Topic: I found out it's one guy with all those buy walls (Read 2655 times)

Most of my successful trades were identifying a large buy/sell wall and placing an order immediately in front of it. In an environment like this, however, someone is clearly selling no matter the consequences and when they are done, whoever bought up all their sells is going to let things float higher.

Does anyone know if that Bruce character is still involved with Bitcoin? With all the info that seemed to point him to being at least associated with MyBitcoin, it could be he's getting out while the getting is good.

MtGox live is not working then.  It doesn't show that much volume in its ticker.  The walls merely are evaporating.

 
some get sold some get pulled they are not just one person.

people build bid walls on top of other peoples bid walls some of those are fake and some are genuine.

they haven't been bogus, it's been real selling through massive walls since about $10

I think what has happened lately on the sell side, too, is that those miners who were previously selling and extracting via one Dwolla account with MtGox finally realized they could sign up everyone in their immediate and extended family to get around the stupid $1k withdrawl limit. Tradehill should, because they lack a reasonably cheap way for buyers to get money in, always run at a lower buy/ask than MtGox.

Whenever I put up a bid anymore the price moves to that range quickly. This does seem to be happening on the large sell side too occasionally, however, which makes me think this is simply a bot using its existing coin to manipulate the price.

I said mine was real.  Most are bogus.

I don't know what you were watching then, the big push into 5 was solid selling,

Edward, I got up early and I am watching.  Every bidwall is cancelled when it is sold into, except mine.

Does anyone know if all those last bidwalls were sold into or pulled out?

tradebots, $0.40 cents here, $1.25 there, it adds up!

This, you idiots.

I think there's more than one party that has the bitcoins and the cash to manipulate the market.  Happens all the time in the real world, too, like when the Chinese banks were buying literally hundreds of billions of USD to keep it from falling, and it took weeks for the market to learn who was propping up the price.  So there's no need to be all paranoid about it: yes, there are people trying to manipulate the market, and that's NORMAL in capitalism.  Us small folks and our little lives are basically in the passenger seat, at least in the short term - deal with it.  In the long term, though, market fundamentals SHOULD prevail, but as the saying goes, "the market can stay irrational longer than you can stay solvent".

The only piece of hard data I've seen was what MagicalTux said on July 21st: "We got in June a total of $6,824,168.53 of funds moving around (16640 transactions in both deposits and withdraws) over Dwolla, equivalent of $227,472.28 per day, or $1,592,305.99 per week"

Roughly, that means that if mtgox has 500k btc on the site (I think he demonstrated he had control over a wallet with almost 500k coins), and if the amount of funds now in their bank account is still around $3.5M (the same as it was back then), then coins should be priced somewhere around $7.  I know this isn't a reliable or convincing data point, but it's the only data point I've ever seen concerning btc fundamentals.

Tradebot sounds more likely than person...

MtGox makes their money from transactions and when it jumps around, there's less trades.  I think it's some rich guy, early adopter.  And what happened was some less rich guy came in, put up a buywall of around 800bc and it wasn't going anywhere so the manipulator then cancelled his many sellwalls, all at once they fell at the same time.

I told you the walls evaporated when the price hit them.

So who do you think has enough USD holdings to cover those walls?  (hint: mtgox, DUH)

I thought he was waiting for it to fall to 6.40 and then jump in, pump it up, and sell.

Yeah it's not even Friday yet, and whoever got those coins is gonna wanna dump em, I wouldn't wanna be caught holding the bag with that many in it.

Bingo.  See: other thread.  He'll be back in the $5s, doubly so now that he's got way more coins than he wanted to unload.

I'm still hoping for a dead cat bounce, but with the weekend coming the hope is fading fast...

I've got to admit, I've been rolling my eyes at your posts for a while now, but after today, I think you could be right.  It looks like there's essentially one guy trying to hold this whole thing up all by himself.