Huge selloff + Ordering not possible on MtGox

[altoid]

i had an open buy at $1 and it got filled.  made about $200k assuming bitcoins stay where they are around $10, crazy shit.  Should I transfer my coins to an external wallet?

Holy jesus, so people did make out. Can you verify that these are legit bitcoins that you can move out to an external wallet?

moving them now...

edit: no wait, mt gox is limiting my daily withdrawal

I call bullshit.

well, I got 80 of 22k bitcoins out of my account   fingers crossed I can get the rest when the site comes back

[mjsbuddha]

your limited to withdrawing $1,000 worth of bitcoins a day

[Reno]

mtgox completely offline now?
was able to place an order when it was under 1$ but didn't receive ANY btc...
just think someone messed with the mtgox db.. don't think this was any legit trade

time to consider a security update on this trading platform....

[Bit_Happy]

===== PLEASE READ THIS!! =====


I WOULD NOT PUT ANY TRADES ON UNTIL WE HEAR FROM MARK!!! CLEARLY Mtgox has been hacked. What is happening is NOT somebody "dumping" their bitcoins to "cash out". Somebody managed to break into it, and it is playing with the database. We need to wait until Mark (Mtux) has a chance to check this mess.

If you put more orders, it will only mean overloading the system more and more, and more work afterwards to try and weed out good trades from bad trades.

ALSO, PLEASE DO NOT CASH OUT ANY MTGOX USD TO ANYBODY (LIKE BUYING MTGOX USD FOR A MONEY PACK) UNTIL WE HEAR FROM MARK!!

This is an ILLUSION created by a bunch of bots to create panic. DO NOT CONTRIBUTE TO IT!

1) They are clearly "under attack" in terms of accessing the site.
2) No one really knows if the huge order was real, we cannot assume it was fake since they got good prices on the first part of the order.*

*Edit: Obviously something is strange about all of this...

If you are correct, then it could be days before trading resumes.  

[Edward50]

So I take it the only people who were able to buy in this huge selloff, were poeple who actually had bid orders placed before this selloff?

Was anyone able to buy it during the selloff.

I got totally screwed here because I am waiting for my dwolla account to deposit my money from my bank account. I did not know dwolla took that long or I would have had money in mt. gox, and would have bought at less than $1.00 because I watched this whole thing unfold.

[gyzer]

I had a buy order in at 10 that didn't get filled and actually the order has disappeared entirely from my Mt. Gox account.

[randomguy7]

I think that hackers used a lot of hacked accounts to buy every btc they could get. Before doing this, they got a legit mtgox account and placed buying orders at fkn low prices like usd 0.01. That way they were able to steal the usd from the hacked accounts.

[jackjack]

time to consider leaving this trading platform....

fix'd

[Digigami]

I was able to get into the site while it was just over 1 dollar, I entered my bid at 0.8 but it kept giving "another trade in progress... blahhh"

if the site was actually useable while it was happening I should have been able to buy up a bunch, but no luck for me

[Dude65535]

I am fairly sure it was a real order. Some people are reporting getting existing low bids filled. It was one very very large sell order, new orders were not able to be placed until it finished executing.

Edit: On the subject of hacking, I had USD and BTC in my Mt.Gox account and neither was effected.

[tymothy]

How about considering a different exchange...like FOREX?

[Bit_Happy]

 Time in Japan = 3:33am Monday (JST)

[unbuttered_toast]

I did get about 10 coins during that long period of unresponsiveness, before the site went down. So it wasn't refusing transactions, it was just overloaded.

[geek-trader]

MtGox is unreachable by me right now.  "The connection has timed out"

I put a buy order in for $12 before I went to bed last night.  Woke up to find it filled, much to my suprise.  Now I see I should have made that $1 instead.  

[Astrohacker]

This is good for bitcoin. One person just sold off a bunch of coins, but many, many people just bought bitcoins, some at a great bargain (I saw one buy for 250000 or so coins at $0.01). Thus, the bitcoin net has just gotten wider... there are probably a few people who just got their first coins, and a lot of people just increased their coins. The ownership of bitcoin has just broadened greatly.

Edit: I retract this comment. It was actually a hack. http://forum.bitcoin.org/index.php?topic=19551.0

[AtlasONo]

If they thought their e-mail backlog was big before.....

[finnthecelt]

This is good for bitcoin. One person just sold off a bunch of coins, but many, many people just bought bitcoins, some at a great bargain (I saw one buy for 250000 or so coins at $0.01). Thus, the bitcoin net has just gotten wider... there are probably a few people who just got their first coins, and a lot of people just increased their coins. The ownership of bitcoin has just broadened greatly.

If they were not legit trades this is not good. And the fact that the exchange can't handle the volume and is crashed is also not good. I think your perception of good is flawed. Perhaps you're more optimistic than me.....?

[jatajuta]

This is good for bitcoin. One person just sold off a bunch of coins, but many, many people just bought bitcoins, some at a great bargain (I saw one buy for 250000 or so coins at $0.01). Thus, the bitcoin net has just gotten wider... there are probably a few people who just got their first coins, and a lot of people just increased their coins. The ownership of bitcoin has just broadened greatly.

Yes, what makes no sense is that he is selling off 500k of btc's and HALF of this quantity for $0,01.

Why he didnt just dumped the market when it was on 30 or so?

It seems like an attack, this need investigation, is not only a huge sell of an early adopter.

[newguy05]

It's a huge mess due to either bug or hacking, i am 100% sure it's not a real seller dumping 100k coins.  Usually in those cases the exchange will reverse the orders filled below the min level <$1-5, but who knows what mtgox will do since it's basically some guy in a basement...

I use tradehill, seems a bit slow now too but market data looked fine, see a dip to 13 due to the mtgox mess but nothing too crazy.  My pending limit buy order at $13 has not been filled.

https://www.tradehill.com/MarketData/

[Lumpy]

your limited to withdrawing $1,000 worth of bitcoins a day

I've had success withdrawal more than that as long as I do multiple withdrawal requests. Each one spit back at my "limit reached" but I was able to do several successive withdrawals with no problems.