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1341
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 03:44:51 PM
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You mean large BTC sales?
The dots are blue not red, so it suggests someone is moving a LOT of bitcoins. The last time I saw this kind of thing was just after MtGox was hacked. Price fell to $0.01 and there was a transfer of hundreds of thousands of bitcoins. Turned out it was MtGox's admins moving bitcoins for fear of hackers stealing the lot. |
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1342
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 03:40:24 PM
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Bots rely on pricing data to make their decisions.
Guess what happens when they get fed a bunch of bogus data?
Right, I didn't think of that. But the bot writers should know this problem, as it has been there for a while already. Still, it is a possible explanation. I'm not so sure whether Mtgox gives warranty of their feeds being correct 100% of the time. I agree that this is very questionable, but might still be the case. Imagine the NASDAQ reporting AAPL spiking to $900 a share and back again with no order executed in between. There would be questions asked, to say teh least. |
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1344
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 03:30:22 PM
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Mtgox more or less admitted long ago that the feeds get wrong data. I don't know what this is trying to accomplish, but it has been there for ages. The error is always a small trade showing absurd price.
The large spike? Someone bought. Maybe he's just crazy, maybe a faulty bot, maybe a try to start a rally. Who knows? I've seen much more insane movements on Bitcoin than that, so I don't know why people talk about rollbacks and stuff.
Again, it's not feed data that's wrong. MtGox itself is reporting today's high price as $15.94. It's right there on their web site. Are you suggesting MtGox reports incorrect data about its own trades? If that is the case and it's a known issue, it's time to pull all money out of MtGox and close it down for good. |
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1347
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 03:13:31 PM
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It's hard to trust MtGox if they let trades happen at $15 and not process $10 trades. It completely distorts the market and is like a lottery win for the lucky guy at $15 and not a market. If MtGox wants itself to be taken seriously it must address issues like this.
There was probably no trade at 15. Yeah... just a display bug I guess Display bug on MtGox Live and Bitcoin Monitor? I saw the trade on both. MtGox is displaying the trade as valid. Last Price: 5.53 High:15.9499 |
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1348
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 03:12:35 PM
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Not really bad news for BTC, just bad for MTgox.
The biggest and most important exchange by far has serious instability issues. It's not directly a BTC bad news story, but that's not the way it'll be read by most lay people. |
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1349
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 03:08:44 PM
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I had a few sells set up at $10.2 that never got touched.
It's hard to trust MtGox if they let trades happen at $15 and not process $10 trades. It completely distorts the market and is like a lottery win for the lucky guy at $15 and not a market. If MtGox wants itself to be taken seriously it must address issues like this. |
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1350
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 02:59:56 PM
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Did anyone notice at one point the LOW on mt.gox was 1.99.
I am surprised nobody mentioned that one.
It must be faulty data because now it shows the low of 4.6001
I didn't see it. I have buys at $2.90 that didn't get filled. If MtGox really did show a low of $1.99 I'd be pissed. |
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1351
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 02:54:48 PM
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Sending my last 2 bits to mtgox now on the hopes that 1. this real glitch and 2. trades won't be wound back.
A little voice tells me a few thousand other people are doing the same thing.
Lol. I've been trying to get my BTC into MtGox for an hour. One confirmation so far. Come on!  |
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1352
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 02:54:03 PM
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What was that? High:15.9499 Did anyone's order got filled at 15.9 or even 12-13? Did I make mistake by not having orders in that price range  Bitcoin Monitor is reporting a 46.28BTC trade for $15.94. Messed up. |
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1353
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 02:50:26 PM
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MTgox is just playing with himself... to put an end at the <$5 ...
MtGox is a market setter for various other exchanges and services. If I was running one of those I'd be pulling the plug right now to avoid getting played on arbitrage. |
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1355
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 02:42:34 PM
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It jumped to 9 when I wasn't looking  This is the reason to have silly Asks way above the market price. Someone gets access to a mass of bitcoins and it's the only way to profit. The only other winner out of all of this is MtGox. Love those transaction fees. |
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1357
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Economy / Speculation / Re: Bitcoin $7 Mtgox
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on: September 11, 2011, 02:33:36 PM
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Back down again to $6. 30-0. Your serve.
Hoping the price spikes to $7 again as my bitcoins are almost at MtGox. Come on....
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1358
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 02:30:11 PM
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My explanation for the completely irrational price activity:
- A faulty bot. Sunday afternoon/night and someone isn't keeping an eye on their script.
- Someone is doing this for shits and giggles. It's fun. They have free money they didn't work for (early bitcoin mining). Why not do something silly.
- Hacked account. Maybe Bill Cosby is giving us a free present. Sell while you can.
I'm going to go with: - People buying low, hoping to sell high. And they all decide to put up bid walls at the exact same price, with 10,000BTC, then instantly remove those walls at the same time to make the price bounce like a yoyo. It's obvious it's not a natural market. Anyone can see that. I changed it while you were still typing. Yeah, I noticed once the page refreshed after I clicked Post  |
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1359
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 02:24:49 PM
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My explanation for the completely irrational price activity:
- A faulty bot. Sunday afternoon/night and someone isn't keeping an eye on their script.
- Someone is doing this for shits and giggles. It's fun. They have free money they didn't work for (early bitcoin mining). Why not do something silly.
- Hacked account. Maybe Bill Cosby is giving us a free present. Sell while you can.
I'm going to go with: - People buying low, hoping to sell high. And they all decide to put up bid walls at the exact same price, with 10,000BTC, then instantly remove those walls at the same time to make the price bounce like a yoyo. It's obvious it's not a natural market. Anyone can see that. |
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1360
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Economy / Speculation / Re: Massive spike to $7 sunday 3PM BST
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on: September 11, 2011, 02:21:10 PM
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My explanation for the completely irrational price activity:
- A faulty bot. Sunday afternoon/night and someone isn't keeping an eye on their script.
- Someone is doing this for shits and giggles. It's fun. They have free money they didn't work for (early bitcoin mining). Why not do something silly.
- Hacked account. Maybe Bill Cosby is giving us a free present. Sell while you can.
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