Topic: Something is wrong. We cannot just gloss over the $100 sell - page 3. (Read 7869 times)

I am glad you brought up the post about not glossing this over, it was an extreme anomaly and was crazy to see.

My personal opinion was that it was human error, but I have never sold BTC on BTC-E so I do not know if any sort of queue's pop up before you confirm your sale or anything.  My off the wall thought, or you could call it the conspiracy theory thought, that is just for fun and not something I truly believe....is that there was a single person or group of persons responsible at MtGox for the bug on their end that eventually led to the crash, and they were forced to sell their personal wealth of BTCs at $102 OR ELSE!

Anyways, I hope the true story comes out but until then I am sure we will get many guesses..

LoL ! Well that worked out well then, given that the trade was about as camouflaged as a rhinoceros in a bird cage  

This is my first time posting, I've never bothered to do it before but i got to share my fear on this matter..
What can someone who stole a bunch of BTC and has very limited fiat do to cover his traces?
I would make a flash crash on a low volume market and prepare everything i have on several accounts to catch the low figures and buy as many clean coins as i could.
I would prolly lose 3/4 of coins but i get clean 1/4.

The market depth of BTC-E is good to notice.  It's supply and demand.

In a way Silkroad bust might have even increased the price. As there is less coins used in circulation opposed in holding. I think relatively large share of those 144k coins were in use as currency which means they were traded and not stored... Which meant availability on exchanges which lowers the prices...

Dude, stop your bullshit with your ''amount of coins in circulation.''
You have to look at what is traded, the volume on exchanges. That's what counts in a market.
There are hundreds of trillions of USD in circulation, that doesn't mean crap on Wall Street. You're clearly too stupid to realize that.

All exchanges combined don't even have a 144,000 bitcoin volume (and some even fake their volume, especially Chinese exchanges).
If 144k coins get dumped, it will ruin bitcoin's price. And not just temporary.

it could be a huge manipulation as a marketing strategy... so more people will inject fiat into exchange waiting for another "crash"

you just need to be fast enough to buy all coins you sell ...

Another likely explanation is that some whale had his bot set up with a stop-loss at $600, which would also explain why it happened simultaneously on bitfinex. Looking back at the chart minute by minute, it happened the exact moment the price hit $600.


He did not need to have inside info, since it happened very shortly after the announcement came online. I sold manually prior to the event, and fortunately had already placed a few (small) buy orders down to $275. Thank you mr. mystery whale!

144K coins are a little bit more than 1% of the current amount of coins in circulation. If they get released, the total amount of available coins barely changes. Sure, if the FBI market-sells them on an exchange it would temporarily crash the price, but they're not that stupid. The coins will most likely be sold in one or more auctions where some large whale will be happy to scoop up 100% legal and accountable coins.

Don't fool yourself. The effects of the closing down of Silk Road are yet to come. Remember the 144,000 coins the FBI took? Not dumped yet.
So don't fool yourself, the closing down of Silk Road didn't have an effect... YET.

Its all a game from governments and big company's. Friday, when MtGox had bad news, also Apple came at the same moment with bad news for btc. And that same day also Russia came with bad news about btc.

As you all can see, yesterday morning, around 11.00 (dutch time) someone dumped btc for 111 milj. euro's. You can see a huge dip in the rate. It was at the same time MtGox came with the news update. I was nice to see that the btc rate was coming up fast again.

So at this time, the btc is around 500 euros. +/- 100 euro less than a week ago. Nothing really bad happens till so far...  A little downgrade. If you are trading company shares on Wallstreet, you know this is business as usual. So do not worry. Comanies at Wallstreet can go bankrupt, a coin cannot.

You see at the news that also big companies and governments see that a virtual coin is the future. The Sverbank from Russia want their own coin. The US Postal Offices wants a PostCoin. Apple wants his own coin, the Applecoin. The JP Morgan bank wants his own coin. So the big ones are knowing that virtual money has the future. And Bitcoin was first.

I think the rate will come up in the next weeks. The bitcoin has a little hurt, but not much.
So stop complaining and go on into your neighbourhood and promote accepting bitcoins at your local stores. Thats the only way to create a real bitcoin economy!

does it affect traders who are short at bitcoinity?

There you may buy options, futures etc. <- this market was affected!?

And I and many others with me will be thrilled to buy at $10. Because the technology that is Bitcoin hasn't changed, the fundamentals haven't changed. There are still more companies accepting it and no technical flaws were discovered. Just one incompetent company showing the world they're incompetent while trying to shift the blame.

MtGox dying may cause a temporary dip in the price, but in the end we'll be better off. Just like when Silkroad closed down.

It was not mistake, someone with inside information sold all his coins, knowing that when the real crash starts, he wouldn't be able to sell it for even 50 (When FBI dumps 144k coins, bitcoin will go straight to 10 dollar).

apparently it was / is possible to have short positions / leveraged longs on MT4 and bitfinex.

the plausible explanation is that a bunch of long positions were forcefully liquidated during a margin call. this caused ridiculous market orders to be executed.
additionally, the total market depth on those two platforms is not spectacular, so "only" about 8000 coins were needed for these two spikes.

this in itself was not "criminal" - this is the risk of leveraged trading. what was problematic was that the platforms went down, with people trapped in their positions unable to trade. this should trigger an investigation by a business consortium or a government agency.. but since this is Bitcoin, nothing will happen.

Nope, haven't held any major amounts of Bitcoins since December. Although I did sell at $450, $350, $250, $150, and $100. And $1200, $1100, etc too. Check out my LocalBitcoins profile, I'm far from a noob. Enjoy your rapid depreciation


"Children, fingers in your ears and make the la la sound!"
http://www.youtube.com/watch?v=e3mxVjB4aqI

Dude, that's just too dark. Congratulations on being my first ignore. Anyone that matters has been ignoring gox for ages.

A similar event occurred on bitcoin-24 during last years april rally (although not simultaneously with an actual 'crash'). In that case, the reason was that someone figured out how to hijack users login sessions, and then proceeded to transfer all their coins all to his own account by placing a buy order in the very thin USD order book and then selling all the coins in the hacked accounts to himself. Perhaps his bid order was too small, but it took the price down all the way to $0.

However, I think Hanlon's razor is appropriate here.
>Never attribute to malice that which is adequately explained by stupidity.

Just a big panicky whale that made a typo in the heat of the moment and bought a very expensive ticket for his spot in bitcoin history.

It definitely happens from time to time, you would think someone having 5000coins will never make the mistake but the truth it can happen, it is less likely than someone making a 1BTC mistake but it can happen in a sell off

I don't think we will ever know for sure what happen but we cannot rule out the mistake, it is still the most probable explanation even if it seems weird

Some pages in this thread I don't see any posts at all 

yawn another butthurt noob who probably sold @450, i can almost taste your tears from here. Welcome to the ignore list son.