Hah, somebody wasted a lot of money. I think they ve learned their lesson.
The trade was reversed. So he did not waste his money. But I think he has learned his lesson.
Topic: Bitcoin at ATH. Reached 2200 USD on Gemini !!! (Read 2964 times)
The trade was reversed. So he did not waste his money. But I think he has learned his lesson.
You all know what comes after ATH?
2 or more years of bear market.
2 or more years of bear market.
It depends on the speed of reaching the ATH. If it takes a year to reach the ATH and the ATH is just 50% more than the previous peak, then the bear market is just 6 months.
You all know what comes after ATH?
2 or more years of bear market.
2 or more years of bear market.
Rolling back trades seems ridiculous to me. But it's not just Gemini. It didn't take much searching to find even NYSE doing rollbacks on erroneous orders.
http://www.bloomberg.com/news/articles/2013-08-23/nyse-said-to-void-most-goldman-sachs-erroneous-options-trades
http://www.bloomberg.com/news/articles/2013-08-23/nyse-said-to-void-most-goldman-sachs-erroneous-options-trades
because he had instead of putting a buy order of XXX btc to sit at $220, in the hope that eventually there would be a drop in price to get cheap coins..
he put in $2200..
he put in $2200..
No, no. Someone put in a large "market order", an order to buy at the market price, whatever it is at the moment. The Gemini exchange is so dinky that this one buy ate up offer after offer at higher and higher prices until the requested number of Bitcoins had been purchased. The buyer didn't specify a price.
This is what you'd expect from someone familiar with forex trading but who didn't realize how tiny and disconnected the Gemini exchange is. In most markets, a $10,000 order won't move the market much. Bitcoin has a capitalization in the billions, so $10,000 shouldn't have moved the market. But the Gemini exchange has no market depth.
You know what I think? I thing it was elaborate ruse of the Gemini owners or someone associated with them.
They bought that BTC on purpose to create news and rumors about Gemini and its new ATH price record.
They bought that BTC on purpose to create news and rumors about Gemini and its new ATH price record.
Lol i doubt. It basically how how low volume exchange it is.
With all that was told about Gemini in last 2 years i am really disappointed with what happen a month after opening. There was expectations that price with double with this exchange. Now there is so little volume, that is of no importance in world of Bitcoin exchanging.
Ofcourse everything needs time. But as it looks now i don't think will be really successful on the long run.
i remember the winkles great plan a couple years ago.. people buying baskets of bitcoins in allocations of a few thousand bitcoin per basket.
..
i know gemini is just a subsidiary of the winklevoss ETF trust. but still, volume of gemini is quite low at the moment and not good if suddenly these basket bundles start getting bought up real fast.
all i know for sure is when the true ETF opens up.. the game rules will change
You know what I think? I thing it was elaborate ruse of the Gemini owners or someone associated with them.
They bought that BTC on purpose to create news and rumors about Gemini and its new ATH price record.
They bought that BTC on purpose to create news and rumors about Gemini and its new ATH price record.
Lol i doubt. It basically how how low volume exchange it is.
With all that was told about Gemini in last 2 years i am really disappointed with what happen a month after opening. There was expectations that price with double with this exchange. Now there is so little volume, that is of no importance in world of Bitcoin exchanging.
Ofcourse everything needs time. But as it looks now i don't think will be really successful on the long run.
You know what I think? I thing it was elaborate ruse of the Gemini owners or someone associated with them.
They bought that BTC on purpose to create news and rumors about Gemini and its new ATH price record.
They bought that BTC on purpose to create news and rumors about Gemini and its new ATH price record.
That's another possibility, I think they don't care about bad publicity. Commercial is commercial, it doesn't have negative side. I haven't heard Gemini before this news, but I'm not sheep. I'd never use this exchange in my life. I suggest you to do the same.
I am the person. Just joking. The seller must be very happy and the buyer must be really sad now. What a bitcoin joke of the day.
lmao someone really mistyped 220 
The trades should be reversed as people should know that they need to be real. If an unimaginable price comes up, just wait till the error is corrected. Yes, a person needs to be careful but if he has made a mistake, he has the right to correct it as well.
Some of the reversed trades were in the $400-$500 range. Hardly an "unimaginable" price. I bet you won't feel the same if you were one of the counterparties.
I would say the same thing even if my trade was reversed as I have to take it as it is and not be sulking because I dint get paid more than the market price for my bitcoins. Even people here know that it was some kind of glitch. The trades that were in $400-$500 range were unfortunate to get reversed but when one deal fails, all other deals do fail.
