Has a large investor pulled out?
I believe a large part of our current issues can be explained by the following asymmetry/inefficiency in the GLBSE market:
If I want to sell 1000 GIGAMINING bonds (or any other bond or stock) I can simply put in a sell order and it does not cost me anything.
However, if I want to buy 1000 GIGAMINING bonds (or any other bond or stock) I have to put up the full amount of BTC in order to place the order. So for the entire time the buy order is in the book I have to tie up that amount of BTC. So there is a cost, an opportunity cost, to placing buy orders.
So the bottom line is that it is easier to sell than to buy. Until this issue is fixed the bids will always be lighter than asks and there will be an intrinsic bias toward selling and therefore and intrinsic downward pressure on prices.
Someone forward this to Nefario, I nag him enough.
please recall how gigamining was issued. private (otc) sales before ipo bought bonds at 1 btc / bond, thus selling at 1.20-1.30 still represents a 20-30 % profit (plus the dividends from the meantime of holding the bond)
it is not true that selling is easier i.e. it does not cost anything - the sell order blocks the shares and prevents them from being transferred or offered for sale at a different price. thus you can't have fake sale wall the same way as you can't have a fake buy wall. what you see in the order book is what you can have. nothing else.
if you expect bitcoin / shares in the future and want to make the order now, hm, no worky. wait and act after you have the funds in your account.
even if you have a regular income and would like to post a permanent order that would be filled per partes as the funds arrive, can't do it right now.
well you cannot sell shares you don't have on GLBSE and many people would like to have this option ... but it is a little bit more complicated
most of us miss a much more simple thing ... placing multiple buy orders with my balance ... I have the money ... I don't ask for margin trading ...
and simply if any of my buy orders gets filled - all the other are checked imediately and if my new balance isn't sufficient for any of them -> they are or deleted (very simple) or reduced in volume (to max volume my funds fit) or stay in full on my own orderbook but are listed publicly (and thus tradeable) only in reduced volume (but if some of my sell orders gets filled the new higher balance could allow to have them listed publicly again in full)
We don't need to have immediatelly the complex solution ... but the simple one with deleting the orders would be great ... the only condition is that the orders must be executed sequentially by the exchange (which I guess is how GLBSE works now) and with each trade check all buy orders of the buyer and delete those that don't have adequate balance for
We/YOU really need this.