>He can’t wrap his mind around why orders for 13,076.389 Tethers keep popping up on Kraken. “No human would enter that order,” he said. “It doesn’t make sense.”
I'm a small time automated trader, and I've made many thousands of orders that extend out to 5 or more decimal places. There's nothing unusual about this to me. My code will take a single uneven dollar amount and make X equal trades out of it. Every few days I add an uneven amount of profit back into the original amount and then I'm trading a new 5+ decimal place dollar amount.
>On May 9, eight sell trades for 13,076.389 Tethers each occurred in succession over 16 seconds, yet Tether’s price was unchanged at 0.999. The next trade—for just 75 Tethers—pushed the price up 0.0001.
Is this not just the bid-ask spread? Of course sell trades and buy trades execute at different prices, that's how a limit order book works.
The concern around Tether may well be justified, but some of the things I've seen presented as evidence suggest a lack of understanding about what normal exchange activity can look like.
I'm a small time automated trader, and I've made many thousands of orders that extend out to 5 or more decimal places. There's nothing unusual about this to me. My code will take a single uneven dollar amount and make X equal trades out of it. Every few days I add an uneven amount of profit back into the original amount and then I'm trading a new 5+ decimal place dollar amount.
>On May 9, eight sell trades for 13,076.389 Tethers each occurred in succession over 16 seconds, yet Tether’s price was unchanged at 0.999. The next trade—for just 75 Tethers—pushed the price up 0.0001.
Is this not just the bid-ask spread? Of course sell trades and buy trades execute at different prices, that's how a limit order book works.
The concern around Tether may well be justified, but some of the things I've seen presented as evidence suggest a lack of understanding about what normal exchange activity can look like.