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RE: Crypto seeing red as UPbit gets raided

in #upbit7 years ago

Personally, I've never trusted the Market Maker story, being that they provide stability and liquidity to markets. I think the are more often the tool of fraud and manipulation, like Enron did with energy commodities.

I once lost $80,000 if a fraction of a second, pre-market open, on a small pharmaceutical company when bots dumped the stock. A report for a delay in FDA approval had been release at 8:00 AM Eastern, and by 8:00:20, the stock lost 70% of its value. Since the stock was 80% owned by large institutional, more shares had been sold than should have been available. "Market Makers" were, I believe, naked short selling, that is, selling shares they didn't have, in order to tank the stock and then keep it down for weeks. After that, nobody wanted the stock and I never recovered my losses.

Hopefully, the same thing doesn't happen here...

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I have seen things like that happen as well, where the daily volume exceeds the entire available float. Which likely means extra shares were created, though it could also just mean the same shares were traded multiple times over and over. Tough to tell sometimes.

Yup. But whatcha gonna do...stay home? :^)