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EAT FASTER!!!!!! posted:I don't think there will be any clawing back. These exchanges are live fire asset transaction platforms, there aren't training wheels. Most US exchanges bust trades regularly. I think they even did so for the flash crash of 2010. These people are still idiots though. Those exchanges have rules that lay out when they will take action.
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Jun 22, 2017 21:17
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Lmao, I wonder if they'll fork Ethereum again after this like they did with that big investment group that got "hacked".
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Jun 22, 2017 21:44
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Ashcans posted:I wasn't really paying too much attention to this because lol, cryptocurrency: This is what I've been saying about holding huge amounts of any of these cryptocurrencies. Any time you do manage to transfer out a bunch, it totally destabilizes the market.
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Jun 22, 2017 21:45
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Does this mean that the single actor who cashed out all these coins started losing money on the sale? Meaning the first few coins at regular market price but then lower and lower all the way down to $13?
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Jun 22, 2017 22:14
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FateFree posted:Does this mean that the single actor who cashed out all these coins started losing money on the sale? Meaning the first few coins at regular market price but then lower and lower all the way down to $13? unknown because we don't know how he acquired that amount and at what cost
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Jun 22, 2017 22:24
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FateFree posted:Does this mean that the single actor who cashed out all these coins started losing money on the sale? Meaning the first few coins at regular market price but then lower and lower all the way down to $13? quote: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%. 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. So whoever made that massive order didn't lose that much. Everyone whose stop-loss orders triggered after that though...
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Jun 22, 2017 22:25
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It wasn't one person burning the whole thing down. What happened is that one person dumped a ton of currency, and that flood began to fill up all the available orders, dropping the trading price - the first person kept on selling, so the price kept on dropping. They sold from $317 down to $224, so they only lost any money if they had bought up some of their share at higher than $224, but the original trigger stopped selling at $224, they didn't drive it all the way to the floor. But what happened is that that price drop was severe enough to trigger a bunch of 'stop loss' orders other people had placed- basically people could set an order to automatically sell if the price dropped below X. Every time one of those stop-loss orders triggered, it dropped more available ether into the market, and kept pushing the price down further, triggering more stop-losses. The whole thing got even worse because people were margin-trading: quote:he process was even more painful for the many traders who were engaged in margin trading, a feature that GDAX has only permitted on the exchange since March. In margin trading, traders are permitted to place buy and sell orders for larger sums than they have in their accounts, multiplying the potential size of both gains and losses. According to the support documents on the site, GDAX offered margin traders up to 3x leverage for the USD/ETH trading pair, meaning that someone with only a $1,000 account balance could buy or sell up to $3,000 of ether. So someone might be sitting there holding a certain amount of ether and with a number of margin trades. The first person sells a bunch, triggering stop-loss sales, which continue to push the price down, and now margin calls are coming in to prevent even larger losses - but what this does is dump the trader's held ether into the market at whatever the current price is, which just drives the trading price even further down and triggers even more stop losses and margin calls. It bottoms out when its blown through all those and hit a floor where there are no more stop losses and all the margin calls have been met; depending on the exchange, that was somewhere between $13 and $0.10.
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Jun 22, 2017 22:27
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Wonder how many people got really lucky buying in at ~$1 and wound up with like 500 ETH instead of the 1 they were trying to buy.
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Jun 22, 2017 22:31
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EAT FASTER!!!!!! posted:I don't think there will be any clawing back. These exchanges are live fire asset transaction platforms, there aren't training wheels. We're talking about etherium, the one that did a hard fork to reset the whole thing when someone "hacked" it by running a program on their poorly written software that just recursively said "send me money" over and over.
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Jun 22, 2017 22:33
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Is there any good reason to have a stop loss order at 5% of the market price? If its fallen that low its almost worthless anyway so might as well hold. Or was it because of the speed of the drop because of low volume someone might have had a stop loss at $200, but it didn't get filled until it was much lower?
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Jun 22, 2017 22:45
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I weep for how much attention and focus is given to these abstract, meaningless systems while the world burns and people are struggling to secure basic necessities I mean it's not literally burning (at least not my corner) but humans are such bizarre, illogical creatures. Is anybody else who is reading these last few posts also sort of feeling like "yeah, everything isn't going to be okay," or am I just an angry, out of touch nerd? I get that established currencies themselves are already an abstract system and I am a good slave to the puppetmasters or whatever but geeze if people put that much effort into making their life/their surroundings better instead of racing to the next get-rich-quick scheme
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Jun 22, 2017 22:48
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KingSlime posted:but geeze if people put that much effort into making their life/their surroundings better instead of racing to the next get-rich-quick scheme
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Jun 22, 2017 23:05
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I imagine many of the margin calls were executed at a price where they would be left with a negative balance. I wonder how GDAX is going to handle that? I imagine they were the ones providing the margin...
