So this just happened in Huobi.

[lumierre]

Minute Chart:


Daily Chart:


Some similarities to BTC-e


These price jumps or dumps are kinda strange. Did somebody really post those orders or is there something more to it?

[Josepht]

I guess it was just one single small trade.

[w0lverine]

when that trade came up on BTC-e I imagined someone missing a 0 when he typed his order.

his face when he realised the mistake must have been priceless..

[segeln]

when that trade came up on BTC-e I imagined someone missing a 0 when he typed his order.

his face when he realised the mistake must have been priceless..

the same happened at BTCe with the 103$ mistyping earlier this year as I suppose

[MatTheCat]

People will try to dismiss it as a glitch, but it looks hooky as fuck to me.

When Bitfinex went to $10K, real people got burned, the exchange promised to refund them, don't how well they got on with that, but real people got burned and their system really did act like Bitcoin was at $10K with regards to traders with certain positions.

When BTC-e.com went to $100 and Bitfinex went to $100, real people got burned. Real stop long stop losses were triggered and real leveraged positions were wiped out. Plenty people who had low bid orders never got their orders filled, but the price on those exchanges' computers really did go down to $100 for many.

Huobi to $10K serves as an alarm bell to me about both the soundness and honesty of that exchange.

[windjc]

People will try to dismiss it as a glitch, but it looks hooky as fuck to me.

When Bitfinex went to $10K, real people got burned, the exchange promised to refund them, don't how well they got on with that, but real people got burned and their system really did act like Bitcoin was at $10K with regards to traders with certain positions.

When BTC-e.com went to $100 and Bitfinex went to $100, real people got burned. Real stop long stop losses were triggered and real leveraged positions were wiped out. Plenty people who had low bid orders never got their orders filled, but the price on those exchanges' computers really did go down to $100 for many.

Huobi to $10K serves as an alarm bell to me about both the soundness and honesty of that exchange.

Seriously? You can't just fathom that there was a glitch? Its got to be a grand conspiracy? Ok, whatever floats your boat.

[MatTheCat]

Seriously? You can't just fathom that there was a glitch? Its got to be a grand conspiracy? Ok, whatever floats your boat.

When Bitfinex went to $10K, they admitted they had been hacked.

When BTC-e and Bitfinex went to $100, they never admitted a hack, but the fact that both of these exchange simultaneously went to this price, whereas the perhaps much more secure Bitstamp never, would suggest to me some kind of co-ordinated attack. Indeed, this has happened with Gox on more than one occasion, and these events were reported as 'hacks'......

......so what the fuck are you talking about?

Edit: Bobby Lee seems to be a bit of a 'conspiracy' nut as well as he has also alluded to the fact that the other Chinese exchanges fake liquidity. I wouldn't be surprised if the Chinese exchanges serve largely as a pumping and dumping tool of a consortium of Chinese whales with access to Western exchanges and money markets.

[zetaray]

For price to spike that high, a buy order would have to be so big that it cleared wall after wall and it would take slightly longer for sell orders to replenish. IMO, it has to be a glitch.

[MatTheCat]

For price to spike that high, a buy order would have to be so big that it cleared wall after wall and it would take slightly longer for sell orders to replenish. IMO, it has to be a glitch.

Or their auto-volume bot glitched and missed out the order book component of the program and shot right up to the max limit set?

[Wandererfromthenorth]

People will try to dismiss it as a glitch, but it looks hooky as fuck to me.

When Bitfinex went to $10K, real people got burned, the exchange promised to refund them, don't how well they got on with that, but real people got burned and their system really did act like Bitcoin was at $10K with regards to traders with certain positions.

When BTC-e.com went to $100 and Bitfinex went to $100, real people got burned. Real stop long stop losses were triggered and real leveraged positions were wiped out. Plenty people who had low bid orders never got their orders filled, but the price on those exchanges' computers really did go down to $100 for many.

Huobi to $10K serves as an alarm bell to me about both the soundness and honesty of that exchange.

Birfinex refunded the lost funds.

[Wandererfromthenorth]

For price to spike that high, a buy order would have to be so big that it cleared wall after wall and it would take slightly longer for sell orders to replenish. IMO, it has to be a glitch.

it would show up in volume, but of course it doesn't, so yes it's not a buy.

[sgbett]

People will try to dismiss it as a glitch, but it looks hooky as fuck to me.

When Bitfinex went to $10K, real people got burned, the exchange promised to refund them, don't how well they got on with that, but real people got burned and their system really did act like Bitcoin was at $10K with regards to traders with certain positions.

When BTC-e.com went to $100 and Bitfinex went to $100, real people got burned. Real stop long stop losses were triggered and real leveraged positions were wiped out. Plenty people who had low bid orders never got their orders filled, but the price on those exchanges' computers really did go down to $100 for many.

Huobi to $10K serves as an alarm bell to me about both the soundness and honesty of that exchange.

For every person that got burned, another person made out - two sides to every trade.

You, of all people, should know the laws of the jungle by now!

[jl2012]

I read a number of Chinese forums and no one is crying for this incident. So I believe it's only a glitch

People will try to dismiss it as a glitch, but it looks hooky as fuck to me.

When Bitfinex went to $10K, real people got burned, the exchange promised to refund them, don't how well they got on with that, but real people got burned and their system really did act like Bitcoin was at $10K with regards to traders with certain positions.

When BTC-e.com went to $100 and Bitfinex went to $100, real people got burned. Real stop long stop losses were triggered and real leveraged positions were wiped out. Plenty people who had low bid orders never got their orders filled, but the price on those exchanges' computers really did go down to $100 for many.

Huobi to $10K serves as an alarm bell to me about both the soundness and honesty of that exchange.

[akujin]

589btc... hehe! That's the real amount of btc you'd find on huobi 
 

[freedomno1]

For price to spike that high, a buy order would have to be so big that it cleared wall after wall and it would take slightly longer for sell orders to replenish. IMO, it has to be a glitch.

I agree you don't see a price chart like that in regular trading unless someone made some sort of giant order got hacked or a glitch occurs in the system itself anyways unusual stuff.

[rudius]

For price to spike that high, a buy order would have to be so big that it cleared wall after wall and it would take slightly longer for sell orders to replenish. IMO, it has to be a glitch.

I agree you don't see a price chart like that in regular trading unless someone made some sort of giant order got hacked or a glitch occurs in the system itself anyways unusual stuff.

what about snowballing short squeeze?

[okthen]

I think it was a glitch. It isn't there anymore...

[piramida]

I guess it was just one single small trade.

Since one small trade can't clear the orderbook, it must have been a bug in reporting, where an erroneous trade at 10000 was entered - either via bug or injected etc etc. Happens even on wall street, no surprise that it can happen on young exchanges.

[akujin]

Did huobi contact bitcoinwisdom to erase it? bitcoinity still has it. jejeje  

[Fiyasko]

Uhhh, What the hell?