Exchange Gone Bad

Hello all. Today I accidentally traded of 5999.40000 NXT over at BTER.com for 5.4000 XCP at a price of 0.0090009 XCP. Yes, I was taken by someone fishing for a minnow and I bit. 1111.00000 per XCP. I contacted them within the hour of the mistake but understandably expect a too bad you're dumb response. Unfortunately I thought that I would be able to trade my NXT for XCP for roughly the value you would find on a site like coingecko.com. Is there a snowballs chance in hell at a reversal and on a philosophical tip what do you think of exchanges allowing a user to post a sale so absurdly over the coins average trade value? Even though that's chump change to most of you, I basically lit my portfolio on fire. Staying positive today thinking about the REAL value of currency to my life. Hopefully they can do something for me after their security breach because I'm thinking this to be my exit of the crypto world, and because of a user error at that…

I'm sorry for your loss. I think the chances are next to nil for you to see this trade reversed. Really you'd have to appeal to whoever took the other end of the trade but I think your chances here are less even than someone who pays too big a fee on the Bitcoin network By my estimation you lost about 0.4 btc on the trade so though it hurts, you can consider that a relatively cheap lesson. I've watched people with crossing orders obliterate $5k repeatedly buying and selling the same coins on an effectively static market. Best of luck to you, hopefully the person on the other end reads your appeal and PMs you or something.

[quote author=weex link=topic=573.msg3338#msg3338 date=1410060863]
By my estimation you lost about 0.4 btc on the trade so though it hurts, you can consider that a relatively cheap lesson.
[/quote]


Exactly. It happened to me as well (a larger amount, but not in trading - the exchange went bust). No big deal, move on…


And chances of the exchange giving him money that they (the exchange) didn't get are 0.


Sometimes people call that "refund" although that has nothing to do with refund. The tokens went to the buyer, not to the exchange.


Even funnier is when people expect/hope that the exchange could invalidate a transaction and yet use cryptocurrencies because they like the fact that transactions cannot be invalidated.

Yeah I figured as much. I am displeased with the ability to post such a ridiculously gross percentage over the coins "avg" price. I personally told them I am done using their service because the layout is confusing and allowing cons to fish like that isnt a market I'll be doing business with. Any possible way to find the account # and reach out, not that a person pulling stunts like this would even respond with anything but QQ.

If the buyer withdrew all the coins soon after the trade, you may be able to pick out that transaction from the normal flow of coins. Then, you'd have one more piece of information but still not enough to contact the buyer unless they posted that address publicly.

On most exchanges you can click on a buy order to see the price and amount that would fill any orders down to that one. I think that's a safer way to trade than to use a market order or to type in your own sell price. Either way, you'll want to double/triple check your order before you post it. All sales are final (unless they don't get filled completely).

Edit: Also, I don't know the market but it's possible they created that order a long time ago when it was more reasonable. Still, liquidity has to start somewhere and some do make a strategy of trying to buy ultra-cheap. There is risk with that strategy though as we have seen, sometimes exchanges get hacked or shut down and take the funds used to place the order with them.

[quote author=DevinTheDude link=topic=573.msg3347#msg3347 date=1410177406]
Yeah I figured as much. I am displeased with the ability to post such a ridiculously gross percentage over the coins "avg" price. I personally told them I am done using their service because the layout is confusing and allowing cons to fish like that isnt a market I'll be doing business with. Any possible way to find the account # and reach out, not that a person pulling stunts like this would even respond with anything but QQ.
[/quote]


I didn't even know it's possible to sell NXT for XCP. 
Since they do it that way, it may be that they have an intermediate address (or addresses) which may or may not aggregate these trades in some bizarre ways, so you may not be able to find the exact transaction (it may have been blended with other transactions).
If the transaction wasn't aggregated with other transactions (highly likely, I think, since it's XCP/NXT), you may be able to find several possible suspects (or even the transaction itself), but then what?  You don't know who owns those addresses and how to contact them (as far as BTC/XCP addresses are concerned).


But maybe you can do something on the NXT side - it seems their block explorer allows messaging as long as you know the address (I'm not familiar with it).  Even in that case, I think account owner would have to be nutty to respond because there's nothing you can really do about it.


To be fair to BTer, the same thing (the GUI isn't intuitive (or is buggy), you click on the wrong place, then on Buy/Sell and before you know your tokens are gone forever) happened to me at two other exchanges, once with XCP and once with another coin.  I guess the right way to go about it is to ask for improvements before the bugs or unfriendly GUI cause you losses. I haven't done that myself either…