pirateat40 is an idiot.
And anyone else looking for market indicators in an IRC chat is an even BIGGER idiot.
Topic: Rally!!!!! - page 2. (Read 81262 times)
Exactly here: https://bitcointalksearch.org/topic/m.915349
Quote
The only thing that would affect my profits would be a huge spike in price over a very short period of time. At this point I really don't need to know when things will affect my operation because I'm able to hedge my risk with how it operates. If I saw something coming that I felt would cost me more than I'm willing to lose, I would take the necessarily actions to limit the loss, but like I said... it's just a profit loss. Like I've said before and my lenders know, if I had to take a large loss to cover coins... One, they wouldn't know about it (I still owe them the coins) and two it wouldn't be enough to put me in a pinch or cause me to run to Antarctica. So as far as my lenders are concerned the only thing they need to trust is me.
Trust in one man...can be a bad thing. Does the word decentralization resound in anyone's ears from Satoshi's creation?
Choice advice:
Quote
[2012-07-17 07:39:58] keverw, never trust a pirate.
Even from his own words he tells you NOT to trust him.
Exactly here: https://bitcointalksearch.org/topic/m.915349
Quote
The only thing that would affect my profits would be a huge spike in price over a very short period of time. At this point I really don't need to know when things will affect my operation because I'm able to hedge my risk with how it operates. If I saw something coming that I felt would cost me more than I'm willing to lose, I would take the necessarily actions to limit the loss, but like I said... it's just a profit loss. Like I've said before and my lenders know, if I had to take a large loss to cover coins... One, they wouldn't know about it (I still owe them the coins) and two it wouldn't be enough to put me in a pinch or cause me to run to Antarctica. So as far as my lenders are concerned the only thing they need to trust is me.
Trust in one man...can be a bad thing. Does the word decentralization resound in anyone's ears from Satoshi's creation?
Choice advice:
Quote
[2012-07-17 07:39:58] keverw, never trust a pirate.
Exactly here: https://bitcointalksearch.org/topic/m.915349
Quote
The only thing that would affect my profits would be a huge spike in price over a very short period of time. At this point I really don't need to know when things will affect my operation because I'm able to hedge my risk with how it operates. If I saw something coming that I felt would cost me more than I'm willing to lose, I would take the necessarily actions to limit the loss, but like I said... it's just a profit loss. Like I've said before and my lenders know, if I had to take a large loss to cover coins... One, they wouldn't know about it (I still owe them the coins) and two it wouldn't be enough to put me in a pinch or cause me to run to Antarctica. So as far as my lenders are concerned the only thing they need to trust is me.
Trust in one man...can be a bad thing. Does the word decentralization resound in anyone's ears from Satoshi's creation?
Exactly here: https://bitcointalksearch.org/topic/m.915349
Quote
The only thing that would affect my profits would be a huge spike in price over a very short period of time. At this point I really don't need to know when things will affect my operation because I'm able to hedge my risk with how it operates. If I saw something coming that I felt would cost me more than I'm willing to lose, I would take the necessarily actions to limit the loss, but like I said... it's just a profit loss. Like I've said before and my lenders know, if I had to take a large loss to cover coins... One, they wouldn't know about it (I still owe them the coins) and two it wouldn't be enough to put me in a pinch or cause me to run to Antarctica. So as far as my lenders are concerned the only thing they need to trust is me.
Pirate was stating that selling 10s of thousands of coins would not be possible without his lenders. Maybe some got scared to actually loose their coins if pirate just sells them all?
Of course, some people just saw a demonstration of what exactly their coins are being used for i.e. for selling them on mtgox. Not withdrawing it from pirate (if anything is there) would be at least unwise given the circumstances.
He said that a price jump was bad for him so I'm running away with my profit.
Where exactly did he say this?
Somewhere in there: https://bitcointalksearch.org/topic/a-day-in-the-life-of-a-pirate-82849
Pirate was stating that selling 10s of thousands of coins would not be possible without his lenders. Maybe some got scared to actually loose their coins if pirate just sells them all?
Of course, some people just saw a demonstration of what exactly their coins are being used for i.e. for selling them on mtgox. Not withdrawing it from pirate (if anything is there) would be at least unwise given the circumstances.
He said that a price jump was bad for him so I'm running away with my profit.
Where exactly did he say this?
He did say it. I believe in the main btcst thread, not sure.
Pirate was stating that selling 10s of thousands of coins would not be possible without his lenders. Maybe some got scared to actually loose their coins if pirate just sells them all?
Of course, some people just saw a demonstration of what exactly their coins are being used for i.e. for selling them on mtgox. Not withdrawing it from pirate (if anything is there) would be at least unwise given the circumstances.
He said that a price jump was bad for him so I'm running away with my profit.
Where exactly did he say this?
the pressure is there. remember this key concept: "WALLS ARE FOR MARKET MANIPULATION ONLY" the agenda behind putting up a wall is never to buy or sell coins but to keep the price high/low before a set time to make a switch (ie. this weekend). the reason they want to keep the price low till the weekend is they don't want to have as much competition for cheap coins. All the REAL trades are done in "the trenches." When people actually want to buy or sell coins they will do it "in the trenches" discreetly selling/buying a couple hundred coins at a time.
