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

[franky1]

Glad that they corrected the error in time. Still don't get how did the price reach $2200 on the exchange just because of a market order placed as a mistake.

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.. this means it would eat up all sell orders until either his funds run out, or he gets to his maximum target price of the order.

the reason a mistake hit $2200 is because there is not much volume on the sell orders.. so eating up sell orders and causing a price rise is rather cheap

[nejibens]

it was just an error and it seems it's already corrected

[Mickeyb]

Gemini has rolled back the trades now. There's no point putting ridiculously high sell orders on Gemini if it's going to roll back the trades every time one gets filled. I'd be annoyed if I sold at $2000, then got told they've reversed it. I remember a flash crash on Btc-e that didn't get rolled back even if it was caused by a fat finger.

Gemini trades rolled back. 



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

Glad that they corrected the error in time. Still don't get how did the price reach $2200 on the exchange just because of a market order placed as a mistake.

What do you mean, glad they have corrected it. This user that has caused this trade has done it on his own. Nobody made him do it. What about poor users which orders got filled just to learn that they will be reversed.

Exchanges are not for kids. If you are not careful enough and if you don't know what you are doing, you should stay away from them. My opinion is that these trades shouldn't have been reversed!

[Lituation]

161 BTC is very big volume actually. How many coins changed hands when it was going up to 2200$? Sellers are very lucky, they immediately buy new BTC with that money.

Oops, did exchange cancel orders? That's unfair for sellers. If I were them I sue the company. It's not sellers mistake, they have to get their money. I suggest everyone to boycott this company and never use its service.

[ajareselde]

Gemini trades rolled back.  



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

That's BS ! Accidental buys are customers responsibility. There's no point in reversing whole exchange because there's one wrong click from one of the customers.
If this was normal practice, you would have reversal requests each day.. Very low an un-professional behaviour from Gemini exchange.

Like someone above stated, i would sue them as well. And ask all my expences and gains to be reimbursed. What a bunch of useless kids ..

[Jordan23]

Gemini has rolled back the trades now. There's no point putting ridiculously high sell orders on Gemini if it's going to roll back the trades every time one gets filled. I'd be annoyed if I sold at $2000, then got told they've reversed it. I remember a flash crash on Btc-e that didn't get rolled back even if it was caused by a fat finger.

Gemini trades rolled back. 



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

Glad that they corrected the error in time. Still don't get how did the price reach $2200 on the exchange just because of a market order placed as a mistake.

What do you mean, glad they have corrected it. This user that has caused this trade has done it on his own. Nobody made him do it. What about poor users which orders got filled just to learn that they will be reversed.

Exchanges are not for kids. If you are not careful enough and if you don't know what you are doing, you should stay away from them. My opinion is that these trades shouldn't have been reversed!

Yea I'm not sure why someone would be glad there was a reversal of someone's error. I will never join Gemini because of this. People love to be protected from themselves. It's a global mental disorder.

[erikalui]

What do you mean, glad they have corrected it. This user that has caused this trade has done it on his own. Nobody made him do it. What about poor users which orders got filled just to learn that they will be reversed.

Exchanges are not for kids. If you are not careful enough and if you don't know what you are doing, you should stay away from them. My opinion is that these trades shouldn't have been reversed!

@bold: Are you kidding me? Poor users or greedy users who want to get $2200 for their bitcoins because of the mistake of one customer who was again silly and greedy to set such a low price?

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.

[Jordan23]

What do you mean, glad they have corrected it. This user that has caused this trade has done it on his own. Nobody made him do it. What about poor users which orders got filled just to learn that they will be reversed.

Exchanges are not for kids. If you are not careful enough and if you don't know what you are doing, you should stay away from them. My opinion is that these trades shouldn't have been reversed!

@bold: Are you kidding me? Poor users or greedy users who want to get $2200 for their bitcoins because of the mistake of one customer who was again silly and greedy to set such a low price?

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.

I bought a house in 2008. Oops I paid too much. Will you buy it from me for my mistake? Maybe my mortgage company will reverse the loan? Lol poor people. HE made a mistake. HE did. So HE pays for HIS mistake. It's called PERSONAL RESPONSIBILITY.

