I wanted to reopen this thread in the hope that bitshares funs will discuss here trading regarding bts. All funds earned from this post will always go in buying and holding bts. Thanks for your support.
There was a flash crash in bts price to 700 satoshi
I don't know what may have caused the price to flash crash and recover but if I wanted to make a guess, I would say that this was a manipulation from the exchanges using customers funds. With the recent announcement about the peerplays sharedroping on bts, lots of bts funds have been withdrawn from the external exchanges to the bitshares DEX. A lot of people think that bts will skyrocket, so I would assume that there are people who margin trade long bts on Polo. Polo on the other side can easily create a flash crash so these positions are margin called and then the price to recover.
No offence to Polo or any other exchange. This is just my opinion and I don't really know the real reason the price flash crashed and recover. This is mainly to draw the attention to bts investors that we do not really need the external exchanges to trade that much. We can trade on our DEX and use the external exchanges only as fiat gateways.
If we ever want bts and steem to get more value, we should all engage in more trading on the internal exchnages of bts DEX and Steem DEX. We should try to exchange between us goods and services using bitusd, bitassets and steem dollars without the need to cash out to the fiat system. Once/if we achieve this then we would have achieved financial freedom.
Finally, I don't get why many people think that bts will crash after the peerplays snapshot window. This is like believing that bts value is only based on peerplays value. This is just insane...Of course markets are irrational many times so I wouldn't be surprised if bts price is crashed after the peerplay snapshot period, the same way I wouldn't be surprised if it skyrockets afterwards.. If you are a long term holder and believe in the bts potential, you shouldn't bother about those price manipulations. Just stick to fundamentals. If you are a day trader, then margin calls from polo due to flash crashes will teach you at some point a very hard lesson of how external exchanges can manipulate prices for their benefit, so I encourage everyone to trade on the internal DEX more often..
I am pretty sure the "flash crash" was created by a bot that sold while bitcoin jumped significantly ~+5% within minutes.
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hhmmm..I think you are actually right because I see now that this happened to other altcoins as well.
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^^ This!
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Funny thing. Bitcoin 610, BTS up to 910. I should sell BTS now and buy back lower, but it's just to risky for me. I'm more happy with BTS than BTC. I mean, waiting hours for transfer kills me. Time for better coins. I'm very greed for BTS.
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In fact, BTC success is astonishing while so many coins are damn' faster AND ALSO lighter on fees !
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It took me a while until I was able to look at BTC as any other coin. Still I'm very careful, but long term my imagination fail to see bright Bitcoin future and I have been trying very hard. Observing Steemit's crypto-newbies opened my eyes very wide. Most of them will never use Bitcoin, its just to hardcore and slow for them.
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I never understood BTC to be honest. I expect at some points BTC whales to realize that BTC is a dead end and invest in other blockchain 2 projects, or at least some new investor whales to do so. Regarding selling bts with the expectation to buy back lower I never do that (apparently I should)..But I have been burned in the past with other coins. I remember holding XRP and NXT for a long time and when I sold them they skyrocketed x5-10 after 1 week (in different periods). So I have promised to myself never do that with BTS. If bts fails I will become a bag holder and never reinvest in crypto. Otherwise I am sure that the moment I will say f..k it I am selling, bts will skyrocket to 1 billion market cap. Apparently it hasn't done so already because I am still holding..Sorry guys..lol..
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Damn, I should sell :). Good price to buy now? $0.0051. I think yes.
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@ n25052016 don't ask me about good price $0.0051... I think that any price below $0.03 is a good price for bts..
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BTS will probably crash because people holding for peerplays will want to free up their money as soon as they have them. I hope I'm wrong
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It's really unreasonable that the price of BTS dropped so much, and I agree that people should move to DEX instead of Polo for trading. As Polo is full of speculators who manipulate the price.
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Maybe there is no manipulation. If you look at a 5-min graph, you'll notice the high volume (almost 70 BTC) while average volume is just several BTC the same day.
I would vote for a stupid sell order, without limit. Some buyer where very lucky by the occasion !
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Nobody's selling at polo. Hard to buy even small ammount.
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