Be very careful and attentive when selling your bitcoins

[criptoevangelista]

There are lots of questions and illogical actions. The OP is indeed right in saying that the person was in a hurry to get rid of his Bitcoins, and the quantity makes one wonder why there is such a rush. If he chose an unknown exchange, does that mean he could be hiding something? Owning a decent amount of Bitcoin but not knowing what to do with it correctly strongly suggests the idea that he got it by accident. Therefore, there is no awareness of where to trade correctly, but there is a goal of cashing out, nothing more.

Novadax does aggressive marketing on social media in Brazil, mainly on short video networks like tiktok, what I can imagine is that:

He is just a young random speculator with no knowledge who saw bitcoin appreciate a lot and tried to make some profit and made the worst possible choice of a cryptocurrency broker to trade, I can't imagine anything else.

Ultimately, he learned the hard way how one needs to be extremely cautious when making high-value transactions in the cryptocurrency market.

[Hypnosis00]

There are lots of questions and illogical actions. The OP is indeed right in saying that the person was in a hurry to get rid of his Bitcoins, and the quantity makes one wonder why there is such a rush. If he chose an unknown exchange, does that mean he could be hiding something? Owning a decent amount of Bitcoin but not knowing what to do with it correctly strongly suggests the idea that he got it by accident. Therefore, there is no awareness of where to trade correctly, but there is a goal of cashing out, nothing more.

Novadax does aggressive marketing on social media in Brazil, mainly on short video networks like tiktok, what I can imagine is that:

He is just a young random speculator with no knowledge who saw bitcoin appreciate a lot and tried to make some profit and made the worst possible choice of a cryptocurrency broker to trade, I can't imagine anything else.

Ultimately, he learned the hard way how one needs to be extremely cautious when making high-value transactions in the cryptocurrency market.

That emphasizes the negative results of getting into investing in Bitcoin without having an idea of how to manage it. Because it was not an excuse for being no-how but as an investor, it is our responsibility to know how this works as we care about our money. If your friend took this seriously and used known exchanges, we would never suffer such terrible losses but he chose to use that unknown exchange and rob him in front.

What happens to him will serve as a learning experience and I hope he will never be fooled by ads and social media influencers. He probably then thinks the importance of being cautious rather than being careless.

[justdimin]

That's painful to read.

Someone who probably has accumulated that for so long and then ended up with a huge loss and is far from breaking even. This is a lesson for everyone if you're going to sell, choose a better exchange and always check their liquidity.

There are exchanges that you can automatically sell it to them and don't have to go to spot so you sell it on an instant but the spread and rate is quite lower than of the markets.

Surely that guy have learned his lesson but on an expensive way.

As long as it is not us that happened this to, we could see this as a lesson without hurting. I know that it must be horrible for him personally, but he also becomes a cautionary tale for all the people out there who wants to sell their coins. Thanks to his misery, there are now probably a lot more people who would not do such a thing. This type of mistakes makes other people do not make the same mistakes. And at times, some people who never hear this, ends up doing it again, and that makes even more people hear about it.

This has happened to so many people now, and all of them were sad, but all of them made less people make the same mistake. I do not enjoy people losing money like this, but at least I can check out the bright side of it.

[Antotena]

Hello everyone, I hope you are well.

I came to bring a case that happened in Brazil, an investor wanted to get rid of his bitcoins at the Novadax cryptocurrency brokerage (I've never used it, I can't recommend it, I'm just bringing the news). The fact is that he went to sell 1.7 BTC and generated a market sell order, with the lack of liquidity his orders were executed and consumed the entire order book taking the price to practically zero. He had bitcoins sold at 238 USD.

A huge loss just for not paying attention to selling at the price of the day, maybe he wanted to execute the orders quickly, or he didn't know what he was doing.

So be warned, if you are going to sell, fill out your order correctly at the price you want to sell, never use the "market" price to sell a large amount of bitcoins.

This is an example of investing in oneself but forgot to invest in his knowledge because I don't know how someone can be able to buy bitcoin worth 1.7BTC but don't know how to sell in a liquid exchange. Brazil is not among countries that has ban Bitcoin, not sure if they have ban some exchanges but I'm very sure Okex is one of the easiest centralized exchanges that works in most countries, even in places where Binance has been ban, they are allow to operate there, he should have just used that instead of one exchange that I'm just seeing for the first time.


OMG, even from the spread, it can be easily spotted and the total Bitcoin available for sell but he use market order and sold everything cheap. Now, the buyers will quickly withdraw their coins out of the exchange to avoid any foul play by the exchange because it's something they can do. How is he going to survive this sadness because I can't imagine selling $90k worth of bitcoin sold of less than $1k, damn.

[pawanjain]

Hello everyone, I hope you are well.

I came to bring a case that happened in Brazil, an investor wanted to get rid of his bitcoins at the Novadax cryptocurrency brokerage (I've never used it, I can't recommend it, I'm just bringing the news). The fact is that he went to sell 1.7 BTC and generated a market sell order, with the lack of liquidity his orders were executed and consumed the entire order book taking the price to practically zero. He had bitcoins sold at 238 USD.

A huge loss just for not paying attention to selling at the price of the day, maybe he wanted to execute the orders quickly, or he didn't know what he was doing.

So be warned, if you are going to sell, fill out your order correctly at the price you want to sell, never use the "market" price to sell a large amount of bitcoins.
snip

Lol, that looks funny. It's completely the seller's mistake here because he didn't do his due diligence of checking the liquidity on the exchange.
What I am concerned about is, what kind of an exchange it is which doesn't even have a liquidity worth 2 BTC.
Why is the seller even using such an exchange at first place. Anyways, it depends on what portion of his coins were sold at what prices.
May be sold more than 1.5 BTC at current price and then the left over few satoshis at $238 price.
So we will have to see how much USD he got at the end of his market sell order to know how much loss he is in.
But yeah, that's a nice lesson to learn and stay away from market sell orders.

