>mfw bought 500 ETH during the flash crash at $17

I'm trying to understand economics genuinely.
What does that mean?

>>2550799
It means he made a good amount of money at the expense of someone else. And my god, do I want to be him...

>>2550769
did you sell them? or are you going to wait until it hits 17 dollars

>>2550769

good luck cashing out

a coin held on an exchange or a wallet is the same as a check

it's worthless

He is just larping because he read in the other thread that it was theoretically possible.

Oh my god that fucking retarded $7 per eth guy was right

>>2550819
So let me get this straight:
While the currency was at its lowest point he bought a shit ton of the currency so that he could resell it later when it gets back up?

https://www.youtube.com/watch?v=U-ZJGfA0UxY

Thread theme.

>>2550799
He's rich, bitch

>>2550880
i can't tell if you're fucking serious

yes anon. do you know how regular stocks work?

this isn't difficult

guys the exchange is obviously set up to profit off of these fuckups. Do you really think they'd let some rando win out on this

>>2550769
proof else u aint got shit

>>2550927
I'm trying to wrap my head around the concept. How can the currency even drop so low in the first place?

>>2550927
And if that is the case how come everyone doesn't just go all out and buy hundreds of dollars worth of the currency while it's at its lowest?

>>2550769
can you tell me what exchange you use?

how did u pulled it off

>>2550799
Read up on what an exchange, an order book and market depth is.

It will make sense.

>>2550769
Post proof faggot

>>2551110
Are you this dense?

Perception

>>2551378
Perception????
>>2551281
Thank you I will do so.

>>2551456
dude are u retarded? what goes down does go up as well

>>2550769

bullshit, post proof of

>>2550769
got in at $292 when everyone irl was screaming and holy SHIT am i laughing today

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>$17
Someone explain this stupid meme to me. There was no flash crash to 17

>>2550842
Wat u mean? I've cashed out before. Are you saying at that amount it's hard because Coinbase won't approve it?

Unlike the LARPing OP,
here's an actual trader who made $13,000,000 from $27,000 today:
https://api.gdax.com/products/eth-usd/trades?after=6326600

I say it was the same guy who caused the flash crash.

>>2550769
post proof

>>2552438
Wrong chart. See GDAX's ETH/USD chart.

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>>2552438
>stupid meme

It happened on Gdax you retard

http://www.coindesk.com/13-ethereum-ether-prices-plunge-2500-gdax-exchange-flash-crash/

>>2552451
Technically this was a GDAX issue.

Coinbase is currently down for maintenance. Please try again later or see our status page for more information.

Funds will be reversed

>>2552481
>GDAX
What the fuck? How is this even possible?

>>2550769

why do retards on this board make outrageous claims and then post an image of something completely unrelated and not proof of their claim

>>2552496
chris cross, applesauce, dumb bitch. what now?!?

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>>2552493
No worries.

>>2552451
>https://api.gdax.com/products/eth-usd/trades?after=6326600

7203 at the price of 0.1USD ???

Do you think they will actually let him cash out or would it be possible to reverse because theres some clause in the T&C?
If not fuck me this has to be the luckiest day in his life and i hate him for that

OR its just coinsbase fucking with the orderbook and getting themselves some cheap ETH who know, in my opinion this is a little too accidential i don't believe it

>>2552600
If they didn't exploit any bugs, it would be immoral to not let them keep it.

>>2552590
comfy setup bro

>>2552608
ture it just seems odd to me that somebody would have such a big buy order sitting this low...
think about it why would you lock your money in such a stupid sell order which has realisticly no chance to ever be fullfilled (except it was filled ofc) if not for you betting on exactly this bug?

i didn't see: were all the buy orders before that price filled too, so could it be an error that somebody hit marketsell by mistake and just filled EVERY buy order that was there?

>>2550769
What exchange?

>>2552673
>ture it just seems odd to me that somebody would have such a big buy order sitting this low...
The same guy who intentionally caused the flash crash posted buy orders down to $0.10 milliseconds after his 1 huge sell order. Then margin trades liquidated and he bought it all back at a steep discount.

Why wouldn't a huge sell order get fulfilled?

>>2552673
because orders that low take up nothing. thats less than 1k for over 2 mil worth. you'd be insane not to keep orders around that low, especially on shit exchanges like gdax that regularly get their books wiped out. it happened to bitcoin a month or two ago.

>>2552678
This.

