Alt-News: Visa confirmed / ETH Flash Crash to 0.10$ on GDAX / Hilarious blockchain explanation video
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.
Haha was just joking cause there's where most of the censorship happens. :D
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