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Author Topic: What is this spike?  (Read 2558 times)
bb113 (OP)
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May 24, 2012, 12:17:06 AM
Last edit: May 24, 2012, 12:51:06 AM by bitcoinbitcoin113
 #1




I see it here and on btccharts but an order did not get filled and I couldn't find it the "raw data" provided for the bitcoin charts graph.


edit: Sorry, the spike to 5.165 just before 9 pm on that chart
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Every time a block is mined, a certain amount of BTC (called the subsidy) is created out of thin air and given to the miner. The subsidy halves every four years and will reach 0 in about 130 years.
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Garr255
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May 24, 2012, 12:18:06 AM
 #2

I remember seeing it had something to do with the Pirate operation.

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bb113 (OP)
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May 24, 2012, 12:45:15 AM
 #3

Haven't seen mention of it. Link?
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May 24, 2012, 12:50:03 AM
 #4

Ditto. Link please.

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May 24, 2012, 12:51:44 AM
 #5

Can't seem to find it. I'll post it here if I come across it though.

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May 24, 2012, 12:53:13 AM
 #6

Hello,

Thank you for mentioning this.  It appears to be a glitch in our system and we will be canceling those invalid trades.  Our apologies for the confusion caused and thank you for your kind understanding in this matter.
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May 24, 2012, 03:37:15 AM
 #7

Hello,

Thank you for mentioning this.  It appears to be a glitch in our system and we will be canceling those invalid trades.  Our apologies for the confusion caused and thank you for your kind understanding in this matter.

lol wut??

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May 24, 2012, 03:38:44 AM
 #8

Hello,

Thank you for mentioning this.  It appears to be a glitch in our system and we will be canceling those invalid trades.  Our apologies for the confusion caused and thank you for your kind understanding in this matter.

lol wut??

whoops Grin

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May 24, 2012, 03:45:33 AM
 #9

Hello,

Thank you for mentioning this.  It appears to be a glitch in our system and we will be canceling those invalid trades.  Our apologies for the confusion caused and thank you for your kind understanding in this matter.

lol wut??

whoops Grin

No I mean --
OK:  My usual disclaimer -- I'm not terribly well-versed in economics.

It just appears obvious to everyone here why these trades are invalid, and it is not so obvious to me and it would be great if someone could dumb it down a shade...

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May 24, 2012, 04:06:35 AM
 #10

Oh wait, it's because an order did not get filled?

This is simpler than I'm making it out to be, right?

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bb113 (OP)
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May 24, 2012, 04:07:34 AM
 #11

I think there are more glitches now
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May 24, 2012, 05:39:04 AM
 #12

live data is messed up across the board for mtgox
is there rally or not?
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May 24, 2012, 07:21:33 AM
 #13

live data is messed up across the board for mtgox
is there rally or not?

I'm thinking not yet; however, lots of these spikes, the likes of which would scare the shit out of MegaMan:


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May 24, 2012, 07:37:26 AM
 #14

live data is messed up across the board for mtgox
is there rally or not?

Hello,

We are working on this.  Thank you for your patience while we work to resolve this issue.
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May 24, 2012, 10:06:40 AM
 #15

RALLLLLLLYYYYYY!!!!!!
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May 24, 2012, 12:19:55 PM
 #16

looks like a bunch of robots lost money when this crashes.  All trades should be rolled back to the first spike.  I bought in and dont like this. and will sell off all 1,000,000  bitcoins if not corrected.

Maybe Goxs robot is executed trades early? and the spikes is the future.


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May 24, 2012, 12:42:24 PM
 #17

This is the same thing that was happening last year when MtGox re-launched after the breach.

I can't emphasize enough how much FIXING THIS CRAP would really help to get a rally going.

Also, ensuring that mtgoxlive is stable and fast under heavy load. Even in January it was crapping out and only like 500 people were able to connect during peak usage.


That said, after that BATS IPO lolfest, and even that Nasdaq had quote issues the Friday of the Facebook IPO, I can appreciate that it is difficult to keep an order-book fast and stable under maximum load.

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May 24, 2012, 03:04:23 PM
 #18

the cancelled trades can be seen here:

https://mtgox.com/api/1/BTCUSD/public/cancelledtrades

well, the ids at least

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May 24, 2012, 03:28:52 PM
 #19

the cancelled trades can be seen here:

https://mtgox.com/api/1/BTCUSD/public/cancelledtrades

well, the ids at least

thanks for shedding lights on this

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May 24, 2012, 04:29:16 PM
 #20

It looks like the bots that are responsible for the biggest trades on both the buy and sell sides are running out of coin but have plenty of cash. They might have to re-up before the weekend. I would venture to guess this won't be another "crash" weekend because of it.

On a scarier note, it is entirely possible this bot I'm speaking of is some Bitcoinica arbitrage bot, which means if this is the case, it's got a shortage on BTC. If they are planning on paying back everyone that is owed, they are going to need BTC and fast (which almost certainly means they will be buying hard). If they don't buy soon I don't know how else they are going to compensate their customers.

The problem being that the ones that leveraged against a BTC increase are going to be owed even more coin if the price does go up, so Bitcoinica is stuck between a rock and a hard place right now. Do they drive the price up and hope it crashes before they pay back BTC? Do they just buy as people reclaim it and hope the price increases also don't ruin them?

There's basically this huge problem where they need BTC but can't risk buying it. And my biggest fear is they are sitting around praying for a price drop that isn't going to happen, and thus eventually making the problem even worse, and guaranteeing their insolvency.

I could be wrong though, let's hope it's not Bitcoinica's arbitrage bot that is oversold on BTC right now.
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