Hey everyone!
Short introduction
I've been a believer of Eth for as long as I can remember. I'm not saying this cause I want you all to buy it up now for my own gain, there is plenty of proof on the internet of me believing it would at one point pass Bitcoins marketcap. That was not cause I hate Bitcoin, it is after all the currency that started everything with one of the biggest innovations, but its mainly cause I hate their development and the way they keep censoring people who are legitimately concerned about its future.
With that being said, Eth is not my favorite blockchain, I wouldn't be spending most of my time here on this platform if it was. The flippening has sure been interesting to follow, though. I'm glad a few of my friends have trusted my judgement and advice not to hold all their crypto assets in Bitcoin only over the past couple years. Wish others were open-minded about alternative currencies as well, thus I thought I'd start this news series where I bring up various news on different currencies and what is going on with them.
Visa are now looking for an Ethereum Blockchain Engineer.
It feels sort of surreal that the time has come where one of the most popular payment service providers are looking to upgrade their systems with blockchain, for many believers it was only a matter of time and now we are finally here.
This screenshot is from their open recruitment application which you can find the full version in this link.
Ethereum had a Flash Crash on one of the biggest exchanges GDAX (a.k.a Coinbase)
For many traders this is a complete nightmare. When the EOS website was announced I made a comment jokingly to "long ETH" which usually refers to margin trading. That's where you loan more assets than you have because you believe the price will go up thus profit more from it than what you can afford to trade normally with. This is something that is definitely not recommended for newcomers, the added fees and usual price manipulation make it very difficult for you to profit from it - the risk is even bigger when in volatile markets and this is not the first time something like this has happened. The opposite of long is shorting - where you loan the assets in hopes to buy in cheaper later if you believe the price will drop short-term.
For those who were margin trading on GDAX last night - this means that they all have been liquidated of their funds, depending on the loan (on poloniex its 2.5x - probably the same on GDAX) this means that everyone who was long on ETH has lost over 60% of their funds cause of the Flash Crash. This is what it looked like on the charts.
Apparently it dropped down to a whopping 10 cents USD each. Some traders who have placed buy orders expecting something like this to happen may have woken up today to a very nice surprise. One trader on the Ethereum subreddits felt like sharing some of his trades after this event.
I stumbled upon this hilarious video that explains Blockchain in a short and funny way. I think this will be my go-to video from now on when newcomers ask me what it is I'm doing when I tell them I'm into Blockchain Tech. Take a look!
Credit to SuperDeluxe
Hope you enjoyed this read, now that I might have more time to spend on alt-coins and their developments I've been thinking of doing these news posts more often and slowly also getting back to my online portfolio @cryptochannel where 10% of the funds go to Steemians who are active and interact on the posts - so make sure to follow it if this is something that interests you.
The whole point with the account was to introduce newcomers to more currencies and have them hold a share of them without needing to make the risky jump of having to invest in them themselves.
Disclaimer: What is posted on these news articles should not be considered as trading or investment advice. Please do your own re-search and as always don't place more funds than you can afford to lose.
GDAX announce they will refund all affected margin calls
https://blog.gdax.com/eth-usd-trading-update-2-216a3b946ef6
That's great news!
This is HUGE news, not surprising to hear, but very glad to read so, nevertheless!
Thanks a bunch for sharing, I really look forward to see if it is some sort of way for VISA to try to compete with MasterCard jumping into VIVAconomy!?!
Namaste :)
Great post. I have to put in some buy orders for things like this so I can too be pleasantly surprised when a "margin call" type event occurs and I can grab up coins for pennies on the dollar. What a lucky bastard! Already a Follower. Great info and production as usual 👍
Thanks! Yeah it doesn't happen often but seems to be increasing lately. I had some low buy orders on Augur last time it happened on Polo when someone dumped some stolen coins.
There is really no harm in putting in low-ball bids. If something happens overnight you wake up to a nice chunk of happy profits 😁🤑
Mind blown on the Visa position. I'm gonna refer a few people. Thanks for this.
I heard a lot of people lost quite a bit of money in the GDAX flash crash.