Lol now it's "greedy" to set high sell orders. HAHAHAHAHAHA

[Soros Shorts]

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.

[tl121]

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.

We need distributed exchanges or some other technological means of doing irreversible trading.  This is the only way to make the exchanges fair.  If human judgement can step in to "correct mistakes" there will be opportunity for crony capitalism.  We don't need more rigged casinos...

[sgbett]

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.

We need distributed exchanges or some other technological means of doing irreversible trading.  This is the only way to make the exchanges fair.  If human judgement can step in to "correct mistakes" there will be opportunity for crony capitalism.  We don't need more rigged casinos...

massive agree.

how do they know this wasn't just a fishing expedition gone wrong, you know post a massive market buy to check if there are dark walls...

these games need to stay in the HFT arenas, decentralised exchange, wouldn't that be interesting.

[eternalgloom]

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.

We need distributed exchanges or some other technological means of doing irreversible trading.  This is the only way to make the exchanges fair.  If human judgement can step in to "correct mistakes" there will be opportunity for crony capitalism.  We don't need more rigged casinos...

massive agree.

how do they know this wasn't just a fishing expedition gone wrong, you know post a massive market buy to check if there are dark walls...

these games need to stay in the HFT arenas, decentralised exchange, wouldn't that be interesting.

Indeed, at first glance it seems like a positive thing to reverse a trade like that, but intervening in the exchange like that is generally a bad idea.

[Cereberus]

I still confused why this could happen ? $2200 today ? Its still impossible, I think this is just joke made someone.

I think Gemini is the next Mt.Gox if they really think everybody is going to fall for this mad attempt, 

[montreal]

161 BTC is very big volume actually. How many coins changed hands when it was going up to 2200$? Sellers are very lucky, they immediately buy new BTC with that money.

Oops, did exchange cancel orders? That's unfair for sellers. If I were them I sue the company. It's not sellers mistake, they have to get their money. I suggest everyone to boycott this company and never use its service.

I think something in their terms of service would protect them from legal action

[franky1]

161 BTC is very big volume actually. How many coins changed hands when it was going up to 2200$? Sellers are very lucky, they immediately buy new BTC with that money.

Oops, did exchange cancel orders? That's unfair for sellers. If I were them I sue the company. It's not sellers mistake, they have to get their money. I suggest everyone to boycott this company and never use its service.

I think something in their terms of service would protect them from legal action

i think its more likely that the winkles themselves were putting in orders at $220, and making a mistake.. thus reversing trades to not lose out spending $80k-$300k for just 161btc, which they didnt intend to use unless there was a large pricetank..

i dont think they would do it for just any customer.. only themselves.

you can almost imagine it
cameron:" im going to put $300k at $220 to create a nice wall, and if the price tanks we will get over 1300 coins"
Tyler: "sounds great, push the button"
cameron: "SH*T i added a zero, all our $300k is gone and all we have is 161 btc, tyler do something, we cant lose out"
Tyler: "lets just screw the customers over by reversing trades real quick"

[Blue_Tiger73]

This seems more like a joke compared to a real thing. I think that someone just accidentally bought the Bitcoin for this high price. Where is the rest of the chart? That will tell us more about the situation. Was it only 1 guy who bought for that price or was it multiple people?

[justbitcoins]

It seems that they reverse all the trading from the transaction, it is good to some extent. Customers are protected.

[Pab]

Nice prediction for future.Shit why other exchanges didnt indexed that.
It was trade between brothers.Brother to brother

[smoothie]

LOL!


One guy buys 0.1 BTC at $2200/btc and now bitcoin is valued at $2200


no market depth...lol

[Kozlov]

Gemini has rolled back the trades now. There's no point putting ridiculously high sell orders on Gemini if it's going to roll back the trades every time one gets filled. I'd be annoyed if I sold at $2000, then got told they've reversed it. I remember a flash crash on Btc-e that didn't get rolled back even if it was caused by a fat finger.

Gemini trades rolled back.  



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

So confused, what is Gemini and who actually purchased the BTC for that price? That's a really ATH. What the hell, when was the Reddit post??