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Title: I forced the 10 day high last night. What do you think about that? Post by: gmiwenht on December 04, 2012, 04:28:14 PM I bought around 700 BTC at market price and drove the 10 day high to 12.75. I first had to sell BTC to get the money, and by the time I sold and bought, this market experiment cost me around 15 BTC in fees and personal losses. But... psychologically, it obviously had an effect on the market. By popping the 10 day plateau (and the 3 day post-halving uncertainty) I think it injected some short-term confidence in the market. When I wake up this morning I see a 12.93 high. Well, that wasn't me. But obviously it took off. And now we're around 12.85 and I've already covered my losses!
So surely this is a form of sentiment manipulation? I guess we cannot manipulate supply and demand, but we can manipulate emotions which drive them. Emotions are tightly wound around certain symbolic price points, so it would make sense that forcing the price above or below those price points (albeit artificially) could be a catalyst for real movement around those price points. What do you think about this? And what do you think would happen if we rally above 13.09? Title: Re: I forced the 10 day high last night. What do you think about that? Post by: BitcoinINV on December 04, 2012, 04:29:55 PM Think you should post your CSV to prove it :)
Title: Re: I forced the 10 day high last night. What do you think about that? Post by: gmiwenht on December 04, 2012, 04:32:40 PM What's a CSV? Here are the peak transactions from my Mt.Gox history. Feel free to correlate this with the truth.
2012/12/03 23:18:06 Fee 0.03938522 BTC 672.42384362 BTC BTC bought: [tid:1354594686511345] 9.84630509 BTC at $12.75000 (0.4% fee) 2012/12/03 23:18:06 In 9.84630509 BTC 672.46322884 BTC BTC bought: [tid:1354594686511345] 9.84630509 BTC at $12.75000 2012/12/03 23:18:06 Fee 0.00400000 BTC 662.61692375 BTC BTC bought: [tid:1354594686466200] 1.00000000 BTC at $12.75000 (0.4% fee) 2012/12/03 23:18:06 In 1.00000000 BTC 662.62092375 BTC BTC bought: [tid:1354594686466200] 1.00000000 BTC at $12.75000 2012/12/03 23:18:06 Fee 0.00600000 BTC 661.62092375 BTC BTC bought: [tid:1354594686394076] 1.50000000 BTC at $12.75000 (0.4% fee) 2012/12/03 23:18:06 In 1.50000000 BTC 661.62692375 BTC BTC bought: [tid:1354594686394076] 1.50000000 BTC at $12.75000 2012/12/03 23:18:06 Fee 0.00040000 BTC 660.12692375 BTC BTC bought: [tid:1354594686306405] 0.10000000 BTC at $12.75000 (0.4% fee) 2012/12/03 23:18:06 In 0.10000000 BTC 660.12732375 BTC BTC bought: [tid:1354594686306405] 0.10000000 BTC at $12.75000 2012/12/03 23:18:06 Fee 0.00120000 BTC 660.02732375 BTC BTC bought: [tid:1354594686114763] 0.30000000 BTC at $12.75000 (0.4% fee) 2012/12/03 23:18:06 In 0.30000000 BTC 660.02852375 BTC BTC bought: [tid:1354594686114763] 0.30000000 BTC at $12.75000 2012/12/03 23:18:06 Fee 0.00032000 BTC 659.72852375 BTC BTC bought: [tid:1354594686076329] 0.08000000 BTC at $12.75000 (0.4% fee) 2012/12/03 