[dezoel]

This is why you should never use unpopular exchange platforms that don't have enough liquidity and you should double-check every parameter before hitting the sell or buy button when you are making a trade because a single decimal mistake can incur huge losses and losses in cryptocurrency are not recoverable, once it's done, it's gone forever and you are left with nothing but remorse which is useless because no matter how much you regret it, you are not getting your money back.

So, people need to use platforms that are popular worldwide, you don't have to use a local exchange to buy or sell cryptocurrencies if there are options available. If there are no international options, then you need to make sure you do everything right starting from the price to the amount you are trying to sell.

[Ale88]

Hello everyone, I hope you are well.

I came to bring a case that happened in Brazil, an investor wanted to get rid of his bitcoins at the Novadax cryptocurrency brokerage (I've never used it, I can't recommend it, I'm just bringing the news). The fact is that he went to sell 1.7 BTC and generated a market sell order, with the lack of liquidity his orders were executed and consumed the entire order book taking the price to practically zero. He had bitcoins sold at 238 USD.

A huge loss just for not paying attention to selling at the price of the day, maybe he wanted to execute the orders quickly, or he didn't know what he was doing.

So be warned, if you are going to sell, fill out your order correctly at the price you want to sell, never use the "market" price to sell a large amount of bitcoins.

But what type of exchange are we talking about? In that tweet I see 1.7 BTC, that means less than $90k, how can such small amount of money consume the full order book? Even the worst shitcoin has bigger volumes than $90k, and in this case we're talking about BTC, the main crypto! I'm sorry for that guy but maybe he should have used some real exchange.

[davis196]

I haven't used a centralized cryptocurrency exchange since 2019(if I remember correctly). I'm selling my BTC outside the centralized exchanges and I don't have to deal with buy and sell orders. I never had any problems with selling my BTC so far. I guess that this Novadax exchange isn't very convenient and user friendly, so this Bitcoin investor had placed the wrong sell order. This is yet another Bitcoin horror story about losing your coins due to your own mistakes. Some people lose their private keys, other people place the wrong sell orders. Sh&t happens... Unfortunately we can't do anything about this problem.

[KiaKia]

Is that the right lesson to be learnt from this? To avoid using market price to sell large amount of bitcoin? I would rather advice people to go for the best exchange that has massive liquidity to sell their large BTC bag, for example Binance exchange.

People should avoid crypto exchanges that are struggling with volumes and liquidity, imagine BTC that have massive volume suffering on such exchange, that's shows that the exchange is a failed one.

Never ever use a unpopular exchange, there are many reasons why you shouldn't use them and this is just one of the reasons, I hope this person learn from this big mistakes, and I hope they recover from the losses, it must have been a very painful experience, to even raise a 0.5Bitcoin today seem impossible for many old and new investors.

[Yamifoud]

I haven't used a centralized cryptocurrency exchange since 2019(if I remember correctly). I'm selling my BTC outside the centralized exchanges and I don't have to deal with buy and sell orders. I never had any problems with selling my BTC so far. I guess that this Novadax exchange isn't very convenient and user friendly, so this Bitcoin investor had placed the wrong sell order. This is yet another Bitcoin horror story about losing your coins due to your own mistakes. Some people lose their private keys, other people place the wrong sell orders. Sh&t happens... Unfortunately we can't do anything about this problem.

Perhaps, choosing unknown and non reputable exchange is a big mistake, and much more if this is the first time we use the platform. The rush to click the sell/buy button without bothering to recheck it more often it went wrong. It happens to me, in fact, I was using known platform Binance but has no chance of getting it back once filled and sold. That could be a harsh thing happen in crypto space but somehow, this mistake and losing experience  helps us to further know how tricky in here which we really need to be more careful and double check placed order before hitting the sell/buy option.

[CODE200]

The person that bought those bitcoins must be in heavens for getting such a price, it's definitely not a good idea to be inattentive when you're selling your bitcoins, I've seen too many stories of carelessness leading to this kind of thing and I don't like to be a part of those stories, that's why I almost always triple check what I'm doing or if I'm doing it correctly, that's how I've done ever since and so far with all the times that I've sold my bitcoin, I never had an issue or made a mistake, it pays to be careful and attentive when it comes to money related stuff.

[Smack That Ace]

Is that the right lesson to be learnt from this? To avoid using market price to sell large amount of bitcoin? I would rather advice people to go for the best exchange that has massive liquidity to sell their large BTC bag, for example Binance exchange.

People should avoid crypto exchanges that are struggling with volumes and liquidity, imagine BTC that have massive volume suffering on such exchange, that's shows that the exchange is a failed one.

Never ever use a unpopular exchange, there are many reasons why you shouldn't use them and this is just one of the reasons, I hope this person learn from this big mistakes, and I hope they recover from the losses, it must have been a very painful experience, to even raise a 0.5Bitcoin today seem impossible for many old and new investors.

Even if we want to sell bitcoins in smaller amounts, we should only use top exchanges like Binance or Coinbase. We should completely stay away from exchanges that have no reputation and low trading volume. I've never even heard of the exchange the OP mentioned so it's puzzling that so many people still use it to trade large amounts of bitcoin.

Bitcoin is becoming increasingly expensive and scarce, accumulating 0.1 btc is already a difficult problem for many people, let alone 0.5 btc. 0.5 btc is a pretty big number for most people these days.