Bitcoin Forum

Looks like an early adopter decided he likes USD better than bitcoins.  Well whomever you are - good riddance!


*EDIT - changed title of thread, since selloff seems over

Its still going, under $9. I wonder how long it'll take for the prices to recover.

EDIT Under $7

EDIT UNDER $1! WHY DON"T I HAVEMONEY IN MTGOX!!!

$6.60...

$5

!!

trouble

$3.40

Remember, it's a good thing when large BTC holders sell out.  It disperses the btc into many accounts and feeds the economy.

The value will recover as the economy grows.

MrJ

$1.20!!!!

I think something is wrong at mtgox. Live price does not coincide feed. I am trying to locate Mark, but it is the middle of the night in Japan. Last trade price is not refreshing right. I am wondering if somebody hacked into it?

I am going to try and text Mark, see if I can find him.

less than 1
fuuuuck

less then $1 now. interesting...

Am I wrong in thinking they did a massive short sell?

last price I saw as 11 cents. well that was fun to watch...

If you actually login into MTGOX, the database still shows a "LAST PRICE" of 17.51. Something fishy going on here. I wouldn't panic and think BTC lost all that value until somebody up there checks what is going on.

It's beginning to look like someone managed to somehow fill every single buy order on Mt. Gox.

someone who doesn't give a damn got hold of a large number of coins??

Markets should not let this happen. Bitcoin looks like a joke

1 cent!! time to BUUUUYYYYY!

I disagree...all markets should be allowed to fail if so inclined...why prop up a dying/dead system...it would suck to see BTC go down but I don't think that is happening...either its a glitch or someone really just shorted the market...either way I think it will recover.

Don't panic people.  Someone just sold into the MtGox order book.  Saturating all the buy orders is not the same thing as setting the btc value to 0.  When people come back to the market they will set the value.  I'm still willing to buy BTC so that already means the value isn't 0.

If you bought in at $34, just hang out.  It might be a while before we get back there, but that's why they call it a 'long' position.

MrJ

Recovered already...

This is obviously not somebody selling bitcoins ... I believe somebody broke into MTGOX, and did this to cause panic. In the supposed case somebody actually DID sell an ungodly amount of bitcoins to cash out, how are they even going to get their money out of MTGOX????? I don't really see this a possibility. Somebody must have hacked into the system.

wow, they must not like money in general.  they could've gotten many more dollars out in a controlled selloff

I only wish I could have gotten 150 btc for $1.50 when it got to a penny hahaha.

I am waiting for the "I just lost all my btc because I accidentally put .20 instead of 20" thread.

Were those numbers real? I tried buying 2 BTC with my remaining $.02 USD in Bitcoins, but it didn't go through. 500k volume?? Why would anyone be so dumb as to unload all of their coins on one exchange at once? There's got to be some funny numbers or something going on here.

Well, I have money in MtGox, and all I get is "Another trade is still in progress, please retry in a few seconds" when I triy to buy Bitcoins. Haven't been able to buy a signle Bitcoin on MtGox today so far.

half a million bitcoins traded on mtgox.. I've never seen that before in a 1-day period

HAHAHA

mtgox hacked for sure

hello friends
I put in an order for approx 100 bitcoins at some kind of 1 cent price and just now received 99 bitcoins for $1

Sorry i wasn't very clear in the moment. My point was that mtgox really shouldn't let this happen. It's not profesional at all:

explanations for what we just saw??

a) someone getting out and not giving a crap

b) huge accident on some sellers part

c) mtgox f'd up??

interested to know if could be something else

HUH???

HALF A MILLION BTC?

Is that correct?

the trick was to put several buy orders in increasingly low prices
I timed the drop perfectly

Look at the depth, if it's really then it doesn't look good.

https://i.imgur.com/odNES.png

Troll.

I'm not making it up
I even told you guys to buy in real time when this was happening
don't be jealous that I am smarter and now richer than you

Here comes another plummet!

@bitbot

and who should have sold at 0.01 ct ??
must be someone with amputated brains eh ?

We all tried to buy them at .01, but none of us could get mt gox to respond.

I'm soooo looking forward to the next RawDog vid

535,000 bitcoins traded in one day on Mtgox. If that's real, do you guys have any idea how much the mtgox owner made today?   ;D

How many people had a spreadsheet showing this one...go math...lol.

Strange thing is i had a dream last night that sooner or later an early adopter would do this. Was even thinking to place a bid at 0.01 for massive amount....

damn

Oh well

I put my order in for .01 or .10 in when it was around $5
I set it up to buy 100 coins for $1 each but somehow misplaced the decimal and ended up with nearly 100 coins for $1
the bad part is that everyone else who bought the coins is going to be selling immediately and the price will stay low until they sell out

Lol how many indeed.  $0.01 for a bitcoin? Mining definitely is profitable with those kinds of numbers, right? Lmao.

