Topic: BTC-E crash to $150! (Read 6146 times)

Looks like the crash has finally affected other exchangers too. The price has been in a decline for the last four days with bear candles getting wider and wider yet volume is decreasing. Have the bulls given up completely?!

When you look at the weekly chart, the bollinger bands squeezed together tightly and a candle closed outside of them. It's a great sign for the bulls, but I am afraid price can be manipulated too easily on the BTC market for this to make a difference.

it seems to me the only thing done in the last 3 years on btc-e was remove some crap coins and add twitters

It can happen if open orders were cancelled without the users consent, as has been reported here.  Opening the way for a bear attack, pushing critical stop points.... either by collusion, or by some software glitch, that is exactly what happened.  Either case, users that had their stops hit, and users that had their open orders cancelled were defrauded.   This was not a market move according to free market forces. 

The volume CAN justify that move. That's because it's a flash crash. Someone might've market sold 3k BTC and it triggered stop-losses that amounted to 8k. It is possible because it happens really fast and then the price is back up again with little volume. Blame the thin orderbook.

On the other hand, real plunges are gradual and can continue for hours and thus have a lot higher volume transacted just due to their duration.

Looks like the usual slow rise has begun.

How do people even get bitcoin though, cause I always hear the horror stories with their balance getting hacked.

Or something with having their deposits ever reaching the exchange..

so many flash crashed had occoured in btc-e, and this is not surprised.

I agree, but a lot of btc supporters want anonymity. BTC-e seems to give users that, considering it's not even open with where it is located, who runs the site, etc.  I dont expect a mysteriously operated site to open up and give detailed explanations of much.

People can't have it both ways.  If they want an open and secure exchange, btc-e is probably not where to go...

BTC-E owes the community a detailed explanation on how BTC was pushed to 150 USD on volume that can't possibly justify that move, and explain the cancelled orders others have reported here.

There's plenty that needs explaining.  And if BTC-E wants to garner any kind of trust they would be forthcoming.  So far, nothing!

I don't know you are talking like a gambling addict that blames the site for his losses, i never seen any kind of scam accusation that was real against btc-e yet, im certain almost no one considers it as a scam, then again if you have proofs for your statements, go ahead and open a scam accusation

I would disagree. Other assests like gold or fiat currencies are also priced only according to trust. its all about trust. And bitcoin is amazing technology. I think its fair price should be around $10,000 if you compare it to worthless USD or physical gold which is useless too. Try to move 1 tone of gold or 1 tun of paper notes. But bitcoin weight notning, you can send it within a second.

I think there is a reasonable chance of people making some ROI at this price level.  I mean there are 100's of millions of investor funds coming into companies like coinbase, xapo, etc that you've got to think that once they start putting some fund into widespread advertising, then a lot more people will start to buy and transact with btc.

So far I think their advertising and outreach has been fairly limited, and I'm assuming their investments have been mainly into their security, user-friendliness and their site design.  Once they do start to try to attract more customers I think the price can stabilize.

But near term I agree, dont listen to the rediculous "predictions" on here, that only makes it look like a ponzi scheme

If anything a big reason bitcoin will completely plummet is because of long time unmet expectations.
Many people have invested in bitcoin expecting big ROI. Ever since it's been getting hammered down and down over and over.
At one critical point these people will call quits and things will finally collapse.
This is why smart people call bitcoin a pyramid/ponzi scheme.
Wake up,  don't be a bagholder.

There is just the "small" counterparty risk of a second mtgox, if you leave your fund for a indefinitely long period..

sorry, just noticed your reply. i always place low buy orders with fiat in my account that i don't plan to use any time soon, hoping a flash crash will happen. and it did. btc-e is perfect for that. a 3000-5000 btc dump can make the price go down 50% quite easily there.

Yeah, I personally have not had issues or lost money there, but was not able to transfer money into my acct directly.  I was able to transfer btc and trade/ withdraw it though.

An exchange that is not transparent about its location, owners, etc is asking for trouble though.  I have since stopped using that site.

yes of course, I have many printscreens, but what you can do with that - its useless to write to their non responding support. I already tried comlain to another MT4 broker and simly its lost case. They always tell you that and that that the price flash there and there and that you must know it that it happens all the time and of course you can comlain but they tell you are bad trader and dont give you money back. the only solution is go away and trade differently

Cryptsy has almost no significant volume in last days. I sold my coins during spring and now I have USD but in their USd markets you cannot buy anything, in some cases volume is even smaller than it was last year.
I would like to trade coins like PPC, because Cryptsy has unique offer of hundreds of coins but unfortunately many coins are without volume.

