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Title: Someone just took a gigantic dump. Post by: ElectricMucus on November 14, 2011, 01:00:29 AM prices are down to 2.5
Title: Re: Someone just took a gigantic dump. Post by: memvola on November 14, 2011, 01:02:24 AM Damn it! Where is my
Title: Re: Someone just took a gigantic dump. Post by: Cluster2k on November 14, 2011, 01:08:15 AM Watched it happen. Interesting stuff. Makes me wonder why someone does that. There was a huge flurry of trades at $2.50. Thousands of bitcoins going back and forth for the same price.
Great speculating opportunity. Not so great for anyone who is a merchant and wants to do anything useful with bitcoins. Instant 17% value drop. Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 01:09:41 AM WTF was that?
1 min volumes around 30k! There's going to be a lot of pissed off mofo's, and some happy ones I'm sure! I'm part of the latter! I just bought a chunk of that 9k wall $2.5! Title: Re: Someone just took a gigantic dump. Post by: Raoul Duke on November 14, 2011, 01:14:56 AM It was this guy
http://3.bp.blogspot.com/-ITj6e6C6tVk/TY0GxxcwF9I/AAAAAAAAEBg/oKoIrORS09A/s1600/taking-a-dump.jpg Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 14, 2011, 01:17:10 AM Holy crap
Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 01:20:03 AM Now THAT is a gigantic dump! lol
Title: Re: Someone just took a gigantic dump. Post by: barbarousrelic on November 14, 2011, 01:21:01 AM I wish mtgox would tell you how long a time period their "Volume" number represents. Does anyone know how long it is?
Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 01:22:10 AM open - close
24hrs Title: Re: Someone just took a gigantic dump. Post by: Jonathan Ryan Owens on November 14, 2011, 01:22:41 AM Now what I find amusing is that my Bank Deposit from Wednesday just now showed up, after the sell off. Is it just me? Anybody else suddenly find that their accounts have been credited with pending deposits / transfers?
The last time a crash happened, my account was magically AML unlocked immediately after the large sell off in October. Strong correlation between liquidity, availability of funds & sell offs, me thinks. So, who else is suddenly flush with dollars at MtGox right after the sell off? Anyone? -Jonathan Title: Re: Someone just took a gigantic dump. Post by: Edward50 on November 14, 2011, 01:29:09 AM I love it, the manipulator with his bidwalls just got owned. Enjoy your bitcoins AHOLE, how many did you buy like 20,000 right there alone.
Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 01:30:12 AM There goes my bitcoinica balence :-[. Should have shorted after all...
(or, be a smart trader and add a stop order). Title: Re: Someone just took a gigantic dump. Post by: barbarousrelic on November 14, 2011, 01:31:44 AM open - close 24hrs Mtgox never closes, right? So the volume represents the previous 24 hours from whenever you read the figure? Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 01:32:47 AM open - close 24hrs Mtgox never closes, right? So the volume represents the previous 24 hours from whenever you read the figure? Title: Re: Someone just took a gigantic dump. Post by: Crypt_Current on November 14, 2011, 01:36:35 AM There goes my bitcoinica balence :-[. Should have shorted after all... (or, be a smart trader and add a stop order). Definitely gotta have stops with this market... I learned that the hard way as well. This time, I made like $6 :-P XD Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 01:37:29 AM Yes! 24hrs, from 0:00UTC-23:59.59UTC. Look at their line on bitcoincharts, it shows open/close pricing. Just their open and close happens to be at the same time. Yesterdays close is today's open! It's just so you have a time period to compare with.
Title: Re: Someone just took a gigantic dump. Post by: Vandroiy on November 14, 2011, 01:43:40 AM Man, it's the middle of the night here, what's it with the nonsense *yawns*
brb checking how many coins I bought. Probably too few, but who expects someone to unlimited sell 50k? Seeeriously guys, you never cease to amaze me. Okay lol wut, someone gave up on Bitcoin the party panic way I guess? 70k volume already! Title: Re: Someone just took a gigantic dump. Post by: Crypt_Current on November 14, 2011, 01:46:07 AM Anybody else having problems getting money OUT of bitcoinica right now?
Title: Re: Someone just took a gigantic dump. Post by: SlaveInDebt on November 14, 2011, 01:48:58 AM Tired as hell and this happens. Time to fire up the pot.
