GDAX official announcement to refund customers who were victim of the Flash Crash
We will establish a process to credit customer accounts which experienced a margin call or stop loss order executed on the GDAX ETH-USD order book as a direct result of the rapid price movement at 12.30pm PT on June 21, 2017. This process will allow affected customers to restore the value of their ETH-USD account to the equivalent value of their ETH-USD account at the moment prior to the rapid price movement.
A user on Reddit made a short description of what this entails
For customers who had buy orders filled — we are honoring all executed orders and no trades will be reversed.
For affected customers who had margin calls or stop loss orders executed — we are crediting you using company funds.
We view this as an opportunity to demonstrate our long-term commitment to our customers and belief in the future of this industry. We will follow up directly with affected customers about this process next week.
I personally believe this was the right move to make for the company. It will give its customers a lot of trust even though it will be very costly for them than just reversing the trade orders. Let's hope it won't affect users in other ways like increased fees over time - although I believe this to be good marketing in the long haul and them profiting of the increased trader growth alone instead.
John McAfee's Company MGT Capital planning on mining Ethereum
John McAfee is the guy who coded for NASA in the early 70's and is known for creating one of the first and well known antivirus software McAfee.
His company has already been mining bitcoin and making great returns for some time now, you can read more about that in this ZeroHedge article and are now looking to include Ethereum mining as well.
We are more convinced each day of the growth and value of digital currencies, and our Company is uniquely positioned to be a leading provider of processing power to relevant blockchains.”
John McAfee, MGT’s Executive Chairman, stated.
From the source trustnodes.com
They have entered into an agreement to purchase 60 graphics processor-based (GPU) mining computers to mine ethereum in Washington, USA
I guess they had a hard time finding more hardware in stock, like it seems with most AMD GPU's lately. (seriously, look for yourself) I've been waiting forever for my new GPU.
CNBC released a video explaining the differences between Bitcoin and Ethereum
Wow, it feels like mainstream adoption is just around the corner. What is going to happen once the masses realize decentralized networks can be secured without the need of mining equipment and their waste in electricity? :)
This video was very informative for newcomers and definitely worth a watch!
In yesterday's post I had linked to a short and funny video that explains blockchain to newcomers and I think I will be using the video above to explain to them what Ethereum is.
Sia introduces their ASIC miner Obelisk
Sia coin is a decentralized network of datacenters which together could be one of the worlds fastest, cheapest and most secure cloud storage platforms.
Obelisk official website
I have been talking about Sia coin before, you can find my investment advice about it on @cryptochannel from 7 months ago where I mentioned my buy-in at 28 satoshis.
360k coins that at the time were worth around $70 would today sell for $6400. (Would've been nice if I had held them too)
I was really interested in this one because when re-searching it I was really impressed by the way the developer was handling the project and seemed to be doing his best to create something truly spectacular. Even in the announcement of the ASIC miner thread on Reddit he seems to be replying to most questions and concerns that users are throwing at him.
Before you "shut up and take my money" at it, make sure to do your own re-search, starting off by reading the questions and answers given about the ASIC would be a good start.
Disclaimer: What is posted on these news articles should not be considered as trading or investment advice. Please do your own re-search and as always don't place more funds than you can afford to lose.
I post these as news articles only, that means I have not been in contact with anyone prior to writing these nor have I made any deals with anyone about its content. If I ever were to do so I would address it in the post.
GDAX just secured the top spot as the company I'd go to when I'm ready to invest my money. A company that is willing to pay customers for their losses out of their own funds is one that deserves every customer available. :D
Well done to them. :D
Great video and post. :D Thanks for sharing. :D
I have been using Gdax for a while and I've always like Coinbase. I'd like to see them adopt more coins (at least the top 5 or 10). I'm glad they got ETH and LTC but I want to see DASH and XMR too but I wonder if they don't carry them because they are too much of a competition to BTC.
That is probably why they only deal in the few they have, don't want to have all that competition. I wish they would get more too, especially steem on their site, that would make my life so much easier, still can't figure out a way to get steem, but some day maybe. :D
Gdax is doing the right thing by refunding customers. I love that CNBC video explaining ETH n BTC. Thanks for posting
When algorithms control our systems things like this can happen, for better or worse until we improve them for the unexpected.
Thats very nice of GDAX to refund customers! :)
This is good news for users and company. As nobody would trust their money to a crypto exchange with reputation of "losing" coins.
Thanks for the information. I am new on steemit, trying something new.
The video legitimately helped, as annoyingly hip as it is.
