That fall on GDAX...

[Kloug]

It's in EUR that you have to check it.

9600eur ..to.. 7000eur

..in a few seconds.


That was entertaining, it was almost like DragonSlayer happening. Except it was just in EUR, & didn't do much except hanging a few exchanges.
GDAX hanged, and Bitstamp was so slow it nearly was as bad as Kraken on a normal day.

Yeah in usd & other exchanges the fall was much weaker.


The lucky ones who had orders at 7000 there, made x 2300 in a few seconds.

[nemesis3]

wtf mi stop order was sett to 7500, i will login in gdax but the website was done impossible to buy again under 7500€, the prijs ricover to 8200 , 700€ lost 

[dothebeats]

It's in EUR that you have to check it.

9600eur ..to.. 7000eur

..in a few seconds.


That was entertaining, it was almost like DragonSlayer happening. Except it was just in EUR, & didn't do much except hanging a few exchanges.
GDAX hanged, and Bitstamp was so slow it nearly was as bad as Kraken on a normal day.

Yeah in usd & other exchanges the fall was much weaker.


The lucky ones who had orders at 7000 there, made x 2300 in a few seconds.

Saw that too, and I thought no one would post this lovely scenario. Whomever had that coins @ 7000EUR sure had a good day. That's like almost a month of salary for me gained in a few seconds. It seems that someone messed up on that one and is now regretting his/her decision. Luckily, no such similar event happened on other exchanges. Imagine the cries on reddit because of that..

[Kloug]

It seems that someone messed up on that one and is now regretting his/her decision.

Considering the fall was not very big everywhere else, it's quite possible that it was a chain reaction of stop losses.

Otherwise someone out there is very rich & very dumb & doesn't know how a market sell works.

[Kloug]

wtf mi stop order was sett to 7500, i will login in gdax but the website was done impossible to buy again under 7500€, the prijs ricover to 8200 , 700€ lost 

yeah that's why stop orders suck

[nemesis3]

wtf mi stop order was sett to 7500, i will login in gdax but the website was done impossible to buy again under 7500€, the prijs ricover to 8200 , 700€ lost 

yeah that's why stop orders suck

yeah but in other circumstance that can help you if gdax no sucks   
Im no the only, this man loose 70 000$ https://twitter.com/biop3rl/status/935979872987631616 dam

[Kloug]

yeah but in other circumstance that can help you if gdax no sucks  

Read my post here https://bitcointalk.org/index.php?topic=2489032.0

Really, you shouldn't use market stop orders, and exchanges shouldn't offer them. They aren't made for stuff this volatile.
You should use stop limit orders, or nothing if the exchange doesn't allow it.

Besides, exchanges do warn about slippage when using those.
It sucks to use them for you, and it sucks for the market that appears to be crashing way more than it actually should.

I think that guy lost 130k actually.

[kueyen]

yeah but in other circumstance that can help you if gdax no sucks  

Read my post here https://bitcointalk.org/index.php?topic=2489032.0

Really, you shouldn't use market stop orders, and exchanges shouldn't offer them. They aren't made for stuff this volatile.
You should use stop limit orders, or nothing if the exchange doesn't allow it.

Besides, exchanges do warn about slippage when using those.
It sucks to use them for you, and it sucks for the market that appears to be crashing way more than it actually should.

I think that guy lost 130k actually.

Not sure if this is a dumb question, but what advantage does a stop order have at all, in comparison to a limit order? I'm talking regardless of the currency here. Isn't a limit order always better?

[Kloug]

A stop order has nothing to do with a limit order, it basically tells the exchange to tell if the price falls below a price. It's a safety net. But a wrong one (but stop+limit is ok) for crypto.

[mkeni]

Thanks for starting this topic. As I wrote in another thread, yesterday I was about to sell my BTC on GDAX when it was around 9700 EUR (11500 USD) expecting a correction. Just as I was setting the limit the price started dropping so I decided to just sell on the market. The price already fell to about 9500 EUR when I clicked sell. Then the browser pretty much froze and then the chart got messed up as well as other areas of the display so seeing something odd is happening immediately I did rebuy, I didn't even see the price at the moment and then the GDAX page crashed. I couldn't reopen the GDAX page again but I was remotely connected to another pc so I tried and managed to reconnect and then I saw I had about 20%-25% more in BTC on my account but soon it crashed again.

When finally I connected about 20-30 minutes later, it said I sold at 7100 EUR (that is about 8400 USD) and bought at 7800 EUR! That is 25%+ less than the price I wanted to sell at! Did this happen to anyone else and does this happen on other exchanges? I sent a complaint because this definitely doesn't seem regular, I lost a lot of money and I see this as an error in their system. If this is regular than it means any time you sell on the market they can set any price they want, just crash the market before processing your transaction and sell... I feel cheated.

[mkeni]

PS this is way different than losing money to a set stop loss, when you set a stop loss that is your own fault, and this is another topic, but selling on the market should have priority because otherwise the same thing can happen to anyone at any time if someone makes a big sale just before you and triggers a chain of stop losses (I guess what happened to me). So bad! Can't believe they have such poorly set system...

[nemesis3]

Gdax en all the other xchanges washing out margin holders and making tons of money.

[talkbitcoin]

i think this kind of drop was mainly due to the fact that Coinbase had a lot of brand new users and i wouldn't be surprised to know that majority of them are weak hands who panic sold their coins with the first sign of drop.

and this kind of situation is like a dream for whales who manipulate the prices. a little dump and the domino effect starts until it turns in to a full blown dump.