Bitcoin Forum

http://themerkle.com/wp-content/uploads/2015/11/fatfinger-gemini.png
source : http://themerkle.com/news/bitcoin-price-skyrockets-2200-gemini-human-error/
 :D :D


any chance bitcoin price at coinbase/bitstamp/bitfinex  will be $2200 too ?  ::)

It only took 150 Bitcoins to pump the Gemini price to $2200, then send it straight back down to $330. That few Bitcoins wouldn't make a dent on the walls of the other exchanges. It's a demonstration of how small the Gemini walls are. I never anticipated pump tricks on a fully regulated exchange either. Gemini was intended to be above all that.

http://s1.postimg.org/o8q9bxzxb/geminipump.jpg

 ;D they already fill a bankrupty note ? (glitch in api sell, vault is empty !)

It is most likely the fault from a trader who have mistaken $2200 for $220. You can't blame the Gemini exchange for mistakes their traders make.

As you can see in the chart it is simple impossible to reach that high, let it reach $500 first because it is very low now the actual price.

Looks like I should of put some $1,000 sell orders in.

Back in August BTC reached over $10k in a Localbitcoins trade! (http://bitcoincharts.com/charts/localbtcUSD#rg1460zigDailyzczsg2015-08-19zeg2015-08-21ztgSzm1g200zm2g365zl)

No harm in doing that.
Once in a few years, you might get lucky too.  :)

Oops, people need to revise two times, when they put an order on an exchange. If you don't limit price in your order, and there are few sell orders, this things can happen.

yeah but how much volume? 0.01 btc right? useless ath, and not worth mentioning at all

this isn't something new at all, i see this all the time with altcoin in the good old days

Don't waste your time.

https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/

If only we could write software that automatically checks that orders are within reasonable bounds...

Well this is a huge BS if you are asking me. Whoever fat fingered that order, that's his fault. I would be pissed as hell if I managed to snatch or sell something this high just to get an email from the exchange stating that my successful order will be reversed!

I can't believe this! This is not professional at all!

Do they reverse trades in the stock market? I thought Gemini had to follow strict rules that are almost identical to the stock market's rules. I heard of micro crashes in the stock market, but I never heard of them being reversed. Gemini should tell the unlucky trader it's his own fault, and he's going to have to keep his $2000 Bitcoins.

I have never heard about a trade reversal in the stock market. The way I see it, if you reverse a trade for one person, then every other person has a right to demand his trade to be reversed by claiming that he or she has made a mistake. Makes no sense!

It's billing itself as a safe place for institutional investors.

I can understand if bitcoins that he bought were from the exchange and not from another user. Or if Gemini Exchange will pay from its pocket this revers operation.

Impresive to say the least. How will put such an order?

Thanks for sharing captures. I would not believe it you just old us lol

Well said. Gemini just showed they are not to be trusted. I would only understand reversal if the exchange itself had been compromised and there was some sort of an attack on customer funds.
They just took money from bunch of other users because of one retarded trader.

Gemini exchange is a joke.

oh wow that would be really crazy if this would happen there would be a lot of rich people if this happened in real life

thats an interesting thing i would have gone crazy if i saw such price when i woke up as then i would have a lot of money if i sold btc

I don't know of any reversal of trades in the stock market, but they will halt the system if it moves too far, too fast, down (obviously, no one would complain about up). This is also on a few exchanges in Bitcoin. Gox had it in 2013 and BFX uses a sort of circuit breaker on their exchange (again, not usually contended in the up direction). As a poster early on in this thread said, it was only about 150 BTC that moved it up and back down, so it's a trivial amount and means nothing to the market as a whole, and likely wouldn't have triggered any kind of breaker even if there were upside triggers.

As for the the Gemini exchange (knew it would be a train wreck, btw) reversing orders... They state it in the ToS that they have full discretion on such events. Don't like it? Don't trade there! You have to agree to the ToS in order to make an account.
This screen shot shows that they apparently deemed this a legitimate use of the ol' "undo" button.
https://i.imgur.com/jlxcbvG.png

market depth is noy enough, so 

Right now, total sell side offers on Gemini total under BTC70.  Buy BTC70 on Gemini and send the price through the roof again. Bitstamp, in comparison, has about BTC6000 for sale.

Gemini shouldn't even be offering "market" orders. There's no market there.

Heh, why not do it now? Whenever I don't feel like selling, it's been a hobby of mine to put several sell orders at $1000+ ranges. You know, if in case you get lucky and take that order hehe.

Reversing trades, because of someone was stupid/fatfingered? This Gemini must not be an exchange to be taken seriously :/.

I don't trust this exchange and their owners since from the start. There's no reasonable explanation for cancelling trades. It's fraud.

Sigh. Was hoping Gemini to be better than this. Growing pains? Maybe.

More like non-growing pains. The Gemini crowd thought they were going to be a big exchange with big market makers, and a significant player in Bitcoin. In reality, they're a tiny exchange with few customers and no market makers. They're well under 1% of exchange volume.

Here, someone put in a buy order for BTC150 at the market price. That was enough to eat up all the sell orders on the exchange and run the price up to $2200. Right now, in the middle of a trading day, if you bought BTC150 on Gemini at market, you'd take the price up about $75 to about $400. If you did that on Bitstamp, you'd take the price up by maybe $1.