Coinbase/GDAX ETH Flash Crash Update
Coinbase gave a 2nd update on the ETH recent flash crash on GDAX that happened on June 21st, 2017.
What Happened?
The crash brought ETH all the way down to 10 cents from trading at $319 at the time. GDAX is still investigating it but the reason for the crash was said to be because of a large multi-million sell trade order.
ETH-USD market rebounded back but damage was done and lots of traders lost money.
Latest Update
Luckily, Coinbase/GDAX are doing something about it.
They are going to credit customer accounts that were affected by this crash. Their process with allow customers to restore the equivalent value of ETH-USD prior to the crash.
We will establish a process to credit customer accounts which experienced a margin call or stop loss order executed on the GDAX ETH-USD order book as a direct result of the rapid price movement at 12.30pm PT on June 21, 2017.
This is for customers that had buy orders filled and they will not reverse trade orders.
They are using company funds to credit users that had margin calls or stop loss orders that were executed.
GDAX UPDATE SOURCE: https://blog.gdax.com/eth-usd-trading-update-2-216a3b946ef6
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This is a smart move on Coinbase's part.
This is all coming out of their pockets even though nothing performed incorrectly with GDAX. It is important that they are not reversing trades, rather refunding those who got "burned".
NO TRADES ARE BEING REVERSED
Yes this is good move and a necessary one. People need to feel "safe" with crypto and that their funds will be okay from something like this.
Imho, this is like communism in the socialist era during the cold war : everyone was more or less living the same pathetic life like the others, only because of the state compensated for your mistate(s)\bad decisions YOU made. All power to the working party = to the majority. Your mistakes were my mistakes too as the damage was distributed, but the profit was redirected to the party leaders and connections around them.
No one gave a f. if you were innovative, risk taker, early adopter, you were pulled back to the same grave like the others..... by the others. Pathetic. Just like this "reimbursment" - "sign of goodwill".
Yea it was the traders mistake and risks were known but I think this was good to help with mass adoption for crypto in general. People like to feel that their money is "safe".
Scary drop looks like manipulation~!
That's what a lot are saying.
Disclaimer: I am just a bot trying to be helpful.
39,300 Ether https://etherscan.io/tx/0xdfde8f3a24f92924ca9e046c15d9cc5e40e758df92ca12de56fac1c3469e071f
Over $12 mil worth, eek.
This is a problem of 'some entity' gaming the system. No one looking for maximizing profit would sell in one huge block. Coinbase, a central bank?
Good point. I guess we will have to wait for their investigation to be done...
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thank you for your support on one of my posts ; o)
followed and voted
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thanks.