Popular Crypto Charting Platform TradingView Sees Bug Surface Causing Significant Losses for Users
There are many benefits to digital trading such as the swiftness of transactions and the ease of communication. At the same time, there are also the adverse effects of technological errors and malfunctions which can have catastrophic results.
This has been evident in the number of hacks that have occurred within the crypto industry which has led to the loss of hundreds of millions of dollars across several exchanges.
One of the most recent examples of technological error, however, was not due to malicious hack and the stealing of crypto but rather a bug that occurred in the retracement display for TradingView, a popular platform for traders and stock analysis. The bug in question manifests itself on the platform display and it has allegedly lost traders an incalculable sum of money thus far.
So far word has been going around the trading community about this bug and a Twitter user by the name cryptoteddybear has put out a video and a series of tweets explaining how exactly the bug works and warning others to realise as well as TradingView itself to take action.
According to the video and tweets the issue on the platform begins when the default views presented by TradingView are measured.
The video demonstrates using the ethereum/USD chart which shows the retracement of the Fibonacci line which appears to be incorrect.
As damaging as the bug allegedly is, tradingbear says that he has been paying user of TradingView’s services and that the bug in question had first been reported to TradingView over five years ago by another user but the issue was never corrected.
“In log scale you would expect Fibonacci to calculate retracements in percents, but it does it for absolute values and adjusts as you move the tool,” the user said.
TradingView allegedly stated that they will be doing something about it but this was over a year ago and no corrections has been made.
This is particularly troubling considering that TradingView is used in both stocks and crypto trading circles and the site is also a social community and suite of tools to help people make trading rules. Users of the platform can gain a following by posting their ideas to the site and publicizing their skills.
Those most vulnerable in the trading community are those who make use of the Elliott analysis techniques. Those people should not be making use of TradingView due to terror but the platform has continued to grow none-the-less have never bothered to actually fix the issue.
According to trading teddybear, traders are losing money due to the bug and momentum seems to be building for a class action motion against TradingView and and also a bid to determine just how much money has been lost as a result of the bug.
Since TradingView admitted knowledge of the bug over a year ago, they could be liable for whatever losses have occurred through the use of their platform.
“However, until these recent videos, the problem has constantly been ignored by TradingView, screwing up an unimaginable number of traders in the process for amounts of money which are not even calculable. TradingView has been displaying an unbelievable amount of unprofessionalism in this story,” a source told CCN.