Bitcoin Forum

ha dumb panic sellers i saw a sell order just now on stamp that sold 20 coins at 102. just so he could get his sold. if he put in 117 he would have got it sold but i guess 300 bucks means nothing to him. what an idiot!

if you want to sell thats fine but get ready for it to bounce at 110 and go back to 120 EASILY!. i put buy orders all over the 111.00 mark so i can hopefully get that bounce. and make some coins on the cheep.  8)

Damn I was thinking that this was an old post until I looked at mtgox for the first time today. It's dropping fast. Any reasons why you think besides btc's natural volatility?

It always gives you the best price, so even if he put in 102, if the highest bid was 117 he got paid 117.

BTC has a long way to go, overreactions run rampant over price fluctuation's of a few dollars...

possible market manipulation?

sell sell sell ... drive the price down ... then buy buy buy

need big $$$ for that though.

no if you sell at 102 then you get paid 102. ive done it befor. you can just put in one dollar and expect to get paid 117. doesnt work that way on bitstamp.

It doesn't work like that because the price moves before you buy or sell. As you sell sell sell, you are selling at a lower and lower price. As you buy buy buy, you are buying at a higher and higher price. Selling low and buying high won't make you any money.

I mean in literal terms like that it won't help, but selling a massive load in order to create speculation that coerces others to sell as well may drop the market far enough to allow a profitable venture.

I just hope people keep selling. But the price has already gone back up to 120 I doubt it'll drop anymore.

What was it that prompted the April bubble?

Thats free market.

i lol'd :P

It's a complicated and risky scenario that must play out in order to make money.

1. Sell massive amounts at low prices.
2. Hope that people sell after you are done selling and drive prices even lower. (uncertain)
3. Buy back massive amounts without raising the price. (unlikely)
4. Hope that people buy after you are done buying and restore prices to normal. (uncertain)

It might work in the movies, but it is unlikely to work in reality.

if you are placing stop or limit sell orders, consider using non-round numbers like 112 or 106. Most people will be selling around round numbers like 105 or 110 and so doing this will help preserve some value in a downturn.

Yea I suppose if you had the money/ability to maintain 20000 btc you'd probably put a little bit more thought into trying a risky venture like that.

It has a super long way to go, people Day trading are nuts. Just stick to collecting BTC, and day trading alt's if you REALLY want to even do that lol. I would prefer just racking it up, TBH.

we need dumb people in order to earn more

It's not 'naturally volatile', it's just bought/sold a somewhat illiquid market. Mt. Gox is the biggest, but it's still hard for people to get fiat there compared to most other currency/stock/etc. markets. If if were much easier to get it there, and there were also more sellers there, the price would not swing as much.

Someone put in a market sell order of 2300BTC around noon EST and then another market sell order of 2300 - 2500BTC a few hours later. The original sell order moved the price from 122 straight down to about 116.75.

The price had been slowly decreasing from 129 over the past 36 hours, that could be from a number of factors.

That doesn't make any sense. What would happen to the $15 in the middle? Would bitstamp just keep it?

I just tested it to confirm. The highest asking price was $109.12.

I opened a limit order to sell one bitcoin at $108. When I look at my transaction list, it says I sold one bitcoin for $109.12.

There are a few major holders of BTC from ages ago that could potentially affect the market price with their holdings.  Easily. I don't think it's intentional - I think they probably are cashing out a chunk for some reason. 

dont forget some sites like bitpay that processes merchant transaction sweeps BTC to fiat on a daily basis. I'm sure there are other small time merchants who write scripts to sweep over BTC to fiat... after all, you still cant pay your power bill in BTC!

There are many people jumping in and out of the bandwagon that don't understand basic economics, and probably don't understand how they could have made $300 more.

I hope it goes down more, makes it cheaper to trade fiat for blades  :P

Wow I guess that guy REALLY needed the money lol. I wish I was there to take him up on that deal lol.