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Author Topic: So who sold below $100 during the SR "crash"?  (Read 4346 times)
elasticband
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October 17, 2013, 08:48:42 PM
 #21

I sold on a down trend crashing btc-e from 115-95 in seconds... bought back between 78-85, great rush trading..... reminded me a lot of how I use to spend my days....
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October 17, 2013, 08:55:22 PM
 #22

The drop cause me to go all in ( had bids for all-in at the slightest drop ) , i saw my orders fill, then i saw the news, and i thought, " fuck! ...i'll hold and come back in 2 weeks... "

sure enoght bitcoin went back up, i sold, and i'm still not a millionaire  Cry

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October 17, 2013, 10:08:05 PM
 #23

Can't say who sold under $100, but I can tell you at least one person who was pleasantly surprised to see their $95 bid filled.

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October 17, 2013, 10:10:09 PM
 #24

I sold at 126 BitstampUSD and bought back at 118 Roll Eyes  really did not expect such impact of SR news
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October 17, 2013, 10:13:16 PM
 #25

i unfortunatly didn't get to buy while it was low Sad i was at work and when i got home it had already recovered Sad

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October 17, 2013, 10:47:51 PM
 #26

I was on btce at the time, and saw the dip without knowing  the full extent of the news. I bought at 120, then 115, then all in at 110. Then it went towards 75 and I started shitting myself and swearing I was done with crypto.

Nonetheless I headed to bit stamp where I had an equal stock of fiat  waiting. I placed a bid at 100.  Btc went below 100 but my bid never filled. After 5 minutes btc was 95- and my bid still wasn't filled. Praise the lord i thought and I rushed in to cancel and adjust.  Btc was now 90. I analyzed the walls and knew this was ending soon. Right when btc was 85 and there was a small wall left  I placed a bid at 86. It never filled.... btc shot up and next thing I know I'm looking at 125...

So a combination of lag and greed caused me to not get single coin there. Sad
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October 17, 2013, 11:20:34 PM
 #27

I was on btce at the time, and saw the dip without knowing  the full extent of the news. I bought at 120, then 115, then all in at 110. Then it went towards 75 and I started shitting myself and swearing I was done with crypto.

Nonetheless I headed to bit stamp where I had an equal stock of fiat  waiting. I placed a bid at 100.  Btc went below 100 but my bid never filled. After 5 minutes btc was 95- and my bid still wasn't filled. Praise the lord i thought and I rushed in to cancel and adjust.  Btc was now 90. I analyzed the walls and knew this was ending soon. Right when btc was 85 and there was a small wall left  I placed a bid at 86. It never filled.... btc shot up and next thing I know I'm looking at 125...

So a combination of lag and greed caused me to not get single coin there. Sad


Strange, how can price be below your bid without it being filled?

All my bids down to $90 were filled on bitstamp, but I did place them when price was still higher.

At one point though somebody had placed sell order of hundreds or thousands of btc at $89 but price was still above $100 but this $89 showed in order book as lowest ask, while there were still many bids above $100. So I cancelled a bid around $100 and replaced it at $90. It worked and got filled. Smiley

I think the large $89 ask was being executed slowly and did not touch my $100 bid yet. And my cancellation got prioritized over it?
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October 17, 2013, 11:24:23 PM
 #28

Also had similiar problems with Bitstamp. The pressure on the website was so big, that some of my orders didn't go through, but some did, so I made a nice buck buying at 90 something.

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October 18, 2013, 12:07:50 AM
 #29

I think it's because bitstamp's order execution is not atomic, unlike gox and btce. On gox and btce, orders are instantly executed against any available opposing orders BEFORE the remainder appears on the book. However, notice on bitstamp how you can see crossed orders on the book before they execute - you are seeing the trader's original order on the book first and THEN it gets executed later by some algorithm (fifo?). Also the execution is arbitrarily marked as a buy or a sell which is why you see red/green mixed up on services. It is not atomic. So during the crash even though you saw a 90 ask, it wasn't really available because there was a huge line of people ahead of you waiting to execute against it. And I could also see executions of 95 and 105 being mixed together in the tape.