>>2550769
why are so many redards in this thread?
It's as if an image with money will get the moron's attention.
Also, maybe, it's the picture of trump.
Get oooouta here faggots!!!!!!

I was asking myself the stupid question: Who the fuck would sell at 17 bucks? It's obvious that it would go back up again, so no one in their sane mind would sell.
But then I realized that it's probably because of stop losses. Most people would have a stop loss somewhere, maybe at $300, maybe at $250. When the price flash crashes to $13, all the stop losses kick in and start to sell.

Is this how there were people able to buy?

>>2552749
Pretty sure anons were saying it was GDAX

>>2553099
Who the fuck would keep a stop loss under $200 these days, let alone $20 or some shit

>>2553147
jewbots.

>>2553147
But isn't a stop loss simply "If coin goes below $x, sell"?
So as soon as a coin starts going below that mark, it would try to sell, wouldn't it?

>>2552717
>>2552730
didn't think to much when i wrote this, you are both right
if it really happend that way it genius or at least very well played. damn just blowing all the orders out of the way then buying at 0.1 with margin an profit big time

So I should keep low buy orders and a little bit of BTC/fiat to buy with on exchanges?

Absolute bull. Screenshot or fake.

>>2551087
Cascading stop orders and margin calls on longs.

stop: "if the price drops below X price, then sell Y amount at the current market value"

margin call on a long: "I've stupidly borrowed money to trade with. Wow! I had 50 ETH, now I can pretend I have 150 ETH (3x leveraged)." basically if someone is leveraged (borrowing), then if the price falls below the price where they can cover their loss, then GDAX can (and did) immediately liquidate them to cover the loss.

Way too many retards trading margin plus stop stop losses caused this. All it takes is one whale to dump a lot of ETH to trigger the first batch of stops and trigger margin calls to wipe out the order book. It's a chain reaction that sucks if you're on the losing end, but you're also fucking retarded to be trading on margin to begin with. Stop losses are also pretty fucking stupid as well for crypto.

PLEASE DUMP AGAIN

>>2553457
Thanks for answering these:

>>2553099
>>2553226

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>>2552730
I like this evil plan

>>2552442
They're likely to reverse it, as they've done before.

I wouldn't go out and buy expensive stuff just yet.

>>2553457
>Stop losses are also pretty fucking stupid as well for crypto
>ballsofsteel.jpeg

>>2550799
i would start with multiplication and then move up to economics

>>2553457
So if u go long instead of short you'd be fine?

>>2550769
Margin traders and stop loss fags absolutely and utterly rekt

I am so happy right now

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>>2550769
Well done. Can I have 1? Or 0.5? Or 0.1?

0x0b0035422ad18bd952ed1001c8a5e90f790dbafa

>>2550769
Good job, anon. Spread some of that love around and I'll pay it forward!

0xda51920cb6378bedba78ab52a24d31cb08646d9a

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>anon thinks he is rich
>exchange will revert it and keep his coins
>cryptojewslaughing.png

How was being a millionaire for a day?

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>>2556796
Hopefully they don't.

>>2554747
The trick is to have stop loss and a bot that places a buy order right below.

>>2557436
Use one or make one?

I want a bot simply for this reason, been reluctant to get one that I can really trust though

Well lesson learned. ETH market has way too low of volume to set stop losses. From now on I'm keeping some low buy orders on the wings to take advantage of the suckers who didn't learn the lesson.

>>2558923
>ETH market has way too low of volume
GDAX' Ethereum market had way too low of volume
Nothing happened on Bitfinex or Kraken.

>>2550769
my negroid
you know that coinbase is gonna bean you and either have an "accident" or just straight up close the server for "maintenace" and take em away

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>>2550769
mfw i missed it

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the thought of all those little nonces that were margin trading and posting their blockfolios every fucking ten minutes getting liquidated in less time feels me with so much fucking joy.

meanwhile im just sitting here on slack moving the same 600$ around making some nice profits.

>>2553226
I think this depends on the exchange, on bittrex you setup the condition (if below this price sell), but the sell price is fixed and entered by the user.

Ex:
If ETH below $250
sell ETH for $225

>>2559118
The GDAX ETH/USD volume is $140 mil though, number 4 on the exchange list. Nummber 1 only has $54 mil more at 194, not much of a difference.

>>2551087
Get the fuck out of here Norman. You are a troll wasting our time.

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>using stoplosses on the most volatile market on earth