Bitcoin Forum
October 01, 2022, 05:08:55 PM *
News: Latest Bitcoin Core release: 23.0 [Torrent]
 
   Home   Help Search Login Register More  
Warning: One or more bitcointalk.org users have reported that they strongly believe that the creator of this topic is a scammer. (Login to see the detailed trust ratings.) While the bitcointalk.org administration does not verify such claims, you should proceed with extreme caution.
Pages: [1]
  Print  
Author Topic: Warning about a Bitfinex.com bug  (Read 575 times)
Zotia (OP)
Hero Member
*****
Offline Offline

Activity: 686
Merit: 501


TokenUnion-Get Rewarded for Holding Crypto


View Profile
May 05, 2013, 09:18:03 AM
 #1

Lets say the buy and sell prices are at $110 (plus or minus a few cents) per BTC.


If you use a "limit buy" order above $110, it will ask if you are sure (since this is above the market price).  If you say "ok", then your order will be executed right away.

However, the functionality of the "limit buy" order varies with the price you use.


If you use a "limit buy" order at $111, it will buy at a bit above $110, just like the "market buy".   This is useful when MtGox is lagging.
If you use a "limit buy" order at $112 to $126, it will actually buy bitcoins at these prices!
If you use a "limit buy" order at $127 or higher it will change your "limit buy" order to a "market buy" order automatically.




This happened to me.  The price of bitcoin was $110.  I put in a "limit buy" order at $120 and it charged me $120 per bitcoin, despite the fact that there was over $1,000,000 of asks on MtGox between $110 and $120.


▄████████████████████████████▄
██████████████████████████████
███████                ██████
███████                ██████
███████▄▄▄▄▄▄    ▄▄▄▄▄▄███████
███████▀▀▀▀██    ██▀▀▀▀███████
███████    ██    ██    ███████
███████    ██    ██    ███████
███████    ██    ██    ███████
███████    ██    ██    ███████
███████    ██    ██    ███████
███████    ▀██▄▄██▀    ███████
███████▄     ▀▀▀▀     ▄███████
████████▄            ▄████████
██████████▄▄      ▄▄██████████
██████████████████████████████
▀████████████████████████████▀
.
.TokenUnion.










Reinventing Savings via Cryptoeconomically
Incentivized Holding

    ████▄▄▄
   ██  ▀▀▀████▄▄▄
   ██        ▀▀▀███▄
  ██     ▄██▄     ██
  ██     ▀██▀     ██
 ██   ███▄▄▄     ██
 ██     ▀▀▀███   ██
██   ███▄▄▄     ██
██     ▀▀▀███   ██
▀███▄▄▄        ██
   ▀▀▀████▄▄▄  ██
         ▀▀▀████
WP
■  Telegram     ■  Github
            ■  Reddit     ■  Twitter
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1664644135
Hero Member
*
Offline Offline

Posts: 1664644135

View Profile Personal Message (Offline)

Ignore
1664644135
Reply with quote  #2

1664644135
Report to moderator
MPOE-PR
Hero Member
*****
Offline Offline

Activity: 756
Merit: 522



View Profile
May 05, 2013, 10:52:11 AM
 #2

Lets say the buy and sell prices are at $110 (plus or minus a few cents) per BTC.


If you use a "limit buy" order above $110, it will ask if you are sure (since this is above the market price).  If you say "ok", then your order will be executed right away.

However, the functionality of the "limit buy" order varies with the price you use.


If you use a "limit buy" order at $111, it will buy at a bit above $110, just like the "market buy".   This is useful when MtGox is lagging.
If you use a "limit buy" order at $112 to $126, it will actually buy bitcoins at these prices!
If you use a "limit buy" order at $127 or higher it will change your "limit buy" order to a "market buy" order automatically.




This happened to me.  The price of bitcoin was $110.  I put in a "limit buy" order at $120 and it charged me $120 per bitcoin, despite the fact that there was over $1,000,000 of asks on MtGox between $110 and $120.

Do not use bucket shops. Do not send money to people who are known thieves (yes, the codebase they use is stolen from Bitcoinica). Do not send money to people who owe more than they own. Do not send BTC to sites coded in Ruby. Do not send anyone any BTC before doing some basic research.

My Credentials  | THE BTC Stock Exchange | I have my very own anthology! | Use bitcointa.lk, it's like this one but better.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!