Those tired of losing money because of the months-long bearish trend that has been affecting cryptocurrency market, or because of exchanges getting overloaded when prices swing wildly, may have just gotten a fun new way of selling everything they have for USDT.
Created by Ilker Dagli, network administrator at Near East University in North Cyprus, a big red sell button will instantly sell any cryptocurrency on leading cryptocurrency exchange Binance.
In a video posted to YouTube, Dagli showed how to use the big red sell button on the exchange. In the video, after showing his open altcoin positions, Dagli slams the big red sell button. Once the button is pressed, every coin is instantly liquidated and sold for Tether (USDT).
Someone created a big red button that closes open positions on @binance, and can sell #cryptos for BTC or USDT. It's set to support other exchanges like @BittrexExchange and @bitfinex https://t.co/9aZabuAbgc— Francisco Memoria (@FranciscoMemor) October 20, 2018
In the video’s description, Dagli explained that while the button is showing working on Binance, it’s going to support many cryptocurrency exchanges, including Bittrex and Bitfinex.
In an interview with Motherboard, Dagli explained:
I decided to invent this button because I saw lots of investors of cryptocurrency [with] complaints about exchange issues, especially when the price falls very quick...As you know, cryptocurrency markets are so volatile.
This is not Dagli’s first internet-to-real-world invention. Last year, he created a valve that shuts off the internet. Called NetValve, this throttles internet speed for his school’s users. This invention was so popular, it was featured on crowdfunding site IndieGoGo.
Dagli’s invention might help cryptocurrency users prevent losses in this disastrous market trend. If bitcoin starts dropping out of nowhere, most coins follow BTC which can lead to serious damage on an investor’s portfolio.
In that case, Dagli’s big red sell button could come to the rescue. The button uses the exchange’s API to route orders through the backend without having to log into the exchange:
“I had some coins and orders on my Binance account, when I pressed the button it immediately cancelled all my orders and sold all my coins...I became 'safe'. Hassle free. No need to login to exchange, cancel all orders manually then sell all my coins one by one... Just press the emergency button!”