Yes that would be the margin traders or people who panicked and sold when they saw it happening. That's why I quickly mentioned margin trading and simplified its meaning.
Yup, Reddit became the platform of furious ranting. Quite sad to read them.
Even more furious censoring of rants. :D
Yup, the mods are working overtime now haha
Maybe that's the reason Polo Trollbox was removed, not to attend to support tickets but to help r/bitcoin out. xD
But Why would Polo pay mods to work on r/bitcoin or have I missed something.
Thats the advantage to people who knows what they doing. You have that advantage.
Apparently, they began to panic.
But its more than just a tool to buy DMT on the dark web ahhahaha so funny, cool video !!
The old fat finger!! I hope people didn't get fleeced too badly.
It seems like all the massive global companies are eager to get into blockchain. You would have to think that visa, mastercard, amex are nervous as hell that some of the cryptos could steal a portion of service. It is so much more cost effective, but slower in many cases. (bitcoin)
Wishing I had some stink bids in!! Maybe next time!
Do you think banks will also soon transfer assets to the blockchain?
Yes they will try to. Everyone wants a piece of the action..
I wish banks would stay far away. banks are one of the #1 reasons for the blockchain.. Banks are so outdated nowadays and don't serve much purpose at all..
I would love to see more news posts coming from you.
Cheers!
I have mixed feelings about Ethereum. I am not sure of its usage and pretty much all the big guys can copy it's technology much more efficiently. I believe most cryptocurrencies are test grounds for other real world applications.
They let the small guys test it and then take it themselves on another level. The blockchain is an interesting idea but it has become a meme rather than a function. Not everything needs to run on a blockchain and nor should we desire it.
Imagine if the government could track your entire life on a blockchain, locking it up forever. If that ain't scary, I don't know what is.
Well put.
The eth blockchain has sure shown some of its flaws lately!
If this comment was about bitcoin and posted on centralized media platforms it propbably wouldn't have seen the light of day. :p
most definitely
kkkhggg..bitcointalk...kkkgh
"Imagine if the government could track your entire life on a blockchain, locking it up forever. If that ain't scary, I don't know what is."
gulps ಠ_ಠ
To a degree they already do. :p
Oh yea right, I almost forgot there for a second ☹
yeah Big Data is owning us, big time ;)
Forget the government, I'd be more scared if all this information was available to all my real life friends and family
That prospect does indeed sound as horrifying, if not more!
Besides, you have to give up your identity on poloniex for a level 2 or beyond account. Poloniex have said that they have "opted to cooperate" (with the government)
indeed. never went beyond tier 1 on anything, thank dog.
Etherum was alot in news regarding its future and even i also see a good future for etherum but i think there are few more currencies that are growing more faster than ETH anyway they can't overtake eth. The video is also very nice and funny. Hope you are posting about other coins too in @cryptochannel. .. following the channel to keep myself updated. Please keep sharing... Thanks
Couldn't help but noticed the new Ethereum/Visa/Dollar prototype. Has the U.S. government decided to jump on the blockchain bandwagon? I hope so!
The reason why the crash happened:
If I was one of the buyers - im not sure if I would be proud of myself or feel insanely guilty.. weird story.. Enjoy your perspective!
True - for every winner there has to be an equal amount of losers when trading.
The losers could just be Fiat users coming late to the party :D
people are just commenting good post and wow ,, they have no idea what the post is talking about
( ps: am one of them )
Great comment
Myeah, some are pretty obvious, hope me not voting them up teaches them that original comments are more welcomed than just copy-paste.
Although i am quite sure that bitcoin will be overtaken one day, but i think bitcoin will be tackled by ethereum classic instead of ethereum.
btw video was quite simple to understand and funny :)
Thank you for sharing! This is all new to me, so posts like these are extra valuable to my development as a Steemian. Upvoted and resteemed!
Wow Missed out...wouldnt flash crash be an exchange issue rather than anything related to ethereum .It can happen to any currency.If it were for a stock exchange, they would have reversed the trades not here!!!!!
