Bitcoin Forum

Hi there,
i am new to this forum and would like to introduce myself.
Yesterday at mtgox strange things happened again - prices went up to over 1 million/btc and then crashed to a fraction of a dollar-cent.
I do not believe it has been the last time, that we experience such things and by now i do not even believe, that there was a real hack at mtgox.
At bitcoincharts.com i watched this huge buy order of >2million btc - guess how all the bots will go crazy, if someone puts such an order.

http://bilder.bilder-speicher.de/show-image_800-11080110510386.jpg (http://www.bilder-speicher.de/11080110510386/foto/mtgoxorders31072011.html)

mtgox explained, that there have been erroneous trades and something on their testing-site caused these trades.

Sorry but i can't believe this - it is the third time, that i watched such weird things going on at mtgox. So what is the real reason for this? Hacking?
Or could it be,  that in fact there is no free market making the price, but mtgox themselves are making the price and their bots are going wild from time to time?

I know that any answer would not convince me entirely of what really is going on at mtgox, but for sure nobody can convince me, that prices are not manipulated - mtgox needs to provide further proof and in fact only an independent investigation could provide this.

What do you think? Please don't get me wrong, i am still enthused about bitcoin and i would not like to see prices crashing.

Seeing as your new here perhaps you might first take some more time to read the posts in the forum that explain all this before you make silly posts such as this one?

maybe a silly post, but newbies cannot reply on other threats - so as a newbie i am also interested in the opinions of other newbies.
because the website, where i uploaded my screenshot of the 2million btc buy order is down, here again the screenshot - (i would be surprised, if nobody is interested in this).:

http://up.picr.de/7820831qod.jpg[/img]]http://up.picr.de/7820831qod.jpg (http://[IMG)

MagicalTux said something went haywire when they did an update to their trading engine.

Details here:  https://support.mtgox.com/entries/20323996-mt-gox-system-update-troubles (https://support.mtgox.com/entries/20323996-mt-gox-system-update-troubles)

I noticed their announcement, but as said, i cannot believe it. What happened this time happened before, when they alleged it was a hack. I mean, it happens because of the same reason. I just wonder, what they will tell us next time - for sure these things will happen again and again.

By the way, what ensures us, the users, whether a trade was erroneous or not. Right after the crash prices went up over 1.50$, this is very unlikely to happen, isn't it?

Agree, I wonder how many people were affected in this yet another big mistake from MtGox

This is the wild wild west. Expect the unexpected!

We do not cancel trades, unless there is really a need to.

Man, you're not kidding. I'm just a small fry btc user but have been reading the MtGox saga and for a new guy it's very confusing to know what's what in this cyber economy.
One thing I can see is that alot of users are going to make costly mistakes before this system shakes out completely. I guess it's a work in progress.

Without a stable exchange how can one expect to enter the market.