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Jun 22, 2017 23:13
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KingSlime posted:I weep for how much attention and focus is given to these abstract, meaningless systems while the world burns and people are struggling to secure basic necessities If you want to really make yourself depressed look into the environmental impact of this kind of poo poo. Burning through electricity at a rate that rivals entire nations, for nothing.
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Jun 22, 2017 23:14
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Tiny Brontosaurus posted:If you want to really make yourself depressed look into the environmental impact of this kind of poo poo. Burning through electricity at a rate that rivals entire nations, for nothing. Yeah I just did some digging on that and  we absolutely deserve every single thing that we cause on ourselves collectively, and yes our children will bear our sins simply due to the fact that they are part of the murderhobo species Until then, I'm going to continue fighting against my debts while trying to scrounge up six months' savings I guess
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Jun 22, 2017 23:38
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ate all the Oreos posted:We're talking about etherium, the one that did a hard fork to reset the whole thing when someone "hacked" it by running a program on their poorly written software that just recursively said "send me money" over and over. But we're talking about an exchange that just scoots numbers around between USD and ETH in a database, not necessarily resolving the transactions on an external network.
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Jun 22, 2017 23:40
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legendof posted:More on the ethereum crash: https://motherboard.vice.com/en_us/article/heres-how-traders-lost-millions-in-the-first-ethereum-flash-crash Zoiby want to buy on margin! 
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Jun 22, 2017 23:47
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KingSlime posted:I weep for how much attention and focus is given to these abstract, meaningless systems while the world burns and people are struggling to secure basic necessities lol yes, yes you are being melodramatic and weird about this things that people spend much much much more time on for even less, uh, improvement of the human race or whatever you're on about : watching tv, playing video games, sitting around doing nothing
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Jun 22, 2017 23:55
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Zo posted:lol yes, yes you are being melodramatic and weird about this
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Jun 23, 2017 00:48
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Zo posted:things that people spend much much much more time on for even less, uh, improvement of the human race or whatever you're on about : watching tv, playing video games, sitting around doing nothing ehh I get that but still running up 100x normal energy usage and creating mining data centers for literally nothing is surely more impacting to the "uh, well-being of the planet/allotment of resources or whatever" than sitting around doing nothing Though the manufacturing and consumption associated with TV and all things media/entertainmaint is probably much more destructive and disruptive in the long run so point taken
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Jun 23, 2017 01:03
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Ashcans posted:It wasn't one person burning the whole thing down. What happened is that one person dumped a ton of currency, and that flood began to fill up all the available orders, dropping the trading price - the first person kept on selling, so the price kept on dropping. They sold from $317 down to $224, so they only lost any money if they had bought up some of their share at higher than $224, but the original trigger stopped selling at $224, they didn't drive it all the way to the floor. oh man this is the good poo poo right here
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Jun 23, 2017 01:06
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We're getting entertainment from it, isn't that enough?
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Jun 23, 2017 01:17
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Bad With Funny Money 3.0: My money just vanished into the ether
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Jun 23, 2017 02:30
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Droo posted:Under AHCA we actually plan to just take as many organs from people who can't pay as we think is fair for the services rendered. What if the service provided is the removal of organs? Is that procedure free?
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Jun 23, 2017 03:17
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Xenoborg posted:Is there any good reason to have a stop loss order at 5% of the market price? If its fallen that low its almost worthless anyway so might as well hold. It is the latter case scenario. Flash crashes are so deadly because stop loss orders and margin liquidations occur at market price. Crucially, the actual market price is whatever price a buy bid is available at, which can be extremely low (and very possibly the seller had colluding buyers prepared to buy at dirt cheap prices).
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Jun 23, 2017 04:18
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I was looking at Disney's wedding website at the various venues they have available and I found these "wonderful" add-ons you can purchase:quote:Tacky Tourists – These wacky, fun-loving Disney fanatics know everything about Disney and will entertain your guests and liven up your reception. Or go all the way and pay for a private Disney fireworks show: quote:Private Fireworks – Rocket your wedding into the stratosphere and splash the night sky with your own private fireworks display! (Select locations only)
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Jun 23, 2017 04:20
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Ashcans posted:It wasn't one person burning the whole thing down. What happened is that one person dumped a ton of currency, and that flood began to fill up all the available orders, dropping the trading price - the first person kept on selling, so the price kept on dropping. They sold from $317 down to $224, so they only lost any money if they had bought up some of their share at higher than $224, but the original trigger stopped selling at $224, they didn't drive it all the way to the floor. So they set up macros to panic sell low and crashed their own currency. The real comedy here is they're the people who think they don't need any consumer protections. Unrelated: been thinking about starting a financial advice firm, just need capital. Who wants to venture some?
