BTCE TESTS 100!!! bounces back to 580.

Gleason

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Activity: 207

Merit: 100

Quote from: Protagonus on February 10, 2014, 02:14:15 PM

So, why did this exchange drop 400.00 more than all others?

Also, why did they shut off deposits since then?

because there are only so many coins on the order books on each exchange. it just so happened, if you wanted to sell 3000+ coins on BTCE at any price available this morning, you can take it down to $100 in a quick 10 second period before it corrects/ new orders are filled in the books and it goes back to normal-ish prices.

I used all my fiat and bought back in, less than 1 minute before that happened. god dammit. It was fluctuating between the 100s and 400-500s back and forth for a good 10 seconds before it finished/corrected. I could have probably snuck in a $300 order if i had the fiat.

Equus

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Activity: 136

Merit: 100

Why the long face?

Quote from: chesthing on February 10, 2014, 08:47:52 AM

I'm not a trader, someone please explain how this was possible.

Several people placed limit buy orders on the exchange, meaning they named the prices at which they were willing to buy coins.

Somebody else then placed a huge market sell order, meaning that they sold thousands of coins at whatever price was available.

Everybody who had a limit order higher than $100 US saw that order filled before the market seller ran out of coins.

Then we all started wondering if the seller was a genius or an idiot.

kokojie

legendary

Activity: 1806

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I think it's pretty ridiculous that BTC-E would allow someone to sell that much, crashing the value by 85%, and not warn them in BIG RED LETTERS, about the dumb trade they are about to process.

myself

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Activity: 938

Merit: 1000

chaos is fun...…damental :)

Quote from: Protagonus on February 10, 2014, 02:14:15 PM

So, why did this exchange drop 400.00 more than all others?

Also, why did they shut off deposits since then?

Quote from: myself on February 10, 2014, 07:04:24 AM

/tin foil hat ON
mtgox coins sold on btc-e ?
/tin foil hat OFF

Protagonus

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Activity: 238

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So, why did this exchange drop 400.00 more than all others?

Also, why did they shut off deposits since then?

chessnut

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Activity: 924

Merit: 1001

Quote from: Spaceman_Spiff on February 10, 2014, 01:38:54 PM

Dafuq, that thing was real??

yup saw it happen with my own eyes, while i was adjusting my buy order.......

Spaceman_Spiff

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₪``Campaign Manager´´₪

Dafuq, that thing was real??

akujin

sr. member

Activity: 336

Merit: 250

I thought $102 was the lowest.... but I found out somebody else beat btc-e Grin

j3steven

member

Activity: 112

Merit: 10

I think while it was a once in a lifetime spike, accident or not, it affected the market a lot. For a while this morning the prices were bouncing between $450-550 for a while, then 550-600, and now about 650ish.

I bought a few around $550 when I had the chance, and got some buy & sell orders in line for anything else that could happen today

chessnut

legendary

Activity: 924

Merit: 1001

Quote from: GigaCoin on February 10, 2014, 09:32:02 AM

Amazing how all these crazy events and buying opportunities happen the day i was knocked out on my bed because of a flu Tongue

Anyways, i think Bitcoin crashing to $102 in BTCe is a NON-EVENT, as in it doesn't count. That's because it happened due to 1. Error by a large seller, 2. Software bug on BTCe platform triggered this crash and corrected it immediately. Not that many people got to buy, those who got lucky well good for you, you made a good profit !

These errors happen sometimes, even in stock markets (i've personally seen it once in a project i've worked on). Usually in regulated markets, trades would be reversed in such incident.

I think it has affected the market, rational or not.
there is hellish volatility at the moment, and it seems like the bulls have their foot in the door.

GigaCoin

sr. member

Activity: 308

Merit: 251

Giga

Amazing how all these crazy events and buying opportunities happen the day i was knocked out on my bed because of a flu Tongue

Anyways, i think Bitcoin crashing to $102 in BTCe is a NON-EVENT, as in it doesn't count. That's because it happened due to 1. Error by a large seller, 2. Software bug on BTCe platform triggered this crash and corrected it immediately. Not that many people got to buy, those who got lucky well good for you, you made a good profit !

These errors happen sometimes, even in stock markets (i've personally seen it once in a project i've worked on). Usually in regulated markets, trades would be reversed in such incident.

chessnut

legendary

Activity: 924

Merit: 1001

Quote from: phlogistonq on February 10, 2014, 09:07:05 AM

Looks like somebody made an expensive typo.

But thanks for filling my $275 buy order. Never expected to see that happen.

nice one

took mine down ten minutes before the spike....... lol
the logic being, I dont want these orders to be filled if the reaction is that bad...... but silly me, what would I do with the fiat anyway, im in NZ.

phlogistonq

full member

Activity: 159

Merit: 100

Looks like somebody made an expensive typo.

But thanks for filling my $275 buy order. Never expected to see that happen.

chessnut

legendary

Activity: 924

Merit: 1001

Quote from: j3steven on February 10, 2014, 08:49:42 AM

Seems to have stabilized around $625ish over the last hour or two. Thoughts on if this will stay or possibly take another dip?

Before the crazy news and spike disrupted everything, I thought upper 500s, or low 600s would be a reasonable target for tonight.
It all depends on how the Americans react, I dont know. I dont think it should trade past 700. I do think it will consolidate and then continue trending down. At this rate it could be flerting with 500 in 12 hours.
if it does trade past 700, then that will be a real pickle.....

j3steven

member

Activity: 112

Merit: 10

Seems to have stabilized around $625ish over the last hour or two. Thoughts on if this will stay or possibly take another dip?

chesthing

legendary

Activity: 1414

Merit: 1000

I'm not a trader, someone please explain how this was possible.

Richard Branson

hero member

Activity: 515

Merit: 506

Screw It, Let's Do It

Quote from: seleme on February 10, 2014, 08:25:55 AM

Wanna cry, had lot of unused fiat on exchanges, why the hell I haven't put some ery low offer out there Cry

Please explain, why you left a lot of unused fiat on exchanges and don't have ANY limit buy orders in place?
Leaving fiat there is risky and without orders in place just pointless.

Would love to hear an explanation.

chessnut

legendary

Activity: 924

Merit: 1001

Quote from: seleme on February 10, 2014, 08:25:55 AM

Wanna cry, had lot of unused fiat on exchanges, why the hell I haven't put some ery low offer out there Cry

Ill cry with u.
I removed orders at 350 bout 10 mins before all that.

seleme

legendary

Activity: 2772

Merit: 1028

Duelbits.com

Wanna cry, had lot of unused fiat on exchanges, why the hell I haven't put some ery low offer out there Cry

Richard Branson

hero member

Activity: 515

Merit: 506

Screw It, Let's Do It

Quote from: myself on February 10, 2014, 08:19:40 AM

thats a just a theory, if true many ppl will be mad since they use mtgox like a wallet

Using any online service like a wallet is just plain stupid.
The only "secure" way are paper wallets with privat keys engraved in metal stored somewhere safe.

Online Exchanges, Online Wallets, local wallets, ... are less secure than a normal banc account with 2 factor auth.
There is no insurance with bitcoin, you need to protect your coins by yourself. Don't trust any 3rd party service.

Topic: BTCE TESTS 100!!! bounces back to 580. (Read 3602 times)