Someone laundering the Bitcoins from Allinvain?

I think someone hacked mtgox,  selling all BTC from everyone's accounts

I can still place buy orders:

Buying   240   0.1   Active   24   06/19 14:02   cancel

I'm just glad prices are bouncing back. I was afraid I was going to have to ship coffee for fractions of a penny!

If what you say is true...you can afford to wait it out.

so I'm guessing some folks decided to manipulate the market and move large sums around?

===== PLEASE READ THIS!! =====


I WOULD NOT PUT ANY TRADES ON UNTIL WE HEAR FROM MARK!!! CLEARLY Mtgox has been hacked. What is happening is NOT somebody "dumping" their bitcoins to "cash out". Somebody managed to break into it, and it is playing with the database. We need to wait until Mark (Mtux) has a chance to check this mess.

If you put more orders, it will only mean overloading the system more and more, and more work afterwards to try and weed out good trades from bad trades.

ALSO, PLEASE DO NOT CASH OUT ANY MTGOX USD TO ANYBODY (LIKE BUYING MTGOX USD FOR A MONEY PACK) UNTIL WE HEAR FROM MARK!!

Like I said before...it can go to 0 and I will turn a profit somehow...I stand by my statement.

This looks like a flash crash....bot manipulation to me. Someone puts in a large sell order, bots follow suit and crash it goes.

http://bitcoincharts.com/charts/mtgoxUSD#rg1zig1-minzvztgWzm1g10zm2g25

For what it is worth - here's what the size looked on two of the big 'cash out' orders. Sure made no sense to me, since normal markets match best bid/offer instead of crossing at arbitrary prices.

First Pic:

http://farm4.static.flickr.com/3153/5849184881_b08a2145c6_b.jpg

Second Pic:

http://farm4.static.flickr.com/3017/5849740960_cf9d629113_b.jpg

So, anyone know what the heck is going on with Mt.Gox?

hahahahahahahahahhahahaa...

there is no way to separate good trades from bad ones....

If MTGox will even try to do it - it's time for another MTGox....

It doesn't look normal because IT IS NOT. Somebody stole/broke into MTGOX database and has a bunch of bots messing up with the database. DO NOT PUT ORDERS NOR PANICK! Clearly, as soon as I get Mark to wake up :) he'll have to do an UNDO on the database and everything will be back to normal.

They were all good trades, someone just cashed out majorly. Or maybe I'm wrong.

http://forum.bitcoin.org/index.php?topic=19192.msg244096#msg244096

Found the problem...people were wishing again.

not before I cash out and buy my yacht

http://blockexplorer.com/address/18T3AFPJ2sTu6ti7gGj5x52uzJNmVFw9y9

maybe someone exploited the websites making everyone sell there coins at 0.01cents and bought them all up

Well that would make the 25.000 BTC theft like a nothing...

If MtGox was realy hacked where are the people in this threat who screaming "my account was hacked and all my assets are sold for nothing" ? People in the forum seems still to have his MtGox money to try to creat new orders.

I can confirm that my emergency buy order @ $10 was filled...Someone dumped all his coins (or a large enough block) to fill sell everyone's buy orders on the entire market.

Yea but what wallet had half a million coins? As far as i know no one

well thats good.

Obviously it is an attack on bitcoin. Financial attack.

Bitcoin is a young currency based on trust. Attackers try to destroy that trust.

Too bad I was out to lunch when this crashed happened!  I would have bought like crazy.  I had a grand, but it got filled at 14.5, sigh...

Sounds like it was legit orders after all. Someone with lots of btc was hacked.

That can't be right, if they were hacked, the bitcoins would have been sent out, not sold. It is too hard to get USD out. Mt Gox won't let stolen USD be removed.

Mt Gox site is down.
I wonder if Mt Gox will EVER go online again.

If so, some people will be very lucky,
But I really wonder if those who got many bitcoins for cents - will ever get their money or their bitcoins.

When the crash happend I managed to pull out 80% of my BTC (because obivously there is daily limit - I never heard of before...?)
I wonder if I will ever see the rest...

Let's hope Mt Gox will not default on everyone!!!

It was not possible to buy during the crash, only old orders were made

cool vid of it crashing in real time

http://www.youtube.com/watch?v=T1X6qQt9ONg

https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback

Ahahaha! So anyone who was happy to make a profit off of this will have their transactions reversed?

but what happens with the 500k btc?  ::)

seems so, lol

Huge Bitcoin sell off due to a compromised account - rollback

Mark Karpeles
posted this on Jun-20 04:07
The bitcoin will be back to around 17.5$/BTC after we rollback all trades that have happened after the huge Bitcoin sale that happened on June 20th near 3:00am (JST).

Service should be back by June 20th 10:00am (JST, 01:00am GMT) with all the trades reversed and accounts available.