I am talking about the fact that their MT4 is bucket shop.
If you make very small trades 0.01 than it is OK. But than you earn 1 cent when it goes 1 usd in your favour. No, you earn 1 cent after it goes 2 or 3 USD in your favour cause you have to pay them fees. In another words, you would earn approx 1 USD on 100 USD price change. Common I think we want to earn more than this. You want to open 0.01 trade and wait 1 year whether it goes 100 USD in your favour and than grab your 1 USD?
 But try to open 1.00 lot of their CFD and very probably they realize that trade into small pieces like 0.01 (sorry but when I want to buy 1.00 I want to have it in one part not in 50 rows, especially when you try to open more and result is 300 rows in MT4 window. If you want to see that mess I can send you printscreens......) and than when you want to close this trade in profit, you simply see "off quotes" but when in the same platform I tried another small trade like 0.05, of course I could open and close it immediately with tiny profit.

MT4 enable brokers to make groups of clients according to different criteria, in another words its easy for broker to cheat clients... and why they wouldnot do it when they could and nobody is able to realize it?

I am talking about the fact, that if you ever tried to open a large trade like 5.00 of their CFD or even 10 x 5.00 you cannot never get good price but everytime signioficantly higher (in case of buying) and once you decide to close the trade in profit very probably (not 100% everytime) you simply cannot. because of different error messages.
That sucks, if you take 100 BTC and try to sell it at Bitstamp or Bitfinex, you also dont get best price but your price doesnot differ by 10 or even more USD (20 usd)  from price which you see on screen. It may even happen that your price could be better than you expected, Becuase their order book is full of real buyers and sellers.
Even if you try to trade on some sudden movements you can rely that you buy or sell for the price which you see on screen even if you trade manually.
On BTCe MT4 must be no volume than because there is never any counterparty for your large trade.

BTCe exchange is OK, they dont mess with you but problem is that you must see many warning signs like no volume, BTC is cheaper by 10 or more usd, strange price behavior,... for me its enough - I lost money on MT4 and dont want to loose the rest because I already lost on MTGox

And regarding BTCe MT4....
In case you set up tight SL or TP, guess what, of course, it will be hit exactly at that SL price by sudden flash. And you cannot say anything cause in charts you cant see both buy/sell price so in many cases you simply couldnot do anything, you cannot see whether the price really reach thet threshold.
And worst of all, if you dont fill TP or SL, you risk even bigger disaster, in case like last weekend. I had one left waiting order sell at 219 with TP on 200 and SL on 259. I forgot to delete it cause I would never expect that price would go down so deep during weekend. And guess what, of coures it was triggered and of course it was closed on SL around 259.... despite price went down to 160 or something prior it went back higher. But of course it could be explained , but its the same when your girlfriend is cheating on you and gives you any explanation which is on her mind.
Once I was thinking about their master and slave account system.. but if you read their details about fees... I think it only results in paying fees to master and broker and you dont get anything, And of course, they tell you that master account has bad days, that you must have expected it and even if master makes some profit, fees are huge so you see some profit only in case of 100% a month or so what you cannot expect in reality.
My assuption is, that they let you winn just a couple of USD, max maybe 10 or twenty USD a week, once you would get into tens or even hundreds of USD a week, they do anything to kill you. Thats my bitter 1 year experience

I left BTC-E a long time ago due to their shenanigans.

They always seem to be more volatile in the price swings than the other exchanges, probably due to the low volume. It has already been mentioned they never give good explanations when troubles do arise, thus my hesitation to trade there.

I will reiterate, I had open buy limit orders canceled. Buy orders that according to BTC-e's explanation should have been filled if the price did indeed drop that low for milliseconds as they are claiming.

I also had open long trades that were closed for no good reason. I am very conservative when investing and the ratio of open trades I had at the time to my equity was maybe 10-15%. Meaning the price could have went to $0.01 and the trades still should not have closed. They closed well above this level, but still enough to incur losses. The whole thing does not add up to an event caused by normal market functions. It appears more likely due to some type of intervention, either insider, hacker, or perhaps a glitch in the software.

Now I will point out that in my case all of this was on their MT4 platform. I had only a couple of small orders on the main site at the time, and those performed as expected.

The other curious thing is that according to MT4's graphical history I do not see any spike downward to even suggest it hit $150 like on the main site. It appears to have bottomed around $194. It may not have recorded a millisecond drop though. In any case, my positions should not have been impacted at $150, or as I said even at $1.

I did screenshot everything and downloaded all my transaction reports, along with every conversation I had with them, in case I would need this information in the future. Seeing as how they are in Bulgaria and I am in the US, I do not think much can be done from my standpoint other than try and get my remaining money off of the MT4 exchange and off their site.

In closing I will just say I am not sure what happened, but I am not satisfied with the explanation they have given me because it does not line up to what I experienced with my account. So whether it was a honest mistake, computer glitch, hacker, or whatever, it does not matter to me until a proper explanation is forth-coming. All I can do is move my funds off that exchange and post about my experience in order to let others make up their own minds with what to do.