23:18:06 In 0.08000000 BTC 659.72884375 BTC BTC bought: [tid:1354594686076329] 0.08000000 BTC at $12.75000 2012/12/03 23:18:06 Fee 0.00400000 BTC 659.64884375 BTC BTC bought: [tid:1354594686034419] 1.00000000 BTC at $12.75000 (0.4% fee) 2012/12/03 23:18:06 In 1.00000000 BTC 659.65284375 BTC BTC bought: [tid:1354594686034419] 1.00000000 BTC at $12.75000 2012/12/03 23:18:05 Fee 0.00040000 BTC 658.65284375 BTC BTC bought: [tid:1354594685952342] 0.10000000 BTC at $12.75000 (0.4% fee) 2012/12/03 23:18:05 In 0.10000000 BTC 658.65324375 BTC BTC bought: [tid:1354594685952342] 0.10000000 BTC at $12.75000 2012/12/03 23:18:05 Fee 0.11927640 BTC 658.55324375 BTC BTC bought: [tid:1354594685826248] 29.81910000 BTC at $12.75000 (0.4% fee) 2012/12/03 23:18:05 In 29.81910000 BTC 658.67252015 BTC BTC bought: [tid:1354594685826248] 29.81910000 BTC at $12.75000 2012/12/03 23:18:05 Fee 0.00404379 BTC 628.85342015 BTC BTC bought: [tid:1354594685765158] 1.01094809 BTC at $12.75000 (0.4% fee) 2012/12/03 23:18:05 In 1.01094809 BTC 628.85746394 BTC BTC bought: [tid:1354594685765158] 1.01094809 BTC at $12.75000 Title: Re: I forced the 10 day high last night. What do you think about that? Post by: evoorhees on December 04, 2012, 04:34:36 PM So even though the price has been drifting higher ever since the WordPress announcement, you seem to think that your 700btc purchase is the reason it went up during the past 24 hrs?
Don't overestimate your effect on the market ;) Title: Re: I forced the 10 day high last night. What do you think about that? Post by: foggyb on December 04, 2012, 04:43:18 PM Title: Re: I forced the 10 day high last night. What do you think about that? Post by: robocoin on December 04, 2012, 04:48:52 PM Well 700 BTC are not enough, but in general if you are the first who kicks off a massiv buy or dump, you'll surely get followers. I think thats not happening too seldom on Mt. Gox. Very risky investment strategy^^
Title: Re: I forced the 10 day high last night. What do you think about that? Post by: Spekulatius on December 04, 2012, 04:57:33 PM Post again when you've got 70000 BTC.
Title: Re: I forced the 10 day high last night. What do you think about that? Post by: gmiwenht on December 04, 2012, 05:02:05 PM So even though the price has been drifting higher ever since the WordPress announcement, you seem to think that your 700btc purchase is the reason it went up during the past 24 hrs? Don't overestimate your effect on the market ;) Well, I started buying at 12.66. So yes, it was the reason it went up to 12.75, and it only took seconds to do so. I'm not claiming anything else about the past 24 hours. But in particular, could the past 12 hours have been a result of this initial jump? I realize that this kind of volume represents a drop in the ocean on Mt.Gox, but is the psychological effect of High/Low price not volume-independent? Title: Re: I forced the 10 day high last night. What do you think about that? Post by: DobZombie on December 04, 2012, 05:12:26 PM The ask price is now 12.94.
