New bull trap has been set... - page 2.

T.Stuart

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One Token to Move Anything Anywhere

Quote from: dg2010 on December 19, 2013, 11:07:16 AM

Quote from: TERA on December 19, 2013, 10:47:32 AM

Its the exact same chart as last week - Chinese Arb cycle. Theyre only buying so they can dump on other exchanges, and they'll wait all the way till rally seems maxed out before they attack. Then suddenly the volume on BT China completely dies since there are no real buyers other than the arb, and they start dumping at the same time, causing a sick drop. Meanwhile every exchange is still wired to follow BT China, so everyone slides to hell together. SO As soon ad you see the volume on BT China die you GTFO. Next stop may be 350. This slide will continue until other exchanges support the price on their own and decouple from BT China.

Do you know how hard it is to actually make money arb'ing with Bitcoin? It's near impossible. The idea that there are a shit load of Chinese traders buying on BTC China to dump elsewhere is frankly a load of bollocks.

+1

mgio

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Activity: 546

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Quote from: dg2010 on December 19, 2013, 10:17:48 AM

Today has been like taking candy from a baby and I'm not even a trader. I'm just watching the graphs and catching solid returns on the upticks. Each time making $40-50 per BTC per trade.

If you can't see a pattern to todays trading then you really should stop trying to trade. Don't ask me to elaborate because I've made $1k today and I'm not even a trader, so in that respect I would be giving you my trade secrets. Not that it's a secret, just have a look at the price.

You got lucky. Tomorrow you will probably lose $1k.

TERA

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OK the cycle I mentioned was not the same funds getting repeatedly arbitraged but rather different groups of funds waiting to get out in stages.

dg2010

sr. member

Activity: 462

Merit: 250

Arbitrage is the right word but it's simply not causing these big spikes.

1. Chinese man with FIAT in BTCCHINA. He wants to make a profit so he buys all the BTC and then sells on MtGox with an extra $100usd on top. Now what does he do with USD in MTGOX? It takes months to withdraw, and then he has to withdraw into his Chinese bank. There is definitely no repeating cycle here because it's simply too long and as we have been told, FIAT is not travelling back into the BTC Exchanges.

2. Foreigner with FIAT in BTC China. Any foreigner with fiat in BTC China wants to get out, they should be buying BTC and moving it elsewhere. He sells on MtGox or Bitstamp and then what? He can't send it back to China to repeat the cycle.

Basically, it's not a cycle of arbitrage, the price difference on the exchange is not an opportunity that many people can take advantage of, not enough to create massive price spikes across all exchanges.

TERA

hero member

Activity: 728

Merit: 500

Quote from: dg2010 on December 19, 2013, 11:07:16 AM

Quote from: TERA on December 19, 2013, 10:47:32 AM

Its the exact same chart as last week - Chinese Arb cycle. Theyre only buying so they can dump on other exchanges, and they'll wait all the way till rally seems maxed out before they attack. Then suddenly the volume on BT China completely dies since there are no real buyers other than the arb, and they start dumping at the same time, causing a sick drop. Meanwhile every exchange is still wired to follow BT China, so everyone slides to hell together. SO As soon ad you see the volume on BT China die you GTFO. Next stop may be 350. This slide will continue until other exchanges support the price on their own and decouple from BT China.

Do you know how hard it is to actually make money arb'ing with Bitcoin? It's near impossible. The idea that there are a shit load of Chinese traders buying on BTC China to dump elsewhere is frankly a load of bollocks.

Maybe arbitrage is the wrong word. What I mean is everyone needs to dump and the prices on other exchanges are much better than the prices on BT China.

dg2010

sr. member

Activity: 462

Merit: 250

Quote from: TERA on December 19, 2013, 10:47:32 AM

Its the exact same chart as last week - Chinese Arb cycle. Theyre only buying so they can dump on other exchanges, and they'll wait all the way till rally seems maxed out before they attack. Then suddenly the volume on BT China completely dies since there are no real buyers other than the arb, and they start dumping at the same time, causing a sick drop. Meanwhile every exchange is still wired to follow BT China, so everyone slides to hell together. SO As soon ad you see the volume on BT China die you GTFO. Next stop may be 350. This slide will continue until other exchanges support the price on their own and decouple from BT China.

Do you know how hard it is to actually make money arb'ing with Bitcoin? It's near impossible. The idea that there are a shit load of Chinese traders buying on BTC China to dump elsewhere is frankly a load of bollocks.

pbody

full member

Activity: 198

Merit: 100

I think a lot of people had market orders set at 500 that are being hit.

TERA

hero member

Activity: 728

Merit: 500

Its the exact same chart as last week - Chinese Arb cycle. Theyre only buying so they can dump on other exchanges, and they'll wait all the way till rally seems maxed out before they attack. Then suddenly the volume on BT China completely dies since there are no real buyers other than the arb, and they start dumping at the same time, causing a sick drop. Meanwhile every exchange is still wired to follow BT China, so everyone slides to hell together. SO As soon ad you see the volume on BT China die you GTFO. Next stop may be 350. This slide will continue until other exchanges support the price on their own and decouple from BT China.

Wilhelm

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Activity: 1652

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Quote from: accord01 on December 19, 2013, 09:29:55 AM

Just watch as all the bulls will get slaughtered once again... I don't even need to explain why...

U MAD?

Xer0

hero member

Activity: 826

Merit: 1000

°^°

double top, now gonna burn

dg2010

sr. member

Activity: 462

Merit: 250

Today has been like taking candy from a baby and I'm not even a trader. I'm just watching the graphs and catching solid returns on the upticks. Each time making $40-50 per BTC per trade.

If you can't see a pattern to todays trading then you really should stop trying to trade. Don't ask me to elaborate because I've made $1k today and I'm not even a trader, so in that respect I would be giving you my trade secrets. Not that it's a secret, just have a look at the price.

yomofo

full member

Activity: 157

Merit: 100

has anyone withdrawn btc from btcchina after the crash? we can gauge when the arbitrage will begin based on that.

Savior

full member

Activity: 176

Merit: 100

Probaly not a bad idea to have some fiat ready for christmas, pretty big chance of some low days. But ofcourse, never go full fiat.

accord01

full member

Activity: 238

Merit: 100

Sigh... I am getting slaughtered right now...

neordicICE

hero member

Activity: 505

Merit: 500

This is the reason I dont trade, but just hodl instead.
Hard to beat this strategy

accord01

full member

Activity: 238

Merit: 100

sigh

JimboToronto

legendary

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You're never too old to think young.

Quote from: seldon on December 19, 2013, 09:40:19 AM

So you guys sold at 500?

Mirsad

full member

Activity: 140

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Bitcoin - love & hate

It's a bulltrap.

Sold @ 500 Euro again. Bids were filled again down till 450 Euro.
Sell more !!!

@ seldon: Sold @ 850 and 895 Euro Grin

Good to be a bear, when all tards turn moonbulls.

seldon

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Merit: 250

So you guys sold at 500?

Boxman90

hero member

Activity: 518

Merit: 500

Quote from: accord01 on December 19, 2013, 09:29:55 AM

Just watch as all the bulls will get slaughtered once again... I don't even need to explain why...

As long as there's a considerable amount of bulls around after a horrific crash, whales will prey on them. Untill all bulls are slain.

We've seen two weeks of bearmarket after horrible news. No reason now to have trend reversal with such lack of excruciatingly good news.

Topic: New bull trap has been set... - page 2. (Read 4910 times)