Bitcoin price scyrockets to $2200 on Gemini Exchange

Nagle

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Quote from: ynef on November 16, 2015, 10:12:10 AM

Sigh. Was hoping Gemini to be better than this. Growing pains? Maybe.

More like non-growing pains. The Gemini crowd thought they were going to be a big exchange with big market makers, and a significant player in Bitcoin. In reality, they're a tiny exchange with few customers and no market makers. They're well under 1% of exchange volume.

Here, someone put in a buy order for BTC150 at the market price. That was enough to eat up all the sell orders on the exchange and run the price up to $2200. Right now, in the middle of a trading day, if you bought BTC150 on Gemini at market, you'd take the price up about $75 to about $400. If you did that on Bitstamp, you'd take the price up by maybe $1.

ynef

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Sigh. Was hoping Gemini to be better than this. Growing pains? Maybe.

Karartma1

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I don't trust this exchange and their owners since from the start. There's no reasonable explanation for cancelling trades. It's fraud.

Snail2

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Reversing trades, because of someone was stupid/fatfingered? This Gemini must not be an exchange to be taken seriously :/.

dothebeats

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Cashback 15%

Quote from: Alley on November 14, 2015, 11:08:27 AM

Looks like I should of put some $1,000 sell orders in.

Heh, why not do it now? Whenever I don't feel like selling, it's been a hobby of mine to put several sell orders at $1000+ ranges. You know, if in case you get lucky and take that order hehe.

Nagle

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Right now, total sell side offers on Gemini total under BTC70. Buy BTC70 on Gemini and send the price through the roof again. Bitstamp, in comparison, has about BTC6000 for sale.

Gemini shouldn't even be offering "market" orders. There's no market there.

Nrcewker

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Promotional Campaign Manager|Telegram @NrcewkerBTC

market depth is noy enough, so

RyNinDaCleM

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Legen -wait for it- dary

I don't know of any reversal of trades in the stock market, but they will halt the system if it moves too far, too fast, down (obviously, no one would complain about up). This is also on a few exchanges in Bitcoin. Gox had it in 2013 and BFX uses a sort of circuit breaker on their exchange (again, not usually contended in the up direction). As a poster early on in this thread said, it was only about 150 BTC that moved it up and back down, so it's a trivial amount and means nothing to the market as a whole, and likely wouldn't have triggered any kind of breaker even if there were upside triggers.

As for the the Gemini exchange (knew it would be a train wreck, btw) reversing orders... They state it in the ToS that they have full discretion on such events. Don't like it? Don't trade there! You have to agree to the ToS in order to make an account.
This screen shot shows that they apparently deemed this a legitimate use of the ol' "undo" button.

sana9821

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thats an interesting thing i would have gone crazy if i saw such price when i woke up as then i would have a lot of money if i sold btc

98problems

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oh wow that would be really crazy if this would happen there would be a lot of rich people if this happened in real life

ajareselde

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Satoshi is rolling in his grave. #bitcoin

Quote from: var53 on November 14, 2015, 02:58:49 PM

Quote from: Mickeyb on November 14, 2015, 02:53:23 PM

Quote from: BlindMayorBitcorn on November 14, 2015, 02:40:12 PM

Quote from: Alley on November 14, 2015, 11:08:27 AM

Looks like I should of put some $1,000 sell orders in.

Don't waste your time.

https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/

Well this is a huge BS if you are asking me. Whoever fat fingered that order, that's his fault. I would be pissed as hell if I managed to snatch or sell something this high just to get an email from the exchange stating that my successful order will be reversed!

I can't believe this! This is not professional at all!

Do they reverse trades in the stock market? I thought Gemini had to follow strict rules that are almost identical to the stock market's rules. I heard of micro crashes in the stock market, but I never heard of them being reversed. Gemini should tell the unlucky trader it's his own fault, and he's going to have to keep his $2000 Bitcoins.

Well said. Gemini just showed they are not to be trusted. I would only understand reversal if the exchange itself had been compromised and there was some sort of an attack on customer funds.
They just took money from bunch of other users because of one retarded trader.

Gemini exchange is a joke.

maokoto

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✪ NEXCHANGE | BTC, LTC, ETH & DOGE ✪

Impresive to say the least. How will put such an order?

Thanks for sharing captures. I would not believe it you just old us lol

Raimonn

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I can understand if bitcoins that he bought were from the exchange and not from another user. Or if Gemini Exchange will pay from its pocket this revers operation.

BlindMayorBitcorn

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Quote from: Mickeyb on November 14, 2015, 03:36:25 PM

Quote from: var53 on November 14, 2015, 02:58:49 PM

Quote from: Mickeyb on November 14, 2015, 02:53:23 PM

Quote from: BlindMayorBitcorn on November 14, 2015, 02:40:12 PM

Quote from: Alley on November 14, 2015, 11:08:27 AM

Looks like I should of put some $1,000 sell orders in.

Don't waste your time.

https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/

Well this is a huge BS if you are asking me. Whoever fat fingered that order, that's his fault. I would be pissed as hell if I managed to snatch or sell something this high just to get an email from the exchange stating that my successful order will be reversed!

I can't believe this! This is not professional at all!

Do they reverse trades in the stock market? I thought Gemini had to follow strict rules that are almost identical to the stock market's rules. I heard of micro crashes in the stock market, but I never heard of them being reversed. Gemini should tell the unlucky trader it's his own fault, and he's going to have to keep his $2000 Bitcoins.

I have never heard about a trade reversal in the stock market. The way I see it, if you reverse a trade for one person, then every other person has a right to demand his trade to be reversed by claiming that he or she has made a mistake. Makes no sense!

It's billing itself as a safe place for institutional investors.

Mickeyb

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Activity: 798

Merit: 1000

Move On !!!!!!

Quote from: var53 on November 14, 2015, 02:58:49 PM

Quote from: Mickeyb on November 14, 2015, 02:53:23 PM

Quote from: BlindMayorBitcorn on November 14, 2015, 02:40:12 PM

Quote from: Alley on November 14, 2015, 11:08:27 AM

Looks like I should of put some $1,000 sell orders in.

Don't waste your time.

https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/

Well this is a huge BS if you are asking me. Whoever fat fingered that order, that's his fault. I would be pissed as hell if I managed to snatch or sell something this high just to get an email from the exchange stating that my successful order will be reversed!

I can't believe this! This is not professional at all!

Do they reverse trades in the stock market? I thought Gemini had to follow strict rules that are almost identical to the stock market's rules. I heard of micro crashes in the stock market, but I never heard of them being reversed. Gemini should tell the unlucky trader it's his own fault, and he's going to have to keep his $2000 Bitcoins.

I have never heard about a trade reversal in the stock market. The way I see it, if you reverse a trade for one person, then every other person has a right to demand his trade to be reversed by claiming that he or she has made a mistake. Makes no sense!

var53

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Quote from: Mickeyb on November 14, 2015, 02:53:23 PM

Quote from: BlindMayorBitcorn on November 14, 2015, 02:40:12 PM

Quote from: Alley on November 14, 2015, 11:08:27 AM

Looks like I should of put some $1,000 sell orders in.

Don't waste your time.

https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/

Well this is a huge BS if you are asking me. Whoever fat fingered that order, that's his fault. I would be pissed as hell if I managed to snatch or sell something this high just to get an email from the exchange stating that my successful order will be reversed!

I can't believe this! This is not professional at all!

Do they reverse trades in the stock market? I thought Gemini had to follow strict rules that are almost identical to the stock market's rules. I heard of micro crashes in the stock market, but I never heard of them being reversed. Gemini should tell the unlucky trader it's his own fault, and he's going to have to keep his $2000 Bitcoins.

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

Quote from: BlindMayorBitcorn on November 14, 2015, 02:40:12 PM

Quote from: Alley on November 14, 2015, 11:08:27 AM

Looks like I should of put some $1,000 sell orders in.

Don't waste your time.

https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/

Well this is a huge BS if you are asking me. Whoever fat fingered that order, that's his fault. I would be pissed as hell if I managed to snatch or sell something this high just to get an email from the exchange stating that my successful order will be reversed!

I can't believe this! This is not professional at all!

anasazi

newbie

Activity: 33

Merit: 0

Quote from: Raimonn on November 14, 2015, 12:15:24 PM

Oops, people need to revise two times, when they put an order on an exchange. If you don't limit price in your order, and there are few sell orders, this things can happen.

If only we could write software that automatically checks that orders are within reasonable bounds...

BlindMayorBitcorn

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Merit: 1115

Quote from: Alley on November 14, 2015, 11:08:27 AM

Looks like I should of put some $1,000 sell orders in.

Don't waste your time.

https://np.reddit.com/r/btc/comments/3ss6kr/gemini_is_reversing_trades_wtf/

Amph

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Activity: 3206

Merit: 1069

yeah but how much volume? 0.01 btc right? useless ath, and not worth mentioning at all

this isn't something new at all, i see this all the time with altcoin in the good old days

Topic: Bitcoin price scyrockets to $2200 on Gemini Exchange (Read 1938 times)