ETH selling for $0.10

[nasipadang]

Someone decided to sell around 100k ETH on GDAX in a single order and whiped the whole sell book.

Like a certain mr102 did in btc-e some years ago, but now with steroids

Probably he started to panicking, else he would sell it slowly in multiple waves so he does not disturb market balance. This way you can conclude this things:
1.He knows something and he was in hurry to cash-out.
2.Those are maybe stolen funds..dumped.
3.Someone predicted that this was a peak, and will start free-fall.
4.I just can't imagine that this was lonely try to cause a dump..Maybe?

You are right, probably some panic seller started a chain cascate of stop loss orders that resulted in this flash crash.

Yep panic sell unfortunately I didn't get that moment and in GTDAX many who suffered losses due to flash carsh, in twitter as well that reduces trusted with the exchanger

[densuj]

ETH selling up to $0.10 is just bug on the one exchange and that is just fast crash not all of exchangers, so ethereum's price is stable again, the bad news is i was missed out this chance to getting big profit  and ETH selling up to $0.10 is not problem because everything is fine right now, the traders are no panic selling because of the bug one exchanger.

[papajamba]

Did anybody actually get eth at 10 cents or $13 from GDAX?

[sieemma]

This isn't true anyway.

[nakata90]

Just read that on twitter how is that even possible when lowest rate was $288 on poloniex.

In GDAX? I not see selling ETH with rate 0.1$, just see have a flash crash make the price from 300$ to 13-15$ in a snap on GDAX exchange, I think this is a bug from GDAX or a trick want kill investor (I hear 100k ETH sold with this rate )

[kappawarrior]

I wish I could buy Ethereum at $.10. I just got into crypto recently and had to buy Eth at $315.

[arbitrage]

ETH selling up to $0.10 is just bug on the one exchange..

Do we have confirmation about this bug, or you guess?

Did anybody actually get eth at 10 cents or $13 from GDAX?

Probably some newbie that will become ETH guru. Or some kid who always creating lowest buy orders, and now had a luck, we will notice him.

I wish I could buy Ethereum at $.10. I just got into crypto recently and had to buy Eth at $315.

This is a daydreaming, we all like to imagine nice  things..But as you can see sometimes this can happen.

[tiggytomb]

Haha, I can't imagine too many people would have had orders set as low as that and if they did good luck to them.  Let's see how many people now start setting orders as low as that in the hopes of it happening again.

[Andy_K]

It wasn't a bug, gdax worked correctly.

Someone placed a massive market sell order which left the top ETH buy down by 30%. This triggered a cascade of stop orders firing and marginal positions being liquidated, until the order book was completely wiped out. every buy order was fulfilled, including one as low as $0.10.

Software worked correctly, this is the risk you take when you trade on margins...

[LoyceV]

https://mobile.twitter.com/GDAX/status/877666077043441664?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

read that here. I'm not saying it's a scam but saying hows that possible?

I love^* the comments:
"My balance is completely gone."
"same here $30,000"
"i lost $130k"
"$145k ish... afraid to do the math "

What's wrong with these people? :O I've said it before: Eth went up 4000% in 6 months, and 40,000% in 18 months. What could possible go wrong? Well, THIS! What did they expect at a gamble that went up this much? Of course it can go down that much too!
Eth has very rich bag holders, who indeed have the coins to empty the entire order book. This also means the people who had buy orders at under a dollar made massive profits. Order books are often filled with very rediculous orders, either really cheap or really expensive. During an event like this that pays off!

^* I don't love to see them lose, but I love to see reality kick in after the many posts from people who earned double or tripple digit percentages overnight. I hope this makes more people realize the risks.

Someone placed a massive market sell order which left the top ETH buy down by 30%. This triggered a cascade of stop orders firing and marginal positions being liquidated, until the order book was completely wiped out. every buy order was fulfilled, including one as low as $0.10.

Could it be the whale who sold up to 30% under market value also placed the very low buy orders, after which he instantly bought back his own coins at a bargain price?

[Andy_K]

Could it be the whale who sold up to 30% under market value also placed the very low buy orders, after which he instantly bought back his own coins at a bargain price?

It's possible. You'd need balls of steel to attempt to pull off a move like that though!

[European Central Bank]

This isn't true anyway.

it's fully documented and available for anyone to view, but you're welcome to disbelieve it if it makes you feel better somehow.

this is possible on any exchange. that's how they work. as far as i know the only current exchange that ever rolled anything back was gemini after a fat finger trade.

[kryptqnick]

ETH selling up to $0.10 is just bug on the one exchange and that is just fast crash not all of exchangers, so ethereum's price is stable again, the bad news is i was missed out this chance to getting big profit  and ETH selling up to $0.10 is not problem because everything is fine right now, the traders are no panic selling because of the bug one exchanger.

I don't even believe something like that has happened. Only if it was some totally unpopular website with newbies trading and owning the site. From where did this information appear anyway? Ethereum is nowadays very expensive and I don't see any big falls on the graph. Is that a Kraken-like story again? Or even the same one?

[WallSinger]

can happen, with Bitcoin less cause the volume is enormous, but a flash crash is always possible

[Minecache]

Gdax to refund everyone who lost money during the flash crash caused by their faulty software.

https://blog.gdax.com/eth-usd-trading-update-2-216a3b946ef6

[jaberwock]

Gdax to refund everyone who lost money during the flash crash caused by their faulty software.

https://blog.gdax.com/eth-usd-trading-update-2-216a3b946ef6

Coinbase will issue refunds too, it seems.

But will the buyers have their trades reversed

I wouldn't be happy at all if I bought ETH for cheap and they wanted to revert the trade

[LoyceV]

Gdax to refund everyone who lost money during the flash crash caused by their faulty software.

https://blog.gdax.com/eth-usd-trading-update-2-216a3b946ef6

But will the buyers have their trades reversed

I wouldn't be happy at all if I bought ETH for cheap and they wanted to revert the trade

When in doubt, read the link:

   For customers who had buy orders filled — we are honoring all executed orders and no trades will be reversed.
    For affected customers who had margin calls or stop loss orders executed — we are crediting you using company funds.

I'd like to know how much this is going to cost them, it could be millions of dollars.

Obviously, this is to rescue their image. Very nice for the people who lost a lot, and the lucky few get away with it too. But since the software just did what it's supposed to do, this can happen again at any moment! They can't keep bailing out customers, so I don't see how this fits their long term commitment.

[Unidonade]

ETH selling up to $0.10 is just bug on the one exchange and that is just fast crash not all of exchangers, so ethereum's price is stable again, the bad news is i was missed out this chance to getting big profit  and ETH selling up to $0.10 is not problem because everything is fine right now, the traders are no panic selling because of the bug one exchanger.

I think the 0.1 dollar volume is not so huge. So the loss is limited.

[affirstan]

Some whale want to sale their big ETH volumn in single transaction, so they wipe all offer to  the bottom.

[johnwest]

Gdax to refund everyone who lost money during the flash crash caused by their faulty software.

https://blog.gdax.com/eth-usd-trading-update-2-216a3b946ef6

Coinbase will issue refunds too, it seems.

But will the buyers have their trades reversed

I wouldn't be happy at all if I bought ETH for cheap and they wanted to revert the trade

They will have to honor the trade, they cant reverse them easily. As LoyceV said it is the question of their reputation. I wonder whether the companies will test their software's thoroughly or not, because we have experienced this before with many coins and hope it will not happen again.