Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[JayJuanGee]

Gemini trades rolled back.  



https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/

So those traders who sold at $2000 and thought Christmas had come early get screwed. If Gemini had a safety mechanism the error wouldn't have happened, It should compensate the traders who lost out. Bter has a warning box when you place an order with an excessive price. If Bter can do it, Gemini should have done it.

It goes to show, there really is zero reason to ever sit fiat on an exchange.

I was negatively affected by this trade reversal decision, and I think that it is really bullshit and unprofessional for them to authorize a reversal based merely on user error.

If they were to authorize such reversal based on a technical glitch or a hacker, that would probably be a more justifiable reason.  

I'm going to attempt to communicate with them about honoring my trade (even if they personally have to absorb the cost (mine had been filled and subsequently reversed at merely in the mid $370s... those fuckers), and if they do not side with me, then I am likely going to discontinue using their services and pull my bitcoins (and fiat) from their exchange.  

Again, this is really bullshit, and goes to show really bad judgement in their lack of credibility building foresight.

In the past 12 hours, I communicated with Gemini regarding my assessment of their decision to reverse trades, and I requested that at minimum they make me whole for such reversal and that they commit to changing their policy in such a way that in the future they are not going to reverse trades based on "customer error."   

I anticipate that most likely they will not comply with my request, and accordingly, absent some other materially relevant developments, I will need to remove all of my BTC from their exchange and to discontinue using their services. 

I would prefer to keep my account active with them, but if they do not commit to some form of non-reversals in the future (except for maybe in very extreme circumstances), then it seems too unreliable to continue to use their services. 

At this time, I have discontinued any attempted trades with them, except for a couple of real minor orders that had been outstanding still remain outstanding. and currently, I am thinking that I will give them a few days to respond to my earlier request before I take any further actions, such as removing my coins from their exchange.

By the way, I should also clarify that the notice that I received from Gemini had additional language as follows:

"The customer who placed the order notified us immediately afterwards, and our team moved as quickly as possible to resolve the issue. Unfortunately, due to trading you performed in the hours in the hours between the erroneous trade and the reversal, you now have a negative balance in either the USD or BTC portion of your account. You will need to reach a non-negative balance before you can withdraw funds from your account."

Accordingly, since my subsequent trading activities resulted in a negative account balance, as a result of Gemini's trade reversal, there seems to have been a little more impact on my account as compared with someone who had experienced the trade reversal but had not engaged in any subsequent trading activities.

[ChartBuddy]

Coin



Explanation

[Tzupy]

310 in 1 hour or never.

I'd be satisfied with 310$ in 2 h...

You use to be bigger bear... 

Grrr, not satisfied...

[Hyperjacked]

^OK. Didn't mean to back you into a corner like that, sorry. You're totally a successful trader with decades of experience.
(now your turn to tell me that you never doubted my being top Navy Seal with 300 kills)

I'll tell what...Call Don Shipley and we will all get together for a beer next time your in Town.

Good deal, Leonardo. Or do your other professional Wall St. friends call you The Wolf?

Ignored! fake seal dude...hero in his own mind...don't care!

bye 

[AlexGR]

Gemini trades rolled back.  



https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/

So those traders who sold at $2000 and thought Christmas had come early get screwed. If Gemini had a safety mechanism the error wouldn't have happened, It should compensate the traders who lost out. Bter has a warning box when you place an order with an excessive price. If Bter can do it, Gemini should have done it.

It goes to show, there really is zero reason to ever sit fiat on an exchange.

I was negatively affected by this trade reversal decision, and I think that it is really bullshit and unprofessional for them to authorize a reversal based merely on user error.

If they were to authorize such reversal based on a technical glitch or a hacker, that would probably be a more justifiable reason.  

I'm going to attempt to communicate with them about honoring my trade (even if they personally have to absorb the cost (mine had been filled and subsequently reversed at merely in the mid $370s... those fuckers), and if they do not side with me, then I am likely going to discontinue using their services and pull my bitcoins (and fiat) from their exchange.  

Again, this is really bullshit, and goes to show really bad judgement in their lack of credibility building foresight.

In the past 12 hours, I communicated with Gemini regarding my assessment of their decision to reverse trades, and I requested that at minimum they make me whole for such reversal and that they commit to changing their policy in such a way that in the future they are not going to reverse trades based on "customer error."   

I anticipate that most likely they will not comply with my request, and accordingly, absent some other materially relevant developments, I will need to remove all of my BTC from their exchange and to discontinue using their services. 

I would prefer to keep my account active with them, but if they do not commit to some form of non-reversals in the future (except for maybe in very extreme circumstances), then it seems too unreliable to continue to use their services. 

At this time, I have discontinued any attempted trades with them, except for a couple of real minor orders that had been outstanding still remain outstanding. and currently, I am thinking that I will give them a few days to respond to my earlier request before I take any further actions, such as removing my coins from their exchange.

