A man invented an “emergency stop loss button” to prepare for crypto price collapse, as reported by Crypto News Review.
The universal advice to “hodl on your crypto tight” when the price collapses, doesn’t seem to suit Ilker Dagli, a Cyprus-based crypto enthusiast.
He has a different point of view when it comes to dealing with price collapse, which he expressed in his “latest invention”.
Called the “emergency stop loss button”, the button will cancel all of Dagli’s open crypto orders and sell all of his cryptocurrency assets when pressed.
In a video he uploaded on YouTube, he shows how the button cancelled all the orders he made on Binance as well as how his cryptocurrencies balance became empty after he pressed it.
Although the product demo only showed its implementation on Binance, Dagli claimed his invention is applicable to all exchanges.
Crypto investors who tend to get panic and make bad decisions during critical moments, such as a price collapse might want to consider this invention, you know, just in case.
Another out-of-the-box invention of the man who works at Near East University in Cyprus is an “analog” valve to control the internet bandwidth.