Amazing video about June 19, 2011 BTC flash crash to $0.01

[JaanusRaim]

Here is one video ("Bitcoin flash crash 2011" from Lark Davis)  https://br.tradingview.com/news/u_today%3A73be1a13a094b%3A0-bitcoin-crashed-from-17-to-0-01-14-years-ago-today/
, that has to be the part of every economic study (under the "Economic crisis" discipline) and investment course.

Every single second of its 429 seconds deserves full attention because history does rhyme. It needs no additional comments.

Its only imperfection is that THIS crash was not fully "natural" battle between demand and supply side but was "artificially" created by a hacker.

[SquirrelJulietGarden]

Every single second of its 429 seconds deserves full attention because history does rhyme. It needs no additional comments.

Its only imperfection is that THIS crash was not fully "natural" battle between demand and supply side but was "artificially" created by a hacker.

Crashes happen very quickly and after liquidations on the market done their task to kill over leveraged positions, and get money from gamblers to make exchanges and market maker richer, the market will recover well after that.

People who care about price changes in very short time like several seconds, minutes will self-make their lives harder as the market basically is unpredictable while its volatility as we all know is high. Focusing on short term volatility of the market is time consuming, and finding chance to get profit from short term volatility is very stressful. We would rather stay away from short term volatility, price prediction for profit as we will mostly fail with most of our times trying do to that.

Market has many changes over years since 2009 or more accurately to say since October 2009 when Bitcoin was traded on exchange a first time
https://bitcoin.zorinaq.com/price/

We will see no crash if simply looking at this yearly chart and only easily see its very good price growth with past years.
https://www.coinglass.com/pro/i/yearly-candlestick-chart

[joniboini]

Every single second of its 429 seconds deserves full attention because history does rhyme. It needs no additional comments.

Maybe you can share what possible scenarios could happen, at which people will immediately connect the crash with this video/situation? As far as I'm aware, we do have glitches like this on multiple exchanges already, not sure if there's anything new there. If we're not talking about a platform glitch or manipulation, and look at the bear/bull fight, the chance the crash comes down to $1 is quite low, no? I feel like this info has become common sense nowadays.

[logfiles]

So where is the video?
I am just seeing an article.

According to the article, the flash crash was probably due to two factors
1. Massive sell off due to the Mt Gox hack
2. A software glitch purported used by the hacker

I got this from Wikipedia

On 13 June 2011, the Mt. Gox bitcoin exchange reported some BTC 25,000 (US$400,000 at the time) had been stolen from 478 accounts. Then on Friday 17 June, Mt. Gox's user database leaked for sale to pastebin, signed by ~cRazIeStinGeR~ and tied to auto36299386@hushmail.com.[24] The theft of Bitcoins from Mt. Gox accounts continued, reportedly, throughout that day.[25] On 19 June, a stream of fraudulent trades caused the nominal price of a bitcoin to fraudulently drop to one cent on the Mt. Gox exchange, after a hacker allegedly used credentials from a Mt. Gox auditor's compromised computer to transfer a large number of bitcoins illegally to himself. He used the exchange's software to sell them all nominally, creating a massive "ask" order at any price. Within minutes the price corrected to its correct user-traded value

[GreatArkansas]

So where is the video?
I am just seeing an article.

According to the article, the flash crash was probably due to two factors
1. Massive sell off due to the Mt Gox hack
2. A software glitch purported used by the hacker

I got this from Wikipedia

On 13 June 2011, the Mt. Gox bitcoin exchange reported some BTC 25,000 (US$400,000 at the time) had been stolen from 478 accounts. Then on Friday 17 June, Mt. Gox's user database leaked for sale to pastebin, signed by ~cRazIeStinGeR~ and tied to auto36299386@hushmail.com.[24] The theft of Bitcoins from Mt. Gox accounts continued, reportedly, throughout that day.[25] On 19 June, a stream of fraudulent trades caused the nominal price of a bitcoin to fraudulently drop to one cent on the Mt. Gox exchange, after a hacker allegedly used credentials from a Mt. Gox auditor's compromised computer to transfer a large number of bitcoins illegally to himself. He used the exchange's software to sell them all nominally, creating a massive "ask" order at any price. Within minutes the price corrected to its correct user-traded value

Good 'ol days. Now, even recently, I remember a few years ago, especially when there are some exchanges involved, like hacks, the price of Bitcoin is still affected, as we can see a massive sell-off too.
I am curious, like in the future, let's say Bitcoin will have more market like will 10x, so are we still expecting massive sell-offs for these kinds of incidents?

[MusaMohamed]

According to the article, the flash crash was probably due to two factors
1. Massive sell off due to the Mt Gox hack
2. A software glitch purported used by the hacker

I got this from Wikipedia

On 13 June 2011, the Mt. Gox bitcoin exchange reported some BTC 25,000 (US$400,000 at the time) had been stolen from 478 accounts. Then on Friday 17 June, Mt. Gox's user database leaked for sale to pastebin, signed by ~cRazIeStinGeR~ and tied to auto36299386@hushmail.com.[24] The theft of Bitcoins from Mt. Gox accounts continued, reportedly, throughout that day.[25] On 19 June, a stream of fraudulent trades caused the nominal price of a bitcoin to fraudulently drop to one cent on the Mt. Gox exchange, after a hacker allegedly used credentials from a Mt. Gox auditor's compromised computer to transfer a large number of bitcoins illegally to himself. He used the exchange's software to sell them all nominally, creating a massive "ask" order at any price. Within minutes the price corrected to its correct user-traded value

More information about Mt.Gox hack.
Hacked exchanges since 2011
Exchange graveyard.
Bitcointalk history of MtGox and how a Bitcointalk post caught the MtGox hacker. This is a very informative thread about Mt.Gox but it is worth reading time with people who want to know more about one of most famous Bitcoin exchange and exchange hack in Bitcoin history.

[logfiles]

Good 'ol days. Now, even recently, I remember a few years ago, especially when there are some exchanges involved, like hacks, the price of Bitcoin is still affected, as we can see a massive sell-off too.
I am curious, like in the future, let's say Bitcoin will have more market like will 10x, so are we still expecting massive sell-offs for these kinds of incidents?

But the recent largest crypto exchange hacks (by value in USD) did not really move the market that much like back in the day. In case of any hacks in future, I don't think we shall see bitcoin move by lets say 80-90% in a day because the circulating supply is spread across exchanges unlike those days when Mt.Gox had the biggest percentage of BTC

If a big flash crash is to happen, it will just be on one exchange and will probably correct in a few seconds.

[0xredhot]

Always ready to buy the crash, but I think it evolved much from there to repeat something like this again.