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My comments on Ethereum Flash Crash on Coinbase to $13 by littleboy

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· @littleboy ·
$56.95
My comments on Ethereum Flash Crash on Coinbase to $13
Ethereum had a flash crash on Coinbase a few days ago. CCN [reported](https://www.ccn.com/ethereum-flash-crashes-to-13-on-coinbase-low-orders-reportedly-filled/): 

>Earlier today, the Ethereum price temporarily fell to $13 on GDAX, a high performance trading platform operated by Coinbase.

>According to former forex trader and cryptocurrency analyst Cole Garner, low orders in the range of $13 to $60 were actually filled on the platform. Garner published screenshots of GDAX that showed successfully filed orders at $55 and $65.

>As of December 7, the price of Ethereum (ETH) remains at $85 and at the lowest point of the day, ETH dropped to $83. At $55 and $65, Garner was able to purchase ETH at a rate that is 36 percent lower than the current price of ETH.

<text>
$13 is over 7 times lower than the market price. This is not the first time this happened on Coinbase. There was a flash crash on June when Ethereum dropped to 1$.

These crashes happen when the order-book is thin and someone with a lot of tokens mistakenly or stupidly dumps a sizable chunk of tokens on the market (and of course stupidly / mistakenly setting the price at 13$).

> For instance, a potential Ethereum buyer may have wanted to file a buy order at $13 to purchase the digital asset at the lowest support level possible, but engaged in a careless mistake and filed a sell order at $13 instead.

<text>
I have no idea why CCN is making up this crap. Setting a sell order at 13$ will get the order filled in the highest asking price not 13$. The top comment on that article highlighted that fact.

![image.png](https://ipfs.busy.org/ipfs/QmUGLJZRMJ9Hipfmyb5FYR98xKcdZKy213HcBTxP9GmR2Y)
<text>
Hey CCN? Do you even look at the comments people make in your articles? Maybe you fired all your professional authors due to the bear market and running the site with amateurs?

Regardless of what the reason was, it is still a market manipulation. Coinbase shouldn't have allowed something like this to happen. They have plenty of money to provide liquidity in their platform. 


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@brupvoter ·
re-littleboy-my-comments-on-ethereum-flash-crash-on-coinbase-to-usd13-20181211t171702898z
You got a 20.13% upvote from @brupvoter courtesy of @littleboy!
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@steem-ua ·
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