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EE_
10th February 2014, 05:55 PM
Waa happened? Never saw gold do that ever!
http://www.zerohedge.com/news/2014-0...ops-80-seconds

Bitcoin Flash Crashes, Drops By 80% In Seconds
Submitted by Tyler Durden on 02/10/2014 08:23 -0500


BitcoinNone

.inShare.15

.Now that Bitcoin exchange Mt.Gox has terminally discredited itself following the latest, and likely last, withdrawal halt announced late last week which sent the value of Bitcoin tumbling by 25%, Bitcoin traders are left with just two exchange options on which to transact: BTC-e and Bitstamp. And for those using the former to buy and sell the virtual digital currency, things went from bad to worse a few short hours ago, when Bitcoin had its very own "Waddell and Reed" moment, when the price of Bitcoin cratered by over 80% in the span of seconds, after a modest block of just under 6000 Bitcoins sent the price plunging from over $600 to $102.



However, market gymnastics may just be the tip of the iceberg - a far bigger issue, one we have been warning about since the last March surge in Bitcoin's dollar price, is that the crackdown on Bitcoin both in the US (see "Miami Bitcoin Arrests May Be First State Prosecution"), and around the world (in Russia Bitcoin was just declared illegal) is finally heating up. It's only going to get worse in an insolvent world desperate to halt money laundering.

And since digital currency advocates have finally realized they can't hold the electronic 1s and 0s in their hand in a worst case scenario, the biggest winner of the latest Bitcoin crash is none other than the real alternative currency (in Paul Singer's words), gold, which moments ago just hit a one month high and rising.

Shami-Amourae
10th February 2014, 06:07 PM
It's not a flash crash. I'll give you a hint at what happened based on today's Potcoin/Bitcoin market (https://cryptorush.in/index.php?p=trading&m=POT&b=BTC). I've watched the market all day.

http://s17.postimg.org/664wqgl4f/2_10_2014_7_02_13_PM.png

Here's all the recent trades:
http://s17.postimg.org/tvucf5jhr/2_10_2014_7_02_02_PM.png

It's an exchange glitch. There wasn't a massive buy/sell. All the buy/sell orders are all still intact. Happens on a lot of exchanges all the time. I see it nearly daily.

Shami-Amourae
10th February 2014, 06:14 PM
Actually it looks semi-real:
https://bitcointalk.org/index.php?topic=458248.0

What I said above is still true though based on my experiences with other exchanges.

I was on the receiving end of a flash crash like this on the Market Fresh exchange (which was recently shut down.) I was able to buy about 200 of Potcoin for like 1 Satoshi of Litecoin. Pretty good deal but it wasn't enough to brag about I guess. I dunno how the exchange software works, but I think it's a glitch or something. The person doing the selling is very stupid, regardless.

madfranks
10th February 2014, 07:40 PM
some BTC nerd who decided to panic sell just learned what "market order" means, too bad for him.

Cebu_4_2
11th February 2014, 12:09 AM
I used to place buy or sell orders 1 digit off to my benefit. Knew quite a few that would hit the lotto for a partial buy/sell.

Ares
11th February 2014, 08:21 AM
Waa happened? Never saw gold do that ever!

Need to pay closer attention to Gold then. :)

http://s.wsj.net/public/resources/MWimages/MW-BR978_gold_f_MG_20140106115443.jpg

Happened last month actually:

http://blogs.marketwatch.com/thetell/2014/01/06/gold-market-flash-crash-explanations-vary-from-fat-finger-to-price-manipulation/

Shami-Amourae
11th February 2014, 01:06 PM
http://www.youtube.com/watch?v=j3eOFAw3goY