Something is wrong. We cannot just gloss over the $100 sell

[chessnut]

Very good theories from the OP. I find it very difficult to believe that someone was so stupid that just accidentally set a huge sell order without price limit..

yeah, I break out sweating filling out my little orders on BTCe, one should triple check when selling thousands of BTC.
It came at a suspicious and vulnerable time.

[thelema93]

Does nobody think that it could be the central banksters trying to crash bitcoin price?
That was the first thing i thought of.

[Asrael999]

Gox engineering a dump to push the price down so they can buy back the coin they have double transactioned. (not Double Spent - but sent out twice due to the transaction ID alteration), so they can meet any shortfall they may or may not have.

[Bagatell]

Gox engineering a dump to push the price down so they can buy back the coin they have double transactioned. (not Double Spent - but sent out twice due to the transaction ID alteration), so they can meet any shortfall they may or may not have.

This gets my vote. The timing of the dump and the press release was just to tight for coincidence.

[bitcoinlitcoinbtcltc]

Bitcoin is going down. Anyone holding bitcoins now is a complete moron.
If yesterday's actions, and news about a major, unfixable bug in Bitcoin Network, didn't change your mind, you DESERVE to lose all your assets, and I wouldn't feel sorry for you if you lost everything & committed suicide.

Sell now people, I am being serious. This ship will sink very soon.

[Bagatell]

Bitcoin is going down. Anyone holding bitcoins now is a complete moron.
If yesterday's actions, and news about a major, unfixable bug in Bitcoin Network, didn't change your mind, you DESERVE to lose all your assets, and I wouldn't feel sorry for you if you lost everything & committed suicide.

Sell now people, I am being serious. This ship will sink very soon.

  you missed the boat and still want cheap coins. Away with your FUD!

[eoJ]

Bitcoin is going down. Anyone holding bitcoins now is a complete moron.
If yesterday's actions, and news about a major, unfixable bug in Bitcoin Network, didn't change your mind, you DESERVE to lose all your assets, and I wouldn't feel sorry for you if you lost everything & committed suicide.

Sell now people, I am being serious. This ship will sink very soon.

  you missed the boat and still want cheap coins. Away with your FUD!

Dude, the world's largest Bitcoin exchange, there since the beginning, likely holding hundreds of thousands of bitcoins (10s of millions of $) just basically told everyone they're shutting down. (But in a way reminiscent of inputs.io) There's no way to pretend yesterday didn't happen. Bitcoin will be dropping.

[Ekaros]

Bitcoin is going down. Anyone holding bitcoins now is a complete moron.
If yesterday's actions, and news about a major, unfixable bug in Bitcoin Network, didn't change your mind, you DESERVE to lose all your assets, and I wouldn't feel sorry for you if you lost everything & committed suicide.

Sell now people, I am being serious. This ship will sink very soon.

  you missed the boat and still want cheap coins. Away with your FUD!

Dude, the world's largest Bitcoin exchange, there since the beginning, likely holding hundreds of thousands of bitcoins (10s of millions of $) just basically told everyone they're shutting down. (But in a way reminiscent of inputs.io) There's no way to pretend yesterday didn't happen. Bitcoin will be dropping.

And at the minimum they told they aren't up to level of competence they need to be. So there might be doubts about other exchanges. One shouldn't really give away money, especially when it isn't theirs...

[bitcoinlitcoinbtcltc]

Bitcoin is going down. Anyone holding bitcoins now is a complete moron.
If yesterday's actions, and news about a major, unfixable bug in Bitcoin Network, didn't change your mind, you DESERVE to lose all your assets, and I wouldn't feel sorry for you if you lost everything & committed suicide.

Sell now people, I am being serious. This ship will sink very soon.

  you missed the boat and still want cheap coins. Away with your FUD!

Dude, the world's largest Bitcoin exchange, there since the beginning, likely holding hundreds of thousands of bitcoins (10s of millions of $) just basically told everyone they're shutting down. (But in a way reminiscent of inputs.io) There's no way to pretend yesterday didn't happen. Bitcoin will be dropping.

Exactly, they are all fucking idiots.
Let them hold, I don't care if they lose money lol. They don't realize that the money they hold in bitcoins now is just air. It will vanish just as fast as they gained it. They are delusional morons who think bitcoin will be worth $100,000. Hahahaha, soon they will realize that they could've sold at the AMAZING, INCREDIBLE price of $700 when it drops back to $100, lol.

FBI has yet to sell 144,000 Bitcoins. Yesterday's crash was caused by only 3 to 6 thousand coins.
If they dump 144,000 bitcoins, it will drop back to $20 in no-time.

[magicmexican]

yawn another butthurt noob who probably sold @450, i can almost taste your tears from here. Welcome to the ignore list son.

[Bagatell]

yawn another butthurt noob who probably sold @450, i can almost taste your tears from here. Welcome to the ignore list son.

Some pages in this thread I don't see any posts at all 

[boumalo]

Very good theories from the OP. I find it very difficult to believe that someone was so stupid that just accidentally set a huge sell order without price limit..

