Topic: [2015-11-14] Bitcoin price scyrockets to $2200 on Gemini Exchange (Read 1633 times)
November 17, 2015, 06:41:41 PM
The winkle bros had better address this. If it is a user error or a glitch, and what they did about it. Just letting it sit there doesn't look good for Gemini
November 17, 2015, 05:21:04 PM
I even pity the guy who managed to do this feat! I take it that the turd wanted to open a $220 dollar buy and by mistake added one more zero... Now Imagine the guy who was lucky enough to sell at this price!
The trades were reversed by Gemini. So that guy did not lose the money. I think he was quite worried when he realized he made the mistake. The reversal was quite quick. So nobody was lucky enough to sell at the price.
November 17, 2015, 10:05:22 AM
I even pity the guy who managed to do this feat! I take it that the turd wanted to open a $220 dollar buy and by mistake added one more zero... Now Imagine the guy who was lucky enough to sell at this price!
November 16, 2015, 10:30:39 PM
DAMN
I wish I put my money in Gemini now, that is a good way to get PR
I wish I put my money in Gemini now, that is a good way to get PR
November 16, 2015, 08:45:36 PM
Gemini should modify it order book system so that if the current lowest sales order is $220, you cannot put in a buy order of more than 50% (or other percentage), ie your buy price should be less than $330. If you want to buy more, you have to put in more orders. This way, we can reduce the chance of fat finger a lot.
November 16, 2015, 10:43:46 AM
I wish I could have sell at that price. I take it that someone was the lucky guy who saw his orders go out at that price.
NO! The trades were reversed. No nobody sold higher than the market price. That was the result of swift action of Gemini staff. They responded every quickly. People have different opinions about the reversal. I agree $2200 trades were genuine mistake, so should be reversed.
That doesn't sound fair. I would be upset if my $2000 sell order which was fulfilled is suddenly reversed.
For all you know, I might have already spent the money.
Reversing trades made by mistake by a regular Bitcoin trader are just stupid. If I make a sell order of 10000BTC at $85 and complain to Gemini, will they reverse the trade? If they do it's pure rubbish. Let people make mistakes. A buy order is a buy order. Same for sell orders.
November 16, 2015, 09:09:54 AM
I wish I could have sell at that price. I take it that someone was the lucky guy who saw his orders go out at that price.
NO! The trades were reversed. No nobody sold higher than the market price. That was the result of swift action of Gemini staff. They responded every quickly. People have different opinions about the reversal. I agree $2200 trades were genuine mistake, so should be reversed.
That doesn't sound fair. I would be upset if my $2000 sell order which was fulfilled is suddenly reversed.
For all you know, I might have already spent the money.
November 16, 2015, 08:09:22 AM
I wish I could have sell at that price. I take it that someone was the lucky guy who saw his orders go out at that price.
NO! The trades were reversed. No nobody sold higher than the market price. That was the result of swift action of Gemini staff. They responded every quickly. People have different opinions about the reversal. I agree $2200 trades were genuine mistake, so should be reversed.
November 15, 2015, 11:27:50 AM
I wish I could have sell at that price. I take it that someone was the lucky guy who saw his orders go out at that price.
November 14, 2015, 01:58:28 PM
Not convinced at all, if this is the Winklevoss twins we are talking about they may be engaging in price manipulation, I'd personally avoid that exchange purely on the basis there were trades executed at that price while all the others remained low. Don't forget, these guys are with the establishment, they have family connections in the financial sector so you should view anything they do with suspicion.
I agree to act with suspicion with what they may do but follow the money, as you rightly say they are well connected
and they alone are best placed to make Bitcoin a success
November 14, 2015, 08:21:32 AM
My guess is that whoever bought the BTC had not looked into the amount that was on the order book and screwed up by just choosing "at market price" and putting in a pretty large amount of USD (they were probably very disappointed at how few BTC they got for their USD whilst someone else was extremely happy at selling some BTC at over 500 USD greater than the previous ATH).
Apart from showing the problem of not enough liquidity it also perhaps indicates that their exchange software might need some improvements (like a "warning" message requiring a confirmation or the like assuming that the trade in question was manual).
Basically I would think this would be rather embarrassing to the Winklevoss twins (as it doesn't add confidence in their exchange working as one would expect it to but I guess some glitches are to be expected in any new platform).
Apart from showing the problem of not enough liquidity it also perhaps indicates that their exchange software might need some improvements (like a "warning" message requiring a confirmation or the like assuming that the trade in question was manual).
Basically I would think this would be rather embarrassing to the Winklevoss twins (as it doesn't add confidence in their exchange working as one would expect it to but I guess some glitches are to be expected in any new platform).
