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  1. #1
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    Exclamation ETHereum crash yesterday

    Coindesk is reporting that cryptocurrency exchange GDAX had such a run of selling of ETH on the market yesterday that the starting $360 price got as low as $13 as buying dried up and sellers took whatever was being offered at "market price".

    Price of ETH at most exchanges is around $320 now - these cryptocurrency tokens are extremely volitile.

    Full story at :

    https://steemit.com/eth/@pjk/ethereu...rday-usd13-wtf

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    I purchased 17 Ethereums when it hit $310 so I've made a small profit so far I'm keeping my fingers crossed !!

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    Voids is offline Private Member
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    I was going to buy some ETH at $160 but it felt inflated then. Lot's of people including many 'normo's' have been dragged into ETH investing on all of the press regarding Bitcoins record gains. Looks like an equalisation, but I imagine there is a lot more selling to come yet. If it gets back down to $100/120 I will consider investing.

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    Quote Originally Posted by Voids View Post
    If it gets back down to $100/120 I will consider investing.
    Lol. Investing? sounds like gambling to me
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    "The crash appears to have been catalyzed by seller submitting a market order to dump roughly $30 million worth of ETH (96.1k) in one go, which obliterated the order book."

    source: hxxp://www.zerohedge.com/news/2017-06-21/ethereum-flash-crashes-after-status-ico-clogs-network

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    CNBC reported that Ethereum actually dropped to .10 cents at one point.

    http://www.cnbc.com/2017/06/22/ether...lar-trade.html

    IT has not been confirmed but one person had a bid in for 3,800 Ethereums at .10 cents ($380) that could have been worth over a million dollars. As volatile as Ethereum is I would have bought if I had known at the time.

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    Quote Originally Posted by nwalker View Post
    Lol. Investing? sounds like gambling to me
    Isn't all investment gambling to a point?

    Got to concede, I will be speculating really.

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    I am not expert here, so I just repeat what I read. I never had ETH, because I did not believe in the project, but obv I was wrong.

    Ethereum has scaling issues. In a way worse than bitcoin. The network can be and currently up and there is congested (by the ICOs of ETH tokens). The price of gas is not being adjusted accordingly.

    Also ETH is being too costly for smart contracts. I am probably writing it here wrong, but the effect will be roughly the same: ETH is using a programming language called Solidity and the devs can use this for making their projects on blockchain. Some parts of the code, when used on ETH blockchain, are paid by the ETH gas. The problem is that now making a customer account cost 10+ USD. So ETH has a problem to be used for its primary purpose.

    ETH investors should maybe read this https://medium.com/startup-grind/i-w...m-804c9a906d36

    But again. What counts is the money. I was wrong. I can be biased. This is hard to evaluate. After I saw I was wrong I realised that platforms like ETH can be interesting (although not as money) and bought another one that seems to have solutions for the ETH problems (already is POS, contracts are run on sidechains, programming language is dev friendly unlike Solidity). So it makes sense that I can not be fan of ETH.

    Everything is very quick in cryptoworld. ETH for example is called generation2 blockchain, but there already exist generation3 blockchains, that are even more variable. I believe that BTC as universal money is locked by network effect. But I do not think the network effect for cryptocurrencies that are not being used as money is strong. If there is a bug in BTC, market must live with that and there is time to fix it. If there is some bug in other cryptos, devs can always switch to a newer and more advanced token.
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    Quote Originally Posted by Voids View Post
    I was going to buy some ETH at $160 but it felt inflated then. Lot's of people including many 'normo's' have been dragged into ETH investing on all of the press regarding Bitcoins record gains. Looks like an equalisation, but I imagine there is a lot more selling to come yet. If it gets back down to $100/120 I will consider investing.
    Looks like the correction is currently taking place. There will probably be a few barriers for people, but if it drops below $200 it could tank hard.

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    Quote Originally Posted by Voids View Post
    Looks like the correction is currently taking place. There will probably be a few barriers for people, but if it drops below $200 it could tank hard.
    Yea, I mean, it's still up over 2000% year to date. Rarely is such a move sustainable in any form of securities trading. Such moves are often "retraced." These retracements shake out "weak hands".
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    and heading back up now - as are all coins / tokens / tulips!

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