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How to turn 2.0003 million dollars into 3: 1- Have 1 million dollars in ETH 2- Place a buy order at a very low price 3- Place a sell order for the 1 million
by curiousgal 9y ago
How to turn 2.0003 million dollars into 3:
1- Have 1 million dollars in ETH
2- Place a buy order at a very low price
3- Place a sell order for the 1 million dollars in ETH you own
4- Have a partner fill that sell order
5- Watch the price topple down and your order from 2 get filled
- kasey_junk 9y agoThat's not how exchanges typically work you don't get to choose who fills your order the exchange does. But you can manipulate the markets in a similar way without a collaborator. It's called running the stops and is an old technique.
- curiousgal 9y ago>That's not how exchanges typically work They do if you work inside one. Just saying that people have done way more for way less money.
- kasey_junk 9y agoYou can accuse the exchange of corruption that's a well worn technique! Or it could be that this is immergent behavior that exists in all modern exchanges and it hit a population that wasn't prepared for it because of lack of sophistication.
- alimbada 9y agoOr: 1- Someone bought ETH for a ridiculously cheap price during the presale and forgot all about it (https://etherscan.io/address/0x7d551397f79a2988b064afd0efebee802c7721bc https://etherscan.io/address/0x7d551397f79a2988b064afd0efebe...) 2- Realised two years later how much it's worth 3- Decided to cash out having no prior experience of how stock/ForEx/crypto exchanges work, i.e. they were ignorant of the consequences of dumping that much ETH on one exchange in one go 4- Which then triggered a cascade of stop losses and margin calls.