Wall Observer - MtGoxUSD wall movement tracker - page 40.

ElectricMucus

legendary

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Quote from: NamelessOne on April 14, 2013, 04:27:41 PM

I just want to note that it is now 9000btc to get to $90. Before the sell down from $100 it was only 5000-5500 to get to $90.

At this point that makes it even more likely we get there. IMO the only way for the bulls to turn this around is a bunch of market orders to 160.
All the big fish which hadn't enough liquidity during the crash will jump at the opportunity once the bids stopped accumulating close to market price.

NamelessOne

legendary

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I just want to note that it is now 9000btc to get to $90. Before the sell down from $100 it was only 5000-5500 to get to $90.

kiko

sr. member

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Merit: 250

Quote from: molecular on April 14, 2013, 03:56:35 PM

Quote from: rpietila on April 14, 2013, 03:31:17 PM

Oh. What any exchange anywhere in the real world would have done, would be along these lines:
- Close trading for at least 24 hours to enable notification to all account holders
- Erase all existing orders
- Allow placement of new orders
- Execute an "opening", where all the bids and asks are matched against each other, and the market cleared with one price (and probably huge volume as all market orders and a good number of limit bids and asks would be instantly executed). Only after this the open trading would commence.

How is that "one price" determined?

One can place an order or cancel it but nothing gets matched until the bell rings, so to speak. Conservative orders jostle around a while without executing, eventually the spread narrows. It's not so much 'one price', just that anyone bidding more than they visibly need to is a fool.

molecular

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Activity: 2772

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Quote from: rpietila on April 14, 2013, 03:31:17 PM

Oh. What any exchange anywhere in the real world would have done, would be along these lines:
- Close trading for at least 24 hours to enable notification to all account holders
- Erase all existing orders
- Allow placement of new orders
- Execute an "opening", where all the bids and asks are matched against each other, and the market cleared with one price (and probably huge volume as all market orders and a good number of limit bids and asks would be instantly executed). Only after this the open trading would commence.

How is that "one price" determined?

Come-from-Beyond

legendary

Activity: 2142

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Newbie

Quote from: rpietila on April 14, 2013, 03:31:17 PM

It is sad that they seem to have no experience whatsoever concerning the basics on how to run an exchange.

They do, for about 3 years, don't they?

rpietila

donator

Activity: 1722

Merit: 1036

Quote from: elux on April 14, 2013, 03:10:45 PM

Quote from: molecular on April 14, 2013, 02:46:40 PM

can someone explain why the bid sum went down drastically quite a while before the drop with price being stable and even rising?

MtGox allowed cancelling active orders, but no placement of new orders during the 12hr "market cooldown".

Oh. What any exchange anywhere in the real world would have done, would be along these lines:
- Close trading for at least 24 hours to enable notification to all account holders
- Erase all existing orders
- Allow placement of new orders
- Execute an "opening", where all the bids and asks are matched against each other, and the market cleared with one price (and probably huge volume as all market orders and a good number of limit bids and asks would be instantly executed). Only after this the open trading would commence.

It is sad that they seem to have no experience whatsoever concerning the basics on how to run an exchange.

silvermario

member

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Quote from: ElectricMucus on April 14, 2013, 01:09:38 PM

looks familiar?

pretty close

Kazu

full member

Activity: 168

Merit: 100

Quickly reposting this here, figured somebody might want it.

just1nmc

sr. member

Activity: 280

Merit: 250

Quote from: dani on April 14, 2013, 03:14:44 PM

whats going on right now? All for a sudden we lost ~$8 and it looks like we go a little DEEPER... Cheesy

92.90 @gox

Nothing new, just some selling. Can't really expect it to just sit at $100 forever without someone making a move.

dani

hero member

Activity: 525

Merit: 500

..yeah

whats going on right now? All for a sudden we lost ~$8 and it looks like we go a little DEEPER... Cheesy

92.90 @gox

elux

legendary

Activity: 1458

Merit: 1006

Quote from: molecular on April 14, 2013, 02:46:40 PM

can someone explain why the bid sum went down drastically quite a while before the drop with price being stable and even rising?

MtGox allowed cancelling active orders, but no placement of new orders during the 12hr "market cooldown".

Great idea! (Ten points for trying, minus several million for good thinking.)

Predictably, buyers scrambled to cancel their bids, while sellers mostly stayed put.

ElectricMucus

legendary

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Marketing manager - GO MP

Quote from: GreekGeek on April 14, 2013, 03:06:12 PM

Quote from: ElectricMucus on April 14, 2013, 01:26:17 PM

Quote from: chrsjrcj on April 14, 2013, 01:16:07 PM

MtGox is closing for 8 days? Roll Eyes

Though, on second thought, that's not entirely a bad thing.

Well in retrospect is makes the "hack" story shine in a whole new light.

where did you hear that?

I came up with it myself. But it isn't that hard to follow imo.
Wild speculative, but still possible.

GreekGeek

hero member

Activity: 577

Merit: 500

Jesus was a (Goddamn) hippy socialist

Quote from: ElectricMucus on April 14, 2013, 01:26:17 PM

Quote from: chrsjrcj on April 14, 2013, 01:16:07 PM

MtGox is closing for 8 days? Roll Eyes

Though, on second thought, that's not entirely a bad thing.

Well in retrospect is makes the "hack" story shine in a whole new light.

where did you hear that?

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

Quote from: molecular on April 14, 2013, 02:46:40 PM

can someone explain why the bid sum went down drastically quite a while before the drop with price being stable and even rising?

Nagle wasn't here yet. Cheesy

molecular

donator

Activity: 2772

Merit: 1019

Quote from: elux on April 14, 2013, 02:30:24 PM

thanks for these updates.

can someone explain why the bid sum went down drastically quite a while before the drop with price being stable and even rising?

ManBearPig

sr. member

Activity: 350

Merit: 250

"Don't go in the trollbox, trollbox, trollbox"

I guess that's what a small sell-off likes look with sub-second lag.

Panic! Oh wait.

GreekGeek

hero member

Activity: 577

Merit: 500

Jesus was a (Goddamn) hippy socialist

sell sell sell
I want my coins back!

fingerpaint

newbie

Activity: 28

Merit: 0

DUMP!!!

elux

legendary

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molecular

donator

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Quote from: Richy_T on April 14, 2013, 11:46:26 AM

Perhaps what we need instead of exchanges that accept fiat (which is the big problem), have crypto-dollars (and other currencies). Similar to Bitcoin, these would be redeemable directly for dollars on a 1-1 basis (like Gox vouchers possibly?) . These would allow exchanges to be set-up without having to worry about having to process fiat and allow some decent competition between the exchanges.

you might want to look into ripple.

Topic: Wall Observer - MtGoxUSD wall movement tracker - page 40. (Read 1811568 times)