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Author Topic: Did BTC really just hit 1 cent ??  (Read 1905 times)
Chucksta
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June 19, 2011, 06:46:57 PM
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Or am I going mad ?

Cannot get onto MT Gox

Damn, if ever there was a good time to buy !!
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Bit_Happy
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June 19, 2011, 06:55:31 PM
 #2

My first ever run on sentence.....

The drama continues

Did BTC really just hit 1 cent ?

No one knows yet, might have been a hacker trading, but they would have had to have complete access to the database to add 500,000 fake BTC, so there is a chance it was real, since the seller got great prices on the first ~half of the order, but would that make a profit when you sell over 200,000 at 1 cent, who bought at one cent and do they get to keep them, and how many days/hours before trading resumes + how many "lucky buyers" withdrew their possibly fake BTC before the site went down?

15DYJpWJe9H1YofsNQbP9JEWWNn7XPZgbS
Chucksta
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June 19, 2011, 07:00:03 PM
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You can't fake BTC. Some numpty just offloaded a crazy amount all at once, lol

Damn, damn, damn... can't get on to the exchange to buy buy buy Sad
Chucksta
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June 19, 2011, 07:09:57 PM
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Problem solved:

Naughty little hacker from Hong Kong, or at least using an HK IP address, stole someone's very full wallet:

https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback
Coin.Karma
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June 19, 2011, 07:46:20 PM
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Thanks that nothing worse happened...cheers to all...we should all be back working towards a de-centralized planet...

Alex Beckenham
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June 19, 2011, 07:49:42 PM
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You can't fake BTC.

No, but you could put fake database entries that make a gox account look like it has btc in it, and trade with that for real dollars.


Chucksta
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June 19, 2011, 07:54:54 PM
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You can't fake BTC.

No, but you could put fake database entries that make a gox account look like it has btc in it, and trade with that for real dollars.



Good point...

Now to find someone who can do that...

Kidding, kidding  Wink
Mike 71
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June 19, 2011, 08:10:47 PM
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More interesting in that case is the fact that one wallet can kill the market and set the price to 1 Cent.

After thinking over, i will place some buy orders in different prices. Maybe sometime a drunk owner of a similar wallet will place an panic-sellorder  Grin

(after thinking over a second time, i should not tell this anyonen if i would believe to get rich with bitcoins)

Greetings
opticbit
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June 19, 2011, 10:30:50 PM
 #9

More interesting in that case is the fact that one wallet can kill the market and set the price to 1 Cent.

After thinking over, i will place some buy orders in different prices. Maybe sometime a drunk owner of a similar wallet will place an panic-sellorder  Grin

(after thinking over a second time, i should not tell this anyonen if i would believe to get rich with bitcoins)

Greetings

I have that set up on one of the exchanges, I should make it more reasonable though.

Set up the same thing..
http://bit.ly/btcrefs
Get more bitcoins.
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