GDAX is unregulated and offshore?

whoops my bad. i still think such a heist is in play.

I think that's what happened, but without the insider access / I don't think it's necessary. So it's basically:

1) Whale places large buy orders way down the order book
2) Whale bombs the price with a large sell when the order book is looking thin.
3) Profit

Yeah totally possible. They could have sold to themselves/accounts of friends, but they'd surely be net buyers in a stop run they created

Yes of course. Only thing that makes sense. Lol nice move though

Verstuurd vanaf mijn SM-G920F met Tapatalk

If they sell a massive amount and stops don't trigger, they lose all the utility of the coins in possession and they probably lose 30% of the value in assets they had. pretty sizeable gamble. we've seen other wicks not go as far and instantly get bought back up.

how come there hasn't been much talk here about f2pool validation fiasco during status ico?

does the idea that miners can obtain economic value by deviating from the standard practice of mining the highest fee transactions not violate the fundamental invariants supposedly obtained by blockchain tech? this is a very serious issue and as far as i can tell is a fundamental exploit in the ethereum protocol.

I just received an email from CoinBase and my transfer is now going to go through. It showed up on the Block Chain Explorer and is now pending in my Bittrex account.

This could become a huge issue down the road for sure if this isn't changed. For those who don't know, there are some miner pools (f2 and dwarfpool) running their clients with incorrect settings and that then choke the network and cause backlogs like what have happened recently. This hurts Ethereum in the long-run for more than a few reasons I won't get into right now but it is a serious problem if it continues to happen. They're doing this out of greed/ short-term incentives. Ethereum does not want to follow the road of Bitcoin where there becomes a centralization of power around miners and mining groups.

Yukon_C, a good poster on reddit who has been around Ethereum (as a miner, and now a holder of eth) summarized it up quite well here in this post

To read more about it, check out his posting history on reddit regarding the topic as he is very informed about it. But the short answer is yeah F those mining groups for sure, and rightfully so it's good to see the community roast them. It will be interesting to see what happens (there are discussions being had right now from changing protocol to incentives so this doesn't become an issue). If they (miners) are able to continue to do this in the near-medium future, I'd view it as a red flag. I do think it will get resolved.

So someone was able to buy 4K eth @ $.10.... Instantly making them a millionaire?

Yes might be the manipulator tho.

There was also someone who predicted the flashcrash, put in various buy orders (with leverage) from $280 to $200 and lost most of his roll when he hit his 50$ stoploss (he thought the price wouldn't go that low

My heart goes out to that poor bastard who had an order in at .09 just in case...

In the equities space we deal with erroneous trading like this all of the time. It is common knowledge to try and pay a higher price in this kind of situation though. If I had the option of buying ETH at 10c or $75 in a flash crash, I'd probably pick $75 since it has a much lower chance of getting broken.

If they don't break the trades at 10c I'd be very suspicious.

Any protocol. Miners control it. Not just ethereum. Proof of stake should fix this.

but...

Status founders tried to coerce miners into only accepting up to 50 gwei transactions when the price that would have resulted without a limit imposed by the smart contract was significantly higher than that. Miners were wronged and took side payments as retribution. The simple solution is to just let people pay a really high gas price.

This has to do with token sale models, which need to be improved. Status tried but their sale was a disaster because it encouraged everyone to break up their contributions, effectively Sybil attacking the network.

Read this post specifically by someone who did some detective work on this ICO (for why f2 pool sucks):

https://www.reddit.com/r/ethtrader/c..._transactions/

It's explained really well in that post, but what f2pool did was collusion plain and simple. Of course PoS would fix this, but mining behaviour like this needs to be addressed right away. Can you imagine if in every ICO, mining pools went behind everyones back and made side deals with founders? No one without that inside track would ever have a chance to fairly participate.

The simplest but perhaps not the most elegant solution like you said is to just let people pay a really high gas price, as that would then incentivize the behaviour of these mining pools to take the high GWei transactions when these ICOs go live. Another way to go about it like you said is for people who can write smart contracts proposing improved ICO token sale contracts as well.

One idea someone suggested that in my mind has merit is if let's say an ICO has a stated 100k Eth limit. You let everyone buy in in an 'uncapped' way (so it could go over 100k Eth) Then the smart contract would refund you proportionally based on final Eth sent to ICO token sale. So for this example let's say you send in 1k Eth and there was 300k total sent. The final result is you would then get .33% of the available tokens for sale, and thus have a refund of 666.66 Eth sent back to you. That might become a thing (depending on the current impact of the servers and such)

Regardless, Status ICO was a **** show. I personally wasted more than a few hours looking to get in on the first block to only later find out that the first block was for whitelisted whales. If they weren't greedy and short-sighted*, they would have definitely let people know ahead of time that they shouldn't even bother for the first ceiling cap because it was rigged for insiders and the select people who were allowed to send more than 50GWei.

*Short-sighted because it definitely gave them more hype for the ICO but they were going to sell out regardless. But doing what they did, they pissed off the community (specifically those 'customers' who have followed this project for months). A lot of the people who tried to initially get in and got rejected would have been prime early adopters. Instead they broke those peoples' trust by running their sale in a non-transparent manner and let them burn a bunch of gas, not to mention waste their time when in hindsight they were drawing dead at least for the first few ceilings. It's a pretty stupid thing to do to piss off your early adopter customers when your product greatly relies on network effects - I wouldn't be surprised if people choose to use their competitors product for reasons such as this (And I'm one of those people, I'll probably use Token instead when it comes out)

Coinbase can't even keep their website up, the idea of Token competing with Status is somewhat laughable to me. I mean, if it weren't for the Coinbase name they'd be drawing stone dead and get no downloads.

One of the biggest problems with this sale is so few people followed the directions. There were thousands of people who sent hours before the correct block number, and tens of thousands of transactions (from non-whitelisted addresses) that had > 50 gwei gas price. Almost all of the early blocks were just full of transactions that got rejected due to bad instruction. The too high gas price thing should have easily been avoided by just not having a limit in the first place.

Hopefully other startups learn from this. It was also a bit disappointing that they raised a lot more $ than they led on they would. Maybe they are spooked by Token being so well capitalized...

Gdax is paying back those liquidated in the flash crash (not a rollback tho, buyers keep their cheap eth): https://blog.gdax.com/eth-usd-tradin...2-216a3b946ef6

Says something about how much they make on those margin accounts. Cant risk people not wanna keep on doing it.

The most elegant solution was proposed by Vlad Zamfir (one of the most notable ETH developers: ) Cap the number of tokens released but not the amount of Ether accepted and donate all additional funds to charity.

So if Xcoin wants to raise 100k Ether in their ICO, the first 100k Ether goes toward distributing tokens and every dollar beyond that goes to charity. This mandates prudence in ICO purchasing and also "makes the world a better place," in the parlance of our times.

Another elegant solution: Don't cap them.

https://www.binance.com/resources/ic...tePaper_en.pdf

That's an ICO I could get behind. They already have a product and their team looks solid. They are not trying to come up with some new incredible idea but just do a better job than poloniex.

Anyone knows if there a way to know which ICOs already cashed out their eth to fiat?

Some people make the argument: ICOs drive up eth price by reducing the supply. When ICOs cash out to fiat (They need too to fund the product/pay their vacations), eth price will drop. This argument makes sense but then you should expect all the ICOs to cash out asap no? The sooner they are the more $ they get. (Some upcoming ICO like tezos also state in their whitepaper they will cash out as soon as they can). So prize drop might already be reflected in the current prize

Any ideas why it's crashing?

because bitcoin is crashing