The reason Bitcoin Crashed today

http://i.imgur.com/umRmL7b.png

by ricksta • 13 years ago

6 5 13 years ago

i.imgur.com

phasevar• 13 years ago

Can someone explain how this image relates to the title?

kyrias• 13 years ago

Someone made lots of offers of 0.02 bitcoins for lower and lower price

ponyous2• 13 years ago

This wouldn't drop the price. There were just too many transactions and their engine couldn't handle it. So:

-> Lag -> Panic -> Selling -> Price drop

ignostic• 13 years ago

Correct me if I'm wrong - I don't know how Bitcoin works - but this shouldn't impact prices. At least, it wouldn't matter with currency trading. You can offer $.02 per Euro all day, and you'll just be ignored with no impact.

If this is not the case with Bitcoin, something is seriously wrong on a very basic head-smackingly obvious way.

ponyous2• 13 years ago

Somebody had multiple bots, which were selling and buying at same time. Everyone ignored them, but they still boosted price up since "last trade" was always higher because of this micro transaction manipulations caused by bots.

The reason Bitcoin Crashed today

Related Stories