Bitcoins are officially donkdown

[Sanlmar]

Update - Ethereum transactions continue to remain backlogged. We're steadily processing sends and receives from the past day and will continue to monitor for further issues. We do not have an estimate on full resolution at this time.

I mean what exactly is their fucking problem? (Lol, too many sell orders)

If the beanie baby store relies on a robust market to stay in business....

This just has a bad aroma. There are huge Ethereum market sell orders and Coinbase throws a trading circuit breaker.... fresh off trotting out their GDAX product. Cause that's what this looks like - a trading halt

There is absolutely no regulatory apparatus surrounding the internals of this exchange. Or any other for that matter. I'm generally big fan of laissez-faire capitalism but exchanges and those who run them are fraught with temptation and shit 100% has happened in other markets. HFT, dark pools etc are recent examples. But even then there was/is more transparency and liquidity (thin markets are a pirates cove)

We saw the games run by the Chinese. Outright fake transactions to name one.

Yeah, the IRS was on a fishing expedition with Coinbase last year. The scent is strong.

Is there a clean exchange - something other than Coinbase? Like run by some libertarian Mormons? Doubt it.

Or you want to tell me Coinbase is under attack by some ultra anarchist Bitcoiners who see Coinbase as a bank.

Good luck gentlemen. Euphoria can blind you.

[snake_in_the_ass]

Update - Ethereum transactions continue to remain backlogged. We're steadily processing sends and receives from the past day and will continue to monitor for further issues. We do not have an estimate on full resolution at this time.

I mean what exactly is their fucking problem? (Lol, too many sell orders)

If the beanie baby store relies on a robust market to stay in business....

This just has a bad aroma. There are huge Ethereum market sell orders and Coinbase throws a trading circuit breaker.... fresh off trotting out their GDAX product. Cause that's what this looks like - a trading halt

There is absolutely no regulatory apparatus surrounding the internals of this exchange. Or any other for that matter. I'm generally big fan of laissez-faire capitalism but exchanges and those who run them are fraught with temptation and shit 100% has happened in other markets. HFT, dark pools etc are recent examples. But even then there was/is more transparency and liquidity (thin markets are a pirates cove)

We saw the games run by the Chinese. Outright fake transactions to name one.

Yeah, the IRS was on a fishing expedition with Coinbase last year. The scent is strong.

Is there a clean exchange - something other than Coinbase? Like run by some libertarian Mormons? Doubt it.

Or you want to tell me Coinbase is under attack by some ultra anarchist Bitcoiners who see Coinbase as a bank.

Good luck gentlemen. Euphoria can blind you.

I believe that Coinbase is intentionally taking down their site during times of high volatility and flash crashes. They have their retail store (coinbase.com) and their trading platform (gdax.com). They have very little to no risk with GDAX because they just take a rake from the traders. But they do have some exposure for their retail store because they need to keep product (coins) on reserve to sell to potential customers. This is similar to having coins ready for customers using my Bitcoin ATM.

Imagine owning a liquor store and you have $100,000 worth of tobacco product on the shelf and it temporarily becomes worth $20,000 due to a flash crash. You are going to have every scumbag in town trying to buy it. So what do you do? Lock the door until the price returns back to normal. I believe this is exactly what coinbase is doing. They should be sued and/or shutdown if this is true.

[Sanlmar]

Snake you have a worldly view of the situation.

I just want to amp up your cynicism. If I have a mom & pop beanie baby emporium every fiber of my being and every action I make is to promote a robust euphoric market.

No other exchange in any other market could really give two shits about price. I submit price is the product - period.

Don't nice up the discussion with the term flash crash. There was heavy selling pressure. Let the market do its thing. Or don't - they didn't. Just match orders for gawd sakes

This is why traders, speculators and dreamers should open their eyes.

Run a clean game or they will come and get you. Or you can live your libertarian bliss without US fiat. That always was the plan? Right?

[snake_in_the_ass]

Snake you have a worldly view of the situation.

I just want to amp up your cynicism. If I have a mom & pop beanie baby emporium every fiber of my being and every action I make is to promote a robust euphoric market.

No other exchange in any other market could really give two shits about price. I submit price is the product - period.

Don't nice up the discussion with the term flash crash. There was heavy selling pressure. Let the market do its thing. Or don't - they didn't. Just match orders for gawd sakes

This is why traders, speculators and dreamers should open their eyes.

Run a clean game or they will come and get you. Or you can live your libertarian bliss without US fiat. That always was the plan? Right?

