Bitcoin Crashes to $100 BTC-E

[miketonic]

So what exactly happened there? Did someone mean to sell at 702 but mistakenly pressed the 1 key thinking that it was the 7 and never caught their mistake?

When I type of my surface pro the key are reversed with the 7 on the bottom and the one on top. And when entering key on occasion I make a mistake. (Never when sending money since I quadruple check).

If it was a mistake and it really was 6,000 Bitcoins, I really feel bad for the person.

I think someone just made a huge sell order without price limit. That way the price goes as low as it needs to get buyers for 6 000 BTC instantly

[j23a]

So what exactly happened there? Did someone mean to sell at 702 but mistakenly pressed the 1 key thinking that it was the 7 and never caught their mistake?

When I type of my surface pro the key are reversed with the 7 on the bottom and the one on top. And when entering key on occasion I make a mistake. (Never when sending money since I quadruple check).

If it was a mistake and it really was 6,000 Bitcoins, I really feel bad for the person.

I think someone just made a huge sell order without price limit. That way the price goes as low as it needs to get buyers for 6 000 BTC instantly

I'm new to all of this. So that mean he didn't lose all those Bitcoins for $102 each then.

[miketonic]

So what exactly happened there? Did someone mean to sell at 702 but mistakenly pressed the 1 key thinking that it was the 7 and never caught their mistake?

When I type of my surface pro the key are reversed with the 7 on the bottom and the one on top. And when entering key on occasion I make a mistake. (Never when sending money since I quadruple check).

If it was a mistake and it really was 6,000 Bitcoins, I really feel bad for the person.

I think someone just made a huge sell order without price limit. That way the price goes as low as it needs to get buyers for 6 000 BTC instantly

I'm new to all of this. So that mean he didn't lose all those Bitcoins for $102 each then.

No. If you look at some exchange you see that there are buy and sell orders. When someone makes a sell order without price limit, the exchange will start selling those coins fulfilling active buy orders and will continue doing so until all the coins are sold. If there had been for example a large buy order in 300 $, the sell order would have been fulfilled there and the "crash" would have been a lot smaller.

[RickJamesBTC]

So what exactly happened there? Did someone mean to sell at 702 but mistakenly pressed the 1 key thinking that it was the 7 and never caught their mistake?

When I type of my surface pro the key are reversed with the 7 on the bottom and the one on top. And when entering key on occasion I make a mistake. (Never when sending money since I quadruple check).

If it was a mistake and it really was 6,000 Bitcoins, I really feel bad for the person.

I think someone just made a huge sell order without price limit. That way the price goes as low as it needs to get buyers for 6 000 BTC instantly

I'm new to all of this. So that mean he didn't lose all those Bitcoins for $102 each then.

That's right, you can't just sell everything at a very low price, it will catch every buy order on the way down, which was thousands. It only touched 102 because that's where every standing buy order was sitting, it sucked up a lot of cheap buys. Great deals for those who were awake in the middle of the night, I'm just annoyed I turned off my big buy order at 200 a few weeks ago because btc-e locks up your money when you do that!

[j23a]

So what exactly happened there? Did someone mean to sell at 702 but mistakenly pressed the 1 key thinking that it was the 7 and never caught their mistake?

When I type of my surface pro the key are reversed with the 7 on the bottom and the one on top. And when entering key on occasion I make a mistake. (Never when sending money since I quadruple check).

If it was a mistake and it really was 6,000 Bitcoins, I really feel bad for the person.

I think someone just made a huge sell order without price limit. That way the price goes as low as it needs to get buyers for 6 000 BTC instantly

I'm new to all of this. So that mean he didn't lose all those Bitcoins for $102 each then.

That's right, you can't just sell everything at a very low price, it will catch every buy order on the way down, which was thousands. It only touched 102 because that's where every standing buy order was sitting, it sucked up a lot of cheap buys. Great deals for those who were awake in the middle of the night, I'm just annoyed I turned off my big buy order at 200 a few weeks ago because btc-e locks up your money when you do that!

Ok thanks.

[PickNic]

how many btc has been sold on btc-e at 100$? that's crazy...

[boumalo]

how many btc has been sold on btc-e at 100$? that's crazy...

It is quite crazy! It happens once in a while on every market; I would guess that at least a few hundreds were sold at less than 200$

[CryptoPanda]

My prediction was right.. ahem.. see spectating forum

as was mine, or anybody with a 1/4 of a brain. This is the reason why Bitcoin will never succeed beyond a small amount of users globally, hey merchant you have lost 40% of your value in about a month? How do you feel? Ohh you want to use Bitcoin? That's great lol.

With Ripple, Apples own future money, eMunie, and good old digital government coins when they come on, Bitcoin is dead, hopefully when it hits $100 there is 1 more good rally left in her before she dies.

Most merchants use bitcoin as a payment network, not as a currency.
Which means they have their prices in $, they get paid in bitcoin by using service like bitpay, but they instantly get back $
they don't even touch a bitcoin

so your argument is invalid, sorry

[pietje]

It was an amazing oppurtunity to make alot of money in like 5 minutes.
Sadly i missed it..

[hamiltino]

My prediction was right.. ahem.. see spectating forum

as was mine, or anybody with a 1/4 of a brain. This is the reason why Bitcoin will never succeed beyond a small amount of users globally, hey merchant you have lost 40% of your value in about a month? How do you feel? Ohh you want to use Bitcoin? That's great lol.

With Ripple, Apples own future money, eMunie, and good old digital government coins when they come on, Bitcoin is dead, hopefully when it hits $100 there is 1 more good rally left in her before she dies.

Most merchants use bitcoin as a payment network, not as a currency.
Which means they have their prices in $, they get paid in bitcoin by using service like bitpay, but they instantly get back $
they don't even touch a bitcoin

so your argument is invalid, sorry

People are looking to replace FIAT not complement it. Sorry but your argument is invalid and void.

[phr0stbyt3]

My prediction was right.. ahem.. see spectating forum

Your prediction was

...we will see btc to under $100 by friday...

$102 is not under $100. Sorry asshole.

Edit: the dump happened on BTC-e only. Probably the Russians cashing out in light of recent events.

[sd]

People are looking to replace FIAT not complement it. Sorry but your argument is invalid and void.

BitCoin people want BitCoin to replace fiat. People selling sandwiches and beer need fiat to pay their suppliers, staff, and taxes with. They use a payment processor to handle their BitCoin payments and they only ever touch fiat.

[robbcarpdm]

Judging by these posts most are too young to be seasoned traders.

Chart showed a break of trend support level of tested support was 600 needs to close the time period over that amount and t did.

Now the world of Algos someone was smart and triggerd stop losses with sell orders....this intern takes out the other algos who shut off on the vix ......the group who pulled it did so at a very low liquidity time period

Market order begets mkt order and it cascades and the instigators make a killing sucking up the market sells on the way down only to run it right  back up

Please see flash crashes in the market on a weekly basis.

Its not nice but its legal.....and as you can see it works

Actually depending on the group they could have purchased on way down selling via arbitrage on another exchange

Have to give them credit it was well planned and perfectly executed

[johncarpe64]

Missed the opportunity... aww

[Zebra-Cakes]

$250ish, $100, and than $30 are supports, but given that it went to $100 expect it's price to go there this time. Especially once it starts hitting these lower prices of $500, $400, everyone will just panic more.

I hope they do so I can buy up all those cheap coin store them offline then into my safe wait 5 years be a multimillion air