If John McAfee is investing in ethereum, we can buy Ethereum, as he was able to make the antivirus grow only with speculation, hahaha
I can definitely respect GDAX for owning up and taking care of their customers accordingly. That's a good way to keep customers and establish trust. Great for their reputation going foward.
This good news ..good decision.
That's very responsible of them. Pleasing both sides of the fence, so to speak. Now all customers are happy, and business continues (which is the important thing)
Unexpected move, but surely will restore confidence in this coin.
Awesome news. I feel so happy for those people who will be getting their loss money back. Great move by GDAX . This will definitely help lead people to believe that cryptocurrency is truly the wave of the future.
Risk identified by the analyst is related to egulatory measures that restrict or limit the possibilities of ICOs. Regulators could give a bucket of cold water on the ICO from night to day, which would probably make ETH fall apart "
Can ETH really be a bubble?
Thank God, I' m going to get my money back. Thanks for the info.
Great introductory video to BTC and ETH and very glad to see it on CNBC - cryptos are getting very close to mainstream adoption now yayyy!
I've been investing in Sia every since it was about 2 tenths of a penny lol. Very intrigued by the technology and a firm supporter of decentralized cloud storage (as a cloud app developer). The Sia founder, David Vorick, is in our Telegram group and he actually told us about Obelisk before he revealed the news on the Sia Slack. Very exciting times in the crypto world!
The GDAX news is good news for those customers but I do worry it is going to set a bad precedent of complacency and/or expectation that they would absorb the losses again in the future. Trading on margin is not something to be taken lightly, and the consequences can be serious and that's with traditional investing much less introducing cryptocurrencies into the mix! I'm surprised that GDAX is even covering the losses though I guess they look at it as marketing and building customer loyalty expenses. I do wonder what it means for their customer base as a whole though; higher fees?
I have been looking at Siacoin, but it's astronomical rise over the last two months has me thinking a lot of the gains have already been had. Its tech sounds really freaking cool and so useful! We are currently paying a fortune for our cloud storage!
Great post. And that was a great video! :]
How can i post a picture comment?
Drag and drop just like in a post entry.
You are a great fellow! One of the first to inform those who are interested in this!
resteem
Thank you so much for the news. Have a nice weekend!
I bet a few people are pretty happy and relieved about that!
Siacoin is my second biggest holding right now. Bought in at 31 Satoshis
and as you know..I am an eternal Hodler.
the absolute mad man is back after that stock fiasco? :D
Seems so haha!
Did you maybe read @cryptochannel on your Sia investment? ;)
I don't remember really. I do remember that I read somewhere about the team and got excited about the project. Very talented individuals.
I think ETH will groom in near future . I am expecting a really change in 2020 in Crypto Currency all the developed countriea are moving towards crypto trading and crypto Currenccy as their investment plan.
Banks will choose ** Ripple XRP ** as their Payment method in future soon .
The transaction will be rapid with no charge back
I hope for the best future of Crypto
I myself invested on crypto Currency and Iam working a lot on it
** If you need suggestion let me know **
Thanks for the Information of Refund I am happy
Article as always in the fairway directly to the goal! Definitely doing resteem @acidyo
Thank you for good news !
Great article...looking forward to a positive impact!
Now, antiviruses companies are into cryptocurrencies. SMH
Thanx for the information :) 👍
Good News for company as well as user !
interesante artículo
Nice information
interesting post
thanks for sharing
interesting post
Only bet what you are willing to lose!
Very useful
Yes, it is not easy for me, but nteresting)
Thank you for the news.
Good!!!
Only in this way can you make your customers trust you further. I'm very happy with this news.
Love the funny video on Blockchain :)
The first thing I thought when I heard the news that they were refunding folks about this was "Good for them!" it's nice to hear they're doing this - most companies wouldn't.
I am a bit new in business, can you suggest me something too
Awesome to hear. I'm excited to see how things evolve for Sia as well. Stoked to have found you on here and read your future posts. Cheers.
Wow, McAfee is into this too? Amazing but they have the resources
I am a veteran "internet user" but am very new to the whole "blockchain/cryptocurrency/coin/mining" thing... what I understand from it is that mining itself is not becoming obsolete in short to mid term , which is a very good thing, right ? :)
Ethereum is a big Wall St. scam.
great news by SIA. I am still holding 7814 SC coins
I am also mining bitcoins , ether and zcash at geneisi mining. I cannot afford the miners so I went for genesis mining. Is that really profitable? I also tried mining my pc using nice hash but it is not worth it. Can you suggest me some good ways to mine these coins?
great article, keep up the good posts.. love reading it