Cryptocurrency Daily Discussion - August 10, 2021 (GMT+0) |
- Daily Discussion - August 10, 2021 (GMT+0)
- Ted Cruz is offering the Cruz Amendment, to completely strike Crypto from the infrastructure Bill
- If you live in Alabama do not forget that today Senator Richard Shelby single-handedly killed the crypto industry in the US by blocking the infrastructure bill amendment. He has held this office for THIRTY-FOUR years, he is corrupt, VOTE HIM OUT.
- Mark Cuban says shutting off crypto 'growth engine' would be like banning e-commerce in 1995 as debate rages over infrastructure bill
- Can we punish this user already?
- 'Strike The Whole Damn Thing': Ted Cruz Calls For Crypto Rule Drop From Infrastructure Bill
- Senator who Blocked crucial Amendment for Dangerous Crypto Bill receives most of his Campaign Donations from Big Bankers, Who is Surprised?
- Take your protein pills and put your helmet on
- One day you’ll read this quote by Vitalik Buterin in history books
- Ted Cruz’s speech on cryptocurrency goes viral, accuses senators of ‘ignorance’ on issue
- Anyone interested in setting up a protest in NYC TONIGHT, to protest the crypto provision in the infrastructure bill? We need boots on the ground!
- The 'potential' second half of this bull market could be intense (10 reasons why)
- Bitcoin golden cross is coming in less than 10 days. Get ready for mother of all bull cycles
- Ted Cruz standing up for crypto!!!! (Yu know he holds Bitcoin)
- reminder that 99.9% of people on this sub have no idea what they’re talking about
- My brother-in-law thinks Bitcoin is a company. We are still very early.
- Only in crypto can you feel like a donkey after making 50% profit in ~3 weeks
- The Magic of NANO: Here is 420,420.6969 NANO ($1.9 million) Being Sent Back and Forth 30 times Instantly with 0 Fees.
- Effective Crypto Regulation takes Time and Caution: Should not be Rushed by 87 Years Old Senators who Never Heard of Crypto
- Charles Hoskinson is setting up a crypto rally to Washington DC. How will this turn out?
- The Crypto Time-Bomb is Finally About to Explode
- People of Alabama, please contact Senator Shelby!
- Ethereum just overtook Mastercard - A win for decentralization
- Truer words have never been spoken
- Amazon Has Job Opening For Crypocoin Expert. Will Cryptos Be on Amazon Soon ? And is Binance Smart-Chain (BNB & BEP20 tokens) being overlooked?
- A beginner's guide to limit orders, stop orders, and stop limit orders
| Daily Discussion - August 10, 2021 (GMT+0) Posted: 09 Aug 2021 05:00 PM PDT Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating. Disclaimer:Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here. Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams. Rules:
Useful Links:
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| Ted Cruz is offering the Cruz Amendment, to completely strike Crypto from the infrastructure Bill Posted: 09 Aug 2021 06:50 PM PDT It's interesting being on Ted Cruz's side, but he's really fighting for Crypto's future. He's now introduced this amendment and said he brought it up because he says there's not 5 senators who can even explain what crypto is… [link] [comments]  | ||
| Posted: 09 Aug 2021 11:51 PM PDT He is funded by banks. He is almost 90 years old. He has no clue what he is voting on, he voted against his own base, he is compromised, he is corrupt, he has single-handedly jeopardized a multi-trillion dollar industry. He has been in office so long he thinks he can do whatever he wants, do not let your Alabama friends and family vote this man back in for the 35th year in a row, do not forget his name. Senator Richard Shelby [link] [comments]  | ||
| Posted: 09 Aug 2021 07:25 AM PDT
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| Can we punish this user already? Posted: 09 Aug 2021 02:12 PM PDT This reddit user is an absolute moon whore. They have been caught posting low quality content multiple times. They make many comments a day and the only thing they contribute to the community is one-liners. They should be punished accordingly. [link] [comments]  | ||
| 'Strike The Whole Damn Thing': Ted Cruz Calls For Crypto Rule Drop From Infrastructure Bill Posted: 09 Aug 2021 06:19 PM PDT
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| Posted: 09 Aug 2021 04:33 PM PDT
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| Take your protein pills and put your helmet on Posted: 09 Aug 2021 10:42 PM PDT Hi im from El Salvador Here's another Salvadoran update on BTC law: Be prepared for lift off because in exactly one month El Salvador's "Bitcoin Law" will be effective. The Law was passed by the Legislative Assembly on June 8 giving Bitcoin the status of legal tender. Some informative points on the law:
My little El Salvador let's hope you make the grade… [link] [comments]  | ||
| One day you’ll read this quote by Vitalik Buterin in history books Posted: 09 Aug 2021 08:35 AM PDT "Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly." [link] [comments]  | ||
| Ted Cruz’s speech on cryptocurrency goes viral, accuses senators of ‘ignorance’ on issue Posted: 09 Aug 2021 11:30 PM PDT
