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Topic: Bitcoin at ATH. Reached 2200 USD on Gemini !!! (Read 2958 times)

hero member
Activity: 546
Merit: 500
November 26, 2015, 05:18:13 AM
#57
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.
member
Activity: 76
Merit: 10
You all know what comes after ATH?

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.
legendary
Activity: 1036
Merit: 1000
You all know what comes after ATH?

2 or more years of bear market.
legendary
Activity: 3878
Merit: 1193
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
legendary
Activity: 1204
Merit: 1002
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..

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.
legendary
Activity: 4424
Merit: 4794
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.

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
legendary
Activity: 2744
Merit: 1288
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.

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.
hero member
Activity: 698
Merit: 500
Free Speech is the most important thing.
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.

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.
sr. member
Activity: 320
Merit: 250
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.
hero member
Activity: 560
Merit: 501
lmao someone really mistyped 220 Cheesy
legendary
Activity: 2632
Merit: 1094
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.
legendary
Activity: 1904
Merit: 1074
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?  Huh Huh Huh

legendary
Activity: 1288
Merit: 1000
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.
donator
Activity: 1617
Merit: 1012
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.

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).
legendary
Activity: 1652
Merit: 1007
DMD Diamond Making Money 4+ years! Join us!
Hah, somebody wasted a lot of money. I think they ve learned their lesson.
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
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.

i read that they have to do this as a regulated exchange.
full member
Activity: 140
Merit: 100
Nexious.com Admin
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...
full member
Activity: 212
Merit: 100
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.


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??
legendary
Activity: 2492
Merit: 1491
LEALANA Bitcoin Grim Reaper
LOL!


One guy buys 0.1 BTC at $2200/btc and now bitcoin is valued at $2200


no market depth...lol
Pab
legendary
Activity: 1862
Merit: 1012
Nice prediction for future.Shit why other exchanges didnt indexed that.
It was trade between brothers.Brother to brother
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