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Mmmh... I was a CTO at a crypto-exchange which as everyone knows don't have circuit breakers. The amount of emails we received from customers complaining they
by decentralised 7y ago
Mmmh... I was a CTO at a crypto-exchange which as everyone knows don't have circuit breakers.
The amount of emails we received from customers complaining they lost a lot of money while they were asleep was part of the reason I left, and now also part of the reason I think whichever traders WSJ interviewed (can't see article bc it's paywalled) are wrong.
- gruez 7y agoThose traders are wrong because.... there are a bunch of self-centered idiots who can't take responsibility for themselves?
- decentralised 7y agoThe actions of professional traders affect retail investors, companies and trust in markets as a whole. If price discovery and liquidity where solved problems, then of course a crypto-like model of 24*7 no holds trading would be a nice to have but the truth is very different here..
- vorpalhex 7y agoThat's also an issue of crypto exchanges not having "open" hours isn't it?
- decentralised 7y agoIt's the same thing as not having circuit breakers really. The closing hours allow regulated markets to be more efficient imho
- btbuildem 7y agoCurrencies trade 24x7, and somehow that works just fine.
- notahacker 7y agoThat's mostly because the vast majority of people holding currency aren't doing so to speculate on its future value.
- decentralised 7y agoIt doesn't work just fine at all. I could tell you plenty of stories and industry insights but I'll leave you just with one nugget I got at a market-maker conference last year: not even 20 cryptoexchanges are profitable, and this information comes from those who are paid to make markets.. move. edit: I think maybe you were referring to ForEx currencies only.. well, there's a difference between a broker and an exchange and I'm constantly surprised traders don't know this. PS: I worked at Euronext too (many years ago)