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| Posted: 09 Aug 2021 05:56 AM PDT (See update at bottom) I think we should start a protest outside the NYSE building, at 11 Wall Street. If this post can get enough momentum then we can make it happen. This sub has more than enough Americans in it to have a huge ass protest that the media can't ignore. (It might be worth mentioning that I don't care about moons—I don't have my vault set up and don't plan on using them for anything.) We just need more than phone calls and emails if we want to make a difference. And we CAN make a difference. When Kratom was up for a federal ban, a much smaller number of people protested and were able to reverse the federal ban. If we push and are organized in our messaging, we CAN win! The alternative is frankly unthinkable. I've been working on a crypto project related to climate change and impact investing… and these reporting requirements will crush that dream before I can even get it off the ground. In fact, if this passes, I'll probably end up having to rescind my citizenship and move to a more crypto friendly jurisdiction to work on my project. And I'm not the only one who will do this. So… rather than let that happen I'm willing to whatever I can to prevent this from going through. And I'm thinking a physical protest at Wall Street could be a good play. We have a strong narrative here: Janet Yellen and her corrupt banking cronies are working the system to push this through. Any Senator that supports this hates the average crypto investor, wants to drive innovation abroad, and is probably in bed financially with the big banks. We can push that last point particularly hard. Make this issue completely toxic for these senators and make them start to second guess their positions at the CRITICAL hour. If we can get enough people willing to commit… then let's do it. I think it would have to be later TODAY, given how soon they are voting. Anyone else interested in setting this up? Edit: obviously this is a peaceful protest, and you should only attend if you are peaceful and are capable of remaining calm in protest situations. Edit 2: if you're not in the US and cannot physically attend, you can still help us promote the protest. All we need are for a few higher profile crypto people to get on board and do a few tweets… and then we can make this a real thing. Please reach out to crypto influencers on Twitter and ask them to support a impromptu peaceful protest targeting the crypto provision. I would do this myself, but I've been banned from Twitter. It doesn't need to be just NYC. Ideally we can get people in dc to organize an event as well. If we work TOGETHER we CAN overcome this! Edit #3: Thanks everyone for being awesome and supporting this on such short notice! I originally didn't include a time because I wasn't sure if the post would get enough traction to hold an actual event. But now it seems like we might be able to at least get a small crowd to protest, and anything is better than nothing. If you want to help but aren't in the US, you can still do so by promoting the demonstrations on Twitter. Use #YeetYellen and target crypto influencers so we can get them on board with promoting the event. Someone else here came up with #BLOCCUPYWALLSTREET which isn't half bad either. Here are the details: If you're in or near NYC, then show up outside the NYSE at 11 Wall Street at 6:30 pm, and depending on how things go, we'll stick around until 8:30 If you're in or near DC, then show up at the lawn facing the Washington Memorial (on 1st st NW) at 6:30, and plan on being there for around 2 hours One thing needs to be very clear: While it's more than likely I'll end up holding a silent one-man vigil… if we do manage to get any sort of numbers, we have to be very careful to monitor for plants and paid agitators. It would be very easy for Wall Street to coordinate with the media to paint any sort of protest like this as unruly or violent. If you see any bad behavior, such as violence or vandalism or even just people acting weirdly outrageous and trying to speak on behalf of the crowd, etc., take your phone out and start filming. If police come to make an arrest or intervene, let them do their job and don't interfere. If someone starts acting up, start filming and make sure to BOO the agitators LOUDLY, so that small clips cannot be taken out of context to portray the crowd in a negative light Update So here's what happened for everyone that's interested. I showed up at the NYSE at around 6:20 with a cardboard sign that read "Vote 4 Toomey-Warner-Loomis U.C." 6:30 comes around and it's still just me. So I wait patiently for digital allies to show up. Now granted… the NYSE area is a bit confusing and the building has two sides on it so people might have gotten tripped up on that. But there was one brave soul who showed up after seeing the post on Reddit. And to that person, I will be eternally grateful. I did manage to chat up the security guard at the NYSE for quite a bit of time and he was a pretty cool dude and seemed to agree that the new regulations were ridiculous. Whoever commented about the other random dude protesting at the NYSE was spot on… there was another guy there with a sign that read "This is a death cult", who claimed the be the originator of the occupy Wall Street movement. I tried to stay away from him but he seemed intent on making it a dueling-signs type situation… and eventually he started shouting and ranting about how bad cryptocurrency was and eventually I lost my cool and sort of cursed him out. He was provoking me… but I still feel bad about it, especially since he left right after. But it is what it is. I stayed there holding my sign until around 8:15. In truth, I wanted to leave when no one showed up, but since you all showed me so much love and support… and were with me in 'spirit'…I felt obligated to stay strong and hold the vigil. [link] [comments]  | ||
| The 'potential' second half of this bull market could be intense (10 reasons why) Posted: 09 Aug 2021 09:53 AM PDT *I am changing the headline and making it clear that I am speculating so that my post doesn't get deleted again. Please don't delete my post as I put a lot of effort into it and I am sourcing everything, thank you :) Could it be that all along we have been in a mid-cycle price correction?It never really felt like we were entering a bear market and that it was the end of the bull run. Here are 10 important reasons why I believe we could be on the cusp of entering a potential second half of this bull run.