It definitely happens from time to time, you would think someone having 5000coins will never make the mistake but the truth it can happen, it is less likely than someone making a 1BTC mistake but it can happen in a sell off

I don't think we will ever know for sure what happen but we cannot rule out the mistake, it is still the most probable explanation even if it seems weird

[phlogistonq]

A similar event occurred on bitcoin-24 during last years april rally (although not simultaneously with an actual 'crash'). In that case, the reason was that someone figured out how to hijack users login sessions, and then proceeded to transfer all their coins all to his own account by placing a buy order in the very thin USD order book and then selling all the coins in the hacked accounts to himself. Perhaps his bid order was too small, but it took the price down all the way to $0.

However, I think Hanlon's razor is appropriate here.
>Never attribute to malice that which is adequately explained by stupidity.

Just a big panicky whale that made a typo in the heat of the moment and bought a very expensive ticket for his spot in bitcoin history.

[spiderbrain]

you DESERVE to lose all your assets, and I wouldn't feel sorry for you if you lost everything & committed suicide.

Dude, that's just too dark. Congratulations on being my first ignore. Anyone that matters has been ignoring gox for ages.

[eoJ]

yawn another butthurt noob who probably sold @450, i can almost taste your tears from here. Welcome to the ignore list son.

Nope, haven't held any major amounts of Bitcoins since December. Although I did sell at $450, $350, $250, $150, and $100. And $1200, $1100, etc too. Check out my LocalBitcoins profile, I'm far from a noob. Enjoy your rapid depreciation


"Children, fingers in your ears and make the la la sound!"
http://www.youtube.com/watch?v=e3mxVjB4aqI

[apetersson]

apparently it was / is possible to have short positions / leveraged longs on MT4 and bitfinex.

the plausible explanation is that a bunch of long positions were forcefully liquidated during a margin call. this caused ridiculous market orders to be executed.
additionally, the total market depth on those two platforms is not spectacular, so "only" about 8000 coins were needed for these two spikes.

this in itself was not "criminal" - this is the risk of leveraged trading. what was problematic was that the platforms went down, with people trapped in their positions unable to trade. this should trigger an investigation by a business consortium or a government agency.. but since this is Bitcoin, nothing will happen.

[bitcoinlitcoinbtcltc]

Very good theories from the OP. I find it very difficult to believe that someone was so stupid that just accidentally set a huge sell order without price limit..

It definitely happens from time to time, you would think someone having 5000coins will never make the mistake but the truth it can happen, it is less likely than someone making a 1BTC mistake but it can happen in a sell off

I don't think we will ever know for sure what happen but we cannot rule out the mistake, it is still the most probable explanation even if it seems weird

It was not mistake, someone with inside information sold all his coins, knowing that when the real crash starts, he wouldn't be able to sell it for even 50 (When FBI dumps 144k coins, bitcoin will go straight to 10 dollar).

[Rannasha]

Very good theories from the OP. I find it very difficult to believe that someone was so stupid that just accidentally set a huge sell order without price limit..

It definitely happens from time to time, you would think someone having 5000coins will never make the mistake but the truth it can happen, it is less likely than someone making a 1BTC mistake but it can happen in a sell off

I don't think we will ever know for sure what happen but we cannot rule out the mistake, it is still the most probable explanation even if it seems weird

It was not mistake, someone with inside information sold all his coins, knowing that when the real crash starts, he wouldn't be able to sell it for even 50 (When FBI dumps 144k coins, bitcoin will go straight to 10 dollar).

And I and many others with me will be thrilled to buy at $10. Because the technology that is Bitcoin hasn't changed, the fundamentals haven't changed. There are still more companies accepting it and no technical flaws were discovered. Just one incompetent company showing the world they're incompetent while trying to shift the blame.

MtGox dying may cause a temporary dip in the price, but in the end we'll be better off. Just like when Silkroad closed down.

[mpenza89]

does it affect traders who are short at bitcoinity?

There you may buy options, futures etc. <- this market was affected!?

[yelloyello]

Its all a game from governments and big company's. Friday, when MtGox had bad news, also Apple came at the same moment with bad news for btc. And that same day also Russia came with bad news about btc.

As you all can see, yesterday morning, around 11.00 (dutch time) someone dumped btc for 111 milj. euro's. You can see a huge dip in the rate. It was at the same time MtGox came with the news update. I was nice to see that the btc rate was coming up fast again.

So at this time, the btc is around 500 euros. +/- 100 euro less than a week ago. Nothing really bad happens till so far...  A little downgrade. If you are trading company shares on Wallstreet, you know this is business as usual. So do not worry. Comanies at Wallstreet can go bankrupt, a coin cannot.

You see at the news that also big companies and governments see that a virtual coin is the future. The Sverbank from Russia want their own coin. The US Postal Offices wants a PostCoin. Apple wants his own coin, the Applecoin. The JP Morgan bank wants his own coin. So the big ones are knowing that virtual money has the future. And Bitcoin was first.

I think the rate will come up in the next weeks. The bitcoin has a little hurt, but not much.
So stop complaining and go on into your neighbourhood and promote accepting bitcoins at your local stores. Thats the only way to create a real bitcoin economy!