Mtgox: Really Fishy Stuff Going On

[fascistmuffin]

Volume is up from around 50,000 yesterday to 545,304 (nearly double what it was when I last checked it a few minutes ago). Low price at 0.01. Trade graph has a line straight down.

Something fishy?

Edit: Sorry, just saw the large amounts of post on the same topic.

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[tymothy]

I find it hard to believe that a single person would unload that many coins at once on one exchange, unless it was a hacker who was selling them for lulz.

[kokojie]

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

[Durr]

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

HAHA that's very possible, then it's good bye and some people going to jail, like the MtGox owners.

[mjsbuddha]

agreed. no one has 500k bitcoins. either someone hacked mt gox and sold everyones coins to everyone else for shits and giggles or mt gox itself went dark horse and ran with everyones money.

[rebuilder]

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

Certainly not all from everyone. None of mine were stolen.

[newMeat1]

Well I think it's pretty clear we need a $1000-$5000 daily limit... People losing life fortunes in 20 seconds isn't cool. Whoever did this will be lucky to get their money out of dwolla. If I were magical Tux I would probably shut down the transactions.

[kidgorgeous]

Not true, I'm sure satoshi has that many bitcoins. Look at the top bitcoin addresses and if one guy has more than one of those addresses then 500k btc isn't impossible. However good luck quickly getting that much money out of mtgox quickly. I don't think dwolla will ACH a million dollars :-P. I would like to hear from MtGox though.

[Elokane]

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?

[FuzzyCoins]

Well I think it's pretty clear we need a $1000-$5000 daily limit... People losing life fortunes in 20 seconds isn't cool. Whoever did this will be lucky to get their money out of dwolla. If I were magical Tux I would probably shut down the transactions.

Why? This how markets work. Buyers and Sellers are matched together. Someone was willing to buy at lot of BTC at pennies and someone else was willing to sell. BTC (like any other commodity) really doesn't have an intrinsic value, it is valued at what people say it is valued at. Since BTC is a new commodity and there are not a lot of people trading in it, the market (all the buyers and sellers) haven't really figured out what it is worth.

This is currently the wild west. The opportunities for reward are great, the risks are extreme. Deal with it. Have fun!