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| Bitcoin golden cross is coming in less than 10 days. Get ready for mother of all bull cycles Posted: 09 Aug 2021 04:12 AM PDT On June 19, Bitcoin made a death cross which is the 50 day short term moving average crossing below 200 day long term moving average. On July 25, the price started trending up and crossed above 50 day moving average and today it crossed the 200 day moving average as well. The 50 day moving average has started trending back up. If price keeps rising at this rate then it will cross back above 200 day average. This is called a golden cross and it could be happen in 1 week to 10 days time. Golden cross is one of the strongest signs of a new bull cycle. When it happens so soon after death cross, it shows the bulls were just taking a little break and now they're back in business. A face melting pump is on the way. It will make 2013 and 2017 bull cycles seem like nothing. [link] [comments]  | ||
| Ted Cruz standing up for crypto!!!! (Yu know he holds Bitcoin) Posted: 09 Aug 2021 07:36 PM PDT
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| reminder that 99.9% of people on this sub have no idea what they’re talking about Posted: 09 Aug 2021 11:46 AM PDT after seeing a post saying something about a "golden cross" that signals a bull run incoming get 80+ awards and 3.5k upvotes without them even showing it on a chart, i figured a reminder that people here don't know shit about fuck is necessary. don't invest more than you can afford to lose, DYOR, be skeptical, and remember that crypto is unpredictable and extremely volatile. no one can tell you what's going to happen to the price. this sub can feel like an echo chamber, especially when the market is green. learn to recognize confirmation bias and stay away from it. [link] [comments]  | ||
| My brother-in-law thinks Bitcoin is a company. We are still very early. Posted: 09 Aug 2021 06:46 PM PDT Fuck this guy for marring my sister. However, I feel optimistic for whoever reads this, we are still considered early adopters. This guy is all about absolutes. "I don't invest in things that don't have a product or CEO." If other idiots like him finally understand the crypto market, we will all be millionaires. He is the type of guy who goes all in. (Not just inside my sister.) Looking forward to having "fuck you" money so I can be younger and more rich than him. [link] [comments]  | ||
| Only in crypto can you feel like a donkey after making 50% profit in ~3 weeks Posted: 10 Aug 2021 02:48 AM PDT I bought the recent dip at its bottom. I bought mainly Eth and ION and the coins rallied 50% and 143% reapectively, I took profit like the responsible adult I am at 2550 & 3100 with Eth, and at 1850 with ION (bought at 1k) They continued to rally and even though I feel I did the right thing it still feels like a dumb move haha gotta love crypto [link] [comments]  | ||
| Posted: 09 Aug 2021 09:52 AM PDT
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| Posted: 09 Aug 2021 10:17 PM PDT
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| Charles Hoskinson is setting up a crypto rally to Washington DC. How will this turn out? Posted: 09 Aug 2021 04:11 PM PDT Charles Hoskinson on Twitter:
Has there been any rally for or against crypto before? Will this turn out like ADA smart contracts? [link] [comments]  | ||
| The Crypto Time-Bomb is Finally About to Explode Posted: 10 Aug 2021 03:10 AM PDT By now, it's more or less an open secret that the good folks at Tether Limited are crooks who have fraudulently pumped the cryptocurrency market in order to enrich themselves and their co-conspirators. While virtually everyone knows Tether is a fraud, crypto enthusiasts are known to do some serious mental backflips to imagine that their investments are safe and sound. A classic crypto fallacy is that history repeats itself precisely; what happened in 2017 is a perfect model to predict what will happen in 2021, and Tether never imploding before means it will never ever implode in the future. People have been saying Tether is a fraud for years and nothing has changed— so why should we care? If my number goes up, why should I care what's causing it to go up? Well, it seems like we are finally approaching the end of Tether and, with it, the end of the lawless childhood of cryptocurrency in general. 1.Wall Street reacted with surprise that Tether supposedly had $30 billion of commercial paper in reserve, making it the 7th largest holder of commercial paper in the world. If they are a top ten holder of commercial paper globally — how has no one in the commercial paper market ever traded with them? (Answer here) 2.After months of printing aggressively, Tether ceased printing their unbacked Tethers on June 11th, dashing any hopes that the market might resume its bull run. Circle's USDC kept their printers working overtime, which reinforces the notion that Tether and other stablecoins aren't issued to meet legitimate demand (their growth trends would be similar over time) and also adds another layer to the Coinbase-Tether connection I explored here. 3.The long-time Tether-supporter and the world's largest crypto exchange, Binance, faced a cascade of regulatory action that saw them banned from the UK, the Cayman Islands, Thailand, Japan, Malaysia, and Ontario. Their previous legal status in the UK had been facilitated by an elaborate scheme. Take that with the quiet disappearance of their U.S. CEO, a money laundering investigation by the Justice Department and IRS, widespread withdrawal issues (which suggest liquidity issues), and the fact that their fearless leader CZ admits to running the whole company from ever-changing hotel rooms, and things look very unstable in Binance land. 4.Further rumors emerged that members of Tether staff and executives are a complete fabrication, and the $62 billion company is run almost entirely from CTO Paolo Ardoino's laptop. 5.Treasury Secretary Janet Yellen announced that stablecoin regulation would be a regulatory priority moving forward. 6.Tether CTO Paolo Ardoino appeared on a CNBC live stream alongside his lawyer Stuart Hoegner (the non-existent CEO doesn't do publicity, and it's always best to have your lawyer present when you're trying to do PR for a criminal enterprise.) Paolo was visibly nervous and experienced technical issues that some suspected were a means of temporarily escaping the interview. Answers were consistently evasive, even as the two repeatedly emphasized that they are industry leaders in transparency. The top comment on the Youtube live stream says: 'Transparency' so thick you can't see through it. 7.On Sunday, July 25th, a fake news rumor claimed that Amazon was exploring bitcoin payments and planning to release their cryptocurrency. The market pumped. Bloomberg reported almost simultaneously that Tether is being investigated by the Department of Justice for bank fraud. 8.On Monday afternoon, Amazon predictably announced that the rumors of their interest in crypto were entirely false (Was the story planted specifically to combat the negative sentiment of the Bloomberg article? Your guess is as good as mine). Tether, meanwhile, made a statement calling the Bloomberg report "stale claims." They wrote that they "routinely [have] open dialogue with law enforcement agencies, including the U.S. Department of Justice, as part of our commitment to cooperation, transparency, and accountability." Oh, you know, nothing abnormal here. Federal criminal investigators love to drop in on companies to chit chat and keep in touch. 9.Bloomberg reported (Tuesday, July 27th) that in closed-door meetings with financial regulators, Treasury Secretary Yellen "was particularly concerned about Tether's claims that it holds massive amounts of commercial paper." Also per Bloomberg: "Acting Comptroller of the Currency Michael Hsu said regulators are scrutinizing Tether's stockpile of commercial paper to see whether it fulfills the company's pledge that each token is backed by the equivalent of one U.S. dollar." To summarize: Tether has fraudulently printed $62 billion of ostensibly dollar-backed tokens that were never actually backed by dollars. They loan these tokens to cryptocurrency exchanges. On receiving these massive loans of Tether, the exchanges give Tether Limited an IOU. Tether Limited claims that commercial paper is backing USDT, but they are deliberately evasive about how they acquired it and what companies have financial obligations to them. If their commercial paper consists of the IOUs being given by the crypto exchanges, then it is worthless as a backing to USDT, since those exchanges have no significant USD liquidity to underwrite the enormous USDT liquidity. The fact that no one on Wall Street has traded commercial paper with Tether Limited lends more credence to this concern, and if financial regulators are about to investigate the basis of Tether's commercial paper, then the scam is primed to blow wide open shortly. Whether the commercial paper is coming from crypto exchanges (as I believe) or from Chinese companies (as others have suggested), an investigation into the source may spell curtains for Tether and the entire crypto market. Tether's long-time compatriot Binance, which is the financial leader of the crypto space, is also seemingly on the verge of collapse. They are being banned by an increasing number of countries, they are being investigated for financial crimes, and their corporate infrastructure is being gradually exposed as a lot of smoke and mirrors. When Binance goes — and they might go soon — crypto prices will plunge along with them. Long story short, it's an extremely risky moment to have your finances tied up in cryptocurrency, and if you happen to have your crypto stored on an exchange like Binance you are putting yourself doubly at risk. Both of these companies are on the ropes, and if either one implodes, the crypto market will undergo a devastating flash crash. But it isn't just a concern that your crypto will lose value. If things go south, it's highly unlikely that you will be able to pull your crypto or fiat out of an imploding crypto exchange, so you could lose every penny that isn't in your own direct possession. To me, the risks outweigh the potential for reward, and I won't be touching crypto again until the bomb has exploded and the dust has settled. [link] [comments]  | ||
