RE: Did Genesis Accidentally Cause the Ethereum Flash Crash?

You are viewing a single comment's thread from:

Did Genesis Accidentally Cause the Ethereum Flash Crash?

in ethereum •  7 years ago 

I think you discount the idea that margin trading can be manipulated by a crowd and not by simply one bad actor. Why must one whale drop it so low?

Surely, a whale might aspire to such an amazing play, but what is more likely is that a series of crescendoing series of whales took advantage of each other's plays.

Whales are trading with the API and making trades in a fraction of the time it takes one to manually enter.

Sure there could be a number of mitigating side effects creating a perfect storm scenario. I think this might remain a bit of a mystery for some time.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  
  ·  7 years ago (edited)

I love a good conspiracy as much as anybody, but it really would not take a genius, nor a whale, to simply set a lowball buy offer. So far, nobody has produced a record of a 30 million dollar transaction, but we do have the Genesis transaction, started 30 minutes before the crash, and it's a pretty sure bet that they are on the backbone.

This looks like an unforced error to me.