Topic: Massive spike to $7 (then $15.9499) sunday 3PM BST at MtGox - page 2. (Read 9352 times)

Easy, it just check the last price at wich a transaction happened.

If i sell you bitcoins at 6$ each then bitcoin price is 6$ because people buy and sell them at that price.

I have a trade at over 6, exceuted 30 seconds after that, there was deffinetly no drop, I however had a buy order in at 4.89 similtaniously which did not get filled. So gox is up to its old tricks of selectively filling random orders, so the data is correct, trades are being executed at these ridiculous prices randomly, thus defeating the point of the exchange.

Mark Karpeles, Take responsibility.

how does it work anyway? how is it calculatet what a BTC is worth?

Yeah there are massive amounts of a low volume orders being filled, and I know it's the automatic option to be cynical and distrustful, but I can't help but shake suspicions...

Most activity I've seen in a while, though...pretty interesting to watch.

I have screen caps on page 1 or 2 of it being 15.  Now its back to 12ish.

Play those bots while you can.

I know what the fuck is that all about. Watch when volatility subsides they will be operational.

What a joke.

and bitcoin charts is still down

Now MT. GOX says the high for today was $12.50. So wtf is is it? $15? or $12.5?

Something fishy is going on....

check sig

I think a lot of the recent mtgox activity has been very shady, and I grow more and more distrustful of mtgox as time goes on...

For example, often it will look as if someone buys up lots of ask orders in an attempt to pump the price of bitcoins up, but I think mtgox could be just doing that on their own. They could just, for example, cancel all ask orders below $7 or so, gladly take the bitcoins from the users and deposit these in mtgox's own wallets. Meanwhile they can just credit everyone who had one of the cancelled orders with mtgusd in their account that mtgox can create out of nowhere. This will then net mtgox quite a few bitcoins as well as bump price of bitcoins up too while giving the sellers the illusion of a legitimately completed sale.

This is just kind of raw speculation but some recent market trends have me very confused and slightly concerned. When the mtgox price goes up rapidly after a large purchase, a whole lot of very low volume orders (like .05 btc or less) will rapidly be filled and the price will gradually go up as these ask orders are filled (it almost seems like the sum of all the sold coins would not be adequate to change the market price as much as it gets changed?). And then what?...this price increase is only temporary and whoever is buying up all these btc surely isn't hoarding them all only to buy high and then sell low once the price starts to slowly go back down? Maybe there is some arbitrage taking place here


This is all really just (mostly; somewhat) unfounded speculation on my part....but lots of the stuff going on with mtgox lately doesn't make sense to me...so either I'm being very naive, mtgox is being very incompetent, or mtgox is doing something to manipulate market prices (or some combination of all three?)

Didn't happen, LIES?!

Another HUGE spike.  Just had an order fill to buy at 4.80

Yup, i was being sarcastic. I agree completely with everything you said.

Trade still going from what I can see.  Not as vigorous as before, but it's still happening.  The massive volatility started 2 hours ago.  Not exactly a quick response to something that should have halted the market within minutes.

What we do now know is that MtGox has no self protections against massive price swings that can indicate processing of erroneous data.  An automatic trading halt would have been prudent.  After the June hack I would have thought that would be an obvious thing to implement.

Yeah trading seemed to completly stop there for about 2 minutes. Thought it might have been Mt.Gox intervening

I don't see that.

What do you mean?

Trading seems to have come to a halt. Quick response by Mt.Gox there.

Actually, another spike-alike happened yesterday at Virwox:



A jump to near 3000 SLL (1 USD +/-= 257 SLL so it means about 11,5 USD/BTC)

EDIT: And this chart isn't goxed, I'd a long time "wiring trap" of 1 BTC there at 3000 to warn me when btc come back from the dead and it got hit.