So essentially what i'm saying may sound counter-intuitive but here's what i think of "walls" : A large ask wall thats up all day friday is a BULLISH sign. Assuming that they make the switch to the Bid side when the banks close. also a large bid wall thats up all day sunday is a BEARISH sign, because they plan on switching to the ask side when banks open.
The almost perfectly linear Diagonal line shape of the bid side is much more healthy than the "r" shape of the ask side. this is because the bid side is full of "real" traders. People who actually want to buy coins. any time the price changes up or down the bid side is always buying "in the trenches"
Right now, in my opinion, the people that are selling "in the trenches" are being manipulated by that ask wall.
So essentially what i'm saying may sound counter-intuitive but here's what i think of "walls" : A large ask wall thats up all day friday is a BULLISH sign. Assuming that they make the switch to the Bid side when the banks close. also a large bid wall thats up all day sunday is a BEARISH sign, because they plan on switching to the ask side when banks open.
The almost perfectly linear Diagonal line shape of the bid side is much more healthy than the "r" shape of the ask side. this is because the bid side is full of "real" traders. People who actually want to buy coins. any time the price changes up or down the bid side is always buying "in the trenches"
Right now, in my opinion, the people that are selling "in the trenches" are being manipulated by that ask wall.
Wow I actually learned something important here. Thanks!
this is why you should ignore walls. in fact, you should almost see them as an indicator of a switch
The almost perfectly linear Diagonal line shape of the bid side is much more healthy than the "r" shape of the ask side.
What about manipulators creating this "organic" line shape at the bid side (maybe via some script)?
bottom line is: no matter if its a bot or a bunch real traders, Linear diagonal lines are signs that they actually want to buy/sell. Walls are signs that they don't.
this explains why that counter-argument doesn't make sense.
PLZ STOP GETTING MANIPULATED BY WALLS!! WE CAN FIX THIS OBVIOUS MANIPULATION IF YOU UNDERSTAND HOW IT WORKS
So noting the large bid wall (again), there will be a switch fallowed by a price fall?
12% profit is still 12% profit. The market may be up >12%, but that's irrelevant because you don't have those Bitcoins anymore anyway.
It's important to stay rational in cases like this
It's important to stay rational in cases like this
there is not enough room to fit all the text needed to accuratly spell it out for you.
Sell BTC to clients @ 12% above market.
Hold USD to try and find a lower price to buy back in at to increase said 12%.
Fail because market is up >12%
Double Fail by using said USD in further trying to fake wall the price back down...
u r welcome. ;p
Awesome, now try it without wild assumptions.
*raises an eyebrow at you inquisitively*
12% profit is still 12% profit. The market may be up >12%, but that's irrelevant because you don't have those Bitcoins anymore anyway.
It's important to stay rational in cases like this
It's important to stay rational in cases like this
there is not enough room to fit all the text needed to accuratly spell it out for you.
Sell BTC to clients @ 12% above market.
Hold USD to try and find a lower price to buy back in at to increase said 12%.
Fail because market is up >12%
Double Fail by using said USD in further trying to fake wall the price back down...
u r welcome. ;p
Awesome, now try it without wild assumptions.
12% profit is still 12% profit. The market may be up >12%, but that's irrelevant because you don't have those Bitcoins anymore anyway.
It's important to stay rational in cases like this
It's important to stay rational in cases like this
there is not enough room to fit all the text needed to accuratly spell it out for you.
Sell BTC to clients @ 12% above market.
Hold USD to try and find a lower price to buy back in at to increase said 12%.
Fail because market is up >12%
Double Fail by using said USD in further trying to fake wall the price back down...
u r welcome. ;p
The market cap is now bigger than before, when bitcoins were U$12,00 a piece (08/11).
12% profit is still 12% profit. The market may be up >12%, but that's irrelevant because you don't have those Bitcoins anymore anyway.
It's important to stay rational in cases like this
It's important to stay rational in cases like this
loving every second of this...
ah the illusion of duality ! our judgements of others reflect on oneself.
I think you're a really cool guy.
EDIT: These rally threads are boring in the middle of the day! Where is all the hype?
Double digits this week? Today? 
Epic.
Epic.
Pirate was stating that selling 10s of thousands of coins would not be possible without his lenders. Maybe some got scared to actually loose their coins if pirate just sells them all?
Of course, some people just saw a demonstration of what exactly their coins are being used for i.e. for selling them on mtgox. Not withdrawing it from pirate (if anything is there) would be at least unwise given the circumstances.
He said that a price jump was bad for him so I'm running away with my profit.
Very smart!
Pirate was stating that selling 10s of thousands of coins would not be possible without his lenders. Maybe some got scared to actually loose their coins if pirate just sells them all?
Of course, some people just saw a demonstration of what exactly their coins are being used for i.e. for selling them on mtgox. Not withdrawing it from pirate (if anything is there) would be at least unwise given the circumstances.
He said that a price jump was bad for him so I'm running away with my profit.
Jump to: