Is anybody can explain cryptcy.com bug:
I was on kriptsy order to purchase dogs for 0,000 000 55 btc
10.02 on the chart I see a spike down hi 0,000 002 22, low 0,000 000 10
Why is my order did not work?
thank you
Your order did not execute because you were not the first in the list.
The way exchanges work is that they order the incoming buy and sell offers:
- in value per coin
- in time of reception
So, say that someone has a buy order issued some time ago at 280 Satoshis for 500 Doge
and the market has moved down to 280 so all the 280 buy orders are being filled with the incoming sell orders and his order is now being filled.
Then someone (or a bot) issues a 100 Doge sell for 10 Satoshis.
The that sell offer will be matched with his buy for 280, so that seller might get 280 Satoshis for it.
However, if the sell offer comes first and then the buy offer of 280 is filled, then the buyer might be able to buy part of his order for 10 Satoshis, the other 400 Doge of his offer will be filled with other sell offers (probably at 280, his bidding price).
Since your buy offer of 55 is sitting way in the back of the queue, it got never filled by that small sell offer at ridiculous price.
Hope this is clear.
BTW, I have had the luck to send a buy of coins to the exchange, just after someone sent a lower sell offer, allowing me to save money in buying my coins at lower than I offered, but my offer was at the current trading price, so I was immediately first in queue.