I'm thinking the same thing, think the guy entered the total he wanted to buy but never checked what volumes were available at what prices and because of that essentially bought everything up to 2.2k. It does show how thin the liquidity is. Some happy sellers out there today
November 14, 2015, 07:27:28 AM
It's either the exchange that is trying to get some media attention or some one who made an error with the numbers while placing a buy order. The people who had open sell orders that high received an early Christmas gift
This doesn't reflect very well on the exchange.
So I doubt if it is the exchange trying to get attention.
November 14, 2015, 07:02:48 AM
My guess is that whoever bought the BTC had not looked into the amount that was on the order book and screwed up by just choosing "at market price" and putting in a pretty large amount of USD (they were probably very disappointed at how few BTC they got for their USD whilst someone else was extremely happy at selling some BTC at over 500 USD greater than the previous ATH).
Apart from showing the problem of not enough liquidity it also perhaps indicates that their exchange software might need some improvements (like a "warning" message requiring a confirmation or the like assuming that the trade in question was manual).
Basically I would think this would be rather embarrassing to the Winklevoss twins (as it doesn't add confidence in their exchange working as one would expect it to but I guess some glitches are to be expected in any new platform).
Apart from showing the problem of not enough liquidity it also perhaps indicates that their exchange software might need some improvements (like a "warning" message requiring a confirmation or the like assuming that the trade in question was manual).
Basically I would think this would be rather embarrassing to the Winklevoss twins (as it doesn't add confidence in their exchange working as one would expect it to but I guess some glitches are to be expected in any new platform).
November 14, 2015, 06:46:06 AM
So that guy mush have plenty of fiat in the exchange. He can buy all the sell wall up to $2200. He may regret now, but in 5 years, this buy could be a wise on.
Does it also mean the sell wall on Gemini is not big enough. The volume of trading is too small there. We need more traders in this exchange.
Does it also mean the sell wall on Gemini is not big enough. The volume of trading is too small there. We need more traders in this exchange.
there was only 85 btc up to $2200 so it wasn't a huge whale or anything.
November 14, 2015, 06:40:01 AM
Well, i think that Gemini is not used by "normal" users. The goal behind it is to bring rich and intutional investors an investment option for Bitcoin.
So that guy mush have plenty of fiat in the exchange. He can buy all the sell wall up to $2200. He may regret now, but in 5 years, this buy could be a wise on.
Does it also mean the sell wall on Gemini is not big enough. The volume of trading is too small there. We need more traders in this exchange.
Does it also mean the sell wall on Gemini is not big enough. The volume of trading is too small there. We need more traders in this exchange.
November 14, 2015, 06:16:31 AM
Not convinced at all, if this is the Winklevoss twins we are talking about they may be engaging in price manipulation, I'd personally avoid that exchange purely on the basis there were trades executed at that price while all the others remained low. Don't forget, these guys are with the establishment, they have family connections in the financial sector so you should view anything they do with suspicion.
November 14, 2015, 05:01:10 AM
It's either the exchange that is trying to get some media attention or some one who made an error with the numbers while placing a buy order. The people who had open sell orders that high received an early Christmas gift
November 14, 2015, 04:52:42 AM
So that guy mush have plenty of fiat in the exchange. He can buy all the sell wall up to $2200. He may regret now, but in 5 years, this buy could be a wise on.
Does it also mean the sell wall on Gemini is not big enough. The volume of trading is too small there. We need more traders in this exchange.
Does it also mean the sell wall on Gemini is not big enough. The volume of trading is too small there. We need more traders in this exchange.
November 14, 2015, 04:36:09 AM
No! It was not Bytecoin but Rimbit. And it was in July if I remember right. Seems that such happens reguarly from time to time on Polo.
is this the thread by any chance: https://bitcointalksearch.org/topic/did-someone-fat-finger-a-400-bitcoin-mistake-into-poloniex-when-buying-digibyte-1217149
funny as i mention that in the article
It was not Bytecoin but Rimbit. And it was in July if I remember right. Seems that such happens reguarly from time to time on Polo.Interesting, it seems something made a buy order for $2200 instead of $220. Something similiar happened to me on Poloniex on a old coin trade some time ago. I made a buy order what was over 100% higher that the current price, because I forgot a 0.
is this the thread by any chance: https://bitcointalksearch.org/topic/did-someone-fat-finger-a-400-bitcoin-mistake-into-poloniex-when-buying-digibyte-1217149
funny as i mention that in the article
November 14, 2015, 04:29:41 AM
Interesting, it seems something made a buy order for $2200 instead of $220. Something similiar happened to me on Poloniex on a old coin trade some time ago. I made a buy order what was over 100% higher that the current price, because I forgot a 0.
is this the thread by any chance: https://bitcointalksearch.org/topic/did-someone-fat-finger-a-400-bitcoin-mistake-into-poloniex-when-buying-digibyte-1217149
funny as i mention that in the article
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