Sorry for the painfully noob questions - I'm new to trading and mining but I'm eager to learn.
When I look at the exchange buy/sell pages for any currencies, I notice that nobody seems to be trading any round fractions of a currency (ie. .10, .25 , .50, 1.0) but weird amounts like .00005 and 0.27333. Is there any reason for that? If one has a whole coin to sell is it better to split up into smaller transactions or sell it as 1.0?
Also I see at the bottom of the buy/sell trades (particularly for eth) some people are offering to buy like 300 eth for 0.00001c. Is that a deliberate move to catch people out, or do these outrageous bids serve another purpose?
Appreciate your help/time/consideration!
i) oddie fractions
Suppose that I'm trading in and out of one coin; say LTC, and a smallcoin at a few hundred satoshis per smallcoin.
For my first trade, I might buy exactly 100.0 smallcoins, and for my last buy of the morning I want to use up every last miserable miserly fraction of a litecoin, so that might go through as a fraction in which every digit is statisticly random, which might look like 68.45645733
In the afternoon I sell exactly 100 smallcoins and exactly all that messy fraction of smallcoins.
On my next buying round, I might get exactly 100.0 smallcoins at a slightly lower price, and then spend what remains, for example 74.65465477
So the act of using up all of my coins does result in some trades having very random-every-digit quantity.
If I'm not using the calculator, then none of my trades will have eight statisticly random digits, for example 68.4 and 74.6
ii) cheeky lowball offers
I don't have the spare cashflow to put down thousands of these, but there are some whales who might.
If a trader believes that the odds of a smallcoin market glitching or getting sell-bombed by a big seller, or something else outside of the normal distribution of statistically reasonable variations is greater than, say, 1/1000 of going to 1/2000 of the usual price, then it becomes reasonable to leave silly bids well outside of the usual statistical variation. For example, an expectation of making 2000 x the money put down * probability 1/1000 of it occurring is an expectation of 2.0 ( +100%). To make that sort of money in conventional finance while official central bank rates are 0.25% and customer mortgage rates near 3% would take about 30 years. Put down 10,000 gain-2 low bids and a few of them should go through in a lot less time. Hence somebody does that.
iii) kamikaze bids
There is a lot about this market for which I'll send you my best explanation in return for 1.0 bitcoin (of either fork) or comparable anycoin. pm me so that you can get my considered reply, and to send your preferred currency use this exchange "B" [Transfer] to username "v17"
it is because most of the trading here are done on basis of Bitcoin value not US Dollar, Bitcoin value is so high compare to other Cryto currencies that most of the trading are done below 1 bitcoin value. If You are super new then I suggest You learn as much as You can on Youtube before placing any trades because cryto is a wild market and never invest more than You can afford to lose.
To back up Yoda, (and I apologise for introducing vocab quite presumptively), 100.0 smallcoins at 100 satoshi is exactly 10^-4 bitcoins, or about 6.2x10^-3 LTC
There are smallcoins which you can make, not buy, in sufficient quantities to make the minimum trade size limit, with an ordinary home PC. The best choice to make depends on what computer equipment you have. For example, if you have a "good" graphics card try looking up algorithm "groestl", or/and if you have a reasonable PC which can be left on for a week, try looking up algorithm "yescrypt". A week of mining a suitable smallcoin on either can get you going on this exchange by putting in cpu time not money. Avoid like the plague any coin with the "extra anonymity" feature to make its blockchain more secretive for potheads and criminals.
We all do our best to learn.
Fantastic replies, far better than I was expecting.
Thanks I think that covers my questions for now :)