I've been calling out the BS All Day.... Ethereum Flash Crash
It really bothers me when people share false information... Gets the masses all panicked, then they share it.... then another person shares it.. Next thing you know Some author gets a hold of it and runs with it....
Ethereum DID NOT GO DOWN TO .10 cents yesterday... There was a flash crash.... but it was not on the Ethereum Network! It was Coinbase.. and Coinbase Alone...
What Happened?
*Ethereum's network is having issues with transactions due to a large demand in an ICO Bancor.. Bancor uses the Ethereum Network
- Ethereum's network was not ready for this demand... So it's backlogged. Users are still waiting for Ethereum transactions after 2 - 3 days
*Coinbase is an Exchange with a very faulty programming.. When ever their is a high demand to sell or buy a certain coin that is LISTED ON COINBASE.. Coinbase goes down.. It's too much for them to handle basically or They don't want people to sell all their shit... (I think the 1st one)
*COINBASE not the Ethereum network Had a flashcrash yesterday... a very big glitch in their system..... HACKERS DID NOT CAUSE THIS
*When you buy Ethereum you are not buying "Coinbase Ethereum".. You are buying Ethereum from the Ethereum Network... Coinbase is just the platform for the buying and selling...
Pics below... COINBASE SHOWS THE FLASHCRASH.... NO OTHER EXCHANGE DOES
COINBASE
BTCE
Kraken
Who Flash Crashed???
Ethereum is having it's network issues but the Flash Crash.. that is ALL ON COINBASE... Be careful using that service..
It wasn't a hacker. The ETH that was dumped originated from the Genesis block. Based on the crude execution of trade it was probably an ICO holder that either a) needed fast liquidity, b) recently found their ICO holdings and subsequently dumped them, not caring about their effect on the market, or c) there was a massive ICO whale looking for a good time.
Yeah It seems kinda shady as everything has unfolded.