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The buy price did. Sell price stayed mostly unaffected.

by underyx 9y ago

deleted 9y ago
[deleted]
bluejekyll 9y ago
Would that imply nothing was exchanged at 10 cents?
- curiousgal 9y ago
  https://stocktwits.com/jdemasie/message/86641301 https://stocktwits.com/jdemasie/message/86641301 Edit: fuck that, check this out! 7200 ETH at 0.1 USD!! https://api.gdax.com/products/eth-usd/trades?after=6326580&limit=1 https://api.gdax.com/products/eth-usd/trades?after=6326580&l...
  - bluejekyll 9y ago
    So the current "value" is around $300, but something fishy is going on, and the exchange is trading at $.10? This does not build confidence.
    - raisedbyninjas 9y ago
      One exchange had a big market sell order large enough to trigger enough margin calls and stop loss orders to create a cascade effect. It flashed to 10 cents for a few seconds. So the combination of volatility and careless traders created this situation as far as we know.
    - shawabawa3 9y ago
      Somebody placed a huge sell-order which crashed the price. This caused stop-loss and margin calls to be triggered, adding a huge amount of market order sells, which crashed the price to effectively zero (more sell orders than buy orders on the exchange). Some lucky people (or the people who orchestrated the crash) snuck in some super low buy orders that got matched. The price had recovered within a few minutes (once all the margin calls had executed). It just goes to show the risk of trading on margin
      - jandrese 9y ago
        It seems likely that this was sharks taking advantage of some naive speculators. It wasn't even a lot of money for the finance world, and I bet they will made a tidy profit selling off all of that Ethereum they just bought.
    - DiNovi 9y ago
      No. there was a market flood so the asking price went down to 10 cents for about 2 seconds.
kasey_junk 9y ago
That's not what the article says. It said that trades occurred at the crashed price (and that's the common definition of 'price' when covering trades)
- jstanley 9y ago
  He means the resting asks did not drop that low, only the resting bids.
  - kasey_junk 9y ago
    The resting visible asks. Clearly if the exchange matching engine was working properly there were asks that low (in the form of stops). That's pretty typical in crashes.
    - fivestar 9y ago
      The Ponzi will now reel in the suckers.

The buy price did. Sell price stayed mostly unaffected.

deleted 9y ago

[deleted]

bluejekyll 9y ago

Would that imply nothing was exchanged at 10 cents?

curiousgal 9y ago
https://stocktwits.com/jdemasie/message/86641301 https://stocktwits.com/jdemasie/message/86641301 Edit: fuck that, check this out! 7200 ETH at 0.1 USD!! https://api.gdax.com/products/eth-usd/trades?after=6326580&limit=1 https://api.gdax.com/products/eth-usd/trades?after=6326580&l...
- bluejekyll 9y ago
  So the current "value" is around $300, but something fishy is going on, and the exchange is trading at $.10? This does not build confidence.
  - raisedbyninjas 9y ago
    One exchange had a big market sell order large enough to trigger enough margin calls and stop loss orders to create a cascade effect. It flashed to 10 cents for a few seconds. So the combination of volatility and careless traders created this situation as far as we know.
  - shawabawa3 9y ago
    Somebody placed a huge sell-order which crashed the price. This caused stop-loss and margin calls to be triggered, adding a huge amount of market order sells, which crashed the price to effectively zero (more sell orders than buy orders on the exchange). Some lucky people (or the people who orchestrated the crash) snuck in some super low buy orders that got matched. The price had recovered within a few minutes (once all the margin calls had executed). It just goes to show the risk of trading on margin
    - jandrese 9y ago
      It seems likely that this was sharks taking advantage of some naive speculators. It wasn't even a lot of money for the finance world, and I bet they will made a tidy profit selling off all of that Ethereum they just bought.
  - DiNovi 9y ago
    No. there was a market flood so the asking price went down to 10 cents for about 2 seconds.

kasey_junk 9y ago

That's not what the article says. It said that trades occurred at the crashed price (and that's the common definition of 'price' when covering trades)

jstanley 9y ago
He means the resting asks did not drop that low, only the resting bids.
- kasey_junk 9y ago
  The resting visible asks. Clearly if the exchange matching engine was working properly there were asks that low (in the form of stops). That's pretty typical in crashes.
  - fivestar 9y ago
    The Ponzi will now reel in the suckers.