You still buyin up? Didn't think so :P Title: Re: I forced the 10 day high last night. What do you think about that? Post by: gmiwenht on December 04, 2012, 05:16:24 PM The ask price is now 12.94. You still buyin up? Didn't think so :P Obviously not. My point is that maybe breaking a 10-day high provided psychological relief after the post-halving uncertainty, thus opening the floodgates for the subsequent buying volume. Title: Re: I forced the 10 day high last night. What do you think about that? Post by: cedivad on December 04, 2012, 05:20:17 PM Thanks for the post, i'm now sure i want to wait to invest
:) Title: Re: I forced the 10 day high last night. What do you think about that? Post by: bitcoinbear on December 04, 2012, 05:26:06 PM The ask price is now 12.94. You still buyin up? Didn't think so :P Obviously not. My point is that maybe breaking a 10-day high provided psychological relief after the post-halving uncertainty, thus opening the floodgates for the subsequent buying volume. A ten day high is nothing for bitcoin. Now, if you could buy up past the all-time high (about 32 usd/btc, less than 3x what it is at now), that would be something to talk about. Title: Re: I forced the 10 day high last night. What do you think about that? Post by: Fjordbit on December 04, 2012, 08:42:01 PM A ten day high is nothing for bitcoin. Now, if you could buy up past the all-time high (about 32 usd/btc, less than 3x what it is at now), that would be something to talk about. That would only cost $1,366,236. No big deal ;) Title: Re: I forced the 10 day high last night. What do you think about that? Post by: oakpacific on December 05, 2012, 01:51:00 AM Give some credits when credits are due, guys! Otherwise who would be brave enough to start a rally next time? ;)
Title: Re: I forced the 10 day high last night. What do you think about that? Post by: smoothie on December 05, 2012, 05:09:52 AM OP TRANSLATION:" I peed and all the tides of the ocean changed because of my piss." :D :D :D
Title: Re: I forced the 10 day high last night. What do you think about that? Post by: Yuhfhrh on December 05, 2012, 05:17:55 AM OP TRANSLATION:" I peed and all the tides of the ocean changed because of my piss." :D :D :D Couldn't have said it better myself :D But this very could have triggered a bot, which triggered a few other bots, which started the rally. Or it could have had no effect at all. Doesn't really matter because we don't have a time machine to compare the results. Title: Re: I forced the 10 day high last night. What do you think about that? Post by: adamstgBit on December 05, 2012, 06:00:58 AM So even though the price has been drifting higher ever since the WordPress announcement, you seem to think that your 700btc purchase is the reason it went up during the past 24 hrs? Don't overestimate your effect on the market ;) Don't underestimate the effect a rogue 700BTC market buy. I believe OP 100%! Title: Re: I forced the 10 day high last night. What do you think about that? Post by: JohnGalt on December 05, 2012, 06:32:03 AM Unless you can prove it wasn't a total coincidence, you really can't claim to have had any effect. A couple of weeks ago, I bought 10,000 LTC and it had no effect on the market at all as far as I can tell -- and LTC is far less liquid than BTC.
Title: Re: I forced the 10 day high last night. What do you think about that? Post by: smoothie on December 05, 2012, 07:18:00 AM This is pure entertainment when people start jumping up and down like little girls because the bitcoin price goes up.
Next stop: Sobbing, bitching, whiny, confused stage. "Why did the price fall? :'( :'( :'(" ... because someone was smart enough to sell high. :D :D :D Title: Re: I forced the 10 day high last night. What do you think about that? Post by: klaus on December 05, 2012, 07:24:43 AM @smoothie +1 Title: Re: I forced the 10 day high last night. What do you think about that? Post by: molecular on December 05, 2012, 07:33:30 AM So even though the price has been drifting higher ever since the WordPress announcement, you seem to think that your 700btc purchase is the reason it went up during the past 24 hrs? Don't overestimate your effect on the market ;) It was clear we were going to break out of that 12.5 to 12.7 range we had been trading sideways in for roughly 5 days. It was less clearer which way. He might not be responsible for the breakout and subsequent rally, but you could say he decided on the timing. Also: he made quite a killing. Title: Re: I forced the 10 day high last night. What do you think about that? Post by: odolvlobo on December 05, 2012, 08:36:06 AM It was clear we were going to break out of that 12.5 to 12.7 range we had been trading sideways in for roughly 5 days. It was less clearer which way. I hear something like this all the time: "It has been trading sideways and it is going to break out, either up or down" Well, DUH! Of course, it is going to "break out" after trading sideways. There is no other possibility. Title: Re: I forced the 10 day high last night. What do you think about that? Post by: molecular on December 05, 2012, 09:15:58 AM It was clear we were going to break out of that 12.5 to 12.7 range we had been trading sideways in for roughly 5 days. It was less clearer which way. I hear something like this all the time: "It has been trading sideways and it is going to break out, either up or down" Well, DUH! Of course, it is going to "break out" after trading sideways. There is no other possibility. It implies something useful, though: when it breaks out, it will move in that direction with considerable momentum. Title: Re: I forced the 10 day high last night. What do you think about that? Post by: urwhatuknow on December 05, 2012, 04:18:53 PM Illiquid markets, such as Bitcoin are easy prey to manipulation.
