My stupidity for inexperienced - Good Bye Nash

Thanks, it’s a good idea.

I will wait for someone from the team view this post and it can help, especially because as you can see above, if you go right now and see the sales orders, there are large orders at adequate prices, so for this reason anyone can decide execute a market order and have the same situation.

Thanks for your support.

Don’t wait. Contact the support now (with the link to this topic).

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I’m not ok with this idea.
Nash is Fintech company not an insurrance (“charity”) company.
moreever its not a bugs/hack. We are going out of context

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I agree. It’s totally up to the people who want to return the money. Every mistake has a price. They can’t force anybody to return the money. For me personally I would not even bother to create a topic here. I’d just call myself stupid idiot and learn the lesson the hard way.

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Going to post this as the most likely explanation as to what happened. Credit to @CryptoUK1 for highlighting this.

Below is a 53 second clip showing multiple instances of liquidity vanishing with the lowest sell order being at 745 USDC.
It is likely that @NEXBTCNEX placed an order at the exact second that liquidity vanished resulting in his order filling at such a bad price.

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OMG, that was obvious from the start. Look at the date of my post about this issue: "Nash Exchange Trade Volume" & "Volume by Market Pair" discussion

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Story and claim aside. This order is a sad fact.
We fail to make an 800 USD order without delivering insane slippage. After hearing things like “best price program” in the quarterly event, I would not expect this was even possible. Hope Nash can refund victim(s) and disable all market-orders on markets which cannot provide a constant minimum liquidity at fair market price.

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@kazanchev What’s your point? Do you want a gold star for being first?

Consider this: a user with little trading experience, used to placing market orders and getting filled. He sees an order book with plenty of orders at reasonable prices. He places a market order for a small amount like he has always done, and instead of getting filled, liquidity vanishes in an instant leaving him out of luck.

Quite a few people have been keen to accuse him of incompetence or scamming. Imo he is neither. I am posting this to highlight the issue to these people.

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My point is Nash has been lacking liquidity from the start. And I agree That it’s just his mistake to use market order on Nash right now. On the other hand it could have been a deliberate act to discredit Nash for only $500.

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Hi @NEXBTCNEX this is a usual issue with market orders in all markets and depends on time and size. I saw on the thread some examples of markets in Binance, this week I saw this print bellow from Coinbase (42000 BTC for $0.18 each).

The best way to buy and sell any asset is issuing a limit order, if you want it with urgency you can always declare a maximum slippage, what this means in practice:

Let’s say ETH is $170 and I will only tolerate up to $168
I would than place a limit order selling at $168.

You can place limit orders bellow the current market price, it will than walk the book just like a market order up to the limit price, so you would sell from $170 up to $168 and than seat in the book with the remainder. Other market players would than see the imbalance ($2 from market) and redirect orders to take your position. This is for example in a simplified form how the basic exchange worked, it would place orders 0.75% (called 75 base points) away from the microprice (the price in the middle of the buy and sell weighted by the size of each).

I will see if we can add some kind of slippage control to market orders so this doesn’t happen in Nash.

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I understand, I just trusted the big sell orders that were displayed at the time, I didn’t think they could be fake or bot, I believed the liquidity of almost 100 ETH was real.

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The liquidity is real and there isn’t fake orders - the orders must be sitting in the book when your order is placed. That is exactly what a limit order guarantee, that you order will wait at that price level.

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I just want you to understand that I wanted to operate in Nash, that’s why I brought the USDC, what happened is frustrating and sad, at another time I could lose that amount of money, today I am devastated, that’s why I was in USDC and not in another currency, it was a reservation.

I wish you much success, thank you for your responses.

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I understand the frustration, it seems the community is ready to help you - I would just let then help, that is how the community gets stronger.

My explanation was needed mainly because lots of replies imply that one must use a market order for immediate execution and that is wrong. One can just issue a taker limit order like I mentioned in my example above. I don’t want to make this more complex but if you really don’t want anything seating in the books there is the options of time in force (TIF) to fulfill that.

Some simplified trading apps like Robinhood implement market orders using limit orders with immediate or cancel TIF and 50bps gain. That is an alternative for user protection we might explore, but that is already possible using the limit order type (since we offer TIF selection), so we decided to offer real market orders.

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Thanks Fabio, please we want to see those BTC pairs soon!

I will leave my NEO address here accepting your recommendation.

removed

Thank you very much, have an excellent week and take good care of yourself.

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Have you contacted support?

I just sent you 1 NEO to start helping you. Hoping that with me, 100 other people can make the same donation and help you. Hoping to also give you a smile.

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i sent you 20NEX, as @OmarMarchet said if 100 people send a little amount each, you will get your money back :slightly_smiling_face:

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Thank you, it really is a day full of emotions, ups and downs, but seeing this is something incredible, thank you very much. I want you to receive 100 times what you give.

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Thank you, really thank you very much.

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