Topic: Be very careful and attentive when selling your bitcoins - page 2. (Read 543 times)
If in doubt don't. That is what I kept in mind when selling Bitcoins and I also choose the right exchange to sell my coins and that's no other than reputable local or international exchange to ensure that my sell order won't be compromised with the flow of liquidity. Lucky for us we have this local e-wallets that supports crypto we can easily convert Bitcoins to our local currency.
what most likely happened is the user typed in for instance 52.000 instead of 52,000 (period instead of comma)
so it sold down all orders from $52,000 down until $238 where all 1.7btc was eaten
also by using a crap exchange that only had <2btc between 52,000 down to single figures meant there was no order wall to prevent such drop
EG better exchanges that have more the 2BTC wall at 51,800 means the order would have only fallen to 51,800
I think it is not because Bitcoin price is high enough to ignore decimal.so it sold down all orders from $52,000 down until $238 where all 1.7btc was eaten
also by using a crap exchange that only had <2btc between 52,000 down to single figures meant there was no order wall to prevent such drop
EG better exchanges that have more the 2BTC wall at 51,800 means the order would have only fallen to 51,800
He can type 52000 and don't have to mind about dot or comma.
If Bitcoin price is like $5 or $52, your assumption can be true because with these small price, $0.1 can make sense and have effect on profit taking.
This is an extremely careless mistake. I wonder how somebody can commit such negligence.
For one, it's a big question why he chose that unknown exchange. Second, upon seeing that the exchange lacks liquidity, why did he push through? Moving to a reputable exchange was a little effort in relation to the amount of Bitcoin he wanted to sell. Third, even if he wanted to stick to the exchange, why didn't he set his own preferred price in the sell order? Didn't he realize that the selling price was ridiculously low? Finally, he should have double-checked everything. And if I'm not mistaken, exchanges would ask you to confirm your price before your order is listed. The man seems extremely careless.
For one, it's a big question why he chose that unknown exchange. Second, upon seeing that the exchange lacks liquidity, why did he push through? Moving to a reputable exchange was a little effort in relation to the amount of Bitcoin he wanted to sell. Third, even if he wanted to stick to the exchange, why didn't he set his own preferred price in the sell order? Didn't he realize that the selling price was ridiculously low? Finally, he should have double-checked everything. And if I'm not mistaken, exchanges would ask you to confirm your price before your order is listed. The man seems extremely careless.
This is why you should always check the order books, see whether the exchange is liquid enough to take on your order, and double check everything before commencing the trade. I'm not sure whether Binance is available on that part of the world, but if it is, then he will not have any problems regarding liquidity. Or he can even try and do a P2P to make sure that he's paid a somewhat fair market price. Ultimately, the neglect is on the end of the seller not checking things before executing the trade. An unfortunately expensive 'charge to experience' moment for this man right here.
With Bitcoin you always have to tripple-check every single step that you make, because there's lots of ways you can make a mistake that will cost you your investment.
If I were to sell 1.7 BTC, I would split it into like 4-5 batches and sell them over a few days or even weeks. The absolute worst case scenario if something goes wrong is losing 1/5 of the stash instead of all of it.
If I were to sell 1.7 BTC, I would split it into like 4-5 batches and sell them over a few days or even weeks. The absolute worst case scenario if something goes wrong is losing 1/5 of the stash instead of all of it.
Hello everyone, I hope you are well.
I came to bring a case that happened in Brazil, an investor wanted to get rid of his bitcoins at the Novadax cryptocurrency brokerage (I've never used it, I can't recommend it, I'm just bringing the news). The fact is that he went to sell 1.7 BTC and generated a market sell order, with the lack of liquidity his orders were executed and consumed the entire order book taking the price to practically zero. He had bitcoins sold at 238 USD.
A huge loss just for not paying attention to selling at the price of the day, maybe he wanted to execute the orders quickly, or he didn't know what he was doing.
So be warned, if you are going to sell, fill out your order correctly at the price you want to sell, never use the "market" price to sell a large amount of bitcoins.
A huge mistake, but one that is on him completely, exchanges do their best to increase the volume going through them as this means more profits, but with the high level of competition it is normal there are many exchanges that have a very low volume, so he should have checked beforehand if the exchange could handle such an operation, and once he realized this was not the case he could have sold his coins somewhere else, I just hope he has many more coins, otherwise this is going to be a loss that is going to haunt him all his life. I came to bring a case that happened in Brazil, an investor wanted to get rid of his bitcoins at the Novadax cryptocurrency brokerage (I've never used it, I can't recommend it, I'm just bringing the news). The fact is that he went to sell 1.7 BTC and generated a market sell order, with the lack of liquidity his orders were executed and consumed the entire order book taking the price to practically zero. He had bitcoins sold at 238 USD.