Coinbase is run by a bunch of pussys. It is fitting that they are based out of San Francisco. A couple of traders on stocktwits and reddit said they got cleaned out today. They were long ethereum on margin and had a margin call as it crashed, LMAO. And these idiots actually think coinbase will make them whole on that trade. If I was running coinbase, the casino would never close. I don't care if I had to go down with the ship, so be it!

[Sanlmar]

TBH I was running on pure feel. Now I look a little further. My gut is rarely wrong but I will be entertained by this:

Bitcoin And Ethereum Crash... For A Few Minutes
https://seekingalpha.com/article/408...-crash-minutes

That some folks got crushed on margin using GDAX didn't generate any tears at Coinbase

But the article is a good launching point for Ethereum ICO's.

The DD soldier that I am causes me to subscribe to "The Flippening". Ethereum overtakes Bitcoin. Bitcoin momo disappears and it has to survive on its own merit.

Break for lulz.

I am caught up in my own nickel and dime subsistence trading. I am missing out on some ridiculous action - or avoiding a zero balance.

Down the rabbit hole.

But Coinbase can die. I have successfully avoided them to this point on sheer instinct. Like they will ever get my banking info.

[Sanlmar]

Okay, I buy into Status with ether. What then? Where & how is Status traded?

Do I become an investor? Dear god, not that! I heard about those people.

[blubbernuffle]

Okay, I buy into Status with ether. What then? Where & how is Status traded?

Do I become an investor? Dear god, not that! I heard about those people.

as far as i got, you make a magic token that kids can use in arcade machines, if the token was up, the kids could play more games!!!!
gg kids

[blubbernuffle]

yea just kidding id never subject children to bullshit like ether

[Sanlmar]

Someone needs to be an OP for Ether ICO's

thought I'd muck around with a few bucks to learn the game.

This is crazy

[Henry]

Okay, I buy into Status with ether. What then? Where & how is Status traded?

Do I become an investor? Dear god, not that! I heard about those people.

I like Stratis for a 2+ year hold, just as I like many others coins. It's based in Central London, and that's my analysis.

Are you capable of being a bull in this sphere?

You like history, right? Here's some: When bitcoin was first mentioned on donkdown in September 2010 it was valued at 6¢. I wonder if Micon had a chance to analyze the technology before he bought his first bitcoins in January 11' for 30¢, two weeks later he was a 'seals pro', another two weeks and he was handing out five $1 bitcoins to anyone who joined. The first spike. This thread was made shortly after the third spike, or more specifically the day after the DHS issued a seizure warrant against Mt. Gox. Luckily, a pfa GOD had just sold his bitcoins for 45k.

Where were you? Day trading amazon?

Would you like to speculate with me on blockchain upending the way digital marketing is done? (No, actually click that one.)



Here's an interesting discussion where the javascript guy says to 40 yous Instead of shotgunning thousands of websites to try to reach users who are poorly tracked by today's cookies, user-ids on mobile, and fingerprinting, we believe a private promotion system can show much better performance in all dimensions.

Don't overthink it. A full mind is an empty bat.

Plus one ico investor owns 23% of the tokens, even if we never upend anything I bet we can hand the bag off to the next greater fool for a profit

I'm wasting words, aren't I? I haven't convinced you in four years that Zaidi is okay as a gm, what chance do I have at convincing you to bond with me over a penny stock gamble? myside myside myside. You keep believing in science instead of signs. Just do me a favor please and download and use this shittier than chrome browser.

[Krypt]

Sorry Henry, but that's completely farcical analysis and logic

[sonatine]

https://motherboard.vice.com/en_us/a...um-flash-crash


It was soooooo much worse than I heard.

The margin calling wiped... niggas.... out.


And yes, a class action suit is being pursued, although honestly I cant imagine how it would ever work.

In the meantime, time to move everything I fucking have off coinbase and into a local wallet, because this is going to get bloody.

[GambleBotsChafedPenis]

https://motherboard.vice.com/en_us/a...um-flash-crash


It was soooooo much worse than I heard.

The margin calling wiped... niggas.... out.


And yes, a class action suit is being pursued, although honestly I cant imagine how it would ever work.

In the meantime, time to move everything I fucking have off coinbase and into a local wallet, because this is going to get bloody.

great article, but jesus Christ...it's one thing to be actively trading with a few thousand bucks, but if you lose 6 figures on actively trading this shit, you're a fucking moron...this is some legit wild west type stuff with no protection if somebody just bounces with your money or pulls some crazy shit like this...LOL if these people think the exchange is gonna make them whole after this fiasco...

and in true PFA fashion...EASY MARK SFO

[sonatine]

honestly im still processing the mind-state that could get caught off-guard like that.

honestly its not the 'having 6+ figs in cryptocurrency in play on an exchange' part that blows my mind, its that they never extrapolated what could (and did) happen during a crash once they signed up for margin calling. thats a level of naivety that i cannot easily grasp.

