News for hackers. Stuff that matters.

A comment on Filecoin Suspends ICO After Raising $186M in One Hour. Parent comment

Re:Filecoin Suspends ICO After Raising $186M in One Hour by dahdum on Friday August 11, 2017 @02:49PM (#14992981)
Coinbase/GDAX will do exactly this, and your ~$3m of trade volume per day will be <10% of their book, and a drop in the bucket compared to the global markets. Your trades will be arb'd to every other exchange in seconds.

There are a ton of complaints about Coinbase support, but they cater to the largest clients like every other financial company.

[ Parent | on HN ]
Re:Filecoin Suspends ICO After Raising $186M in One Hour by Animats on Friday August 11, 2017 @03:05PM (#14993146)
The question is how much of that volume is the same money going back and forth. Taking sizable amounts of money out of the system is different. See 2010 flash crash".[1] There may be less real liquidity than transaction volume indicates.

[1] https://en.wikipedia.org/wiki/2010_Flash_Crash

[ Parent | on HN ]
Re:Filecoin Suspends ICO After Raising $186M in One Hour by dahdum on Friday August 11, 2017 @03:32PM (#14993369)
The majority of the global volume is crypto-crypto, so I agree it's a valid concern, but the volume of fiat trades has gone way up over the past several months. For example, Coinbase added 1 million accounts in June - the vast majority by necessity are putting fiat in vs cashing out.

One flash crash happened on the ETH-USD pair on GDAX like a month ago, when a large dump triggered cascading margin calls. Bitcoin has had a few of those over the years too.

[ Parent | on HN ]
Re:Filecoin Suspends ICO After Raising $186M in One Hour by lizardhunter on Friday August 11, 2017 @11:19PM (#14996263)
The volume on many exchanges are fake. It's pumped up using bots buying and selling among each other. Large dumping tends to go through dark pools or OTC. The real volumes are much lower.
[ Parent | on HN ]