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Author Topic: Crazy price spike at Britcoin  (Read 1323 times)
ableorange
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June 23, 2011, 11:02:00 AM
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http://bitcoincharts.com/charts/britcoinGBP#rg60zvztgSzm1g10zm2g25

What's caused this?
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June 23, 2011, 12:01:36 PM
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Britcoin has a non-standard way of matching trades, and a non-intuitive way of entering trades, which is a recipe for wierd trades like that happening. There are so many exchanges out there that work in a certain way.. I don't know why anyone would want to deviate from the norm like this.
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June 23, 2011, 12:18:29 PM
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Those are the two trades:

Jun 22, 2011, 22:14:01   5000.00000   0.00   
Jun 22, 2011, 22:13:02   500.00000   0.01   

Not exactly a big influence on the real market, just messes with the graphs.  I don't know how the exchange works, but I can't imagine why the exchange would allow purchases so much higher than the actual market rate.  A market order or limit order should always try to match the buyer with the lowest current ask.  Were there just 0 sellers with standing orders so 500 and 5000 were actually the lowest, or is it just people trying to mess with the graph with tiny transactions?

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June 23, 2011, 01:55:18 PM
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Those are the two trades:

Jun 22, 2011, 22:14:01   5000.00000   0.00   
Jun 22, 2011, 22:13:02   500.00000   0.01   

Probably someone spending a fiver to test the trade-matching algorithm posted here:

http://forum.bitcoin.org/index.php?topic=4984.msg260989#msg260989

(I'm guessing the first trade was for 0.001 BTC, or Britcoin lets you buy 0 bitcoins?)

I've always assumed I'm posting an offer I'd like to deal at, rather than some kind of minimum/maximum level. Seems fairly straightforwards IMHO.

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