Ohh my 50K bid wall at $2.5 ::) Title: Re: Someone just took a gigantic dump. Post by: Edward50 on November 14, 2011, 01:50:03 AM Manipulator panicks and places bidwall of 52K after the huge selloff.
Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 01:50:44 AM Man, it's the middle of the night here, what's it with the nonsense *yawns* brb checking how many coins I bought. Probably too few, but who expects someone to unlimited sell 50k? Seeeriously guys, you never cease to amaze me. Okay lol wut, someone gave up on Bitcoin the party panic way I guess? 70k volume already! Did we wake you? Or do you have a panic sell alarm Now there is a 50k buy at 2.40! Mr manipulator is not out yet! Edit: moved to $2.50 Title: Re: Someone just took a gigantic dump. Post by: adamstgBit on November 14, 2011, 01:51:42 AM Tired as hell and this happens. Time to fire up the pot. the pot will help! everyone smoke the pot! chill the fuck out! and watch for the drop to 1$ we can do it! :P Title: Re: Someone just took a gigantic dump. Post by: SlaveInDebt on November 14, 2011, 01:56:14 AM Tired as hell and this happens. Time to fire up the pot. the pot will help! everyone smoke the pot! chill the fuck out! and watch for the drop to 1$ we can do it! :P Coffee you dope :) Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 14, 2011, 01:56:52 AM Tired as hell and this happens. Time to fire up the pot. the pot will help! everyone smoke the pot! chill the fuck out! and watch for the drop to 1$ we can do it! :P Coffee you dope :) Title: Re: Someone just took a gigantic dump. Post by: Vandroiy on November 14, 2011, 02:01:13 AM Did we wake you? Or do you have a panic sell alarm I happened to be awake but would be asleep by now if not for this dude-move. I believe it's going to fail, but who knows... 3am now but I gotta watch this. Don't tell me the guy who sold does the bidwall. That would be... interesting to watch. Title: Re: Someone just took a gigantic dump. Post by: wndrbr3d on November 14, 2011, 02:01:40 AM I'm willing to bet it's MTGOX putting up the bid walls in order to keep value up, since their income depends on the value of Bitcoin.
Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 02:07:22 AM Don't tell me the guy who sold does the bidwall. That would be... interesting to watch. That is an interesting thought! Averaged out, it would be a good move! Title: Re: Someone just took a gigantic dump. Post by: SlaveInDebt on November 14, 2011, 02:08:01 AM Look at the 7K sell at 2.5001 :o
And it's gone, got mine now I await to jump ship :P Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 02:08:13 AM It's 2am here in Ireland. Was just about to fall asleep, but I think I'll stay up and watch this unfold.
Managed to snag quite a few cheap coins for myself. Delighted! :D Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 02:08:42 AM Look at the 7K sell at 2.5001 :o Liquidity is finally provided...None of the people who were promoting it are here cheering though. Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 14, 2011, 02:09:57 AM The action is so heated it's literally breaking mtgoxlive...the chart doesn't make any sense sometimes lol.
Title: Re: Someone just took a gigantic dump. Post by: SlaveInDebt on November 14, 2011, 02:10:41 AM 3K up for grabs at 2.51256
and it's gone... :o Title: Re: Someone just took a gigantic dump. Post by: Cluster2k on November 14, 2011, 02:11:17 AM 5x trades of 1000 bitcoins each at $2.50 within milliseconds of each other. Hmm.
Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 02:12:41 AM The action is so heated it's literally breaking mtgoxlive...the chart doesn't make any sense sometimes lol. It's hard to get an order through too! It's been locking my firefox periodically for the last hour. Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 02:14:59 AM The action is so heated it's literally breaking mtgoxlive...the chart doesn't make any sense sometimes lol. It's hard to get an order through too! It's been locking my firefox periodically for the last hour. Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 14, 2011, 02:16:32 AM Hmm, I've had a really good connection to gox with Chrome on SoCal Time Warner through this frenzy... ???
Title: Re: Someone just took a gigantic dump. Post by: Vandroiy on November 14, 2011, 02:18:37 AM Is it just one person selling all the time? Almost looks like it. I don't really get the point.
