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Someone just went to sell a ton of bitcoins at once. Because the market's so small they were able to fill all the buy orders placed all the way down to 1 cent
by lordgilman 15y ago
Someone just went to sell a ton of bitcoins at once. Because the market's so small they were able to fill all the buy orders placed all the way down to 1 cent per bitcoin. Some people with long-shot bets made quite a bit of money. About half of the 500k filled the buy orders on the way down and half of them were sold at the 1 cent price.
- joezydeco 15y agoWhich kind of implies someone was doing this with stolen coins, right? You don't sell so cheap if you have USD 8,500,000 on paper and want to get as much possible out of the sale.
- lubos 15y agounless you are US government trying to destroy alternative currency. right?
- joezydeco 15y agoThis didn't destroy bitcoin... but it made a lot of cash for some bottom feeders.
- barkingcat 15y agoWhat they did was destroyed the reputation of Mt. Gox - I don't think the Gox people will have a very good outcome as their customers jump ship to other exchanges. BUT on the other hand, you could say Mt. Gox was asking for it with such poor security measures. A day ago, it was a CSRF hack ... and today it's a database dump. I tell ya, tomorrow, the code for their trading platform will hit the net. In fact, I wouldn't put it past the operators of the other exchanges to perpetrate something like this. In reality, no damage to the bitcoin network was done, but Mt.Gox ended up with egg on their face. Where will all the trades go? To other bitcoin exchanges - and there goes the services charges too. There's a sizable amount of money to be made by taking down Mt. Gox.