[GambleBotsChafedPenis]

honestly im still processing the mind-state that could get caught off-guard like that.

honestly its not the 'having 6+ figs in cryptocurrency in play on an exchange' part that blows my mind, its that they never extrapolated what could (and did) happen during a crash once they signed up for margin calling. thats a level of naivety that i cannot easily grasp.

if you have 6 figs at risk on an exchange like this, guessing you never think of anything that can potentially go wrong with said exchange or being attached to margin...or any problems in general...very first level thinking type shit...

these people aren't traders they're gamblers...as a trader your first thought is not, 'how much money am I gonna make?', it's 'how much am I gonna risk/what am I gonna do if the trade goes against me?'...gamblers have that first thought in mind...

[DonaldTrumpsHairPiece]

Maybe Sanlmar can explain or chime in on if even possible....

Let's say the person who dumped several millions of dollars of ETH the other day on that exchange was aware of all the margins, markers and the affect doing so would have....both dumped and bought back just as fast as it dumped.

In other words, a planned attack based on insider info (or maybe not) to crush prices and buy back simultaneously knowing the price would rebound?

Sanlmar, any thoughts on this?

[Sanlmar]

I have a new favorite poster.

On a much much smaller scale you see this all the time in any other market. Traders push the price down and try to trigger sell stops or worse. Rinse out the weak hands. They know what you see on the charts and the fear that might trigger. You punt and they scoop. Or they are short and they try to trigger fear. Or both.

It's poker and it's all part of the game.

Ethereum is a thin small market so it doesn't take much. I saw talk that the number was $30 million - who knows? That's not small change but in light of the numbers occurring in these ICO's it's conceivable in my mind.

You have new players with a shiny new Coinbase GDAX platform (all lit up with margin) and very limited tools offered. I looked quickly and we are talking some very primitive order types.

It is also inconceivable to me that anyone with $30 million would innocently place a huge market order. Market order equals "hey just get me whatever price is out there, I'll be happy with that". Not one nitwit trader does that. People place limit orders and hope for a match - they might keep adjusting their price but no one places market orders.

Anyone in the Ethereum market prolly has an IQ greater than your average bear. The whole crypto thing is an extreme exercise in abstract thinking to beginning with. Trading really isn't hard to figure out. They knew exactly what they were doing.

Did Coinbase recognize that someone was disrupting the market on their field and try to slow things down for their own reasons? Prolly.

Was Coinbase the $30 million dollar bad guy? That shit happened in China a year or two ago. They definitely were trading their own account against their customers. They didn't even charge their customers commission. Lambs to the slaughter. The Chinese government forced the exchanges to charge commission to slow people down. Amazing.

Is some Federal guy gonna try to make his bones diving into Coinbase? Of course, Coinbase is in someone's sights now. The IRS already was dumpster diving.

In my typical rambling fashion ... but it all triggers fantastic what ifs. It's a fantastic game.

[monsterj]

Maybe Sanlmar can explain or chime in on if even possible....

Let's say the person who dumped several millions of dollars of ETH the other day on that exchange was aware of all the margins, markers and the affect doing so would have....both dumped and bought back just as fast as it dumped.

In other words, a planned attack based on insider info (or maybe not) to crush prices and buy back simultaneously knowing the price would rebound?

Sanlmar, any thoughts on this?

A chicago prop firm got in trouble for this a few years ago (Optiver) in the oil markets. It's real, and very profitable. Even moreso in crypto currency where there is zero regulation, expect this to become the norm, as the market makers will start hammering a side for size just for shits and giggles.

From memory : http://www.reuters.com/article/us-op...83J01220120420

[Sanlmar]

If you liked Eth before you are gonna love the new trimmer Ethereum.

[DonaldTrumpsHairPiece]

If you liked Eth before you are gonna love the new trimmer Ethereum.

Ever follow Buterin on twitter, guy is the Donald Trump of crypto, literally shoots his own foot over and over again. First why would he not buy old world stuff to store value then ETC was better than ETH then yes he cashed out genesis block coins and on and on, like he is trying to wreck eth. I think he was used, got a little side millions for the big guys taking him global and is pissed. It is estimated he only has about $5M worth of coins.

Considering you are the creator $5M is a drop.

The cost of selling out to make it.

On a side note what a blood bath today, I am going for Chinese food and going to ask the waiter if he could call his people and bail me out on the overnight action. The Asian invasion in 3... 2... let's hope they see value because daddy is down today for first time in weeks.