Topic: Wall Observer - MtGoxUSD wall movement tracker - page 1157. (Read 1811596 times)

There is no such thing as buying the whole market. Nobody has that much money because the price will just go up infinitely. I certainly wouldn't be selling all my coins no matter what the price is and I think that there would be others who would keep some as well.

+1

now think for a minute how much would 10millions coins (all the bitcoin) go for on this market

100million, or 1 billion?  

Thoughts:

What have we learned from this, and what does it mean for the price in months to come?

First of all, we don't need instability for many reasons. (one of my own reasons is that I am still in acquire mode)

Some large player comes in with massive walls to manipulate the price up for a better selling price, and he probably got it. Could he get away with that again? How soon?

Watching the price jump around last night, I felt like if nothing else some new resistance has been established at 9.x as there will be a lot of last night's buyers looking to get back out without a loss on the books. Maybe that's not a bad thing: 9 is the new 6?

Lastly, if there was a way to short BTC, it wouldn't be as easy to manipulate the market like this.

Why is that "silly"?

"A few USD 100k" is a lot of money in the bitcoin community, because unlike fiat, large quantities of bitcoin credit cannot be magicly created out of thin air. Thats what gives bitcoin value, and why your corrupt fiat money is worthless toilet paper.

well, that was an interesting day...

Yes undeveloped in the sense that the price of bitcoin is grossly undervalued.

The kind of price action that we are currently witnessing is to be expected and reminds me of my early days trading futures. Back in early 2000, or so, Eurexchange opened up a electronic futures exchange which competed with London's LIFFE, which was open outcry and very very corrupt. Banks where tired of all the slippage caused by the open outcry system and decided to shift their trading to Eurex. All of a sudden everyone had access to trade multiple markets at once (as opposed to being stuck in one pit), and spread trades between different futures contracts became a lot more tradeable. Furthermore, in the early days all order-entry was manually done by a carbon based person, no bots, no algos, no co-located servers etc, so it was all up to the speed and ingenuity of the trader. During the early Wild West days of futures trading, before all the bots made it very hard for humans to gain any edge, there was a legendary trader rumored to be based in Ireland, nicknamed - The Flipper. This trader didn't so much make money out of the market as he did spoofing bids and offers, pulling them all at once and shifting the market and essentially capturing his money from other traders. This lasted until 2005 or so when the market outgrew his capacity for gaming it. You can read about it here:

http://www.traderdaily.com/08/insight-from-the-flipper-catching-up-with-paul-rotter/

On another note. Bitcoin needs to have a global exchange that pools all of the smaller exchanges volumes so as to ensure greater order depth. It's silly that a few USD 100K can push the price of bitcoin around by 10+% or so on a single day. Just shows how small and undeveloped this market is.

haha +1

Plz stop observing walls. You guys are looking at them wrong

This volatility is nothing compared to last May, June, July, and August.

going nuts?  hence the weird price swings lately

XD I'm seeing now.

I was caught sleeping with the IRC on the iPhone (no history), what have been doing pirateat40?

well guys, i think i've scared off the sellers. I'm tired and going to call it night and let the bots play.  IRCFrEAK, im pulling the my wall and dumping.... Get ready!

Bid wall has disappeared

welll... so now that things are alive again, is it going to go back in the direction it was heading? Or were we getting played?

+2^10   I was wathcing gox live 'live' and the forums at the same time. Almost at the exact moment that either the large sell went in or a massive number of bids went south in the book, both streams died. All hosted by Gox now, ofc.

Did we all just get Goxed^2 ?


edit; coincidentally, GLBSE was lagging hella bad too. And S R is still almost unresponsive. Both of those could be people freaking trying to move funds to catch the spike though...

it went from a battle, and now its flat out war!

Bull vs Bear

Pick your side

haha i did, Its speculation or buy/sell control!

guys we touched down to 7.5.

Anyone else find it strange that the forum gets DOSed during the crunch?