| People of Alabama, please contact Senator Shelby! Posted: 09 Aug 2021 02:03 PM PDT Richard Shelby, the Senator from Alabama who will retire after this term, just dropped a bomb on the cryptocurrency space because he wanted some extra funds for the US military. People of Alabama, you have until tomorrow morning to change his mind. Call his office ASAP. He is the only one standing in the way. [link] [comments]  | ||
| Ethereum just overtook Mastercard - A win for decentralization Posted: 10 Aug 2021 02:45 AM PDT Ethereum's marketcap is now 6 billion bigger than the $362.7 Billion mcap of Mastercard. A decentralized payments giant now worth more than a centralized one. This is a big win for decentralization and the entire adoption of the crypto industry source : https://assetdash.com/ [link] [comments]  | ||
| Truer words have never been spoken Posted: 09 Aug 2021 08:32 PM PDT Saw this tweet by Mike Novogratz tonight and it's something that seriously needs to be implemented in my opinion It's time we propose a bill to get all people over 80 out of Congress. We force people out of the military at 62. Serving beyond ones time is a sheer act of narcissism. The world is changing too fast to have a collection of 70-80 year olds making all the important decisions. The top comment by one of his followers Anyone who is complaining about Mike's post, do you want an 80 year surgeon operating on you, an 80 year policeman protecting you, an 80 year old bus driver taking your kids to school? Probably not, so why have an 80 year old running the country [link] [comments]  | ||
| Posted: 09 Aug 2021 01:13 PM PDT
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| A beginner's guide to limit orders, stop orders, and stop limit orders Posted: 09 Aug 2021 06:06 PM PDT Ok, so there are limit orders, stop orders, and stop-limit orders. The third one combines the concepts of the first two. Let's start with a sell limit order. Perhaps you hold a bunch of some asset currently at $1. You decide that if it hits $1.50, you want to sell. So you make a limit sell order. This is simply an order that will be automatically triggered at the first opportunity to sell at or above the limit price you chose, $1.50. It will only fill if you can get a price equal to or better than the limit price. You're basically publishing an offer to the world, saying "if ever anyone wants to buy at $1.50 or higher, I am down, and my computer will automatically do the trade with you". But imagine you also want to automatically sell if it gets to $0.50 or lower, because you believe that would indicate free fall and you'd want to just cut your losses. A sell limit order wouldn't work here, because a limit order is triggered so long as it can be filled at the limit price or better. So, if you set a sell limit for $0.50 while the price is currently $1.00, it would be instantly triggered and your position would be sold at $1.00, because $1.00 satisfies the condition of being equal to or better than the $0.50 limit price. So, this doesn't do what you want. That's were stop orders (aka stop-losses) come in. A stop order will trigger a sell at the best available market price once the stop price has been reached. So, if you set the stop price to $0.50, then once the market price passes below that threshold, your position will be sold at the best available market price in that moment (which will usually be very very close to the stop price you set). So, here is the difference between a limit order and a stop order: in a limit order, the limit price is just a threshold above which you will accept a trade and below which you will not. It's basically like an open offer to sell at some price. With a stop order, the stop price is not a threshold below which you will accept a trade. Instead, it is a trigger: once the market price passes your stop price, then your position will be sold instantly to the highest bidder in that moment. Now, this means that usually your position will be sold basically right at the stop price (or very close, like $0.4998), because if your position is being sold to the highest bidder the moment the price touches your stop price, the highest bidder will basically be buying at the stop price. However, there are exceptions. For example, in the stock market, there is after-hours trading when you can't trade, but special people can. Now, imagine the day closes with the price at $0.55, and your stop price is $0.50. During after hours, a bunch of whales dump the stock, and by open tomorrow morning, it is at $0.20. Your stop loss will be instantly triggered and you will sell at $0.20, not $0.50 like you wanted. This is because the triggering