Volumes gone?

[fabianhjr]

Just looked at MtGox after their record volume today.

All bids are gone?! D: TH now has more bids and at a higher rate. Someone dropped a lot of coins.

[1714144873]

1714144873

[lumberjack4]

Looks like someone just dumped ~100K BTC on the market...

[lumberjack4]

Make that 200K and counting.  This is stupid...

[xanatos]

We are all poor! :-)

[muyoso]

A low of 4 today?  Jesus why couldn't it have stayed for more than a few minutes?

[lumberjack4]

Gox must have been hacked...  It's BTC's flash crash.

[Gabi]

1$...

[fabianhjr]

It reached 0.01 cent. Who is the lucky one that got that?

[Dobrodav]

Tight your belts gentlements ...

[Gabi]

It says 15$ now

[enmaku]

While the market depth chart is kind of freaky and cool to look at over on Mt. Gox, the market typically does see a drastic decrease of buyers over the weekend. In many areas it's quite difficult to get banks to move money on the weekends, so there aren't as many bids and once they're gone they take time to come back. Also keep in mind that Mt. Gox doesn't show the full volume on their charts/data, they only show buy/sell orders within a certain percentage of the most recent sale price, so there are likely buy orders down in the $10 range that, even though there is a $10 gridline on the chart, won't be shown because they are out of range for Mt Gox's chart-generating algorithm.

I'm not terribly worried, we might get to see another scary weekend low but as long as things manage not to crash completely before Monday or Tuesday we'll see the usual return to normal market volatility after the typically volatile weekend

[sir murray]

Wow! Wish I had bought a lot of BTC while it was so cheap, it's back at 15 usd.

[fabianhjr]

Yeah, more people came to buy. Though I still don't know who was the lucky bastard that got coins for 1 cent. D:

[tsvekric]

um someone just bought EVERY bid, including thousands of bitcoins for pennies.  The volume went from tens of thousands to over half a million.  From that list of 'largest wallets' NO ONE had half a million BTC.  I highly doubt someone had that much and sold it all down to nothing.  Something went wrong.  I wouldn't trust any sale on MtGox until we hear from them.

[hypsterj]

I am unable to place any buy orders. I suspect Mt.Gox has been hacked or it's bugging out.

[Dobrodav]

I am remembering some strange "high volume snake pattern transactions" not so long ago.
Looks like there is some connection.

[fabianhjr]

I am unable to place any buy orders. I suspect Mt.Gox has been hacked or it's bugging out.

Can anybody confirm?

[dev^]

Someone sold 263K BTC.
But it seems that Mt. Gox has reverted this transaction.

[warsmith]

Someone dumped around 300k bitcoins for 0.01$. Awesome.

[Dobrodav]

Well, should we start to panick ?

[grue]

MTGOX HAXED?
i mean, who will sell that much bitcoins?

[warsmith]

Well, should we start to panick ?

that's never a good solution

MTGOX HAXED?
i mean, who will sell that much bitcoins?

more likely an early adopter got his wallet taken over.

[kokojie]

yep, mtgox was probably hacked, someone sold all BTC from everyone that had them in their mtgox account

[kokojie]

Well, should we start to panick ?

that's never a good solution

MTGOX HAXED?
i mean, who will sell that much bitcoins?

more likely an early adopter got his wallet taken over.

No early adopter has 1M+ btc

[dev^]

yep, mtgox was probably hacked, someone sold all BTC from everyone that had them in their mtgox account

I think it is definitly related to the recently stolen wallet.dat.

Just look at row 477 here: (Transaction log)
https://rapidshare.com/files/2169342491/history.txt
(don't worry about security, it's just a .txt)

[Gameover]

yep, mtgox was probably hacked, someone sold all BTC from everyone that had them in their mtgox account

FALSE, if that were true you would already see 100 posts about people seeing there are 0 BTC in their accounts.

[frutza]

I believe MtGox should offer an explanation, even if it's something as simple as "we were not hacked, someone is just playing the market like a fiddle" :-)

[Dobrodav]

We know some rude guesses on this matter, and no one of this guesses is not anyhow good.
Some of them just catastrophic, other not so catastrophic, but still not pleasant.
Well, lets see how it will be - very bad or just bad.

[frutza]

Why don't you all check your MtGox accounts and report back?

[demonofelru]

Why don't you all check your MtGox accounts and report back?

I would but it's down at least for me.

[frutza]

Right now, MtGox seems to be down... Was it hacked, is there a rush on account checking or is this a DDos related to the ton of bitcoin that were unloaded earlier?

[hypsterj]

I placed half a dozen orders between .01 and 13. Naturally, Mt.Gox processes only the buy at 13.  

For 1.2% a trade I expect the infrastructure not to suck quite so bad.

Tommy just sold a half a million Bitcoins!


Looks like Mt.Gox is now down.

[frutza]

Maybe MagicalTux took it down to analyze the situation and prevent future issues (technical/psychological etc.)

[demonofelru]

Maybe MagicalTux took it down to analyze the situation and prevent future issues (technical/psychological etc.)

Most likely that is what happened IMO.

[hypsterj]

I don't think anyone has enough btc, legit or stolen, to do this all on their own. Maybe someone had enough to crash through the stop loss prices of some of the bigger algo traders? Mostly just speculation at this point.

[frutza]

Well, at least we know   he's working on it.
A couple more incidents like this, and both MtGox and Bitcoin will go down in flames  

I wonder how much negative media coverage this incident will get tomorrow...

[hypsterj]

TradeHill seems to be touch and go at the moment as well. Probably just load issues though.

[frutza]

Maybe Satoshi just unloaded his wallet just to see what happens?

[Dobrodav]

https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback

Finaly - at least some statement.
Well at least this not catastrophic scenario.

[Oldminer]

We are all poor! :-)

This ^^

[warsmith]

https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback

Finaly - at least some statement.
Well at least this not catastrophic scenario.

Do you think the price will be <12$ when it comes back up?

[frutza]

Well, this is sort of good news   It proves that despite the limited resources, MagicalTux stays on top of things.
I wonder what happens to the $1000 the rightful account owner lost. Will he be reimbursed by MtGox?

[hypsterj]

Well, this is sort of good news   It proves that despite the limited resources, MagicalTux stays on top of things.
I wonder what happens to the $1000 the rightful account owner lost. Will he be reimbursed by MtGox?

Limited resources? By my math MagicalTux made ~$300k in the past month.

[Dobrodav]

Will it be refunded or not, depends on details of the huck.
But it is powerfull blow to MtGox rep. I am even thinking about dirty competition trick.
Well, i am always full with shitty ideas.

[frutza]

I meant limited human resources  (one guy...) maybe part of the $300k (or whatever the amount is) can be used for better security?

[Gameover]

Well, this is sort of good news   It proves that despite the limited resources, MagicalTux stays on top of things.
I wonder what happens to the $1000 the rightful account owner lost. Will he be reimbursed by MtGox?

It may not be as simple as this, if the maximum transfer is limited to $1000 and the price of bitcoins was down to $0.01, doesn't that mean you can send out 100,000 bitcoins?  Which under normal markets would be worth $1M-$2M?

[frutza]

Interesting point. Did anyone look for such a transfer(s) in the block chain?