Who is the idiot posting hundreds of 0.01 orders?

deadweasel

sr. member

Activity: 364

Merit: 250

Quote from: TTBit on April 11, 2013, 07:33:36 AM

MtGox should consider a fee for orders. You get 500 free per day, after that, must pay a token amount to get your order in their DB. Or consider a mtgox subscription fee for bots. This is assuming that it was a flood of orders that caused the lag.

They should get servers and systems that can handle the load. How they haven't done this yet is appalling.

Also, people still trying to use it after it's a proven failure (when it counts) is also appalling. A small percentage learn, but most just bitch and moan and tell someone else to fix it.

Bitcoin is in BETA people and MtGox is an old Magic The Gathering site run by incompetents. WTF do you expect?

TTBit

legendary

Activity: 1137

Merit: 1001

MtGox should consider a fee for orders. You get 500 free per day, after that, must pay a token amount to get your order in their DB. Or consider a mtgox subscription fee for bots. This is assuming that it was a flood of orders that caused the lag.

Sage

hero member

Activity: 632

Merit: 500

Quote from: Frost on April 11, 2013, 04:18:39 AM

Is this really a good moment to buy now? I could buy 0.33 now Cheesy

Yep!

Be greedy when everyone is fearful... heard Warren Buffet say that. But I'm never greedy...that's my policy. Just well-informed.

Manticore

member

Activity: 70

Merit: 10

Quote from: Ichthyo on April 11, 2013, 04:13:05 AM

of course we don't know for sure, but likely these tiny orders are created by trading bots.
These computer programs use various strategies to test out the market. Often they flood the available spread with tiny orders and watch how long it takes for them to be bought or sold away. From that it is possible to guess the current market momentum. Other bots have been observerd to try to push up or down the visible rate, especially when the spread between buy an sell is rather large. Some people can be tricked by the impression of e.g. a constantly sinking nomial rate to believe that the market is going down, even if there is no real movement.

But all the bot trades yesterday were meant to make the market look like it was bouncing not up, not down. There were 100s of tiny .02 buys that were placed well above pricing action to stem the psychology of a panic sell.

essem

newbie

Activity: 42

Merit: 0

right im going to do it again, people adjust your bids I will be placing these very very low

M4v3R

hero member

Activity: 607

Merit: 500

Two reasons:
- MtGox trading engine hates many orders, so one could place them to slow the engine down while he is buying/selling.
- to manipulate the charts. With volatility like we have now the spreads are very big, and executing such orders ensures that charts always display the better price for the bot owner. It may sound trivial, but actually can make a big difference.

HappyBitCoinUser

full member

Activity: 182

Merit: 100

Quote from: dego on April 11, 2013, 04:07:54 AM

What is that good for? To jam the exchange?

I wanted to get rich some day.

chrsjrcj

full member

Activity: 280

Merit: 102

Quote from: massivebitman on April 11, 2013, 04:13:33 AM

Actually. I think it's good. It raises the price.

No it doesn't.

Frost

hero member

Activity: 602

Merit: 508

Is this really a good moment to buy now? I could buy 0.33 now Cheesy

Sage

hero member

Activity: 632

Merit: 500

Market manipulation, nothing more.

Scumbag hackers are making way too much in ill-gotten gains praying on naive new Bitcoin users.

massivebitman

full member

Activity: 224

Merit: 100

Actually. I think it's good. It raises the price.

Ichthyo

hero member

Activity: 602

Merit: 500

of course we don't know for sure, but likely these tiny orders are created by trading bots.
These computer programs use various strategies to test out the market. Often they flood the available spread with tiny orders and watch how long it takes for them to be bought or sold away. From that it is possible to guess the current market momentum. Other bots have been observerd to try to push up or down the visible rate, especially when the spread between buy an sell is rather large. Some people can be tricked by the impression of e.g. a constantly sinking nomial rate to believe that the market is going down, even if there is no real movement.

dego

sr. member

Activity: 399

Merit: 250

What is that good for? To jam the exchange?

Topic: Who is the idiot posting hundreds of 0.01 orders? (Read 1244 times)