Victim of Slow Ass Ethereum
The market has been approaching a wedge for a while, so I was hoping for the best that we'd see some uphill bullish action. I made an aggressive margin trade on https://dai.makerdao.com/. Took out a loan and bought more Ethereum with it.
I noticed Ethereum crashing, so I freed up some of my Ethereum on the CDP with the intent to buy Dai and pay the loan down.
It took so long for Ethereum to process the transactions that my collateral fell under 150% at the last second and got liquidated for a 13% penalty. Needless to say, I lost a bunch of money for no damn reason other than Ethereum is slow and the Maker platform doesn't have a smart contract that let's you do what I was trying to do... which is pretty stupid because it's the most common thing people try to do when the market is crashing to avoid their loan getting liquidated.
Live and learn I guess, so damn annoying. Now I have to hope that Ethereum crashes hard to recoup these losses. Oh well, at least I'm finally holding some stable coins in the event of more crashing.
You should have used higher gwei!?
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I did actually. I think the real error was liquidating my CDP. I should have transferred DAI into my wallet from another source.
I also could have tried nuking all the debt with the 'shut' contract. Haven't tried that yet.
That sucks, I've had the same thing happen to me on Bitmex, Ill try to make a market sell while the servers are overloaded and the request wont go through till after the price has already crashed through the floor. I had to stop margin trading for a while actually because that was happening way to often for my comfort
Yeah it's pretty annoying. I expect that a platform like EOS or Steem will be able to fix that problem in the future. Basically need a decentralized exchange that can scale a lot higher than the average number of transactions. Maybe Binance will pull through with their new exchange.
StellarX