BREAKING NEWS: Ether Flash Crashes To A Penny / Margins Wrecked On GDAX / Coinbase Investigating
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@crypt0,
Thank you for helping my husband @isaac.rodebush learn so much about Cryptocurrency. He watches your videos all the time. What you have tough him has provided opportunities are family has never dreamed of before.
My pleasure- you can let him know I followed him just now, and that I appreciate all of the support you guys have had for the channel for a while. How rewarding is it to read a comment like yours, about the good things crypto is bringing to your family?? :D
Cheers, and keep at it!
@crypt0,
Thanks for your words to my wife @sarahjanele You have done so much good in the mission of"Decentralizing the World" I would love to meet up in LA and treat you and your girlfriend out to dinner with my wife and I. I would also love to introduce you to a good friend of mine the co-founder fo coinsource.com Travis Gough. He is a very passionate advocate to fourth meaningful uses for blockchain services.
Having just finished my degree in Finance I have turned down my Job at am major finance company starting this July to focus 100% on consulting/educating people on cryptocurrency and blockchain technology.
This industry needs to be a part of financial planning and wealth management in order to provide people with a healthy diversified retirement and investment plan as a hedge against global markets. Having talked to 5 different financial planners two of them had heard of bitcoin but none of them had known about it enough to recommend as an investment to clients. This needs to change! I have been consulting many people on how to switch over a percentage of retirement, with great success to get the remarkable returns this industry has to offer.
With stocks being at all time highs we need to be mindful of the major correction that they will face and help as many people as soon as possible from losing substantial wealth.
We have so much work to do to successfully educate the masses. I am happy to be at the forefront of it with you and People Like Yourself, Amanda Johnson, and Travis Gough. I just went to breakfast with Amanda to talk about the most prominent ways to build the Dash community the Evolution Wallet is a treat in store.
Best,
Isaac
Uhhhm, some ETH holders lost half their $$$ becuz they had a stop set in ETH...and you're spewing about what might happen in the stock market? I sure "hope" teh govmint regulates this industry real quickly...like real quickly. :-)
I only would advise someone that was retired age 55+ to put 1-3% of retirement into cryptocurrency.
Regulation is a fine line between protection and slavery.
That's why it is important to cast your vote and elect witnesses that will best the progress and success of the Steem Community. We don't want regulation to fall into the wrong hands of any organization whether it be steem, SEC, or local and state governments.
Not sure how you can even suggest anyone put 1% of their retirement into an asset where even a stop can't protect you from losing half of your money. What just happened with ETH is now "fact." Unless you want to change the story and tell me that yes, crypto's can "obviously" be manipulated as investment assets...the story pushed by ALL crypto believers is that bitcoin, ethereum, it doesn't matter which one it is...it CAN'T be manipulated. Well...bullshit! :-)
Hold your own coins in a Private Wallet. Then watch the fun. You will still have those Coins when the Crazy Period is over.
Think long Term, you will be fine.
Gazza.
How do you sell to generate a profit if you hold them in your private wallet? Do you have to transfer them into one of the exchanges? Thanks. I was wondering how that works.
Did You see what coinbase is doing! they are covering all the transaction losses
https://steemit.com/gdax/@austinsandersco/gdax-reversing-margin-calls
I just heard about that from Kenn Bosak's channel! Crazy smh....
I saw that! insane! i might have to just watch this one now.. lol so your gunna have to make another one for me drive tomorrow buddy! sorry :p
lol sober straight face... "somebody says i just shit my pants" AHAHAHAH!
It must have been devastating for people who lost their ethere at such low prices. and on another hand a great opportunity for the lucky ones who bought eth at such a low price.
nice post i like that can you tell how can you say that i think this crypts currencies is world best online work
https://steemit.com/universe/@yanbellavance/time-travel
Why would you post that link here?
Good point
Watching Ethereum flash drop to $13 had to be one of the scariest things I've seen in the crypto space
Never set Stop Losses in long term investments is how I read that. Eeesh
don't sell Ethereum very soon it will go high and it is expected it will cross the bitcoin price till ennd of 2018
those pepole who dont make profit in bitcoin etherum is golden opportunity grab it and hold till end of dec 2018 good luck
why specifically "till end of dec 2018", if you don't mind me asking :) ?
Trust me for sure it is!
https://steemit.com/ethereum/@austinsandersco/coinbase-is-lying-to-us-ethereum-crash
Thanks for dropping a link without any explanation as to why! (cough cough spam)
Sorry man it was late and I wanted you to see why I thought coinbase is lying to us all in there blog.
