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Title: Who is the idiot posting hundreds of 0.01 orders? Post by: dego on April 11, 2013, 09:07:54 AM What is that good for? To jam the exchange?
Title: Re: Who is the idiot posting hundreds of 0.01 orders? Post by: Ichthyo on April 11, 2013, 09:13:05 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. Title: Re: Who is the idiot posting hundreds of 0.01 orders? Post by: massivebitman on April 11, 2013, 09:13:33 AM Actually. I think it's good. It raises the price.
Title: Re: Who is the idiot posting hundreds of 0.01 orders? Post by: Sage on April 11, 2013, 09:15:36 AM Market manipulation, nothing more.
Scumbag hackers are making way too much in ill-gotten gains praying on naive new Bitcoin users. Title: Re: Who is the idiot posting hundreds of 0.01 orders? Post by: Frost on April 11, 2013, 09:18:39 AM Is this really a good moment to buy now? I could buy 0.33 now :D
Title: Re: Who is the idiot posting hundreds of 0.01 orders? Post by: chrsjrcj on April 11, 2013, 11:19:53 AM Actually. I think it's good. It raises the price. No it doesn't. Title: Re: Who is the idiot posting hundreds of 0.01 orders? Post by: HappyBitCoinUser on April 11, 2013, 11:20:20 AM What is that good for? To jam the exchange? I wanted to get rich some day. Title: Re: Who is the idiot posting hundreds of 0.01 orders? Post by: M4v3R on April 11, 2013, 11:24:51 AM 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. Title: Re: Who is the idiot posting hundreds of 0.01 orders? Post by: essem on April 11, 2013, 11:31:20 AM right im going to do it again, people adjust your bids I will be placing these very very low
Title: Re: Who is the idiot posting hundreds of 0.01 orders? Post by: Manticore on April 11, 2013, 12:10:20 PM 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. Title: Re: Who is the idiot posting hundreds of 0.01 orders? Post by: Sage on April 11, 2013, 12:17:30 PM Is this really a good moment to buy now? I could buy 0.33 now :D Yep! Be greedy when everyone is fearful... heard Warren Buffet say that. But I'm never greedy...that's my policy. Just well-informed. Title: Re: Who is the idiot posting hundreds of 0.01 orders? Post by: TTBit on April 11, 2013, 12:33:36 PM 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. Title: Re: Who is the idiot posting hundreds of 0.01 orders? Post by: deadweasel on April 11, 2013, 12:40:11 PM 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? |