Gatehub Dissappearing Liquidity

[ntma]

Hi all,

This is just a warning for all traders using Gatehub as it seems they are faking liquidity and attempting to front run mis-typed orders

https://charts.ripple.com/#/transactions/385CD3D3F7220E4569612CE2F90DB0CE1CE6ED30987F0565F20C060368CEE50D

I placed a bid in the ETC/ETH pair at .68, which was an error on my part, where I left out a zero. The order should have been for .068.

My error, I can deal with my mistake. Where I need some clarity on, is where the liquidity went? I paid over 100% of the last price on a $400 USD order. I am the 24 hour high on a TINY order.

There was offers all up throughout .07 and above, how come I was filled at an average price of .14? Is Gatehub purposely faking liquidity and attempting to gain advantage over mistakes?

Edited May 8, 2017 by ntma

[Closingbell2012]

13 minutes ago, ntma said:

Hi all,

This is just a warning for all traders using Gatehub as it seems they are faking liquidity and attempting to front run mis-typed orders

https://charts.ripple.com/#/transactions/385CD3D3F7220E4569612CE2F90DB0CE1CE6ED30987F0565F20C060368CEE50D

I placed a bid in the ETC/ETH pair at .68, which was an error on my part, where I left out a zero. The order should have been for .068.

My error, I can deal with my mistake. Where I need some clarity on, is where the liquidity went? I paid over 100% of the last price on a $400 USD order. I am the 24 hour high on a TINY order.

There was offers all up throughout .07 and above, how come I was filled at an average price of .14? Is Gatehub purposely faking liquidity and attempting to gain advantage over mistakes?

Probably their market makers faking the liquidity.

[toobhunter]

Regardless, Gatehub desperately needs more liquidity if they want people to use the exchange.  their servers crashed today from what they described as high traffic.  yet, liquidity remains super low so....

 

[ntma]

6 minutes ago, Closingbell2012 said:

Probably their market makers faking the liquidity.

Absolutely. Doesn't look good on them.

[Guest]

4 minutes ago, toobhunter said:

Regardless, Gatehub desperately needs more liquidity if they want people to use the exchange.  their servers crashed today from what they described as high traffic.  yet, liquidity remains super low so....

 

i was also disappointed by this -- they knew volume was coming, and they handle far less than say, poloniex, yet they were down at an utterly critical time for many 

[toobhunter]

4 minutes ago, zerpdigger said:

i was also disappointed by this -- they knew volume was coming, and they handle far less than say, poloniex, yet they were down at an utterly critical time for many 

i was extremely ****** off.  i tried attempted to sell as soon as the dump commenced and I couldn't.  cost me substantial money.  unacceptable for a gateway.

[pftq]

I never really understood the point of exchanges for Ripple that actually handle your trades and make themselves a central point of failure for overloading + liquidity needing to be in their exchanges.  You're better off just using a hosted or desktop wallet to connect to Ripple's ledger directly and trade across all the Gateways.  The whole premise of Ripple (and Blockchain in general) is that anyone can connect to RCL and trade on the ledger itself, which means no site to overload or result in downtime (unless the chain itself slowed down, which if that happens we have bigger problems).  Plus the last thing you want to do is get stuck only trading Gatehub USD for XRP when all the bids/asks are stacked on Bitstamp USD or whatever other gateway becomes more popular in the future.

Edited May 8, 2017 by pftq

[Eik]

I am not sure if you can fake liquidity anymore on RCL.

Doesn't look like your order has been front run either.

It does look like a pair with very low liquidity. Currently the 0.1424 order is still there. Are you sure the orders you saw until 0.07 were significant?

[ntma]

4 minutes ago, toobhunter said:

i was extremely ****** off.  i tried attempted to sell as soon as the dump commenced and I couldn't.  cost me substantial money.  unacceptable for a gateway.

I mean, I can understand heavy strain because of traffic etc. The amount of trades is astounding, it doesn't really show any malice or ill intent by Gatehub necessarily.

The faking of liquidity and averaging price over 100% of 24 hour price range does paint a different picture though.

[toobhunter]

3 minutes ago, ntma said:

I mean, I can understand heavy strain because of traffic etc. The amount of trades is astounding, it doesn't really show any malice or ill intent by Gatehub necessarily.

The faking of liquidity and averaging price over 100% of 24 hour price range does paint a different picture though.

if the strain is due to heavy traffic, then where is the liquidity???

[ntma]

5 minutes ago, Eik said:

I am not sure if you can fake liquidity anymore on RCL.

Doesn't look like your order has been front run either.

It does look like a pair with very low liquidity. Currently the 0.1424 order is still there. Are you sure the orders you saw until 0.07 were significant?

Significant to what degree? 5 ETH at $90 is $450. I'm not sure a $450 value order should move a pair over 100%.

Does the transaction hash show any fills at any .07xxxx prices or anything between .068 and .14? 

There were definitely offers at .07 and higher.

[svx_420]

Honestly, I thought the problems yesterday with Poloneix and Kraken were due to the fact that they are exchanges and the clear advantage of gatehub is that it servers as a ripple xrp locker safe with actual xrp's traceable /viewable on the public ledger. But even they seem to suffering sever problems... 

 

how can I ensure that my XRP's are truly safe from all this uncertainty in the past few days? I'de love cold wallet , but then if you lose the secret key , you're fu**ed !!

 

 

 

 

[Eik]

14 minutes ago, ntma said:

Significant to what degree? 5 ETH at $90 is $450. I'm not sure a $450 value order should move a pair over 100%.

Does the transaction hash show any fills at any .07xxxx prices or anything between .068 and .14? 

There were definitely offers at .07 and higher.

Around 30 ETC was exchanged for 210 ETH (0.14 ECT/ETH)

and 0.045 ETC was exchanged for 20XRP,  which can very well be the exchange rate you saw.

[ntma]

Just now, Eik said:

Around 30 ETC was exchanged for 210 ETH (0.14 ECT/ETH)

and 0.045 ETC was exchanged for 20XRP,  which can very well be the exchange rate you saw.

So where'd everyone go right as I put in my order?

Didn't want to sell anymore? Gotcha.

[Mercury]

Liquidity demands orders on both sides of the books, increasing orders adds depth. In a strong period on unidirectional traffic (acquiring in this case) one side of the book becomes dominate and consumes liquidity. Add in a strong holding base and culture and you have increasing bids with no asks and you get decreasing liquidity.