1 BTC = 1,000,000,000 USD?

[Ente]

The 1M$ maximum is not visible on MtGox "High" nor in their own charts.
My sell orders go through too.
Soo, if anyone wants to buy my precious coins for a mere 1k$ the piece? Guaranteed* to have been worth one thousand times as much a few minutes ago!

Ente

Edit:
So, lets see what happens in the next few blocks, huh?
http://www.bitcoinmonitor.com/

*no guarantee given in the sense of guarantee. guaranteed.

[1714674304]

1714674304

[unclemantis]

I don't use MtGox for trading.

[unclemantis]

{"ticker":{"high":11.98998,"low":10.95999,"avg":11.192091551,"vwap":11.215697742,"vol":41540,"last_all":11.61217,"last_local":11.7894,"last":11.7894,"buy":11.78939,"sell":11.7991}}

[Elwar]

It is legit. I sold 2 BTC for 1 million each. I would have asked for more but that would have been greedy.

[Ente]

If bitcoincharts is correct (and I don't see any reason to not believe this at this moment), the max rate was 1M$, but the volume was around 500 BTC only. That means that there must have been a problem with the order table, all sell orders were dropped (but not the buy orders). As it was empty, someone seems to have actually bought bitcoins at 1M$ a piece. Maybe he only spent a few US-cents on them, just for the heck of it. Or a bot did that tiny, but expensive order. However, it could not have been more than 500 BTC worth either way. Of course the question remains how there was a 1M$ order in the table, when everything else was dropped/lost. Maybe the system thought "hey, a 1M$ trade happened, so all orders lower than that are not supposed to be there.. I better tidy up now!".

Therefore I conclude it was no hack or attack, but "just" a softwareglitch.

Ah, yes, I'm not afraid about the future of Bitcoin any more. It is backed by tons and tons of fun and drama!

Ente

[mjoz]

Therefore I conclude it was no hack or attack, but "just" a softwareglitch.

Agreed, it looks more like all the open orders were cancelled than bought.

[wrend]

It is legit. I sold 2 BTC for 1 million each. I would have asked for more but that would have been greedy.

Tell us, have you still got that 2 million? how does it feel?

[kangasbros]

Someone found a way to cancel others orders and decided to troll a bit.

[Ente]

Someone found a way to cancel others orders and decided to troll a bit.

Now that, on the other hand, would be very interesting!
If someone could do that, put bitcoins up on MtGox, put a sell order for a relatively high price, and cancel all other orders beneath it. Eventually he would sell them. Then buy cheaper bitcoins back, cash out.
Of course that would be noticed quickly too..

Ente

[GeoRW]

It's an issue with disappearing ask orders. And because of that price is climbing. There's almost non-existing ask side at times :-)

[Ente]

It's an issue with disappearing ask orders. And because of that price is climbing. There's almost non-existing ask side at times :-)

To me it seems like they are coming back?
Can't say for sure though, clarkmoody doesnt work here atm.
What is happening *now*? Still twilight-zone, or everything back to normal?

Ente

[phorensic]

It's an issue with disappearing ask orders. And because of that price is climbing. There's almost non-existing ask side at times :-)

To me it seems like they are coming back?
Can't say for sure though, clarkmoody doesnt work here atm.
What is happening *now*? Still twilight-zone, or everything back to normal?

Ente

What is happening *now* is that trade are flowing again.  However, The price was not rolled back to when I and others noticed our sell orders disappeared.  It seemed to just resume when trading stopped at about $11.80.  If you can't use clarkmoody I would suggest btccharts.com as a backup.

[mpfrank]

It is legit. I sold 2 BTC for 1 million each. I would have asked for more but that would have been greedy.

Unless you're an old-fashioned Brit, 1,000,000,000 is a BILLION, not a million.  Big difference - lol.

[Technomage]

I think that simply resuming was a fine call. All of the actual trades that happened were legit after all and the whole scenario didn't go on for very long. Rolling back would perhaps be too much for something that actually did so little.

[mpfrank]

I think that simply resuming was a fine call. All of the actual trades that happened were legit after all and the whole scenario didn't go on for very long. Rolling back would perhaps be too much for something that actually did so little.

Other than messing up all the online price charts, lol...

[deepceleron]

Must be real!:


Maybe the software is written so that if there are no asks at all, Gox considers the price to be $1,000,000,000, and a momentary lack of sanity in the computer system made all the ask orders disappear. However, one would think that a trade would actually need to be executed at that price for it to register. One should be able to roll through the trade records and see if this actually happened, I'm currently downloading complete trade history to discover the trade that set this.

Edit, looking at http://mtgoxlive.com/orders, it looks like all the sell orders went *poof* permanently, there is little depth there from few people putting sells back in.

[aq]

I think that simply resuming was a fine call. All of the actual trades that happened were legit after all and the whole scenario didn't go on for very long. Rolling back would perhaps be too much for something that actually did so little.

But think about all those sell orders, that have not been fulfilled at a lower price. Now those coins have to be sold at a higher price and the result is some highly unwanted profit for those poor bears. Maybe they can throw out MtGox USD codes to restore their bearish balance.

[Kluge]

Someone mind posting what Tux wrote about the legit transaction he decided to reverse and halt trading as a result of?   

[Grouver (BtcBalance)]

They just removed the mtgoxUSD of the list: http://bitcoincharts.com/markets/

[Technomage]

LOL. Trading resumed and... the problem still persists. Nice job Gox.