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Author Topic: Strange and stupid orders on Britcoin  (Read 709 times)
orjoguy
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June 26, 2011, 09:17:02 PM
 #1

I'm seeing a whole load of strange and stupid orders on Britcoin. As far as I know the only way to place an order is by having the cash or Bitcoins on account to make the orders. How on earth are the following orders possible therefore without being either some sad joke by someone at Britcoin or someone is able to inject orders into the system without passing through the Order page? Making a bit of a mockery of Britcoin.

22.15    26 June

BTC for GBP
50000    1 BTC    50000 GBP
500000    1 BTC    500000 GBP
5000000    1 BTC    5000000 GBP
1000000000    0.01 BTC    10000000 GBP

GBP for BTC
0    0.05 GBP    999999999 BTC

Once I'm no longer a newbie I'll post again on the main forum.
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willphase
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June 26, 2011, 09:44:13 PM
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Just means people are selling 1BTC for 50,000GBP, 500,000GBP, etc etc

they just need to deposit 1BTC and set their dumb price.  The other will never be matched and it just serves to mess up the volume graphs.

Will

orjoguy
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June 26, 2011, 10:20:30 PM
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Thanks WIll,

I was looking at them the wrong way round. All above board just dumb!
honeymoney
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June 27, 2011, 12:14:38 AM
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Not that they aren't silly orders, but the other idea is to catch anyone with a program that goes beserk and literally tries to buy out the entire market.  Having a few "ludicrous" orders in the system might absorb or partially deflate an attack against the economy trying to remove liquidity.  Automated trading and API's enable people to script their financial work, and frankly, computers do dumb things very fast when not monitored.  I'd bet there are similar things in effect in the larger financial markets as well, since it "only" costs them a single BTC to hold that position.

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June 27, 2011, 11:06:19 PM
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I wouldnt like to be holding pounds when the pound falls so low that it takes £5000000 to buy one Bitcoin!

In fact most of the strange orders are at that post apocalyptic, pounds worth nothing, end of the Britcoin market.

5000    1 BTC    5000 GBP
10000    0.05 BTC    500 GBP
50000    1 BTC    50000 GBP
500000    1 BTC    500000 GBP
1000000    0.01 BTC    10000 GBP
5000000    1 BTC    5000000 GBP
1000000000    0.01 BTC    10000000 GBP


 
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