Flash Crashes and buy orders

[Pathi]

Are any of you placing low priced buy orders on the major exchanges? Just in case? I have missed a couple of these and would like to be prepared for next time.

[Mickeyb]

Are any of you placing low priced buy orders on the major exchanges? Just in case? I have missed a couple of these and would like to be prepared for next time.

Well honestly, this is like shooting in the dark. It sounds nice but you will miss 98% of the times. Nobody knows when will the next one come even if it comes. Than the question is, which exchange, etc..

I also don't like holding money on the exchanges if I don't have to. I sort of get in, buy what I need and I get a hell out of there with my Fiat or bitcoins. I mean how many times have people lost money on the exchanges in the last two years, too many!

Good luck!

[eternalgloom]

The price seems to stabilize around 220 - 230 dollar, I don't think it will get too close to 200 dollar, when you see the buy support.

This is on bitstamp:

[Panadacoin]

I have had goodluck with placing low buy orders in the past. I usually set them and forget about it until weeks later when a big dump happens.

[randy8777]

yeah! i managed to benefit from the most recent flash crash on btc-e as my low buy orders got filled instantly. you need to have a lot patience, but at some point it will pay off.

[gentlemand]

If you're comfortable leaving USD or whatever on there then you can do very nicely. BTC-e seems to be the king. I remember someone on here scooping up a ton of coins when it had its $102 moment last tear. At the time it was something like $600 everywhere else.

[titulng]

just set your order at $200, $180, $150, and even $100, then only thing to do is that wait the flash crashes coming.

[Quickseller]

I think it was very interesting to see just how many buy orders were withdrawn from the coinbase exchange the last time the market experienced a flash crash.

As of right now, you would be able to sell approximately 1,200BTC on the coinbase exchange and the price would fall to roughly $219. IIRC, when the price on bitfinex was in the ~$170 range (and the price on coinbase was in the $200 range), there were sufficient buy orders on the coinbase exchange so that if you wanted to sell ~800BTC, the price would fall to ~$100. Now, in order for the price on the coinbase exchange to fall to ~$100, someone would need to sell ~3,950BTC.

The problem with having such a buy order on an exchange is that it is difficult to price your order such that you are certain that the price will quickly rebound after being executed. It is not uncommon for the price to fall by 10-15% in a short period and to stay at that level (the same is trust for price increases). It is very difficult to distinguish between a "flash crash" and a "regular" "crash"