By the way, I should also clarify that the notice that I received from Gemini had additional language as follows:

"The customer who placed the order notified us immediately afterwards, and our team moved as quickly as possible to resolve the issue. Unfortunately, due to trading you performed in the hours in the hours between the erroneous trade and the reversal, you now have a negative balance in either the USD or BTC portion of your account. You will need to reach a non-negative balance before you can withdraw funds from your account."

Accordingly, since my subsequent trading activities resulted in a negative account balance, as a result of Gemini's trade reversal, there seems to have been a little more impact on my account as compared with someone who had experienced the trade reversal but had not engaged in any subsequent trading activities.

Reading this: https://exchange.gemini.com/user-agreement

I don't get how they can get away with reversing transactions 

"The Exchange Ledger enables immediate settlement of sale or purchase transactions when the transacting accounts contain sufficient funds. "

"All buy transactions are purchases of Digital Assets with fiat currency that settle immediately from a pre-funded Fiat Account, are recorded on our Exchange Ledger. All sell transactions are sales of Digital Assets for fiat currency that settle immediately from a pre-funded Digital Asset Account and are recorded on our Exchange Ledger."


The "GEMINI INFORMATION ACCURACY, LIABILITY AND RISKS" part, is also saying that if you settle a transaction, or incur big losses, etc, etc, tough luck.

"v. for any transaction that is completed;
...
vi. for the price at which you buy or sell Digital Assets on Gemini;"

...
"Please also note the following risks in accessing or using Gemini:

i. The risk of loss in trading Digital Assets may be substantial and losses may occur over a short period of time."
...
v. transactions in Digital Assets may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable;


About reversals there is the "SYSTEM DISRUPTIONS OR MALFUNCTIONS" part, which is not really about user errors as I read it.

[oldm8]

... Of course I may be eating shit at Christmas while you all toast $600 with DP 2004 with Mr Rpietila.

>Eat shit
>Drink Dom Perignon with Mr Rpietila

Both so enticing... How does one choose?

If you were aquainted with the venerable castle dwelling Mr Rpietila the choice is easy down the brown

[Namrekka]

310 in 1 hour or never.

Ha ha ha.

I went all-in a leveraged short at 308 several days ago. And watched it go up to 350. But my conviction that it will retract to 270 is rock solid. I simply know it. Call me Nostradamus.

If it goes above 370 I am wiped out. But I won't mind since its a small sum of money I am already determined to loose. I don't take bitcoin speculation seriously.

Be patient, gravity works all the time. Only thing that can bring it much higher is yet another pump. Large or small. And likelihood of another pump to 370+ is not small. But smaller than it going below 300.

Remember - bitcoin price doesn't reflect anything. Not yet. At the moment its just blowing in winds of speculation.

Wow...really? You will get wiped out...!

Bitcoin is for real traders not the fixed stock market naked short bs!

The pros are at the poker table and its game on...

Bitcoin is not for real traders, because its price can be manipulated severely (and easily) by a single person or a single pump&dump group. Therefore it is almost pointless to do any analysis and there is little or no added value for your time and work doing this analysis. You might as well hold forever or sell and never come back.

Maybe there is point in making automated fast trading mechanisms that will capitalize on short term price oscillations, but not things like long term technical analysis etc. Who are you kidding? That crap doesn't even work in stock market these days.

Why I know that its going to 270 is simply the fact that bubble hasn't deflated fully yet. You say "naive", I say "simple" lol

And I didn't need no "real trader voodoo" to figure out that it was a bubble. I know when I see one. And I was shorting all the way down from 500

+1

[mymenace]

correction to 320 ish


trap

lets see if the trap sets

return trend upward, with double bottom in the 320 ish to come

speculation only

lets see if double bottom occurs

speculation only

[r0ach]

Oh look, 10 one star account posts in a row all from the same paid-for shill saying Bitcoin is going to 0.  Cointelpro/Mossad is way dumber than I thought.  When you post with more shill accounts than actual forum users, all you do is blow your own cover.  Way to go idiots.

[Fatman3001]

Oh look, 10 one star account posts in a row all from the same paid-for shill saying Bitcoin is going to 0.  Cointelpro/Mossad is way dumber than I thought.  When you post with more shill accounts than actual forum users, all you do is blow your own cover.  Way to go idiots.

"Cointelpro/Mossad"

Please explain as if I were a five year old.

[JayJuanGee]

Gemini trades rolled back.  



https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/

So those traders who sold at $2000 and thought Christmas had come early get screwed. If Gemini had a safety mechanism the error wouldn't have happened, It should compensate the traders who lost out. Bter has a warning box when you place an order with an excessive price. If Bter can do it, Gemini should have done it.

It goes to show, there really is zero reason to ever sit fiat on an exchange.

I was negatively affected by this trade reversal decision, and I think that it is really bullshit and unprofessional for them to authorize a reversal based merely on user error.

If they were to authorize such reversal based on a technical glitch or a hacker, that would probably be a more justifiable reason.  