;-)
I think we will see more....
I am so so so glad I didn't see that in real time. By the time I knew about it, it was back to it's shiny $325 self. Ignorance, in this case, was bliss.
wow
That's insane!
I was lucky enough to buy 3 ether during the flash crash! $$$$$$$$ to the moon, now that i'm on board. =)
you were really lucky and I am happy for you
Not sure how I would feel about $.12 ether knowing that my gain was someone's unexpected loss.
Wow, just bought my first Ether yesterday. Definitely a great update. I didn't know of the dangers with trading which you explained definitely will be more careful now. Thanks for the great post.
Oh man! thanks for the update. These bed meetings aren't as formal as pool meetings but it is still great information. lol
What website can i subscribe to that will send me alerts when stuff like this happens?
I hate when people portray ETH like this. This had NOTHING to do with the actual value of ETH.
I just wrote this about this matter, please read if you reject 'clickbait' :
https://steemit.com/ethereum/@mikev/ethereum-did-in-fact-not-crash-to-usd0-01-this-is-false-information-stop-spreading-fake-news
@crypt0 probably has ZERO eth and is a BTC maximalist
Actually, it's 43% of my holdings- just saying like it is, man. I've never said the ETHEREUM blockchain was at fault, and hasn't been whatsoever. This is an issue with a private exchange, and it's users, who definitely suffered serious price slippage :)
Fair enough, but "Flash Crashes" certainly implies the former over the latter...
And yes, as users and owners of ETH, I think it's important to educate those around us of the realities behind the headlines.
You're absolutely right, Mike, and generally I try to be as descriptive as possible in the headlines- however YouTube has limits on these, and it causes me to try and be concise.
Generally speaking, if you watched the short video, it was pretty clear what I mean within a small span of time. The headline didn't seem to confuse many people, but I also get where you come from.
Zerohedge.com is great and they also tweet constantly
Amazing! Thanks for a crazy news.
I love Coinbase and it's simplicity for users to operate with but we need to find a way to provide it with better servers or limit the number of traders on his exchange.
Ethereum has such great technology behind it and it's unfortunate to see servers like Coinbase or even polo not able to handle the crazy amount of traffic. Puts a bad rep on not just the exchange but ethereum itself. Hopefully they figure out a solution!
This is part of the growth story. The fact that we're facing these overloads indicates there is a lot of room to grow and these are all temporary setbacks. I see it as a very positive signal for the mid to long term :)
Yes, because of these overloads about the ether began to think badly, and it fell in price: (
If Coinbase coud keep the site running when things get crazy I believe we wouldn't be having nearly as much bad press. However at the end of the day all the bad press in the world wont stop the blockchain revolution! Be prepared and don't forget about your precious metals for extra hedging!
The magnitude of this crash might indicate that there are big whales out there able to initiate such an event and that that there are high frequency traders who can push the crash further to almost 100%.
Although the market did recover one can ask if some market regulation might be desirable such as circuit breakers to stop a free fall. A circuit breaker between 5-10% like in the regular stock market might be too much. But a breaker at eg 40% might be good on the mid long term.
I am not pro market regulation but there might be a day that the crypto market becomes very nervous and a major drop like this might then not recover and initiate a major collapse of all cryptocurrencies
A circuit breaker would be a start but given how fragmented the crypto scene is, there should be something. Unlike the stocks that have major markets, Crypto has dozens and dozens of exchanges with new ones coming in monthly. That creates very thin books. I know many people do not think gdax has any blame in this but I disagree. They know how thin their book is and should have systems in place that spread a market sell larger than the book across some time rather than just allow someone to dump it all at once. Unlike other markets where shares have been spread far and wide over decades, crypto has a majority in very few hands. Adding to that the fact that millions of whatever have been stolen, hacked, etc and the anonymous nature of it all, it seems mind blowing that an exchange would allow a market sell above their order book. Anyone trading on margin should know the risks but those with stops were affected as well. In gdax, the stop-limit is hidden under the "advanced" link and maybe it shouldn't be. I actually do think they have some duty to their customers, all of whom pay them fees, to make sure a malicious player is not able to manipulate their system, crash the market and buy individual's assets for pennies. Either way, sure we will see this happen again. It is unavoidable with this many exchanges operating in the same, small, space.
Nice post! And indeed the exchanges should start to implement certain controls in the future. Some countries are starting to legalize bitcoin now and the next step is probably to start regulating it. I wonder if this will only go fast enough before the market blows itself up one one day.