What is their error trade policy? If you fuck up, and we feel sorry for you, we will revert your transaction... This sounds a bit dodgy and people would abuse such a system.
Allowing traders to cancel trades sets an precedent, and people will surely use this as a excuse to justify mistakes. Where do they draw the line between honest mistakes and
people making poor trade decisions? Lucky draw ... pitty.... influence .... trade history?
Allowing traders to cancel trades sets an precedent, and people will surely use this as a excuse to justify mistakes. Where do they draw the line between honest mistakes and
people making poor trade decisions? Lucky draw ... pitty.... influence .... trade history?
You know what I think? I thing it was elaborate ruse of the Gemini owners or someone associated with them.
They bought that BTC on purpose to create news and rumors about Gemini and its new ATH price record.
They bought that BTC on purpose to create news and rumors about Gemini and its new ATH price record.
I just know they can reverse trades, that's pretty bad for traders. Exchange isn't place for people who being careless.
Gemini isn't as good as i think, they shouldn't did it. I'm sure it'll happen again in future & people might abuse it.
Gemini isn't as good as i think, they shouldn't did it. I'm sure it'll happen again in future & people might abuse it.
i read that they have to do this as a regulated exchange.
They may be licensed and regulated but they're still structured more like a bucket shop than an exchange (that is order matching, trade execution, clearing and settlement all happen under the same roof).
Hah, somebody wasted a lot of money. I think they ve learned their lesson.
I just know they can reverse trades, that's pretty bad for traders. Exchange isn't place for people who being careless.
Gemini isn't as good as i think, they shouldn't did it. I'm sure it'll happen again in future & people might abuse it.
Gemini isn't as good as i think, they shouldn't did it. I'm sure it'll happen again in future & people might abuse it.
i read that they have to do this as a regulated exchange.
Someone always has to loose in this situation, whether is the original trader that made the mistake or the traders that traded after it happened. Not sure whether this will help them bring in more users or not though...
Gemini has rolled back the trades now. There's no point putting ridiculously high sell orders on Gemini if it's going to roll back the trades every time one gets filled. I'd be annoyed if I sold at $2000, then got told they've reversed it. I remember a flash crash on Btc-e that didn't get rolled back even if it was caused by a fat finger.
Gemini trades rolled back.
https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/
https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/
So confused, what is Gemini and who actually purchased the BTC for that price? That's a really ATH. What the hell, when was the Reddit post??
LOL!
One guy buys 0.1 BTC at $2200/btc and now bitcoin is valued at $2200
no market depth...lol
One guy buys 0.1 BTC at $2200/btc and now bitcoin is valued at $2200
no market depth...lol
Nice prediction for future.Shit why other exchanges didnt indexed that.
It was trade between brothers.Brother to brother
It was trade between brothers.Brother to brother
It seems that they reverse all the trading from the transaction, it is good to some extent. Customers are protected.
This seems more like a joke compared to a real thing. I think that someone just accidentally bought the Bitcoin for this high price. Where is the rest of the chart? That will tell us more about the situation. Was it only 1 guy who bought for that price or was it multiple people?
161 BTC is very big volume actually. How many coins changed hands when it was going up to 2200$? Sellers are very lucky, they immediately buy new BTC with that money. 
Oops, did exchange cancel orders? That's unfair for sellers. If I were them I sue the company. It's not sellers mistake, they have to get their money. I suggest everyone to boycott this company and never use its service.
Oops, did exchange cancel orders? That's unfair for sellers. If I were them I sue the company. It's not sellers mistake, they have to get their money. I suggest everyone to boycott this company and never use its service.
I think something in their terms of service would protect them from legal action
i think its more likely that the winkles themselves were putting in orders at $220, and making a mistake.. thus reversing trades to not lose out spending $80k-$300k for just 161btc, which they didnt intend to use unless there was a large pricetank..
i dont think they would do it for just any customer.. only themselves.
you can almost imagine it
cameron:" im going to put $300k at $220 to create a nice wall, and if the price tanks we will get over 1300 coins"
Tyler: "sounds great, push the button"
cameron: "SH*T i added a zero, all our $300k is gone and all we have is 161 btc, tyler do something, we cant lose out"
Tyler: "lets just screw the customers over by reversing trades real quick"
161 BTC is very big volume actually. How many coins changed hands when it was going up to 2200$? Sellers are very lucky, they immediately buy new BTC with that money.
Oops, did exchange cancel orders? That's unfair for sellers. If I were them I sue the company. It's not sellers mistake, they have to get their money. I suggest everyone to boycott this company and never use its service.