event of the market price passing your stop price happened (during after hours), so the position was sold at the earliest possible time at the highest available price, which happened to be at market open the next day at $0.20. Another example is this: imagine a gigantic whale decides to sell an absurd amount of your crypto just a tiny bit above your stop loss price, at like $0.501. This triggers a massive selloff and the price drops off a cliff. It therefore drops past your stop price, so automatically you get in line to sell at the highest available price. But the demand to buy at $0.50 has already come and gone, and there aren't enough buyers to keep up with the sellers, so by the time your transaction actually gets filled, it ends up being at $0.45, not $0.50. This is called price slippage, by the way. A third example: imagine your exchange goes down for 10 minutes when the price is at $0.52, but once it comes back 10 minutes later, the price is at $0.25, since other exchanges were running during those 10 minutes. Now your stop order will be filled at $0.25. Not ideal. This finally brings us to the stop limit. The stop limit combines both limit orders and stop losses. They require that you specify two prices: the stop price, and the limit price. If the market price passes the stop price, that triggers the creation of a limit order with the limit price you specified. Let's consider a couple cases where you might want to use this. Let's say, like before, you believe if the price gets as low as $0.50, then that signals that you need to exit. However, you are definitely not willing to sell below $0.30. You would rather just hold and hope it recovers one day than sell that low. So, you make a stop limit order where the stop price is $0.50 and the limit price is $0.30. The moment the price gets as low as $0.50, the stop will be triggered, which will then create a limit order whose limit price is $0.30. So, the stop price is the trigger to decide you want to make a sell offer, and the limit price is the lowest you are willing to sell for once the stop trigger actually happens. 99% of the time, this stop limit order will mean you end up selling basically right at $0.50, just like the stop order we talked about earlier. Once the stop price is passed, your limit order will be created for $0.30, which will immediately be filled at like $0.499, because that is the current price, and it satisfies the condition of the limit order, which is to sell at or above the limit price of $0.30. However, in the off-chance that your stop price is triggered at $0.50, but the price then somehow teleports down to $0.25 (after hours trading, price slippage, or your exchange going down) then your position would not be sold, because the price is below the limit price you set. If the price eventually recovered to $0.30, your position would then be sold at that price, if you hadn't cancelled it by then. Another use case would be this. Say, once again, you believe that if the price drops below $0.50, that is a red flag that you should exit your position. However, you believe that if it does get that low, there is a very good chance that there will be a dead cat bounce (where something makes a short-lived partial recovery while it is in its death throes). You bet that, if this coin gets as low as $0.50, it will briefly make it back up to $0.70 before crashing fully and dying. So, you make a stop limit order with $0.50 stop price, and a $0.70 limit price. If ever the price gets as low as $0.50, you will now automatically publish an offer to sell at $0.70 (ie: a limit order with $0.70 limit price will be created). If the price now rebounds up to $0.70 like you thought it would, your order will be filled and you will sell at $0.70. If it doesn't end up rebounding that high, your order won't be filled, and you'll end up holding. It's like saying "I believe if we go as low as $0.50, that's a good indication we are crashing hard, so I will try to exit at $0.70 shortly thereafter during a bounce, but if I can't get that good of a deal, I guess I'll just hold and hold and hope it recovers one day". So, in summary: A limit order is an open offer to sell at a certain price or better that you publish to the market. A stop order is a trigger threshold, which, if passed, means your position will be sold ASAP at current market price. A stop limit order is a trigger threshold, which, if passed, creates a limit order. Finally, I want to note that all these examples have to do with selling, but these types of orders exist for buying as well. It works the same way, but everything is flipped. For example, if you want to buy a coin, but only if it dips below $0.25 so that it's affordable to you, then you would make a limit buy order with $0.25 as the limit price, and you would automatically buy that position if ever someone is willing to sell at that price (ie: the market price dips that low). I hope this helps somebody! [link] [comments]  |
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