The principle is to draw attention by buying a pretty big quantity (compared to the daily number being bought and sold) and once this attention is drawn, more and more people will start buying trying to jump on the bandwagon and trying not to miss the train. This is on a larger scale exactly what happened in the summer of 2011 when the price of a BTC went all the way up to 30 USD a piece. Such phenomenons normally end up with a massive selloff, (exactly what happened in the above mentioned example when the price went down to 3 usd, losing about 90% of its value) where a lot of late joiners got burned, lost lots of money and abandoned the game saying it's rigged, when the only thing that was rigged was their intelligence. Rallies and inevitable subsequent bubble bursts aren't good for bitcoin. The movement we experienced in the last 2 days (about 7% up) isn't good for bitcoin. What we should need and hope for is a slow movement up, of about say 1-2% each week, due to a growing number of bitcoin adopters and to the fact that this adopters demand SLIGHTLY outpaces the number of bitcoins being sold by miners and people that accept payments in bitcoin but then need to translate those into fiat money. Everything else should be seen as a danger for bitcoin and not cheered as most people do. Rally is bad, not good! We all need to understand that or we will keep being a bunch of goofy beginners easy prey of speculators Title: Re: I forced the 10 day high last night. What do you think about that? Post by: vokain on December 05, 2012, 04:22:18 PM Illiquid markets, such as Bitcoin are easy prey to manipulation. The principle is to draw attention by buying a pretty big quantity (compared to the daily number being bought and sold) and once this attention is drawn, more and more people will start buying trying to jump on the bandwagon and trying not to miss the train. This is on a larger scale exactly what happened in the summer of 2011 when the price of a BTC went all the way up to 30 USD a piece. Such phenomenons normally end up with a massive selloff, (exactly what happened in the above mentioned example when the price went down to 3 usd, losing about 90% of its value) where a lot of late joiners got burned, lost lots of money and abandoned the game saying it's rigged, when the only thing that was rigged was their intelligence. Rallies and inevitable subsequent bubble bursts aren't good for bitcoin. The movement we experienced in the last 2 days (about 7% up) isn't good for bitcoin. What we should need and hope for is a slow movement up, of about say 1-2% each week, due to a growing number of bitcoin adopters and to the fact that this adopters demand SLIGHTLY outpaces the number of bitcoins being sold. Everything else should be seen as a danger for bitcoin and not cheered as most people do. Rally is bad, not good! We all need to understand that or we will keep being a bunch of goofy beginners easy prey of speculators BTFD Title: Re: I forced the 10 day high last night. What do you think about that? Post by: dancingnancy on December 05, 2012, 04:39:50 PM Illiquid markets, such as Bitcoin are easy prey to manipulation. The principle is to draw attention by buying a pretty big quantity (compared to the daily number being bought and sold) and once this attention is drawn, more and more people will start buying trying to jump on the bandwagon and trying not to miss the train. This is on a larger scale exactly what happened in the summer of 2011 when the price of a BTC went all the way up to 30 USD a piece. Such phenomenons normally end up with a massive selloff, (exactly what happened in the above mentioned example when the price went down to 3 usd, losing about 90% of its value) where a lot of late joiners got burned, lost lots of money and abandoned the game saying it's rigged, when the only thing that was rigged was their intelligence. Rallies and inevitable subsequent bubble bursts aren't good for bitcoin. The movement we experienced in the last 2 days (about 7% up) isn't good for bitcoin. What we should need and hope for is a slow movement up, of about say 1-2% each week, due to a growing number of bitcoin adopters and to the fact that this adopters demand SLIGHTLY outpaces the number of bitcoins being sold by miners and people that accept payments in bitcoin but then need to translate those into fiat money. Everything else should be seen as a danger for bitcoin and not cheered as most people do. Rally is bad, not good! We all