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Author Topic: What caused the $12.50 spike today?  (Read 1724 times)
joey.rich
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September 11, 2011, 06:51:24 PM
 #1

Here's my theory about what happened today:

People who used the same password on this Bitcoin forums as for their MtGox accounts had their MtGox accounts broken into.  To steal money from these new accounts, hackers logged into their own accounts and placed large sell orders at around $12.  Then they logged into the compromised accounts and placed large buy orders at $12.  These orders and anything under $12 were fulfilled, so the hackers were able to sell their own bitcoins for $10+ prices.  And people whose accounts were compromised will log in to find that they purchased a bunch of overpriced bitcoins.
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mp420
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September 11, 2011, 06:58:53 PM
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Not likely. Several people have stated they had sells at around $10 that didn't get filled. Looks a lot like a bug, or else the whole exchange has been compromised.
BCEmporium
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September 11, 2011, 07:04:26 PM
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Doubt it!

Unless the "hackers" hit jackpot and a guy with password 123 here happened to use the same password at Gox and have 1 million bucks or so on his account... other than that; it is just a bug.
coined
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September 11, 2011, 07:09:17 PM
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Not likely. Several people have stated they had sells at around $10 that didn't get filled. Looks a lot like a bug, or else the whole exchange has been compromised.

some people may be scared by the rally and attempting to spread FUD about orders not being filled,  I personaly have no idea  Grin  If you think something went wrong you should wait for an official statement,

I'm just going to keep watching the market for now, If another decline stops at 4's instead of the 2-3 range I will probably buy back in. It's possible some people just bought because of a similar reason, the chance for the crash to 2-3 was right there and it didn't happen.
RandyMarsh
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September 11, 2011, 07:12:18 PM
 #5

Guys he has made 11 posts, he must be right  Grin

Stan?! STAN?!?!
BCEmporium
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September 11, 2011, 07:13:00 PM
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Guys he has made 11 posts, he must be right  Grin

Coined is "more right", he made 111
arsenische
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September 11, 2011, 07:16:31 PM
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some times I have a feeling people post something just to increase the counter.. probably need to hide it so that posts are more meaningful

deepceleron
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September 11, 2011, 07:19:08 PM
 #8

Not likely. Several people have stated they had sells at around $10 that didn't get filled. Looks a lot like a bug, or else the whole exchange has been compromised.
I had my standing sell order filled by the big buy (while not for $10).

I had pointed out in IRC yesterday that the sell book was so thin, that while the market went down just one and a half points, absorbing several sales totaling 60,000BTC in a day, now a $62,000 10,000BTC purchase could spike the market to $500/BTC.

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September 11, 2011, 07:57:37 PM
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Not likely. Several people have stated they had sells at around $10 that didn't get filled. Looks a lot like a bug, or else the whole exchange has been compromised.
I had my standing sell order filled by the big buy (while not for $10).

I had pointed out in IRC yesterday that the sell book was so thin, that while the market went down just one and a half points, absorbing several sales totaling 60,000BTC in a day, now a $62,000 10,000BTC purchase could spike the market to $500/BTC.

Lol. I can buy 1000. Anyone else?

If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
Grinder
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September 11, 2011, 09:13:16 PM
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Guys he has made 11 posts, he must be right  Grin
So, how does this work? Am I three times as right as you when I write something, or are we always right after a certain amount of posts?
mizike29
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September 11, 2011, 09:19:09 PM
 #11

All I know is bitcoins have been dropping slowly and deadly hitting 4 bux.  This forum had been hacked.  MTGOX shows crazy price highs at 15 and 12.  Crazy chargebacks through dwolla, more bad info on bitcoin, driving prices down, and doesnt look good for bitcoins.  WE NEED SOMETHING POSITIVE.  I thought for sure when MTGOX started accepting 15 different currencies that was going to be a big help, but really nothing happened except prices keep falling.

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September 11, 2011, 09:32:40 PM
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Guys he has made 11 posts, he must be right  Grin
So, how does this work? Am I three times as right as you when I write something, or are we always right after a certain amount of posts?

it was just a joke guys, it doesnt matter how many posts he's made.

I just meant that his theory is clearly wrong, all trades up to 12 were not fullfilled, nor up to 15, nor even 10. The price today hasnt gone above 7, until maybe now. anything above 7 was just a stupid mtgox error. and extreemly annoying stupid mtgox error.

Stan?! STAN?!?!
bcforum
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September 11, 2011, 09:45:43 PM
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some times I have a feeling people post something just to increase the counter.. probably need to hide it so that posts are more meaningful

I thought the mods were deleting junk posts.

If you found this post useful, feel free to share the wealth: 1E35gTBmJzPNJ3v72DX4wu4YtvHTWqNRbM
Grinder
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September 11, 2011, 09:58:37 PM
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I thought the mods were deleting junk posts.
No, they only have time to delete posts from people they don't like.
BCEmporium
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September 11, 2011, 10:06:09 PM
 #15

Back OT, the 12 spike is explained with this:



Taurus got Cancer, while Sagitarius did Virgo (who isn't any longer), a Scorpio bit Leo and Piscies are now in the Aquarius...

(or in english: The bull got crabs, while centaur did virgin (who isn't any longer), a scorpion bit the lion and the fishes are now in the fishbowl)
lethe
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September 11, 2011, 10:36:06 PM
 #16

Mt. Gox's own bots doing "privileged" trades with each other.

"I have a bit in Bitcoin"
V4Vendettas
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September 11, 2011, 10:42:31 PM
 #17

Back OT, the 12 spike is explained with this:



Taurus got Cancer, while Sagitarius did Virgo (who isn't any longer), a Scorpio bit Leo and Piscies are now in the Aquarius...

(or in english: The bull got crabs, while centaur did virgin (who isn't any longer), a scorpion bit the lion and the fishes are now in the fishbowl)

Do you have news letters so i can keep uptodate ?

BCEmporium
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September 11, 2011, 10:58:02 PM
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Do you have news letters so i can keep uptodate ?

Sorry, I promise my mom to not send more email spam  Sad
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