Long John wrote:
silverpv wrote:I also have buys @ $1 for eth. I leave some stuff on the exchanges, and given what's happened a couple times, i'm setup and going to leave it there.
The only place that happened was GDAX, not sure if others (I am mostly Bittrex) have safeguards against that. The thing about the flash crash is that GDAX/Coinbase bailed out its customers who got pulled down into the abyss... but it also let those who bought ETH for cheaper than the price of a candy bar keep their purchases. Not sure I understand the logic there: either you play by the rules or you don't. I guess they figured the PR would be so bad that it was cheaper to let people with margin calls have a mulligan. Now what if some of those people ALSO bought ETH down in the depths? They get back the ETH they lost, plus they get a bunch of super-cheap ETH to boot. Anyway, I assume GDAX is putting some mechanism in place to prevent that from happening again.
Yeah, that's the thought, but it's happened on poloniex as well, just not as low. If i need the funds i'll cancel the order, otherwise perhaps another hail mary. If it doesn't play out, no worries. It's not much, $250. Yes, ultimately it was a huge marketing expense, which is likely to be one time.