Post
Topic
Board Beginners & Help
Re: Something seriously wrong with Mt.Gox
by
Kurtz79
on 19/06/2011, 19:07:24 UTC
Nope, if I'm not mistaken MtGox works so that it will fill your order from the highest bid to the lowest, meaning that the first bitcoins have been sold to a price close to the price before the fall, then a little lower, than a little lower, until 0.01 BTC. I doubt someone sold 230,000 BTC for real, more likely that it just a sale big enough to start a chain reaction of the various buy/sell orders outstanding and the ones controlled by robots.

Then once the price has dipped to ~0, if the same guy initiating the sell place a buy order at, say, 15$/BTC for the same amount that has started the dip it will find himself with the same amount of BTC as the starting point, and a lot of $ more...