Oops, did exchange cancel orders? That's unfair for sellers. If I were them I sue the company. It's not sellers mistake, they have to get their money. I suggest everyone to boycott this company and never use its service.
I think something in their terms of service would protect them from legal action
I still confused why this could happen ? $2200 today ? Its still impossible, I think this is just joke made someone.
I think Gemini is the next Mt.Gox if they really think everybody is going to fall for this mad attempt, 
The trades should be reversed as people should know that they need to be real. If an unimaginable price comes up, just wait till the error is corrected. Yes, a person needs to be careful but if he has made a mistake, he has the right to correct it as well.
Some of the reversed trades were in the $400-$500 range. Hardly an "unimaginable" price. I bet you won't feel the same if you were one of the counterparties.
We need distributed exchanges or some other technological means of doing irreversible trading. This is the only way to make the exchanges fair. If human judgement can step in to "correct mistakes" there will be opportunity for crony capitalism. We don't need more rigged casinos...
massive agree.
how do they know this wasn't just a fishing expedition gone wrong, you know post a massive market buy to check if there are dark walls...
these games need to stay in the HFT arenas, decentralised exchange, wouldn't that be interesting.
The trades should be reversed as people should know that they need to be real. If an unimaginable price comes up, just wait till the error is corrected. Yes, a person needs to be careful but if he has made a mistake, he has the right to correct it as well.
Some of the reversed trades were in the $400-$500 range. Hardly an "unimaginable" price. I bet you won't feel the same if you were one of the counterparties.
We need distributed exchanges or some other technological means of doing irreversible trading. This is the only way to make the exchanges fair. If human judgement can step in to "correct mistakes" there will be opportunity for crony capitalism. We don't need more rigged casinos...
massive agree.
how do they know this wasn't just a fishing expedition gone wrong, you know post a massive market buy to check if there are dark walls...
these games need to stay in the HFT arenas, decentralised exchange, wouldn't that be interesting.
The trades should be reversed as people should know that they need to be real. If an unimaginable price comes up, just wait till the error is corrected. Yes, a person needs to be careful but if he has made a mistake, he has the right to correct it as well.
Some of the reversed trades were in the $400-$500 range. Hardly an "unimaginable" price. I bet you won't feel the same if you were one of the counterparties.
We need distributed exchanges or some other technological means of doing irreversible trading. This is the only way to make the exchanges fair. If human judgement can step in to "correct mistakes" there will be opportunity for crony capitalism. We don't need more rigged casinos...
The trades should be reversed as people should know that they need to be real. If an unimaginable price comes up, just wait till the error is corrected. Yes, a person needs to be careful but if he has made a mistake, he has the right to correct it as well.
Some of the reversed trades were in the $400-$500 range. Hardly an "unimaginable" price. I bet you won't feel the same if you were one of the counterparties.
What do you mean, glad they have corrected it. This user that has caused this trade has done it on his own. Nobody made him do it. What about poor users which orders got filled just to learn that they will be reversed.
Exchanges are not for kids. If you are not careful enough and if you don't know what you are doing, you should stay away from them. My opinion is that these trades shouldn't have been reversed!
@bold: Are you kidding me? Poor users or greedy users who want to get $2200 for their bitcoins because of the mistake of one customer who was again silly and greedy to set such a low price?
The trades should be reversed as people should know that they need to be real. If an unimaginable price comes up, just wait till the error is corrected. Yes, a person needs to be careful but if he has made a mistake, he has the right to correct it as well.
I bought a house in 2008. Oops I paid too much. Will you buy it from me for my mistake? Maybe my mortgage company will reverse the loan? Lol poor people. HE made a mistake. HE did. So HE pays for HIS mistake. It's called PERSONAL RESPONSIBILITY.
Lol now it's "greedy" to set high sell orders. HAHAHAHAHAHA
What do you mean, glad they have corrected it. This user that has caused this trade has done it on his own. Nobody made him do it. What about poor users which orders got filled just to learn that they will be reversed.
Exchanges are not for kids. If you are not careful enough and if you don't know what you are doing, you should stay away from them. My opinion is that these trades shouldn't have been reversed!
@bold: Are you kidding me? Poor users or greedy users who want to get $2200 for their bitcoins because of the mistake of one customer who was again silly and greedy to set such a low price?
The trades should be reversed as people should know that they need to be real. If an unimaginable price comes up, just wait till the error is corrected. Yes, a person needs to be careful but if he has made a mistake, he has the right to correct it as well.
Gemini has rolled back the trades now. There's no point putting ridiculously high sell orders on Gemini if it's going to roll back the trades every time one gets filled. I'd be annoyed if I sold at $2000, then got told they've reversed it. I remember a flash crash on Btc-e that didn't get rolled back even if it was caused by a fat finger.
Gemini trades rolled back.
https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/
https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/
Glad that they corrected the error in time. Still don't get how did the price reach $2200 on the exchange just because of a market order placed as a mistake.
What do you mean, glad they have corrected it. This user that has caused this trade has done it on his own. Nobody made him do it. What about poor users which orders got filled just to learn that they will be reversed.
Exchanges are not for kids. If you are not careful enough and if you don't know what you are doing, you should stay away from them. My opinion is that these trades shouldn't have been reversed!
Yea I'm not sure why someone would be glad there was a reversal of someone's error. I will never join Gemini because of this. People love to be protected from themselves. It's a global mental disorder.
Gemini trades rolled back.
https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/
https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/
That's BS ! Accidental buys are customers responsibility. There's no point in reversing whole exchange because there's one wrong click from one of the customers.
If this was normal practice, you would have reversal requests each day.. Very low an un-professional behaviour from Gemini exchange.
Like someone above stated, i would sue them as well. And ask all my expences and gains to be reimbursed. What a bunch of useless kids ..
161 BTC is very big volume actually. How many coins changed hands when it was going up to 2200$? Sellers are very lucky, they immediately buy new BTC with that money.
Oops, did exchange cancel orders? That's unfair for sellers. If I were them I sue the company. It's not sellers mistake, they have to get their money. I suggest everyone to boycott this company and never use its service.
Oops, did exchange cancel orders? That's unfair for sellers. If I were them I sue the company. It's not sellers mistake, they have to get their money. I suggest everyone to boycott this company and never use its service.
Gemini has rolled back the trades now. There's no point putting ridiculously high sell orders on Gemini if it's going to roll back the trades every time one gets filled. I'd be annoyed if I sold at $2000, then got told they've reversed it. I remember a flash crash on Btc-e that didn't get rolled back even if it was caused by a fat finger.
Gemini trades rolled back.
https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/
https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/
Glad that they corrected the error in time. Still don't get how did the price reach $2200 on the exchange just because of a market order placed as a mistake.
What do you mean, glad they have corrected it. This user that has caused this trade has done it on his own. Nobody made him do it. What about poor users which orders got filled just to learn that they will be reversed.
Exchanges are not for kids. If you are not careful enough and if you don't know what you are doing, you should stay away from them. My opinion is that these trades shouldn't have been reversed!
it was just an error and it seems it's already corrected
Glad that they corrected the error in time. Still don't get how did the price reach $2200 on the exchange just because of a market order placed as a mistake.
because he had instead of putting a buy order of XXX btc to sit at $220, in the hope that eventually there would be a drop in price to get cheap coins..
he put in $2200.. this means it would eat up all sell orders until either his funds run out, or he gets to his maximum target price of the order.
the reason a mistake hit $2200 is because there is not much volume on the sell orders.. so eating up sell orders and causing a price rise is rather cheap
Gemini has rolled back the trades now. There's no point putting ridiculously high sell orders on Gemini if it's going to roll back the trades every time one gets filled. I'd be annoyed if I sold at $2000, then got told they've reversed it. I remember a flash crash on Btc-e that didn't get rolled back even if it was caused by a fat finger.
Gemini trades rolled back.
https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/
https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/
Glad that they corrected the error in time. Still don't get how did the price reach $2200 on the exchange just because of a market order placed as a mistake.
because he had instead of putting a buy order of XXX btc to sit at $220, in the hope that eventually there would be a drop in price to get cheap coins..
he put in $2200.. this means it would eat up all sell orders until either his funds run out, or he gets to his maximum target price of the order.
the reason a mistake hit $2200 is because there is not much volume on the sell orders.. so eating up sell orders and causing a price rise is rather cheap
Thanks a lot. This explains it all.
Gemini has rolled back the trades now. There's no point putting ridiculously high sell orders on Gemini if it's going to roll back the trades every time one gets filled. I'd be annoyed if I sold at $2000, then got told they've reversed it. I remember a flash crash on Btc-e that didn't get rolled back even if it was caused by a fat finger.
Gemini trades rolled back.
https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/
https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/
I still confused why this could happen ? $2200 today ? Its still impossible, I think this is just joke made someone.
it is possible..
remember the bitcoin price is not based on 15million coins being sold at one time..
its actually usually only 1coin-1000 coins on a market order which when sold gets used as a measure for the other 14,998,000 coins to go by.
the problem with gemini is that for just 50 coins, as shown in the OP's picture. somone can make the price jump to $684.
that said trying to make bitfinex, bitstamp, coinbase jump to $684 or $2000 will take alot more coins.. alot more..
so it is near impossible to jump a price that fast on proper high volume exchanges.. not only because you need to be super rich, but also the deposit limits to do with AML/KYC make it a headache to put in more then $10k, to even eat up large amounts of bitcoin, means its not that big of a chance of happening.
but gemini has so little amount of coins. it doesnt take much to do it
I think it's a bug or an error it's very high price and not the actual price of Bitcoin as known
But i hope that Bitcoin reach this price soon this would support this cryptocurrency
But i hope that Bitcoin reach this price soon this would support this cryptocurrency
The Gemini exchange doesn't have volume and its order book is nothing. With a buy order large enough you can get the price easily to $5000 and higher there.
Im kinda surprised anyone even had coins for sale up that high. Looks like they might be getting some new accounts over there soon. Now its happened though everyone will be over there incase it happens again, probably unlikely.
It was apparently an error by the trader's side, he meant 220 and screwed up with 2200 by adding an extra zero or something. I think this guy shouldn't have been gifted with that, if we start correcting everyone's mistakes things that aren't mistakes will go reversed with the excuse of being a mistake.
it does not count anything, on a tiny exchange with almost no volume compared to the big one
if it happen on a single exchange is pointless, it was the same with the $160 value on btc-e...
if it happen on a single exchange is pointless, it was the same with the $160 value on btc-e...
I was expecting much more from such a thread. All we see is an order filled either by mistake or something.
We can not consider it an all time high.
We can not consider it an all time high.
This happen to be a quick trade and the price isn't at this level now.However,it is good to see such a price for bitcoin
The Gemini exchange doesn't have volume and its order book is nothing. With a buy order large enough you can get the price easily to $5000 and higher there.
I beg to differ. Last ATH was driven by a single exchange, more particularly by a single man.
Okay, your logic explained: I start a exchange. It has 5 BTC total in sell orders. I buy everything and shoot the price up to $5000 --> new ATH? I think not. Unless we reach this or similar prices on Bitstamp or Bitfinex, there's no point of talking about it. Read:EG it only takes 8btc to knock the price upto $399.99
then 1btc to knock it to $493
then 21.25btc to knock it to $684
then 1btc to knock it to $493
then 21.25btc to knock it to $684
Reaching such a price level on a single exchange != new high. This is just a sign that Gemini needs more liquidity. I'm still waiting for those "investors" that the twins were preparing for.
I beg to differ. Last ATH was driven by a single exchange, more particularly by a single man.
dont worry about gemini.. just take a look on the right side of the OP's screen shot.
gemini has less then 50bitcoins in total to cover orders from $338-$684, so expect many spikes and dumps on gemini as they dont have the bitcoin to support real trade volume.
EG it only takes 8btc to knock the price upto $399.99
then 1btc to knock it to $493
then 21.25btc to knock it to $684
kind of funny actually that they would show such bare orders with no support
gemini has less then 50bitcoins in total to cover orders from $338-$684, so expect many spikes and dumps on gemini as they dont have the bitcoin to support real trade volume.
EG it only takes 8btc to knock the price upto $399.99
then 1btc to knock it to $493
then 21.25btc to knock it to $684
kind of funny actually that they would show such bare orders with no support
It must be bug or someone was really messed and accidentally did it.
But it is still funny that it hit $2200. HODL guys!
But it is still funny that it hit $2200. HODL guys!
How did this happen, is this kind of a joke or what?
$2200 is way to far from now
$2200 is way to far from now
There was a very thin order book, this is so sick considering if you sold out @$2000 etc for a few bitcoins that might have been your sell target for the next bubble. Now you get to rebuy, oh man!
Reaching such a price level on a single exchange != new high. This is just a sign that Gemini needs more liquidity. I'm still waiting for those "investors" that the twins were preparing for.
It's nothing and there is nothing to worry about for now since everything is back to normal, they are probably just testing their willybot
Yeaaaah this was on /r/bitcoin 7 hours ago, you're just posting old stuff now...
Everyone is 99% sure it was just an accidental buy. Nothing new here, move along, Bitcoin is not going to the moon yet.
Everyone is 99% sure it was just an accidental buy. Nothing new here, move along, Bitcoin is not going to the moon yet.
How did this happen, is this kind of a joke or what?
$2200 is way to far from now
$2200 is way to far from now
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