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Jun 23, 2017 04:26
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KingSlime posted:Yeah I just did some digging on that and If anyone's curious it's something insane like 10 to 15KWh per transaction for bitcoin. One of the chinese mining companies literally bought an entire hydroelectric dam just for themselves.
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Jun 23, 2017 05:03
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Zamujasa posted:Bad With Funny Money 3.0: My money just vanished into the ether 
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Jun 23, 2017 05:08
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ate all the Oreos posted:If anyone's curious it's something insane like 10 to 15KWh per transaction for bitcoin. One of the chinese mining companies literally bought an entire hydroelectric dam just for themselves. Like, 15kwh to transfer funds? What the gently caress? Or is that just to mine one?
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Jun 23, 2017 05:33
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22 Eargesplitten posted:Like, 15kwh to transfer funds? What the gently caress? Or is that just to mine one? To transfer funds, distributed across the global network (IE the entire planet's bitcoin miners consume 15KWh to process a single transaction, your computer doesn't actually use that much by itself or whatever)
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Jun 23, 2017 05:34
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How many KWH is each shitpost?
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Jun 23, 2017 05:36
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I've posted about both of these cases and they're at an end in the court system.quote:The daughter who borrowed $367,000 from her parents, then didn't pay the money back, has had another $14,000 for legal costs added to the bill. That's right borrow your parents retirement money so they they can't enjoy it and don't bother getting a job to pay them back like a completely worthless daughter. http://www.stuff.co.nz/business/94016697/daughters-debt-to-lenderparents-has-14000-costs-added-to-367000 quote:Tessa Fiona Grant lived a life of luxury. She spent more than 10 years gross salary of the casino's money on her horse training property. Clearly that $2m was well spent on what appears to be a loss making venture. http://www.stuff.co.nz/national/crime/94018027/skycity-fraudster-tessa-grant-pleads-guilty-in-the-hamilton-district-court 22 Eargesplitten posted:Like, 15kwh to transfer funds? What the gently caress? Or is that just to mine one? No that's per transaction. There's about 275,000 transactions per day. So that's about 4.1 GW.h per day. Pretty loving efficient for bitcoin. Devian666 fucked around with this message at 05:44 on Jun 23, 2017 |
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Jun 23, 2017 05:37
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Zero One posted:Or go all the way and pay for a private Disney fireworks show: "Private"? Do they hang tarps from airplanes so no one else can see them?
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Jun 23, 2017 07:30
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AreWeDrunkYet posted:"Private"? Do they hang tarps from airplanes so no one else can see them? They're ultraviolet fireworks so you have to wear their proprietary Goofy Goggles to view them. To everyone else it just sounds like normal Florida gunfire.
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Jun 23, 2017 12:34
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Solice Kirsk posted:They're ultraviolet fireworks so you have to wear their proprietary Goofy Goggles to view them. To everyone else it just sounds like normal Florida gunfire. And gives you your normal Florida night-time sunburns 
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Jun 23, 2017 13:49
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KingSlime posted:I weep for how much attention and focus is given to these abstract, meaningless systems while the world burns and people are struggling to secure basic necessities
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Jun 23, 2017 14:29
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John Smith posted:Isn't the whole point of our tremendous wealth that we can afford to indulge such bullshit? Would you rather be starving to death without any of this nonsense? I'm not sure those are the only two possible options, or even that "having tremendous wealth" is done for a valid point at all, at least when it gets beyond surviving and living comfortably
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Jun 23, 2017 14:33
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theHUNGERian posted:What if the service provided is the removal of organs? Is that procedure free? No, in that case excess organs get stuffed inside you to save on the proper disposal procedures. ate all the Oreos posted:I'm not sure those are the only two possible options, or even that "having tremendous wealth" is done for a valid point at all, at least when it gets beyond surviving and living comfortably No I'm sorry he's right: it's either "piss your wealth into the wind" or "starve in a gutter". There is no middle ground. Beep boop ker-chunk
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Jun 23, 2017 14:37
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ate all the Oreos posted:I'm not sure those are the only two possible options, or even that "having tremendous wealth" is done for a valid point at all, at least when it gets beyond surviving and living comfortably And isn't that the point of a wealthy society? That we can afford to have pursuits that our forefathers would never do? Even silly pursuits. Johnny Deep firing his friend's ashes out of a big-rear end cannon didn't make that much sense either, did it? But his wealth allowed him to do it.
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Jun 23, 2017 15:00
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