Ethereum Fail, Stirs More Media Hype Against Crypto
Lately I have not been much for trading, here as a long time investor so spend most my energy blogging and mining in some Steem Power for the long haul. So I haven't really had much time to really care much about what happened to Ethereum but through friends with some losses I decided the last couple of hours to dig into this mess that happened with yesterdays "FLASH-CRASH".
It appears that Wednesday, June 22, 2017 around 3-4pm someone put in a tall order to sell Ethereum in the multi plus milllions and thus created an issue due to not enough buy orders. This then caused a chain reaction of events, a traders worst nightmare where the price went from #317, down to around $224 in a split second. As traders tend to do they sometimes freak out and trade emotionally so upon seeing the major dip the liquidity in the coin failed and down it went to $0.10 a share. For all involved it quickly recovered luckily but quite a few people did take some huge losses in this split second "FLASH-CRASH" that most rarely see.
Media on the Warpath
As the mainstream media does with crypto they are quick to key on the volatility of crypto markets, putting their two cents in everywhere what a fail our system is. I had no clue how many of them out there are ready to pounce but with a little research I did for this article its quite clear this Eth fail was what these types have been dying to see happen. A lot of downplaying the crypto space has begun, calling our exchanges unprofessional and no place for anyone to risk their funds. I am sorry but its all a bunch of noise and hogwash to me, a crypto trading I shall still do.
This is yesterday's Ethereum "FLASH-CRASH"
Ethereum is not my favorite coin. I know you guys probably love it to death due to the nature of profit taking. I get the tech is good but I have been screaming for months to anyone that holds Eth to be careful because JP Morgan is on it and they love crashing stuff. No one knows who crashed this sell off issue but I will say I have my suspicions...bankers...conspiracy maybe but I still don't trust anyone tied to the central banking system and JP my friends is raping Eth from inside, trust me I dug into this, its common knowledge their interests there.
With that said, its not that though, its the way the trading game is set up all around and these things can happen to the best of the cryptos out there. See Eth, I am trying my ass off here to give you a bone. I am here for a movement to get rid of the central banks so I am not one to feed back the machine so I avoid banker backed coins with a huge passion, money isn't everything though to me...so forgive Eth buyers, I get it...there is profits for you there.
OMEGA ONE TO THE RESCUE
There is a coming fix or possible solution though to this madness. A little hope in the form of a platform called "OMEGA ONE". Omega One is a trading protocol is mediated through a crypto token. A traders stabilizer and buffer for the volatility of the crypto trading markets. This platform should be released sometime before the end of 2017 and there seems to be a lot of hope that this could very well be what the doctor ordered for the ups and downs with our current way of exchanging.
The concept is actually not that complicated. Omega One tokens will be used to pay transaction fees, get fee discounts, and trade on preferred terms in a private dark pool. Fees will be reinvested into increasing liquidity access, upgrading trading intelligence, and increasing decentralization. Basically seriously decentralizing even more the kind of platforms we currently have but backed by a support system to give users more safety net like liquidity in their preferred markets.
LIKING THE SOUND OF OMEGA ONE ALREADY? WAIT THERE IS MORE!!
Omega One will be a utility for the crypto markets, making trading cheaper, increasing overall liquidity and enabling further market evolution. Their concept is to seriously encourage a more stable environment, to help the cause we need to show the outside world how great the crypto space truly is. I have a feeling this will be a huge evolution within the revolution to come.
If another situation like yesterday happened, where someone wanted to sell off millions at once, instead of one sale placement, Omega One would disperse this into multi sell orders which should created a more stable sell off. If we had such a thing yesterday, you would have never noticed a "FLASH CRASH" just a bump and move on in or charts.
Here is their official site for Omega One and they have a whitepaper for this on the site:
https://omega.one/
I am down for anyone that tries to bring a touch of stability, and low fees!!
What happened yesterday is probably not the fault of Eth, I have my reservations about their dealings but overall as far as the dev and the community supporting ETH everything appears fine. But we do need to watch those big time bankers, they have a ton of power and hate inside for cryptocurrency so I suspect more attempts to crash coins on the horizon. I would welcome any platform that can try to use technology to protect users in this area, it might be hard to do but its good to see startups like Omega One trying to make a difference in that much needed area.
