The overnight low got to $13 USD. Something to do with a backlog of transactions? I thought it was a coinbase scam or something because their exchange is down, anyone know what exactly happened? This vid helped...
That's a scary prospect....though the lowest it went on Poloniex was $290 USD Which exchange did you see it flash crash on?
Only coinbase from what I understand, checked the coinbase chart this morning and nearly fell off my chair. Can't see it on any other exchanges.
it never crashed to that amount. To my knowledge it only happened on Coinbase and I'm guessing was an error on their end. Looks like Coinbase is down again, such a bad site.
Ah. I didn't see the vid first time around. Looks like a Coinbase specific issue. Probably a DDOS or hack causing a glitch in the pricing. Doesn't look like an Ethereum issue so just don't use Coinbase. Hopefully it's not going to be another exchange failure but it wouldn't surprise me. The Coinbase site is "currently down for maintenance" Ongoing issues at Coinbase may be the explanation for why we are red across the board today as a potential exchange failure will impact sentiment and have everyone worried about another Mt Gox scenario.
Looks like there is a bit more to this story :- http://www.zerohedge.com/news/2017-06-21/ethereum-flash-crashes-after-status-ico-clogs-network A good reason why I hate using stop loss orders. I would be gutted if I was stopped out like these guys were....
Is this market of a decent size? If there was lots of automatic trades coinbase is going to have a lot lawsuits either by winner who won't be paid or losers if they don't get their money back. Say one had buy orders at ten or twenty percent below market price and it got triggered, if coinbase claims it was an error and cancels them, they wouldn't be happy. Conversely if one had stop loss orders and coinbase don't negate them than ouch.
I'm also very interested to know how this all gets resolved. Very messy. All the exchanges are struggling, some more then others. And worse all cryptos are showing they can't really scale.
If true sux to be 800 people who got cleaned out. http://www.verdict.co.uk/ether-flash-crash-happen-mean-self-styled-bitcoin-2-0/ "Adam White, the vice president of Coinbase-owned GDax, posted an explanation of what happened on the exchange’s blog. On 21 June 2017 at 12:30pm PT, a multimillion dollar market sell was placed on the GDax ETH-USD order book. This resulted in orders being filled from $317.81 to $224.48, translating into a book slippage of 29.4 percent. This slippage started a cascade of approximately 800 stop loss orders and margin funding liquidations, causing ETH to temporarily trade as low as $0.10. Our initial investigations show no indication of wrongdoing or account takeovers." Hints and tips, I'm creating many wallets and putting them in various exchanges to buy $10,000 at $1 "coins" Cost nothing to setup and it could pay millions.
Unhappy customers https://community.coinbase.com/t/gdax-just-screwed-over-millions-took-me-for-6k/20769 Happy customers who scored likely keeping the head down and transferring out of conbase ASAP
LOL, Same bunch of people would be crowing about how clever they were if ETH leveled out at $50-100 below their Stop loss point. Wonder if they would be whining if it did go to that level and their "Self Imposed"stop loss points were not initiated ?
I know right, but it seems it was only coinbase? So it seems like it was something unique to them unless I'm missing something. Feel sorry for those who got margin called and liquidated, that would hurt I hope things have changed since Mt Gox, where no one had any fiduciary protection.
ill be very edgy keeping large amounts of funds in any exchange today. It's a game of musical chairs. They are all reading the "how to" book by Charles Ponzi.
do you think any ETH traded hands @ $13 or was this just a glitch would ahve been nice to be buying yesterday at $13
