Topic: 3 is the magic number, and the magic number is 3 - page 2. (Read 8095 times)

Doubt that'll happen.  The so-called "manipulator" likely has an extremely vested interest in BTC and using BTC.

or Mr. Manipulator just leaves.
I think both is good

Or look at the first post:


So far so good.  There $6 MILLION USD in volume yesterday, and the price still didn't drop below $2.  There's some measure in success in finding the floor of support.

I sold at 3.x, bought back in 2.5x, and am up >1000 coins from last week.  My guess is that Mr. Manipulator will buy up all orders below $2.5 sometime in the next 24 hours, and then I'll be back in the black.

If he is the mythical 'manipulator', all I've got for him is a big 'thank you' for making BTC more available to more people after those who are interested have had more time to get set up to obtain them.

Da'man has made some awfully good calls, I will give him that.  It will be difficult to ignore his prognostications going forward.  Or will for me at least.

Hehe. We found him ! Bring the pitchforks.

i just realised Dan the Man is short for Dan the Manipulator... that's how come he always knows what's going to happen.

That would be some time on the 21st then?  Still a week to go.

-Nov 7th

Call me a clairvoyant.

Oh look who got burned... and look at the second post

BTCurious: It's actually a logical strategy to do a combination of both; just don't sell all of your coins in the 3-4 range.

Mixed strategies sometimes allow for bolder moves. That's just how risk management works. (Though holding BTC is still risky either way.)

Thanks


I'm also considering buying below 3, selling above. Seems to be nice and stable investment… but it's hard to suppress the part of me that wants to be bull

Plus he does not show the graph below 2, plus he assumes that when it goes down he'll liquidate the short at the exact moment it bounces back.  I've already seen before that strategy announced on this forum - the absurdity of it just boggles my mind - how on earth someone could think that selling borrowed bitcoins will be somehow more profitable then selling your own.

The short was for 1000 btc, which is why I expected a tick on Mt. Gox.

Depending on your monthly volume, they take .3% to .6% from the currency earned from both sides of the trade. So assuming first discount tier on average, your buy and your sell = .5% BTC buyer + .5% $ seller + .5% $ buyer + .5% BTC seller in fees, transferred directly from user accounts into mtgox accounts.

Or 1.2% max (assuming price didn't change).

The last 22k of the rally volume got to my Bitcoins, so I did my part.

Why would you trade on MtGox if you can handle it yourself? A sell and rebuy puts 2% in MtGox's pockets.

Excuse me, that was BTCurious that pointed out my folly, credit where credit is due.

He has stated elsewhere on the forum thus is what he does.  He only goes to mtgox when the positions get too far out of balance.

Thanks - it's nice to be right most of the time. Yes, I can be a self-centered ass with a big ego, thanks for feeding it!

The stability at 2.8 unnerved me, and Revalin pointed out the folly in my holdings, so I liquidated my short position yesterday.  Just in time, it seems, and I just now I sold a couple thousand coins at 3.x to dampen the rally.  I don't feel too bad shitting on the rally party: I announced I was buying under $3 and selling over $3, and now I'm doing it.  There's also the 12k coins sitting at Tradehill for $3.10, so even if the bulls get past $3.10, they may not get too far before arbitrage kicks in.

Which reminds me, one even more unnerving thing happened at Bitcoinica: when I liquidated my short, there was no corresponding activity on Mt. Gox.  When I purchased the short, there were a number of bitcoins sold on Mt. Gox just seconds later, as expected.  But when I closed the position, there was no activity at all - zero , zilch, nada - on Mt. Gox for at least a minute, so I'm not sure if the activity was actually Bitcoinica's.  This means that there's a good chance Bitcoinica is a bucket shop, which defeats my goal of taking a short position in an attempt to stabilize the market.

From wikipedia on bucket shop:

The charitable possibility is that his trading bot was broken last night.  But I doubt it: more likely he's playing his speculators off against one another with a slush pool so he doesn't have to pay Mt. Gox purchase fees on every transaction.  Oh well, all I can do is highlight what I see, and let other decide what to do.

Just want to say... even expecting a stable price in the short-term, 3 has been a very good guess so far, holding out for over two weeks now without any volume starving or the likes.

Good job on that.