Winklevoss Bitcoin Trust ETF (NASDAQ: COIN): Ethereum Flash Crashes, ETF Daily News

Winklevoss Bitcoin Trust ETF (NASDAQ: COIN): Ethereum Flash Crashes, ETF Daily News

From Tyler Durden: While Bitcoin, and latest Chinese and Korean momentum dearest, Litecoin, have bot relatively stable for much of the day, Ethereum suffered dramatic losses on Wednesday, sliding from $360 to $260 before rebounding, ter the process experiencing what may have bot its very first flash crash, when it plunged by 96% from $315 to $13 on massive volume, before rebounding.

The crash shows up to have bot catalyzed by seller submitting a market order to dump toughly $30 million worth of ETH (96.1k) te one go, which obliterated the order book.

Spil tends to toebijten without fail during volatile crypto-periods, the crash almost instantaneously took the Coinbase offline.

Overheen the past 24 hours, there were several warnings about “unstable operation” ter the Ethereum Network, such spil this one from the BTC-E exchange.

Due to the unstable operation of the Ethereum network due to the network explosion, the ETH withdrawals is temporarily unavailable #btce

What catalyzed Wednesday’s crash?

According to one explanation posted on the Ethereum reddit, the reason wasgoed an ICO, or initial coin suggesting, gone very wrong. Spil user emansipater explained around noon, or shortly before the selling onslaught began, the catalyst for the selling wasgoed the “badly designed” Status ICO. Here are the detail:

I assume that (unlike all the price discussion here which is totally offtopic) you are referring to the transaction issues which have led several exchanges to pause ETH withdrawals. Here is what happened:

The badly designed Status ICO clogged up the network yesterday with a hefty number of high gas toverfee transactions, most of which are failing but still packing up the blocks and preventing ordinario tx’s from getting ter.

Ter addition, dwarfpool and perhaps others have set bad defaults on their client software that both actually cost themselves money and also prevent the network from automatically adapting to larger gas volumes the way it’s supposed to.

Furthermore, evidence is accumulating that f2pool wasgoed actively manipulating transactions roped for the Status ICO, which they participated ter themselves, exacerbating the problem. Experts explained weeks ago that bad ICO designs are frágil to such attacks, but this emerges to be the very first time it wasgoed actually executed te the wild.

So now, even however the Status ICO is overheen, there are still a hefty number of transactions clogging up the network and the only way to get transactions te is to pay enormous fees (which most of the exchanges most likely don’t want to do). Until it clears out, people are going to be missing ENS auctions, incapable to withdraw from many wallets and exchanges, etc. etc. etc.

Or, spil he summarized “badly designed ICOs, plus selfish and foolish miners = major delays and maybe even substantial losses for everyone else.” Judging by the ensuing flash crash, this wasgoed an accurate assessment.

The good news for ETH ventilatoren is that merienda the backlog of transactions clears up, the crypto should resume its previous ways.

Eventually, here is a vivid example why one should never use zekering sell orders ter fragmented and unstable markets, from another reddit user.

GDAX just sold a good chunk of my ether at Ten cents each!

So I had a zekering order at 316, when GDAX went down (for whatever reason) all my ether wasgoed sold at the highest (at the time) price available. When I logged ter I spotted a petite USD amount, I however it wasgoed a hiccup. Checked the fills and indeed it wasgoed sold at Ten cents. There is no way this will be reversed right? If that’s the case I believe I will be leaving the crypto market at least until it stabilizes.

Just lost 3k ter the blink of an eye.

And another similar, if unconfirmed report:

This article is brought to you courtesy of ZeroHedge.

Related movie: Zekering order explained | How to zekering a loss | GDAX

You may also like...

3 Responses

  1. Ika01 says:

    I think this is a superb case investigate moving forward when other coins split, even tho’ I didn’t support Bcash I did want everyone to have to capability to access their rightful tokens. The argument now is everyone should be responsible for their deeds and Coinbase laid out their project of activity weeks ahead of the hardfork. However I recall when Poloniex had to zekering serving residents ter one state and many of those members never got an email or warning when logging on the webpagina. I’ll keep an eye out on the story even I don’t know who’s right or wrong on this one.

  2. icanhasbaby says:

    Yes, I will do a celebratory dance ter vooraanzicht of the idiots who repeated the same misinformation on this thread. Again, simply because a financial company warns people ahead of time of potential misconduct does not liquidate the liability.

  3. dswifey04 says:

    Your BCH is now ter your Coin Cojín account, and if they did it for safety like they say I’m fine with it. Now that the Fattest Brokerage is supporting BCH wij will see a big dump ? or a slow Pump ?

Leave a Reply

Your email address will not be published. Required fields are marked *