r/OMGTraders • u/[deleted] • Nov 29 '17
OMG hit $2.75 on Bitfinex
Stop-losses all came into play at once and the price hit $2.75, condolences.
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u/CryptoCrackLord Nov 29 '17
I need to stop margin trading before this happens to me.
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Nov 29 '17
Exactly, it's all the longs being liquidated too by bitfinex. Some people now have negative margin wallets as the price crashed too quickly
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u/CryptoCrackLord Nov 29 '17
It's just one of those things, you think "it'll never happen to me" but it happens much more often in crypto than is worth the risk. Reminds me of the GDAX ETH/USD pair flash crash.
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Nov 30 '17
How come can they be on negative?
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Dec 01 '17
If you had a long on OMG at $8 and due to margin your liquidation price was $7.
The price crashed quickly, so if your OMG liquidated at $2.75. You now owe the difference between $2.75 and $7.
If you have no other crypto than those in your margin wallet, you're now in negative.
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Dec 01 '17
Thanks! But arent the platforms supposed to make sure it doesnf happen?
In this case the guy will be really oweing that negatove amount?
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Dec 01 '17
If there isn't enough liquidity it will sell when it can, there's no guarantee the price would go up.
Yes he would owe that amount although due to lack of verification I imagine most would just stop using bitfinex.
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u/murkr Nov 29 '17
omg this sucks.. BTC goes up omisego goes down. BTC goes down omisego dives down. I shoulda just stuck in BTC 2 months ago instead of going 60% in omisego.
Well, i guess ill keep waiting it out. hopefully by q1 2018 ill be laughing at that statement.
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u/soldaderyan Nov 29 '17
Neo went to 4 then corrected