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Author Topic: Be Careful reading a 1 sided market - what volume actually traded < $10?  (Read 2248 times)
Isosceles
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June 19, 2011, 06:00:53 PM
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Before you panic & sell everything, just because there's no bids for 5 minutes doesn't mean the market will stay broken. Unless there's a surplus of fools willing to part with their bitcoins for <$10.

Does anyone know what volume of BTC was actually sold for <$10 or <$5?
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June 19, 2011, 06:02:35 PM
 #2

Before you panic & sell everything, just because there's no bids for 5 minutes doesn't mean the market will stay broken. Unless there's a surplus of fools willing to part with their bitcoins for <$10.

Does anyone know what volume of BTC was actually sold for <$10 or <$5?

I remember seeing an order for ~261000 bitcoins at 0.01$ that got fulfilled.

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June 19, 2011, 06:02:48 PM
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Jun 19, 2011, 17:51:16

0.01000   261383.76   

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June 19, 2011, 06:05:03 PM
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Volume has increase about 10x from yesterday when it was at around 50k volume. I think the above is right, 261k, what about the other 200k increase? Why would that many people join the bail train with recent market trends looking like a mountain range?
bitcoinaddict
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June 19, 2011, 06:06:53 PM
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My guess is someone messed up writing their little trading bot.

Tomorrow we'll hear of some suicide somewhere of some programmer who lived in his mom's basement.

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June 19, 2011, 06:07:25 PM
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who would sell anything at 0.01 Huh

gotta be hacked or malfunctioning or whatelse. guess we see a rollback
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June 19, 2011, 06:09:47 PM
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This is some early guy (Satoshi or his accomplishes) who knows something about Bitcoin we don't (perhaps that it's the biggest scam of 2011).

And so he's cashing out Wink

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Isosceles
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June 19, 2011, 06:12:40 PM
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Why would anyone deliberately cash out at $0.01? Someone's stub quote just made them a BTC fortune. This is the Bitcoin Flash Crash.
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June 19, 2011, 06:14:13 PM
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Perhaps the MtGox bitcoin wallet is stolen and people are now trading with Bitcoins that don't exist (MtGox doesnt have them).

Lmao

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Isosceles
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June 19, 2011, 06:16:50 PM
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But what volume in $ traded below $10? Someone hitting a stupidly low bid is just stupidity. They lost 200k BTC, and gained $2k USD.
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June 19, 2011, 06:21:17 PM
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Is anyone who was lucky enough to login to MtGox and buy a lot of bitcons at this absurd price also generous enough to donate any to those of us who weren't? Smiley

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June 19, 2011, 06:22:59 PM
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But what volume in $ traded below $10? Someone hitting a stupidly low bid is just stupidity. They lost 200k BTC, and gained $2k USD.

then again if you are a 'founding father', and not blinded by greed, you might have every incentive to dump some of your BTC for nothing. liquidating some of that stuff means the price goes down (as it did) and more people can buy == more long-term viability.
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June 19, 2011, 06:24:04 PM
 #13

And mt gox crashes.

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June 19, 2011, 06:35:13 PM
 #14

And mt gox crashes.

Yep, news is spreading fast, probably hit a big tech site and now people are checking mtgox accounts as fast as they can, overload...
Isosceles
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June 19, 2011, 07:07:27 PM
 #15

Answer :
Below $10 : 150k BTC, $243k USD
Below $5 : 132k BTC, $115k USD

Here's the full list of bids hit :
http://pastebin.com/J0HXBjWu

And in graph form :

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