Yes, it didn't crash on other exchanges (as much).
Long and Short is amount to throwing dice at the craps table.
Stock market is just a big casino.
yes nice time put order when you see market is going up i think all time is not you right so you do not trade every time first analysis market then you see the chart and then start trades
Great Post! I have a long position on Ethereum. Was at 15% profit last week and now down to 2%. Holding on patiently. I'm a small-time trader so no panic selling for me. As long as it reaches 500, I'm happy. Upped and Followed @cryptochannel.
Edit: As far as the Flash crash goes, the platform I trade on doesn't use Gdax as a provider for pricing.
OMG. That video is beyond great, it's other worldly. Thank you for providing my new video explainer.
Good stuff. Visa joining is a big leap. I also heard Amazon is being advised to use blockchain but by the looks of it, Alibaba will be first.
Glad to hear your a great ETH fan like myself @acidyo - I get my daily dose of ETH here: https://www.ethnews.com/
Trying to recover my 1% voting power after the HF ... currently on 21% now ... the long road home :)
That's actually one of the best explanatory videos for blockchain I've ever seen! Nice to see blockchain development become a brand new career - all the more important for me to dive deep and start learning even more!
I'm also a big ETH fan but I'm also waiting to see great things to hopefully come out some of the other blockchain projects, particularly the ones built around decentralized cloud storage (e.g. Sia, StorJ and Filecoin).
@acidyo Thanks, I'm learning from you how to deal with the up and down of the Market. I appreciate your work.
Hmmm!! It makes you wonder what these big banks have up their sleeves! Obviously as the saying goes "If you can't beat them, you join them" but you can't help but wonder what angle will they use!! Great post man.. upvoting and following you for sure!! @intheknow
Margin works like a double edge sword. I always feel that leveraging your crytocurrencies is too danagerous for the average joe. It can make you big money and can make you lose big. Trade with caution and be careful not to trade more than you can afford to lose. Cheers!
Wait. Someone has actually bought ETH 0. 10$ price?
Yes, not sure the volume - couldn't browse through the older trade transactions but I think the crash happened over a period of 30 seconds.
Hahaha what a time to be alive. Cryptos are SCI-FI of the internet. First Bancor complain for only 10%rise now this
Lucky are those who have pending buy orders for ETH at $0. 10 prices. Millionaires in 30secs I must say.
I love the video I love when it says banking industry and smashes it with a hammer and destroys the meat hahahahaahah
I read about that crash earlier and I still can't believe it haha. Insane. Also that video = Pure Gold!
That guys got lucky pickin up all that ETH on the fall, shesh!! 😂 I didn't knew you had another channel, subscribed 🙌🏼🙌🏼🙌🏼
ETH went back up? Love the video explaining block chain.
Love the video, I learnt more in the last 2 mins than I have in the last 6 months.
As the chain gets longer and longer more computer power will be needed and making it more expensive? If the chain resides on many computers then does it mean that all computers will need to be as big and as fast?
thank you for the education and the laugh
I don't see bitcoin losing its spot any time soon- literally all the exchanges use bitcoin as an intermediary and yardstick for other transactions
With that said, I'll be storing my funds in Lite coin when the soft fork of August comes
Very educative post! Learned a. Lot from it. Thanks upvoted
Great post,
Hope that you will update us with latest news about Visa involvement into Blockchain technology.
great post good information thanks
Very informative . THANK YOU.
Heard about ethereum Crash yeaterday. Only wish i was trading at that time. Lol who doesnt right ? Anyway big thankx
Yeah that happened. Thanks for the effort in the article :)
Consider me for the post
GDAX already announce they will refund affected margin calls
https://blog.gdax.com/eth-usd-trading-update-2-216a3b946ef6
yes
Thanks for sharing. Resteemed
Interesting information my friend. Thank you for sharing it with us!
Someone became rich :)
woooww cool!!
Someone became rich :D
check my post out <3
https://steemit.com/foodforthought/@dwehji/is-it-though
No.
Traditional Financial sector jumping on Blockchains. Our Dutch banks are also recruiting Blockchain experts.