need to understand that or we will keep being a bunch of goofy beginners easy prey of speculators We have essentially been consolidating for several weeks now. Had to move at some point. Just dollar cost average into BTC and stop looking at the chart. Title: Re: I forced the 10 day high last night. What do you think about that? Post by: odolvlobo on December 05, 2012, 04:40:33 PM Illiquid markets, such as Bitcoin are easy prey to manipulation. The principle is to draw attention by buying a pretty big quantity (compared to the daily number being bought and sold) and once this attention is drawn, more and more people will start buying trying to jump on the bandwagon and trying not to miss the train. While that may be "the principle", I don't believe that it actually works. Two reasons: 1. There is no way to know if or how your transactions actually affect other people. 2. You don't know if you are the one being manipulated or not. Title: Re: I forced the 10 day high last night. What do you think about that? Post by: Elwar on December 05, 2012, 05:06:51 PM This is pure entertainment when people start jumping up and down like little girls because the bitcoin price goes up. Next stop: Sobbing, bitching, whiny, confused stage. "Why did the price fall? :'( :'( :'(" ... because someone was smart enough to sell high. :D :D :D Best time to buy is when you start to see questions such as "is this the end of Bitcoin?" Title: Re: I forced the 10 day high last night. What do you think about that? Post by: molecular on December 05, 2012, 06:18:12 PM Illiquid markets, such as Bitcoin are easy prey to manipulation. The principle is to draw attention by buying a pretty big quantity (compared to the daily number being bought and sold) and once this attention is drawn, more and more people will start buying trying to jump on the bandwagon and trying not to miss the train. This is on a larger scale exactly what happened in the summer of 2011 when the price of a BTC went all the way up to 30 USD a piece. Such phenomenons normally end up with a massive selloff, (exactly what happened in the above mentioned example when the price went down to 3 usd, losing about 90% of its value) where a lot of late joiners got burned, lost lots of money and abandoned the game saying it's rigged, when the only thing that was rigged was their intelligence. Rallies and inevitable subsequent bubble bursts aren't good for bitcoin. The movement we experienced in the last 2 days (about 7% up) isn't good for bitcoin. What we should need and hope for is a slow movement up, of about say 1-2% each week, due to a growing number of bitcoin adopters and to the fact that this adopters demand SLIGHTLY outpaces the number of bitcoins being sold by miners and people that accept payments in bitcoin but then need to translate those into fiat money. Everything else should be seen as a danger for bitcoin and not cheered as most people do. Rally is bad, not good! We all need to understand that or we will keep being a bunch of goofy beginners easy prey of speculators I disagree. You are assuming that the price of bitcoin reflects (or should reflect) it's current usefulness as a medium of exchange for the bitcoin economy. That's only partly true (I'm guessing the price of a bitcoin would have to be 0.25 USD for the current supply to be able to "run" the current bitcoin economy). A large part of bitcoins value comes from the expectation of future usefulness as a medium of exchange and it's usefulness as a store of wealth. You cannot remove these large components because bitcoin is money and that's just part of that. A 7% rally in bitcoin is not "bad for bitcoin". It might be annoying for the people using bitcoin as a medium of exchange because those fluctuations introduce pricing problems, but that just has to be accepted and worked around. A 7% rally doesn't have to be "pump and dump" either. It can just be the case that the expectation of future usefulness has risen (due to some news) or speculators have adjusted their expectations for any number of other reasons. A rally can be bad or good, depending on what's behind it. Title: Re: I forced the 10 day high last night. What do you think about that? Post by: urwhatuknow on December 05, 2012, 10:43:38 PM Illiquid markets, such as Bitcoin are easy prey to manipulation. The principle is to draw attention by buying a pretty big quantity (compared to the daily number being bought and sold) and once this attention is drawn, more and more