Bitcoin at ATH. Reached 2200 USD on Gemini !!!

[Nexious]

Someone always has to loose in this situation, whether is the original trader that made the mistake or the traders that traded after it happened. Not sure whether this will help them bring in more users or not though...

[LiteCoinGuy]

I just know they can reverse trades, that's pretty bad for traders. Exchange isn't place for people who being careless.
Gemini isn't as good as i think, they shouldn't did it. I'm sure it'll happen again in future & people might abuse it.

i read that they have to do this as a regulated exchange.

[crazyivan]

Hah, somebody wasted a lot of money. I think they ve learned their lesson.

[Soros Shorts]

I just know they can reverse trades, that's pretty bad for traders. Exchange isn't place for people who being careless.
Gemini isn't as good as i think, they shouldn't did it. I'm sure it'll happen again in future & people might abuse it.

i read that they have to do this as a regulated exchange.

They may be licensed and regulated but they're still structured more like a bucket shop than an exchange (that is order matching, trade execution, clearing and settlement all happen under the same roof).

[maku]

You know what I think? I thing it was elaborate ruse of the Gemini owners or someone associated with them.
They bought that  BTC on purpose to create news and rumors about Gemini and its new ATH price record.

[Kprawn]

What is their error trade policy? If you fuck up, and we feel sorry for you, we will revert your transaction... This sounds a bit dodgy and people would abuse such a system.

Allowing traders to cancel trades sets an precedent, and people will surely use this as a excuse to justify mistakes. Where do they draw the line between honest mistakes and

people making poor trade decisions? Lucky draw ... pitty.... influence .... trade history?  

[erikalui]

The trades should be reversed as people should know that they need to be real. If an unimaginable price comes up, just wait till the error is corrected. Yes, a person needs to be careful but if he has made a mistake, he has the right to correct it as well.

Some of the reversed trades were in the $400-$500 range. Hardly an "unimaginable" price. I bet you won't feel the same if you were one of the counterparties.

I would say the same thing even if my trade was reversed as I have to take it as it is and not be sulking because I dint get paid more than the market price for my bitcoins. Even people here know that it was some kind of glitch. The trades  that were in $400-$500 range were unfortunate to get reversed but when one deal fails, all other deals do fail.

[bearex]

lmao someone really mistyped 220

[|Bitcoin|]

I am the person. Just joking. The seller must be very happy and the buyer must be really sad now. What a bitcoin joke of the day.

[Lituation]

You know what I think? I thing it was elaborate ruse of the Gemini owners or someone associated with them.
They bought that  BTC on purpose to create news and rumors about Gemini and its new ATH price record.

That's another possibility, I think they don't care about bad publicity. Commercial is commercial, it doesn't have negative side. I haven't heard Gemini before this news, but I'm not sheep. I'd never use this exchange in my life. I suggest you to do the same.

[Febo]

You know what I think? I thing it was elaborate ruse of the Gemini owners or someone associated with them.
They bought that  BTC on purpose to create news and rumors about Gemini and its new ATH price record.

Lol i doubt.  It basically how how low volume exchange it is.

With all that was told about Gemini in last 2 years i am really disappointed with what happen a month after opening. There was expectations that price with double with this exchange. Now there is so little volume, that is of no importance in world of Bitcoin exchanging.

Ofcourse everything needs time. But as it looks now i don't think will be really successful on the long run.

[franky1]

You know what I think? I thing it was elaborate ruse of the Gemini owners or someone associated with them.
They bought that  BTC on purpose to create news and rumors about Gemini and its new ATH price record.

Lol i doubt.  It basically how how low volume exchange it is.

With all that was told about Gemini in last 2 years i am really disappointed with what happen a month after opening. There was expectations that price with double with this exchange. Now there is so little volume, that is of no importance in world of Bitcoin exchanging.

Ofcourse everything needs time. But as it looks now i don't think will be really successful on the long run.

i remember the winkles great plan a couple years ago.. people buying baskets of bitcoins in allocations of a few thousand bitcoin per basket.
..
i know gemini is just a subsidiary of the winklevoss ETF trust. but still, volume of gemini is quite low at the moment and not good if suddenly these basket bundles start getting bought up real fast.

all i know for sure is when the true ETF opens up.. the game rules will change

[Nagle]

because he had instead of putting a buy order of XXX btc to sit at $220, in the hope that eventually there would be a drop in price to get cheap coins..
he put in $2200..

No, no.  Someone put in a large "market order", an order to buy at the market price, whatever it is at the moment. The Gemini exchange is so dinky that this one buy ate up offer after offer at higher and higher prices until the requested number of Bitcoins had been purchased. The buyer didn't specify a price.

This is what you'd expect from someone familiar with forex trading but who didn't realize how tiny and disconnected the Gemini exchange is. In most markets, a $10,000 order won't move the market much. Bitcoin has a capitalization in the billions, so $10,000 shouldn't have moved the market. But the Gemini exchange has no market depth.

[Syke]

Rolling back trades seems ridiculous to me. But it's not just Gemini. It didn't take much searching to find even NYSE doing rollbacks on erroneous orders.

http://www.bloomberg.com/news/articles/2013-08-23/nyse-said-to-void-most-goldman-sachs-erroneous-options-trades

[talks_cheep]

You all know what comes after ATH?

2 or more years of bear market.

[justbitcoins]

You all know what comes after ATH?

2 or more years of bear market.

It depends on the speed of reaching the ATH. If it takes a year to reach the ATH and the ATH is just 50% more than the previous peak, then the bear market is just 6 months.

[Qartada]

Hah, somebody wasted a lot of money. I think they ve learned their lesson.

The trade was reversed. So he did not waste his money. But I think he has learned his lesson.