Massive spike to $7 (then $15.9499) sunday 3PM BST at MtGox

[Gabi]

Oh well we are at 6$ now

[1713581075]

1713581075

[1713581075]

1713581075

[Cluster2k]

Bots rely on pricing data to make their decisions.

Guess what happens when they get fed a bunch of bogus data?

Right, I didn't think of that. But the bot writers should know this problem, as it has been there for a while already. Still, it is a possible explanation.

I'm not so sure whether Mtgox gives warranty of their feeds being correct 100% of the time. I agree that this is very questionable, but might still be the case.

Imagine the NASDAQ reporting AAPL spiking to $900 a share and back again with no order executed in between.  There would be questions asked, to say teh least.

[memvola]

Bitcoin Monitor is reporting multiple BTC movements of 50000 to 52500 in quick succession.  Looks like the fun is ending.

I guess we'll see in about an hour. There's more than 600K there.

[wobber]

You mean large BTC sales?

[memvola]

You mean large BTC sales?

No, transfers. See the blockchain & bitcoinmonitor.

[Cluster2k]

You mean large BTC sales?

The dots are blue not red, so it suggests someone is moving a LOT of bitcoins.

The last time I saw this kind of thing was just after MtGox was hacked.  Price fell to $0.01 and there was a transfer of hundreds of thousands of bitcoins.  Turned out it was MtGox's admins moving bitcoins for fear of hackers stealing the lot.

[wobber]

You mean large BTC sales?

No, transfers. See the blockchain & bitcoinmonitor.

I mean, moving bitcoins to mtgox in order to sell?

[johnj]

You mean large BTC sales?

No, transfers. See the blockchain & bitcoinmonitor.

[grod]

Now showing a high in the 13 instead of the 15 trade.  I'm now convinced the trade data has never been accurate.  Glad I have just pennies at mtgox, these guys are either complete amateur hour or outright fraudsters.

Anyone trusting that operation with hundreds of thousands of dollars at once deserves to be robbed blind.

[memvola]

You mean large BTC sales?

No, transfers. See the blockchain & bitcoinmonitor.

I mean, moving bitcoins to mtgox in order to sell?

Don't think so. What Cluster2k said makes more sense. Though I don't think there's something wrong with MtGox, it might be just a precaution. Looks like it's 700K, they appeared in the blockchain.

[grod]

That would make sense.   Last time mtgox's account was 500k coins, so 200k more were sent to be sold since then.   

[arsenische]

I have a sell order at mtgox for 9.36 USD. It is there from august. But it was never executed. So those price movements are not real?

[Cluster2k]

I have a sell order at mtgox for 9.36 USD. It is there from august. But it was never executed. So those price movements are not real?

$15.94 order was wound back but $12.50 remains.  I wonder how many orders MtGox will cancel as being erroneous.  Is $12.50 sensible when the price was sitting at $4.75 before the mini madness?  Was $7 rational?

Now down to $4.82 as I type this.  And back to $6.30.  MtGox is f*cked 

[johnj]

I have a sell order at mtgox for 9.36 USD. It is there from august. But it was never executed. So those price movements are not real?

I'd guess either error or as someone else suggested, dark pools (if mtgox has that)

[ElectricMucus]

I have a sell order at mtgox for 9.36 USD. It is there from august. But it was never executed. So those price movements are not real?

Well either you or gox is lying....

[grod]

I have a sell order at mtgox for 9.36 USD. It is there from august. But it was never executed. So those price movements are not real?

No, they are utterly bogus.  Not only are they bogus but they're disappearing.  Day high has now been moved to 12.5, and by the time most people get a gander at the chart they'll wonder what kind of crack everyone in this thread was smoking.

I think this was an experiment by the mtgox guys to see how traders and bots would react when given bogus trade data.  Expect more of the same in the future since the reaction was hugely positive -- 20% jump in bitcoin prices after being stable for about a day.

[wobber]

I had a buy order at 5.1 and never filled. 4.85 never happen

[Cluster2k]

I think this was an experiment by the mtgox guys to see how traders and bots would react when given bogus trade data.  Expect more of the same in the future since the reaction was hugely positive -- 20% jump in bitcoin prices after being stable for about a day.

Interesting theory, but I think it would be highly unethical (to say the least) for MtGox to do that.  People are making trades and moving money in and out of MtGox (btc or otherwise).  Imagine the NYSE turning around after a volatile day of trading and saying "HA! Just testing you, now we roll back everything".

I'm betting on another MtGox bug.  They've just opened 15 new currencies.  Chances are something went wrong.  Bots reacted accordingly.  Bots are dangerous in the playpen of MtGox and the real world of the NYSE/FTSE/etc.  There they can do real damage.

[Drifter]

The 50,000 exchanges are all from one person (obviously). To be more specific, if you check the top 100 list, http://bitcoinreport.appspot.com/, all those 50,000 BTC addresses are the ones that moved. Couldn't tell you what they are doing with it though.

[memvola]

In Gox We Trust