One account with a lot of coins was compromised and whoever stole it (using a HK based IP to login) first sold all the coins in there, to buy those again just after, and then tried to withdraw the coins. The $1000/day withdraw limit was active for this account and the hacker could only get out with $1000 worth of coins.

Apart from this no account was compromised, and nothing was lost. Due to the large impact this had on the Bitcoin market, we will rollback every trade which happened since the big sale, and ensure this account is secure before opening access again.

+ + +

So everyone who got cheap bitcoins is basically screwed now!

Lol

Instead they should secure their site already and let it be - I mean what idiot keeps 500.000 BTC in their account at mount gox ? I doubt this was a hack - it obviously was a huge sell-off and everyone who profited from that gets punished now. Thank you!!! (For weeks I had an order buying at 0.01 BTC for a dollar - should a crash happen...now that finally I got a few coins cheap Mt Gox takes it away!)

Obvious market manipulation is obvious.

nice timing, sunday afternoon when nobody can get USD into mtgox.

I don't know what's more hilarious. The fact that somebody just gave away most of his BTC for free. Or the fact that so many people actually fell for it.

Man, I love the Wild West!

So... keeping calm has once again paid off. I was surprised to see $13 after a constant rise this morning, but I didn't worry. However, I was amazed when I saw that it had dipped to $0.01 in the meantime. But since I couldn't do anything about, I kept my calm. Seems always to be the right move with Bitcoin. Just relax and wait for the medium-term. ;)

You seriously have to be a total retard to have 500k btc sitting on mtgox.

Furthermore - If someone was intelligent and informed enough to hack into an account with 500k BTC - why would someone sell them if that someone knows he can only get out a 1000 USD?
Anyone with the slightest portion of intelligence would have withdrawn the coins and "laundered" them in smaller prortions to different adresses.

(If someone now answers that you can only withdraw a 1.000 USD worth of bitcoin per day - that is only the case if not registered for bigger transactions with mt gox AND the guy with 500k would have been registered obviously!)

yea when i saw the price start crashing I booted up mtgox tradehill etc to buy buy buy pity I got nothing :( booo. thought it was just a panic sell at first

They could sell half of the coins so that the price drops to 0.01, and then withdraw 100,000 other coins.

I am becoming more and more convinced this was a deliberate attack on the bitcoin currency (by some competitor like PayPal or a hostile government) and not a theft or sellout. Both of those theories (theft and sellout) are ridiculous because it would be so stupid to sell like that and get pocket change in comparison to real BTC value.
And if this was an attack on bitcoin's reputation, it was completely succesfull (even if that's not obvious to you) ! It doesn't matter the value came back up, the point is with all the bad press bitcoin has gotten lately (the first big value fall, then the first big theft, and now a 200 times value fall and rise in minutes !) no one serious (I mean real Wallstreet investors, not teen Satoshi-cultists) is going to invest in this for many years...
Bitcoin is looking more and more fishy and uncertain to the general population and that is very bad for the market...

You guys clearly haven't seen this:

http://forum.bitcoin.org/index.php?topic=19543.0

It looks legit - my information is in there, though I can't be bothered trying to figure out the salt/hash format and verifying if my password is in there.

The claim that no other account was compromised is most likely bullshit - they just picked the account with the most BTC in it because they knew they'd only have time to get away with it once.

Actually Tradehill is at ~14 $, Bitcoin Market too, BitMarket.eu hasn't even noticed the drop yet (they're always a bit late).
I must add I've always (well actually in the 5-6 days since I found out about bitcoins) thought that Mt. Gox is a semi-amateurish website and operation and not suited to be the biggest exchange for a market of 100 million dollars... I guess it's just the pains of growing up for the bitcoin... Mt. Gox is like those mediaeval bankars with a bench on the city plaza and bags of gold coins changing hands on the bench and being written down on paper compared to today's ultra-high-tech and secure banks...

P.S.
I say we need more exchanges, MUCH more secure exchanges, and that each big exchange should have an automatic trading halt mechanism in case of a major decrease or increase (like 5x in one day), just like real stock exchanges.
And we should have BTC banks, SECURE servers to create and keep e-wallets on securely for a small fee, so people don't get their money stolen from their hard drive or have to perform all kinds of tricks (encryption, separate BTC  machines, USB memories...) to prevent that.

so if the price was 0.1 usd/btc, the hacker could have withdrawn 10.000 bitcoins? (10000*0.1=1000)

Psychopathic hacker! Is a Psychopath!

Will the White Hat Hackers save the day?

best hacking-line would have been:

*taking over controll of mt.gox account with lots of coins
*creating 100 accounts
*creating 100 new bitcoin-adresses
*creating buy-orders for 0.01 usd/btc in all 100 accounts
*making the price crash to 0.01 with the hacked account
*intantly cashing out all 100 accounts to different bitcoin-adresses at a price of <1 usd/btc.

=> so even with the 1000usd per day limit, he would have gotten at least 100.000 bitcoins out of the system. with no rollback possible.