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Author Topic: goxxed reloaded: buy / sell button  (Read 1247 times)
phelix
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January 23, 2012, 10:37:03 AM
 #1

finally I realized where some of the odd price jumps come from: it's people confusing buy and sell.

I don't remember what it was like with the old site but with the reloaded one it is very easy to buy instead of sell if you forget to click the sell button.
Depending on how much fiat you have in your account and how high you set your order (the higher the more conservative you think) you eat well into the asks.

Of course this can be fun for bystanders but it is less fun if it happens to you (it almost happened to me and I almost got a heart attack).  Wink

I am pretty sure people have already trained their bots on this and also it may be profitable for MtGox in the short run. In the long run this unnecessary volatility harms Bitcoin, though.

There is a very simple solution:

MtGox, please change your UI so that you have to click on either buy / sell before you can enter any data.




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January 23, 2012, 01:15:05 PM
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Interesting theory and it has happened to me a couple of times but the larger movements are primarily due to bitcoinica.

If you like the old interface, which I suggest you use then it is available at classic.mtgox.com
phelix
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January 23, 2012, 03:18:07 PM
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Interesting theory and it has happened to me a couple of times but the larger movements are primarily due to bitcoinica.

If you like the old interface, which I suggest you use then it is available at classic.mtgox.com

bitcoinica is surely the reason for some of the jumps in the graph but bitcoinica will only occur after large prior price moves which was not always the case.

thanks, the old interface might be a little less prone to order accidents


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mc_lovin
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January 23, 2012, 10:57:38 PM
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On CryptoXChange it's the same thing how it defaults to "buy" and there's no confirmation prompt after you buy, so if you wanted to sell high but you end up buying high *poof* your money is gone and you bought high.  Happened like 3 times, just learning to not rush placing orders...  I could see people doing this on a massive scale on 'Gox.

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January 24, 2012, 09:13:50 PM
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I could see people doing this on a massive scale on 'Gox.

I've done it! I was going to place a buy, but sold. It wasn't until I switched back to GoxLive that I saw a giant bite taken out of the bids, and into my balance.   Angry

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January 24, 2012, 09:21:32 PM
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Haha I thought I was the only one who sat and seriously contemplated the buy/sell buttons on MtGox before placing a trade.

I agree, the UI is not very well laid out for rapid orders and I've almost screwed it up a few times myself.

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
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January 25, 2012, 01:21:57 AM
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Always read the big button before you click it.   Cheesy

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phelix
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January 28, 2012, 09:58:53 AM
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d'oh

someone just tried to set a sell order @ 5.748   Grin

and made bitcoinica spill...

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