refund/correction will be seen is if it were something wrong with their side a la the btc for $.06. Really hoping its the former.

>>2549821
Did you lose anything spin?

Holy hell at least one guy made millions

>>2548839
Well, the buyer drove a hard bargain didn't they?

Still, it's a fair price and it beats giving it out to beggars on biz

>>2548900
You need to stop posting things like this or you will provoke some very powerful people. This will be your only warning.

t. whale syndicate

>>2549832
Margin trading means borrowing money to invest. You put in a deposit and borrow from others on the exchange. If the value of your account is less than X% of the money you borrowed then it is automatically liquidated. This calculation was based on current prices, so pretty much anyone who had a substantial sum of ETH had it priced very low and triggered a liquidation which in turn lowered the price of ETH even more.

Just kys.
There's no coming back from the psychological trauma

>>2548656
Long live the king!

>>2549041
>thought he was a king
>was merely a squire

Why don't exchanges have some sort of margin call cascade detection? Surely they've thought about this because stop-hunting isn't a new concept at all.
Does Karpeles work at gdax?

>>2548878
>someone puts in a "good till canceled" order at $13
>never fills
>6 months later
>happy bday!

>>2549041
I feel kinda bad for this guy desu

They're sending secret codes and gloating on secret back channels.

>>2555759
whats this

>this one fucking autist crashed my ETH
It's going to take weeks to recover you piece of shit

>ETHfags are this dumb

kek'd hard

>>2548984
The volume level there was 40k. There is no way it was only 60

Told a girl I've been flirting with a few days ago that my dick go harder than ETH

she blocked me on fb today

this wouldn't have happened if he had put his eth into bnt

Literally lolling out loud at this. Fucking dumbshit margin traders.

i like how it was coordinated too.

they hyped margin trading here all week.

well done

>>2556804
Wow

Marginocaust of 22.6

You guys obviously didn't catch the news day. An ethereum founder liquidated 39k in ethereum which caused a market crash today. The person crying about 16.00 is just a result of that.

>>2548656
Long live CryptoKing22

how is half way to lambo time?

>>2550529

>>2550596

This is not even an advanced feature. It's just common sense. I set an extreme amount of 30% usually but I have enough collateral not to get liquidated.

>>2548584

But he's the cryptoking!.

Top kek.

This wouldnt happen with the Bancor protocol.

>>2557581
OY VEY

Margin trading in this game is pure foolishness.

Play Jew games, win Jew prizes.

>>2548584
>>2548847
>tfw someone got cheap ETH at $16
WHEN IS MY TURN?

>>2554302
give it 3 days

>>2556804
This is why the meme
>Do the opposite of what /biz/ says to make money
was born