people will start buying trying to jump on the bandwagon and trying not to miss the train. This is on a larger scale exactly what happened in the summer of 2011 when the price of a BTC went all the way up to 30 USD a piece. Such phenomenons normally end up with a massive selloff, (exactly what happened in the above mentioned example when the price went down to 3 usd, losing about 90% of its value) where a lot of late joiners got burned, lost lots of money and abandoned the game saying it's rigged, when the only thing that was rigged was their intelligence. Rallies and inevitable subsequent bubble bursts aren't good for bitcoin. The movement we experienced in the last 2 days (about 7% up) isn't good for bitcoin. What we should need and hope for is a slow movement up, of about say 1-2% each week, due to a growing number of bitcoin adopters and to the fact that this adopters demand SLIGHTLY outpaces the number of bitcoins being sold by miners and people that accept payments in bitcoin but then need to translate those into fiat money. Everything else should be seen as a danger for bitcoin and not cheered as most people do. Rally is bad, not good! We all need to understand that or we will keep being a bunch of goofy beginners easy prey of speculators I disagree. You are assuming that the price of bitcoin reflects (or should reflect) it's current usefulness as a medium of exchange for the bitcoin economy. That's only partly true (I'm guessing the price of a bitcoin would have to be 0.25 USD for the current supply to be able to "run" the current bitcoin economy). A large part of bitcoins value comes from the expectation of future usefulness as a medium of exchange and it's usefulness as a store of wealth. You cannot remove these large components because bitcoin is money and that's just part of that. A 7% rally in bitcoin is not "bad for bitcoin". It might be annoying for the people using bitcoin as a medium of exchange because those fluctuations introduce pricing problems, but that just has to be accepted and worked around. A 7% rally doesn't have to be "pump and dump" either. It can just be the case that the expectation of future usefulness has risen (due to some news) or speculators have adjusted their expectations for any number of other reasons. A rally can be bad or good, depending on what's behind it. So, following your explanation about good and bad rallies, my question is: 1) Is this rally a good one or a bad one? and consequentially 2) Will the price go below 12.5 usd in the next days or keep above 13? Title: Re: I forced the 10 day high last night. What do you think about that? Post by: steamboat on December 06, 2012, 12:45:00 AM What's a CSV? Here are the peak transactions from my Mt.Gox history. Feel free to correlate this with the truth. comma separated value. Edit: http://en.wikipedia.org/wiki/Comma-separated_values Title: Re: I forced the 10 day high last night. What do you think about that? Post by: goldlyre on December 06, 2012, 10:33:15 AM In city of Shanghai where I live, an apartment suite of premium quality can be sold for 10 million Chinese Yuan which equivalents to US $1.6 million. If someone sells a suite of this kind (there are at least a couple thousands of them) and uses the money to invest into bitcoin, he can get 118+ thousands BTCs and thus enters into the World Top 10 Fortune List of Bitcoin. :)
Title: Re: I forced the 10 day high last night. What do you think about that? Post by: cedivad on December 07, 2012, 09:47:27 PM In city of Shanghai where I live, an apartment suite of premium quality can be sold for 10 million Chinese Yuan which equivalents to US $1.6 million. If someone sells a suite of this kind (there are at least a couple thousands of them) and uses the money to invest into bitcoin, he can get 118+ thousands BTCs and thus enters into the World Top 10 Fortune List of Bitcoin. :) Ok, what's your point? Title: Re: I forced the 10 day high last night. What do you think about that? Post by: Richy_T on December 07, 2012, 09:52:34 PM This is pure entertainment when people start jumping up and down like little girls because the bitcoin price goes up. Next stop: Sobbing, bitching, whiny, confused stage. "Why did the price fall? :'( :'( :'(" ... because someone was smart enough to sell high. :D :D :D It's all low right now :D Title: Re: I forced the 10 day high last night. What do you think about that? Post by: Fjordbit on December 07, 2012, 10:17:51 PM In city of Shanghai where I live, an