For the worlds new btc market leader, their trading engine sure needs a lot of work. Also the UI could be improved and made more robust for traders.
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October 18, 2013, 12:12:39 AM
 #30

I think it's because bitstamp's order execution is not atomic, unlike gox and btce. On gox and btce, orders are instantly executed against any available opposing orders BEFORE the remainder appears on the book. However, notice on bitstamp how you can see crossed orders on the book before they execute - you are seeing the trader's original order on the book first and THEN it gets executed later by some algorithm (fifo?). Also the execution is arbitrarily marked as a buy or a sell which is why you see red/green mixed up on services. It is not atomic. So during the crash even though you saw a 90 ask, it wasn't really available because there was a huge line of people ahead of you waiting to execute against it. And I could also see executions of 95 and 105 being mixed together in the tape.

For the worlds new btc market leader, their trading engine sure needs a lot of work. Also the UI could be improved and made more robust for traders.

I stopped using Bitstamp for reasons I think are related to this. During flash crashes I had limit orders on the bid side set on multiple occasions -- the exchange rate declined right past by bids, recovered, and my bids were never filled. So aggravating. Never, ever using Bitstamp again.
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October 18, 2013, 12:13:26 AM
 #31

I think it's because bitstamp's order execution is not atomic, unlike gox and btce. On gox and btce, orders are instantly executed against any available opposing orders BEFORE the remainder appears on the book. However, notice on bitstamp how you can see crossed orders on the book before they execute - you are seeing the trader's original order on the book first and THEN it gets executed later by some algorithm (fifo?). Also the execution is arbitrarily marked as a buy or a sell which is why you see red/green mixed up on services. It is not atomic. So during the crash even though you saw a 90 ask, it wasn't really available because there was a huge line of people ahead of you waiting to execute against it. And I could also see executions of 95 and 105 being mixed together in the tape.

For the worlds new btc market leader, their trading engine sure needs a lot of work. Also the UI could be improved and made more robust for traders.

+1

If volume continues to pick up, everyone cheering for stamp will switch to complaining.

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October 18, 2013, 12:26:21 AM
 #32

Well, most of us have known for a while that all big exchanges suck in one way or another... Currently BitStamp just sucks least because their money transfers essentially work well which on Gox has reached a high level of notoriety.

Anyway, interesting to read about these issues... I seem to remember seeing something like the mixed up trades under high load before, but never experienced any problems from it myself.

Gox' trading engine certainly has the reputation of being slow (stamp to my personal impression just slightly less), but at least their trade execution seemed to be ok.

Let's see what happens when Gox gets their new trade engine... well I suppose nobody really cares as long as they don't solve their withdrawal issues...
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October 18, 2013, 12:34:47 AM
 #33

I think only litecoin traders care about midas.
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October 18, 2013, 12:37:25 AM
 #34

LOL I know its a bit late....tsk tsk tsk

But who did?... Cheesy
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October 18, 2013, 12:38:51 AM
 #35

i unfortunatly didn't get to buy while it was low Sad i was at work and when i got home it had already recovered Sad
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October 18, 2013, 01:05:19 AM
 #36

i unfortunatly didn't get to buy while it was low Sad i was at work and when i got home it had already recovered Sad

Same here, I didn't have money at exchange at that moment, and when my deposit finally arrived, it all recovered

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October 18, 2013, 01:11:22 AM
 #37

I held all below 100 and below 80 because i dint noticed about the crash until like 6 hours after when the price was back to 105, so i dint make any change in my btc balance.   Smiley
You dont think about shorting btc when you see a so fast recovery
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October 18, 2013, 05:43:15 AM
 #38

Congrats to those who had their bids filled. I think that was the last drop below $100.

Time will tell.

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October 18, 2013, 06:36:38 AM
 #39

I bought less than one BTC at about $100.  Nothing exciting.   No money to spend.  I wish I had more to invest but that is the way it goes.

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October 18, 2013, 07:00:37 AM
 #40

Congrats to those who had their bids filled. I think that was the last drop below $100.

Time will tell.
Maybe not a bear market to below $100, but after the SR incident I am convinced that anything is possible during a flashcrash with the right mix of panic and idiot market dumpers, especially with these thin books. After all there is only 20K btc bids on the entire book at Bitstamp (the market leader). Just 8K would take us to 100 right now. Gox used to have those kinds of dumps all the time like they were nothing.  Gox had 20-50k dumps even.
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