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RE: Ether @ $0.10 / +4.3% For LiteCoin / -9% for ByteCoin / LBRY & Decred (Market Roundup 22 Jun 2017)
Yesterday was quite the day for anyone holding Ethereum. I was a bit freaked out myself! So if a huge sell order comes in that is going to clear an exchanges entire book of buy orders out, shouldn't they be prepared for that? I don't really know anything about trading and I'm glad I didn't have any amateur orders set up. Thanks to you Chris, I have all my crypto stored away in my own wallets. But man, what a day. So a lot of people lost their ass, and some lucky people bought Ethereum at insanely low prices. It almost makes me want to go set up some buy orders at crazy stupid low prices just to go fishing to be the next lucky person when it happens again. They can't let that happen again, can they?
This could be an entirely legit move in a free market. The exchange is just the platform. They must now be allowed to get in the middle of trades. That means if someone comes in and sells $50m of Ether, that's fine and the price will crash.
It's up to the traders to react to the market as prices change.
Stop and limit orders are a way to protect yourself as a trader. This is where the exchange gets into trouble if the system doesn't close trades at the requested price, people get upset.
Your strategy is sound though. Put an order on the books to buy $1,000 worth of Ether at $10. Then just leave it there in case it happens again.
The only downside there is that you'll have $1,000 forth of Ether locked up waiting for that trade to trigger.
Also, I'm never going to figure Steemit out. It makes no sense to me. How can I upvote myself and be rewarded for that? Oops, I did it again (or let's see if I can upvote myself again!)
What if someone just wrote a bot to endlessly comment and endlessly upvote their own comments???