I'm going to attempt to communicate with them about honoring my trade (even if they personally have to absorb the cost (mine had been filled and subsequently reversed at merely in the mid $370s... those fuckers), and if they do not side with me, then I am likely going to discontinue using their services and pull my bitcoins (and fiat) from their exchange.  

Again, this is really bullshit, and goes to show really bad judgement in their lack of credibility building foresight.

In the past 12 hours, I communicated with Gemini regarding my assessment of their decision to reverse trades, and I requested that at minimum they make me whole for such reversal and that they commit to changing their policy in such a way that in the future they are not going to reverse trades based on "customer error."   

I anticipate that most likely they will not comply with my request, and accordingly, absent some other materially relevant developments, I will need to remove all of my BTC from their exchange and to discontinue using their services. 

I would prefer to keep my account active with them, but if they do not commit to some form of non-reversals in the future (except for maybe in very extreme circumstances), then it seems too unreliable to continue to use their services. 

At this time, I have discontinued any attempted trades with them, except for a couple of real minor orders that had been outstanding still remain outstanding. and currently, I am thinking that I will give them a few days to respond to my earlier request before I take any further actions, such as removing my coins from their exchange.

By the way, I should also clarify that the notice that I received from Gemini had additional language as follows:

"The customer who placed the order notified us immediately afterwards, and our team moved as quickly as possible to resolve the issue. Unfortunately, due to trading you performed in the hours in the hours between the erroneous trade and the reversal, you now have a negative balance in either the USD or BTC portion of your account. You will need to reach a non-negative balance before you can withdraw funds from your account."

Accordingly, since my subsequent trading activities resulted in a negative account balance, as a result of Gemini's trade reversal, there seems to have been a little more impact on my account as compared with someone who had experienced the trade reversal but had not engaged in any subsequent trading activities.

Reading this: https://exchange.gemini.com/user-agreement

I don't get how they can get away with reversing transactions 

"The Exchange Ledger enables immediate settlement of sale or purchase transactions when the transacting accounts contain sufficient funds. "

"All buy transactions are purchases of Digital Assets with fiat currency that settle immediately from a pre-funded Fiat Account, are recorded on our Exchange Ledger. All sell transactions are sales of Digital Assets for fiat currency that settle immediately from a pre-funded Digital Asset Account and are recorded on our Exchange Ledger."


The "GEMINI INFORMATION ACCURACY, LIABILITY AND RISKS" part, is also saying that if you settle a transaction, or incur big losses, etc, etc, tough luck.

"v. for any transaction that is completed;
...
vi. for the price at which you buy or sell Digital Assets on Gemini;"

...
"Please also note the following risks in accessing or using Gemini:

i. The risk of loss in trading Digital Assets may be substantial and losses may occur over a short period of time."
...
v. transactions in Digital Assets may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable;


About reversals there is the "SYSTEM DISRUPTIONS OR MALFUNCTIONS" part, which is not really about user errors as I read it.

I think that their various policies or user agreements - especially when the use words such as "may not be recoverable" do potentially provide them sufficient discretion to engage in the reversals of various transactions. 

In that regard, I am not necessarily asserting that Gemini has any legal or contractual obligation to respect my reversed trade... even though it could be possible that they do. 

On the other hand, I do believe that Gemini's performance to carry out such a reversal based on "customer error" is highly unprofessional, and really undermines their credibility to consider the impact on counter-party traders other than the fat-fingered guy. 

Customer error just seems much too inadequate and lame of a justification to hang your hat on.. even if the fat-fingered guy may have accidentally bought 80 BTC at $2,200 (which was not the case.  The amount that he paid for his about 80 BTC appears to have been much less than $2,200 per BTC because $2,200 was the highest price that he paid for any portion of the BTC that he bought)

[Dotto]

http://knowyourmeme.com/memes/navy-seal-copypasta

[Globb0]

Bitcoin, reverse, you're doing it wrong!

[Hyperjacked]

http://knowyourmeme.com/memes/navy-seal-copypasta

LOL! what a wanna be...seal...!

You can always see through the fake guys a mile away!

[ChartBuddy]

Coin



Explanation

[abercrombie]

is crypto done?? 

[Fatman3001]

LOL! what a wanna be...seal...!

You can always see through the fake guys a mile away!

[nioc]

Welcome to the troll observer thread   I would like to troll please.  Thank you

https://www.youtube.com/watch?v=5R6Lzi3B1wk

[Hyperjacked]

Welcome to the troll observer thread   I would like to troll please.  Thank you

https://www.youtube.com/watch?v=5R6Lzi3B1wk

wow! Awesome...great version!

thanks for bringing us back to reality...oops there goes gravity!

"How did I get here" Talking heads!

Love it 

[BlindMayorBitcorn]

Welcome to the troll observer thread   I would like to troll please.  Thank you

https://www.youtube.com/watch?v=5R6Lzi3B1wk