Bitcoin Forum

Price plummeting in a straight line yet no bid is makeable, anyone else experiencing the same thing?

Their API is also not showing the same prices as the selling page. API still says last trade was around $17.

I had a dream last night that BC's were selling for $5 on Mt Gox, but I was too tired to get out of bed to check. LOL!

The plumit to 0.0313 make the site to busy to visit. hehe  ::)

Nothing fishy went on. This is the result of two things...

a currency with more open shares x value then it's real value

and


someone typing in "sell 1,000,000 BTC for 0.01" on MTGOX


Simple as that.


If you just happened to have a bid in for 200,000 BTC for $0.1, then your order was filled.

Ya, looks like someone bought everything on the table.

Uh, everything's under control. Situation normal.
Uh, we had a slight malfunction, but uh... everything's perfectly all right now. We're fine. We're all fine here now, thank you. How are you?

No, but it's back at ~$16USD when I last checked.

Site is down.

just great,

learned of BiTCoins Yesterday, all day today setup of Software and registering for all necessary Websites
made the order to deposit Cash in MtGox from EU and now this Crash booding not well

WOW. That was... instructive.

According to the data I managed to scrape from Mt.Gox before it went down, about 230.000 bitcoin were sold during the dip, with about 1.300.000 dollars being made in the process.

Don't have data from the subsequent rise, but I think there has been a loud  "KA-CHING" from somewhere around the world.

Except they sold it at $0.01 each. Some men just want to watch the world burn.

Wait, someone please explain what the fuck is going on!?  I just bought $2,000 worth of bitcoins for $15 a coin.  Am I understanding correctly that someone sold at a penny???

What does this mean for the value of the bitcoins I just bought... and why is Mtgox down?!

I seriously need some answers here... This was my first bitcoin buy and the fucking site has gone down...

I kind of like the markets getting fucked in the sense that it doesn't necessarily change the 'value' of what a Bitcoin is personally worth to people, unless of course they were determining that value based on one market anyways.

I don't like it if money is stolen of course, I would only hope with numbers being fucked with is all.

For all we know it means nothing.  Maybe Gox is going to revert the database so that the massive order never took place, who knows.

Nope, if I'm not mistaken MtGox works so that it will fill your order from the highest bid to the lowest, meaning that the first bitcoins have been sold to a price close to the price before the fall, then a little lower, than a little lower, until 0.01 BTC. I doubt someone sold 230,000 BTC for real, more likely that it just a sale big enough to start a chain reaction of the various buy/sell orders outstanding and the ones controlled by robots.

Then once the price has dipped to ~0, if the same guy initiating the sell place a buy order at, say, 15$/BTC for the same amount that has started the dip it will find himself with the same amount of BTC as the starting point, and a lot of $ more...

MTGox ether just cashed out (Which isn't the end of the world, but could be), or they got hacked and sold all there savings for penny's on the dollar (in which case no one is ever going to trust the bitcoin probably)

Now MtGox redirect to this:

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.

I now agree that this whole "$1000/day withdraw limit" idea is sound.