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Author Topic: Someone cashed out on mtgox - price from $17 to $0.01 in minutes!  (Read 23517 times)
venom
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June 19, 2011, 05:41:08 PM
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Looks like an early adopter decided he likes USD better than bitcoins.  Well whomever you are - good riddance!


*EDIT - changed title of thread, since selloff seems over
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DamienBlack
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June 19, 2011, 05:42:38 PM
 #2

Its still going, under $9. I wonder how long it'll take for the prices to recover.

EDIT Under $7

EDIT UNDER $1! WHY DON"T I HAVEMONEY IN MTGOX!!!

I trade bitcoin options at https://bitoption.org/ ... Join me.
I play poker at https://betco.in/ ... Join me.
Support the bitcoin economy, what do you do?
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venom
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June 19, 2011, 05:46:24 PM
 #3

$6.60...
ukbitco.in
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June 19, 2011, 05:47:21 PM
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$5

!!

trouble
venom
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June 19, 2011, 05:47:36 PM
 #5

$3.40
MrJoshua
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June 19, 2011, 05:48:01 PM
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Remember, it's a good thing when large BTC holders sell out.  It disperses the btc into many accounts and feeds the economy.

The value will recover as the economy grows.

MrJ

The value of bitcoins is not a theory, predictions of it's failure are what is theoretical.
ukbitco.in
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June 19, 2011, 05:48:33 PM
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$1.20!!!!
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June 19, 2011, 05:48:48 PM
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$6.60...

I think something is wrong at mtgox. Live price does not coincide feed. I am trying to locate Mark, but it is the middle of the night in Japan. Last trade price is not refreshing right. I am wondering if somebody hacked into it?

I am going to try and text Mark, see if I can find him.
bitbot
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June 19, 2011, 05:49:14 PM
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less than 1
fuuuuck

Anonymous BITCOIN Exchange: https://www.TRADEHILL.COM
mjsbuddha
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June 19, 2011, 05:49:41 PM
 #10

less then $1 now. interesting...
Swishercutter
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June 19, 2011, 05:49:47 PM
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Am I wrong in thinking they did a massive short sell?
venom
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June 19, 2011, 05:50:24 PM
 #12

last price I saw as 11 cents. well that was fun to watch...
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June 19, 2011, 05:50:30 PM
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$6.60...

I think something is wrong at mtgox. Live price does not coincide feed. I am trying to locate Mark, but it is the middle of the night in Japan. Last trade price is not refreshing right. I am wondering if somebody hacked into it?

I am going to try and text Mark, see if I can find him.


If you actually login into MTGOX, the database still shows a "LAST PRICE" of 17.51. Something fishy going on here. I wouldn't panic and think BTC lost all that value until somebody up there checks what is going on.

edd
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June 19, 2011, 05:50:35 PM
 #14

It's beginning to look like someone managed to somehow fill every single buy order on Mt. Gox.

Still around.
ukbitco.in
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June 19, 2011, 05:50:53 PM
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someone who doesn't give a damn got hold of a large number of coins??

Markets should not let this happen. Bitcoin looks like a joke
venom
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June 19, 2011, 05:51:43 PM
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1 cent!! time to BUUUUYYYYY!
Swishercutter
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June 19, 2011, 05:53:39 PM
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someone who doesn't give a damn got hold of a large number of coins??

Markets should not let this happen. Bitcoin looks like a joke

I disagree...all markets should be allowed to fail if so inclined...why prop up a dying/dead system...it would suck to see BTC go down but I don't think that is happening...either its a glitch or someone really just shorted the market...either way I think it will recover.
MrJoshua
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June 19, 2011, 05:54:13 PM
 #18

Don't panic people.  Someone just sold into the MtGox order book.  Saturating all the buy orders is not the same thing as setting the btc value to 0.  When people come back to the market they will set the value.  I'm still willing to buy BTC so that already means the value isn't 0.

If you bought in at $34, just hang out.  It might be a while before we get back there, but that's why they call it a 'long' position.

MrJ

The value of bitcoins is not a theory, predictions of it's failure are what is theoretical.
DamienBlack
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June 19, 2011, 05:54:34 PM
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someone who doesn't give a damn got hold of a large number of coins??

Markets should not let this happen. Bitcoin looks like a joke

I disagree...all markets should be allowed to fail if so inclined...why prop up a dying/dead system...it would suck to see BTC go down but I don't think that is happening...either its a glitch or someone really just shorted the market...either way I think it will recover.

Recovered already...

I trade bitcoin options at https://bitoption.org/ ... Join me.
I play poker at https://betco.in/ ... Join me.
Support the bitcoin economy, what do you do?
Tips: 1NfXhiTFEdKQTdLy49s6DYAP1K7MeFWyao
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June 19, 2011, 05:54:41 PM
 #20

someone who doesn't give a damn got hold of a large number of coins??

Markets should not let this happen. Bitcoin looks like a joke

This is obviously not somebody selling bitcoins ... I believe somebody broke into MTGOX, and did this to cause panic. In the supposed case somebody actually DID sell an ungodly amount of bitcoins to cash out, how are they even going to get their money out of MTGOX?Huh? I don't really see this a possibility. Somebody must have hacked into the system.
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