A huge loss just for not paying attention to selling at the price of the day, maybe he wanted to execute the orders quickly, or he didn't know what he was doing.
So be warned, if you are going to sell, fill out your order correctly at the price you want to sell, never use the "market" price to sell a large amount of bitcoins.
So be warned, if you are going to sell, fill out your order correctly at the price you want to sell, never use the "market" price to sell a large amount of bitcoins.
I'm curious how he got that amount of Bitcoin at first, it's a huge amount of Bitcoin in terms of value.For me, if you have that amount of Bitcoin for sure you already know how the market works, especially exchanges.
I am not sure if the exchange is accountable for this.
but if the trader sell it a market price, then it is the trader himself who is at fault here. lucky if you are trading in binance because that amount of btc is actually small and he can get a very good deal for the sell price. because they have very high liquidity, the usual gap of price is like few bucks only and the trading is very fast. this is why it is always advisable to trade in an exchange with good trading volume. because if you happen to trade in a small exchange, the movement is slow and the price level is usually lower than the leading crypto exchanges.
So be warned, if you are going to sell, fill out your order correctly at the price you want to sell, never use the "market" price to sell a large amount of bitcoins.
I'm curious how he got that amount of Bitcoin at first, it's a huge amount of Bitcoin in terms of value.For me, if you have that amount of Bitcoin for sure you already know how the market works, especially exchanges.
I am not sure if the exchange is accountable for this.
What went wrong with this was he used the low liquidity exchanges. At first, he may looked and searched about the situation of the exchange before using it as it was very important because this is a big factor that affects the outcomes of our trade. He was supposed to be watchful about the price and set on desired price as I believe there is an option there. I could not imagine it going like that, it was a big loss for him and surely it was not easy to move on from that scenario. It was a lesson to learn and to realize how important to use reputable and big exchanges, and most of all, we know how to trade.
Like everyone is saying the actual fault is his because he actually didn't make proper search on the exchange or know about selling of his Bitcoin because practicalising.
It is also because he didn't use an exchange that is the most recommended by many, trusted and legit. I don't know how it happened to that person but what I know where most exchange sites even in my country are automatically set the sale price to the market price sell order. In my opinion, even if he did not search then he should be able to see the amount he set and should have double checked no even more than a triple checking everything he does and he wouldn't have lose money.This should be a lesson to not buy or sell crypto currency assets outside of an exchange platform, or you will end up being robbed.
I never heard about that exchange. As far as I know, you can't sell crypto on centralised exchanges below the market price. Means even if you want, you can't dump the Bitcoin price. So when someone places an order by mistake below the market price, the exchange considers it a market price sell order, and it does fill instantly in the market price. I am not sure all exchanges are like this, but I know about Binance. However, we must be careful with our crypto. Whoever owns a large amount of bitcoin should have enough knowledge about crypto and trading as well. Otherwise, this is an example of how they would lose their funds. We should take an important lesson from here.
Binance and the top exchange platforms in the market have the highest liquidity and huge trading volumes, prioritizing their customers, unlike the NovaDAX broker platform, which has been marked on one website called 'Tradersunion.com' to be a high-risk platform with a score of 2.48 out of 10. It is a completely unrecommended exchange platform for traders in Brazil, as many safer and more reliable alternatives or P2P options are available. 
Also, we cannot turn a blind eye to the other mistake committed by the person with the story mentioned by the OP, which is his lack of great knowledge of the features, skills, tools, and concepts of trading and its platforms. Perhaps setting a limit order is safer than a market order on these platforms because placing a sell order for a specific quantity and price won't be executed automatically like a market order. This is a harsh lesson for him, and it can happen to anyone, so people must learn from the mistakes of others and be careful not to sell what they have all at once and educate themselves.
Like everyone is saying the actual fault is his because he actually didn't make proper search on the exchange or know about selling of his Bitcoin because practicalising.
It is also because he didn't use an exchange that is the most recommended by many, trusted and legit. I don't know how it happened to that person but what I know where most exchange sites even in my country are automatically set the sale price to the market price sell order. In my opinion, even if he did not search then he should be able to see the amount he set and should have double checked no even more than a triple checking everything he does and he wouldn't have lose money. 
Hello everyone, I hope you are well.
I came to bring a case that happened in Brazil, an investor wanted to get rid of his bitcoins at the Novadax cryptocurrency brokerage (I've never used it, I can't recommend it, I'm just bringing the news). The fact is that he went to sell 1.7 BTC and generated a market sell order, with the lack of liquidity his orders were executed and consumed the entire order book taking the price to practically zero. He had bitcoins sold at 238 USD.
