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14554941 No.14554941 [Reply] [Original]

https://cryptoslate.com/market-buy-on-thin-binance-order-book-costs-inexperienced-trader-400000/

>A Reddit user recounts the tale of $400,000 lost on Binance

>According to the post, which has since been removed from Reddit, an unnamed user purchased $500,000 worth of Paxos stablecoins on their exchange and transferred them to Binance. The funds were deposited to his Binance account on May 6th, after which the user intended to buy the same amount of Chainlink tokens (LINK).

> However, the user reportedly had very little understanding of how cryptocurrency exchanges work and didn’t know how to look at live order books, a list of outstanding buy and sell orders. In order to speed up the transaction, the user pressed “market buy” with $500,000 worth of Paxos stablecoins on the Paxos/Chainlink order book that normally only sees $10,000 worth of transactions in a 24 hour period.

HAHAHAHHAHAHAHAHHAHAHAHAHAHHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHHAHAHAAHHAHA FUCKING REKT

>> No.14554962

OH NO NO NO NO

>> No.14555034

I'm not gonna laugh at the phaggot but he deserved it

>> No.14555069

>>14554941
Bullish

>> No.14555076

>>14554941
How can you be so careless investing 500K?

>> No.14555087

He paid 5000% premium for an invesment that will go 1000000%. He's actually a big brained trader and you guys don't even understand what his plays are.

>> No.14555096

>>14555034
plot twist, he is still going to make more money than u

>> No.14555214

>>14555096
Doubt it, I have more LINK than him despite selling at $4.50 and only keeping a suicide prevention stack

>> No.14555265

1000% it was a boomer, this guy sent me $2k in BTC TWICE by mistake.
I was nice enough to give him back but this boomer legit didn't notice, told me not the first time it happens either.

>> No.14555299

>>14554941
I can almost guarantee he didn’t make that money himself. Probably has very very wealthy parents.

>> No.14555332

>>14554941
These are the "people" you invest in chainlink with.

>> No.14555585

I don't understand how this happens. Wouldn't it just buy 10k worth and spit back the 490k?

>> No.14555671

>>14555332
>>14555585
Absolute fucking state. You could have literally sold him LINK for $1,000. There’s your EOY right there.

>> No.14555709

>>14554941
oh fuck
I once sold 2 BCH for the price of one because I was inexperienced but FUCK THAT lmao

>> No.14555896

>>14555709
I might have been the one buying them, I've made mid-5-figures with BCH arbitrages, my fav was when BCH meant BCHABC on Kraken and BCHABC+BCHSV on other exchanges and trading bots got confused.