apartment suite of premium quality can be sold for 10 million Chinese Yuan which equivalents to US $1.6 million. If someone sells a suite of this kind (there are at least a couple thousands of them) and uses the money to invest into bitcoin, he can get 118+ thousands BTCs and thus enters into the World Top 10 Fortune List of Bitcoin. :) A buy of $1.6 million would only get you BTC86810 (http://bitcoincharts.com/markets/mtgoxUSD_depth.html). Title: Re: I forced the 10 day high last night. What do you think about that? Post by: bitcoinbear on December 07, 2012, 11:23:30 PM In city of Shanghai where I live, an apartment suite of premium quality can be sold for 10 million Chinese Yuan which equivalents to US $1.6 million. If someone sells a suite of this kind (there are at least a couple thousands of them) and uses the money to invest into bitcoin, he can get 118+ thousands BTCs and thus enters into the World Top 10 Fortune List of Bitcoin. :) A buy of $1.6 million would only get you BTC86810 (http://bitcoincharts.com/markets/mtgoxUSD_depth.html). It depends on how you do it. If you find a seller (or several sellers) with enough bitcoins then you could do it all otc for the current rate. If you try to do it o mt gox, you might not even get that many if people are able to pull their asks quick enough. Title: Re: I forced the 10 day high last night. What do you think about that? Post by: adamstgBit on December 08, 2012, 12:57:59 AM In city of Shanghai where I live, an apartment suite of premium quality can be sold for 10 million Chinese Yuan which equivalents to US $1.6 million. If someone sells a suite of this kind (there are at least a couple thousands of them) and uses the money to invest into bitcoin, he can get 118+ thousands BTCs and thus enters into the World Top 10 Fortune List of Bitcoin. :) A buy of $1.6 million would only get you BTC86810 (http://bitcoincharts.com/markets/mtgoxUSD_depth.html). It depends on how you do it. If you find a seller (or several sellers) with enough bitcoins then you could do it all otc for the current rate. If you try to do it o mt gox, you might not even get that many if people are able to pull their asks quick enough. I Seriously doubt there is 1.6 million $ worth of BTC depth at current price on OTC, I doubt there is even 1/10th the depth that mtgox offers.... If you buy it slowly (6 months / ~555 coins a day) on Gox, you should be able to buy all your coins without pushing the price up that much... Title: Re: I forced the 10 day high last night. What do you think about that? Post by: Fjordbit on December 09, 2012, 02:52:13 AM My post links to the depth on Mt Gox, that's how I got the number. But bitcoinbear is right about people pulling asks as you are buying, something that doesn't make sense to me because it should be atomic and immediate but Gox allows it to happen. Also, people can bid as you are buying in the hopes of flipping the coins, so this could also lead to less.
Title: Re: I forced the 10 day high last night. What do you think about that? Post by: michaelmclees on December 09, 2012, 03:33:05 PM Buying and selling is always easier said than done. One of the fallacies that I see above is thinking that an OTC seller is going to neglect to calculate that if you were to buy on an exchange, you'd be facing increasing resistance to your buying. So the OTC seller is going to split the difference, that way, you both win.
Title: Re: I forced the 10 day high last night. What do you think about that? Post by: bitcoinbear on December 10, 2012, 06:43:01 PM Buying and selling is always easier said than done. One of the fallacies that I see above is thinking that an OTC seller is going to neglect to calculate that if you were to buy on an exchange, you'd be facing increasing resistance to your buying. So the OTC seller is going to split the difference, that way, you both win. If the exchange rate is 10 usd per btc, Al has 10 000 btc and Bob has 100 000 usd, by trading otc they both benefit. Al looks at the exchange and realizes the price would plummet if he tried to sell them all at once, leaving him with fewer usd than he would like, Bob looks at the exchange and realizes the price would skyrocket if he tried to buy them all at once, leaving him with fewer btc than he would like. So if they come to an agreement to exchange at the current rate off the exchange, then they both come out ahead. Both the OTC seller and buyer are splitting the difference by using the current exchange price. |
