Someone cashed out on mtgox - price from $17 to $0.01 in minutes!

[Swishercutter]

Well crap, that is really going to mess up my graphs.

How many people had a spreadsheet showing this one...go math...lol.

[1715464275]

1715464275

[1715464275]

1715464275

[Grant]

Strange thing is i had a dream last night that sooner or later an early adopter would do this. Was even thinking to place a bid at 0.01 for massive amount....

damn

Oh well

[bitbot]

I put my order in for .01 or .10 in when it was around $5
I set it up to buy 100 coins for $1 each but somehow misplaced the decimal and ended up with nearly 100 coins for $1
the bad part is that everyone else who bought the coins is going to be selling immediately and the price will stay low until they sell out

[[Coins!]]

How many people had a spreadsheet showing this one...go math...lol.

Lol how many indeed.  $0.01 for a bitcoin? Mining definitely is profitable with those kinds of numbers, right? Lmao.

[philipp]

Someone laundering the Bitcoins from Allinvain?

[kokojie]

I think someone hacked mtgox,  selling all BTC from everyone's accounts

I can still place buy orders:

Buying   240   0.1   Active   24   06/19 14:02   cancel

[edd]

I'm just glad prices are bouncing back. I was afraid I was going to have to ship coffee for fractions of a penny!

[Swishercutter]

I put my order in for .01 or .10 in when it was around $5
I set it up to buy 100 coins for $1 each but somehow misplaced the decimal and ended up with nearly 100 coins for $1
the bad part is that everyone else who bought the coins is going to be selling immediately and the price will stay low until they sell out

If what you say is true...you can afford to wait it out.

[Yuvea]

so I'm guessing some folks decided to manipulate the market and move large sums around?

[Aggro]

===== 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!!

[Swishercutter]

How many people had a spreadsheet showing this one...go math...lol.

Lol how many indeed.  $0.01 for a bitcoin? Mining definitely is profitable with those kinds of numbers, right? Lmao.

Like I said before...it can go to 0 and I will turn a profit somehow...I stand by my statement.

[Ddraig]

This looks like a flash crash....bot manipulation to me. Someone puts in a large sell order, bots follow suit and crash it goes.

http://bitcoincharts.com/charts/mtgoxUSD#rg1zig1-minzvztgWzm1g10zm2g25

[TraderTimm]

For what it is worth - here's what the size looked on two of the big 'cash out' orders. Sure made no sense to me, since normal markets match best bid/offer instead of crossing at arbitrary prices.

First Pic:



Second Pic:



So, anyone know what the heck is going on with Mt.Gox?

[Andrew Vorobyov]

hahahahahahahahahhahahaa...

there is no way to separate good trades from bad ones....

If MTGox will even try to do it - it's time for another MTGox....

[Aggro]

For what it is worth - here's what the size looked on two of the big 'cash out' orders. Sure made no sense to me, since normal markets match best bid/offer instead of crossing at arbitrary prices.

First Pic:



Second Pic:



So, anyone know what the heck is going on with Mt.Gox?

It doesn't look normal because IT IS NOT. Somebody stole/broke into MTGOX database and has a bunch of bots messing up with the database. DO NOT PUT ORDERS NOR PANICK! Clearly, as soon as I get Mark to wake up he'll have to do an UNDO on the database and everything will be back to normal.

[DamienBlack]

They were all good trades, someone just cashed out majorly. Or maybe I'm wrong.

[Swishercutter]

http://forum.bitcoin.org/index.php?topic=19192.msg244096#msg244096

Found the problem...people were wishing again.

[bitbot]

It doesn't look normal because IT IS NOT. Somebody stole/broke into MTGOX database and has a bunch of bots messing up with the database. DO NOT PUT ORDERS NOR PANICK! Clearly, as soon as I get Mark to wake up he'll have to do an UNDO on the database and everything will be back to normal.

not before I cash out and buy my yacht

[bitworld]

http://blockexplorer.com/address/18T3AFPJ2sTu6ti7gGj5x52uzJNmVFw9y9

maybe someone exploited the websites making everyone sell there coins at 0.01cents and bought them all up

[S3052]

I put my order in for .01 or .10 in when it was around $5
I set it up to buy 100 coins for $1 each but somehow misplaced the decimal and ended up with nearly 100 coins for $1
the bad part is that everyone else who bought the coins is going to be selling immediately and the price will stay low until they sell out

I don't like this, but have to agree with your view:

Once people get into their account on MtGox, especially after the weekend, those who had placed orders at 1$ and below, will very likely dream about being millionaires and cash out quickly.
The next days will be wild.Nothing for people not experienced in trading.

Forget about stable bitcoin rates for a while.

And by the way, people should be careful to speculate about that this was not a valid trade. Let's first get the facts. There is nothing illegitimate about an early adopter selling half a million coins.

EDIT:
The way the BTC were sold(just one huge sell order at probably 0.001) leads me to rather speculate that someone who does not care about money purposely wanted to dump the price (goverment-related body, competition to Bitcoins, etc..) This is where the investigations should look for.