It's crazy. This is also my first time hearing it. Is it their local exchange? Why doesn't he try to transfer it first to another exchnage if the volume there is so small. then, this is really strange, did he not look at the order book? Even if there were, shouldn't automatic selling be achieved at a price that is not far from the global rate? Or what exchange is this? Can it be taken care of like this?I came to bring a case that happened in Brazil, an investor wanted to get rid of his bitcoins at the Novadax cryptocurrency brokerage (I've never used it, I can't recommend it, I'm just bringing the news). The fact is that he went to sell 1.7 BTC and generated a market sell order, with the lack of liquidity his orders were executed and consumed the entire order book taking the price to practically zero. He had bitcoins sold at 238 USD.
But this is what sometimes becomes a problem, someone is not careful enough in doing something. I am so sad to know this, I hope there is a way out for this person. But beyond all that, we must use it as a very valuable lesson and experience. It is absolutely mandatory to be careful before executing our orders. We may not want this to happen, but if we are careless about the small things, sometimes it will have a big impact. That's why you have to be careful, check it several times before executing it. Whether in trading, transfers, or others.
Like everyone is saying the actual fault is his because he actually didn't make proper search on the exchange or know about selling of his Bitcoin because practicalising. I can remember when I started the earning Bitcoin and for the first time I needed to sell some of the coins, I made proper research and even ask lots of questions so as to avoid mistake of any happening because I know Bitcoin is something that's really precious and I wouldn't want to do something that can get me been regretful.
I never heard about that exchange. As far as I know, you can't sell crypto on centralised exchanges below the market price. Means even if you want, you can't dump the Bitcoin price. So when someone places an order by mistake below the market price, the exchange considers it a market price sell order, and it does fill instantly in the market price. I am not sure all exchanges are like this, but I know about Binance. However, we must be careful with our crypto. Whoever owns a large amount of bitcoin should have enough knowledge about crypto and trading as well. Otherwise, this is an example of how they would lose their funds. We should take an important lesson from here.
Some lessons in life are indeed expensive. There were stories which are somehow alike with this one such as with investors accidentally selling their holdings mistakenly, with the numbers for example they were planning to sell it at $50k then unconsciously overlooking the numbers at $5k. Things cannot be reversed once the transaction has already been filled and it does make sense for such thing. Another is with sending to other addresses and not checking the characters on the recipient wallet. Bottomline is to be careful if something is precious to you and if you don't wat anything inaccurate to happen into it.
No matter how we look at it, the seller is at fault. Not only with selling but also with buying. There are instances sellers were able to buy at their unwanted market price due to sudden 'refresh' with exchange's home page. Either instance it is, we are the only ones responsible of our actions.
No matter how we look at it, the seller is at fault. Not only with selling but also with buying. There are instances sellers were able to buy at their unwanted market price due to sudden 'refresh' with exchange's home page. Either instance it is, we are the only ones responsible of our actions.
Don't be that guy, be the other guy. One man's loss is another man's gain. Set a low buy order on an exchange with low liquidity. If you get lucky, you buy someone else's misfortune.
Most people buy bitcoins, literally, but do not embrace the concepts of bitcoin and the "basic" responsibility of managing assets on their own.
It is free informative advertising to 'be careful', although in this case, it is incomprehensible,
Novadax it seems like a den where its traders are looking to one day find this type of users, the exchange should have a prohibition for this type of orders to be executed, but they are only interested in the commission.
It is free informative advertising to 'be careful', although in this case, it is incomprehensible,
Novadax it seems like a den where its traders are looking to one day find this type of users, the exchange should have a prohibition for this type of orders to be executed, but they are only interested in the commission.
That's the price you pay for using an exchange with little or no liquidity. I think the ideal thing to do when using a non reputable exchange for the first time is to send a smaller amount of fund. The trader made a huge mistake by not testing the exchange with small amounts of Bitcoin before proceeding with the 1.7 BTC. If he had done that all this would have been averted. $88,400 is a lot of money, I just hope it's a bug on the exchange and he gets his money back.
I came to bring a case that happened in Brazil, an investor wanted to get rid of his bitcoins at the Novadax cryptocurrency brokerage (I've never used it, I can't recommend it, I'm just bringing the news). The fact is that he went to sell 1.7 BTC and generated a market sell order, with the lack of liquidity his orders were executed and consumed the entire order book taking the price to practically zero. He had bitcoins sold at 238 USD.
I'm sorry to hear news like this, a silly mistake that caused the loss of quite a lot of money, dear. I hope he is strong enough to face this. A huge loss just for not paying attention to selling at the price of the day, maybe he wanted to execute the orders quickly, or he didn't know what he was doing.
This is a valuable lesson for all of us to be careful in matters involving money, especially for exchanges that I don't know or have heard of, you should be able to see the list of buy and sell orders for how much, if the volume is small, don't sell immediately, Bitcoin you will sell at a cheap price, unlike Binance or the top 10 exchanges where the volume, especially Bitcoin, must be very large. Jump to: