Britcoin showing price swings of 0.25 to 100 !

Clipse

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Quote from: phantomcircuit on June 21, 2011, 06:20:22 PM

Quote from: Clipse on June 21, 2011, 05:38:09 PM

Ye how about we throw your poo at britcoin over this aswell?

It clearly shows low=0.25 and high=100 on bitcoinwatch.com aswell, why only sling shit at mtgox when something doesnt look right?

Ok so i was wrong i missed 2 trades that went through for 0.5 and 0.25 GBP they each resulted in 50000/10^8 or 0.0005 GBP changing hands in each

those orders where placed selling 0.001 BTC for 0.0005 GBP and 0.002 BTC for 0.0005 GBP respectively

when using britcoin remember that the order you say you're willing to sell for might very well be the price it is fulfilled at, even if there are other better offers.

So what you are saying, if the lowest ASK is 0.01 and the lowest BID is 1, that BID will be cleared with the 0.01 ASK ?

This makes no sense and sounds horrible.

flug

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Quote from: phantomcircuit on June 21, 2011, 06:20:22 PM

when using britcoin remember that the order you say you're willing to sell for might very well be the price it is fulfilled at, even if there are other better offers.

That seems very counter intuitive to me and (I would guess) non-standard for exchanges generally. I know that Betfair tries to fulfill trades as the best offers available, so if you're looking to bet at odds of 0.5 it'll be met with any higher odds first. I don't think this non-standard behaviour should be hidden in the small print.

phantomcircuit

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Quote from: Clipse on June 21, 2011, 05:38:09 PM

Ye how about we throw your poo at britcoin over this aswell?

It clearly shows low=0.25 and high=100 on bitcoinwatch.com aswell, why only sling shit at mtgox when something doesnt look right?

Ok so i was wrong i missed 2 trades that went through for 0.5 and 0.25 GBP they each resulted in 50000/10^8 or 0.0005 GBP changing hands in each

those orders where placed selling 0.001 BTC for 0.0005 GBP and 0.002 BTC for 0.0005 GBP respectively

when using britcoin remember that the order you say you're willing to sell for might very well be the price it is fulfilled at, even if there are other better offers.

GeniuSxBoY

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My claim is no site is safe.

Clipse

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Ye how about we throw your poo at britcoin over this aswell?

It clearly shows low=0.25 and high=100 on bitcoinwatch.com aswell, why only sling shit at mtgox when something doesnt look right?

GeniuSxBoY

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also: http://www.reuters.com/article/2011/06/09/us-citi-idUSTRE7580TM20110609

Major U.S. banks came under growing pressure from banking regulators to improve the security of customer accounts after Citigroup Inc became the latest high-profile victim of a cyber attack.

GeniuSxBoY

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Quote from: Bit_Happy on June 21, 2011, 05:14:51 PM

Quote from: GeniuSxBoY on June 21, 2011, 04:58:41 PM

I DON'T TRUST THIS SHIT

LulzSecurity/Anonymous have already said they can hack anything and I actually believe them.

Then why are most banks still filled with "money?"

money is a physical object :facepalm:

phantomcircuit

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No transaction has gone through on britcoin for less than 5GBP/BTC since 2011-06-10.

Bit_Happy

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A Great Time to Start Something!

Quote from: GeniuSxBoY on June 21, 2011, 04:58:41 PM

I DON'T TRUST THIS SHIT

LulzSecurity/Anonymous have already said they can hack anything and I actually believe them.

Then why are most banks still filled with "money?"

phantomcircuit

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I'm looking into this right now, the 100 GBP trade is likely just someone not understanding the market matching system britcoin uses (it is NOT the same as mtgox).

The other one is likely just bitcoincharts making a mistake.

timsmith

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Quote from: GeniuSxBoY on June 21, 2011, 04:58:41 PM

LulzSecurity/Anonymous have already said they can hack anything and I actually believe them.

Well what do you expect? They're hardly going to go public with "we can't hack much and aren't really that good" are they Roll Eyes

TraderTimm

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Quote from: Jack of Diamonds on June 21, 2011, 04:57:45 PM

Quote from: TraderTimm on June 21, 2011, 04:50:05 PM

Tradehill Last: 12.65

You guys are completely mental.

Tradehill
Britcoin

!= The same

My point was that different GBBO's (Global Best Bid/Offers) exist, focusing on bizarro non-crossed trades makes no sense.

GeniuSxBoY

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I DON'T TRUST THIS SHIT

LulzSecurity/Anonymous have already said they can hack anything and I actually believe them.

Jack of Diamonds

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Merit: 251

Quote from: TraderTimm on June 21, 2011, 04:50:05 PM

Tradehill Last: 12.65

You guys are completely mental.

Tradehill
Britcoin

!= The same

FreeMoney

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Strength in numbers

Apparently making a good market is more like rocket surgery than I thought.

ribuck

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Britcoin matches bids and offers differently to how most exchanges do it. If you post a bid at MtGox, for example, it is first matched against the lowest-priced offer, then works upwards in price from there if more offers are needed to satisfy your bid.

At Britcoin, it seems to work the other way. If you post a bid, it is first matched against any offer at the same price, then works downwards in price if more offers are needed to satisfy your bid. Or at least, it's something like that.

So I think what can happen is that you can bid £100 (for, say, 0.01 BTC) and if there is an offer at £100 then a trade will take place and it will show up on the chart. Similarly, if you offer 0.01 BTC at £0.25 and there is a bid at that price, a trade will take place and it will show up on the chart. But this does not mean that the order book between the high and low prices was ever "worked through".

Oh, and the way you enter bids and offers at Britcoin is "unusual" too. You type a number of BTC and a number of pounds (instead of a rate). So people might occasionally make a stupid mistake.

TraderTimm

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Tradehill Last: 12.65

You guys are completely mental.

Bitcoin Swami

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maybe someone accidently hit the zero button 2 times on accident while placing an order.

bbjansen

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Quote from: GeniuSxBoY on June 21, 2011, 04:47:31 PM

just a suggestion...

get your shit and RUN

+1 Yeh I would pull out just for a while...

GeniuSxBoY

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just a suggestion...

get your shit and RUN

Topic: Britcoin showing price swings of 0.25 to 100 ! (Read 2915 times)