Clayton Newman 21 Jun 2017
Clayton Newman @cnew27
5) So their sell order, in a ghost town, lands onto the bids at $0.10 ETHUSD. And they lose everything. TA DAH
4) Then all the margin call people have to get liquidated, but there's no bids for them to liquidate into because they all got taken
3) That guy's ETH (and a hundred other "GET ME OUT") all get sold. This triggers other orders. Which triggers other orders. Etc etc
2) This takes the price to, say, $180 ETHUSD. Smaller guys have preset orders that say "If the price gets below $200, sell all my ETH"
If I had to guess, I think the most likely reason why this happened was as follows: 1) Some guy decides to sell $1MM worth of ETH
This happens sometimes in real exchanges, yeah. Haven't witnessed it myself firsthand. https://t.co/z5k6MFQ1qu
Doesn't make sense with the chart printing $13 as the low, but man. If those got filled, thats turning $380 into $1.14 million dollars insta
Someone posted this on StockTwits. If this picture is true, then somehow bids got filled at $0.10 ETHUSD. https://t.co/j65mENnJA4
Mostly a utility thing. Those $50 bids get filled super rarely. Is it worth sticking money onto a site like GDAX? https://t.co/aKMVt7KYfm
So hypothetically if you bid $100,000 worth at $50, that's half a million profit in a few minutes
Swipe
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