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by endofreach
985 days ago
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Ouch. I do hope you don‘t miss the millions. Still: 700 bucks could feed some people on this planet for at least one year, if not even two. And another upside: the valuable lessons you learned are probably worth… well… millions of dollars! Back to topic: How did the crash lead to losing the money technically? What happened here? How did too many requests of selling lead to „devaluation“? You should definitely write a longer form story about this and include some code. |
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This is not specific to cryptography, it's a feature of all markets: if there's a scarce resource that a lot of people want, people will pay more for it. Parent flooded the market with whatever cryptocurrency instruments they held, suddenly making them a lot less scarce and so reducing their value. They could have avoided losing that by selling much more slowly (as they intended) or refusing to sell below a certain fixed price. In either case, they would probably not get quite as much as they had hoped for the whole lot due to a lesser version of the same effect.