Maybe it's really someone trying to trigger panic selling. Kind of awkward timing though, now that you get so little for a coin. Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 02:21:39 AM Is it just one person selling all the time? Almost looks like it. I don't really get the point. Nobody who owns a large amount of bitcoin will try to trigger panic selling. It isn't even profitable to do this if you are shorting on bitcoinica. The conclusion is that there is likely way more than one person selling, or there really is a team of Manipulators.Maybe it's really someone trying to trigger panic selling. Kind of awkward timing though, now that you get so little for a coin. Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 14, 2011, 02:22:58 AM Well I doubt multiple people would just so happen to put up 50,000 BTC at the same exact price out of coincidence.
Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 02:25:34 AM Well I doubt multiple people would just so happen to put up 50,000 BTC at the same exact price out of coincidence. I doubt that too. But there is no explanation to unlimited sell 50000 BTC, unless that person was panic-selling in the first place.The other option I hadn't considered is a rich guy's Mt.Gox account was hacked, but the hacker couldn't withdraw all the coins at once so instead tried to ignite panic selling and buy cheap bitcoins. Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 14, 2011, 02:31:05 AM A couple minutes ago I watched the 50,000 BTC bid wall move from 2.50 to 2.55 all at once. It's definitely just one person.
Title: Re: Someone just took a gigantic dump. Post by: greyhawk on November 14, 2011, 02:33:48 AM I bet it's Satoshi. :D
Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 02:33:53 AM A couple minutes ago I watched the 50,000 BTC bid wall move from 2.50 to 2.55 all at once. It's definitely just one person. Yep, saw that too. I think your conclusions are correct. Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 02:34:16 AM The other option I hadn't considered is a rich guy's Mt.Gox account was hacked, but the hacker couldn't withdraw all the coins at once so instead tried to ignite panic selling and buy cheap bitcoins. I hope this isn't the case! I've been waiting for <2.75 for days. Picking up chump change at 3 just to keep my volume discount was killing me. Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 02:35:29 AM It's jumped to 2.6 now - 25,000 btc bid.
Title: Re: Someone just took a gigantic dump. Post by: greyhawk on November 14, 2011, 02:36:21 AM Now he dropped in another 25000 at 2,60. Someone's getting desperate
Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 14, 2011, 02:37:01 AM this looks really strange right now...
http://img845.imageshack.us/img845/199/goxxlawl.png I don't really believe this is one person, I mean it makes sense to sell them and by them back later, however I don't think the market would accept a drop this fast. I mean what he's gonna do buy his own coins? :D Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 02:39:30 AM That 25,000 bid at 2.6 just got eaten alive!
Title: Re: Someone just took a gigantic dump. Post by: Cluster2k on November 14, 2011, 02:39:40 AM Two trades of 5000 BTC for $2.60 and that 2.60 'wall' comes crashing down. It's beautiful to watch. Someone is putting on quite a show.
Title: Re: Someone just took a gigantic dump. Post by: Vandroiy on November 14, 2011, 02:40:03 AM Nobody who owns a large amount of bitcoin will try to trigger panic selling. It isn't even profitable to do this if you are shorting on bitcoinica. The conclusion is that there is likely way more than one person selling, or there really is a team of Manipulators. I mean a try to sell all, trigger panic, buy back lower. Well, it's not that likely. But the orders not matching for a while at 2.5 have no other explanation really than being by the same person. It's strange, why does someone want to hammer such huge volume through so fast? If the market makers introduce any sort of friction, this might result in huge losses for the seller. Title: Re: Someone just took a gigantic dump. Post by: greyhawk on November 14, 2011, 02:41:17 AM It's one person. On bitcoincharts you can see the exact volume of bids and it stands at exactly 25000 coins for 2,60.
These round number don't happen if more than one person is involved. EDIT: And now someone bought right through that. Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 02:44:23 AM 90k by $2.50!
Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 02:44:45 AM It's one person. On bitcoincharts you can see the exact volume of bids and it stands at exactly 25000 coins for 2,60. One person holding the price up, yes. One person dropping it down, maybe. But I think it's likely that it's the same person on both sides - some hacker probably trying to play with unwithdrawlable funds, maybe?These round number don't happen if more than one person is involved. EDIT: And now someone bought right through that. Title: Re: Someone just took a gigantic dump. Post by: greyhawk on November 14, 2011, 02:47:18 AM Aaaaand it's crashing to 2,50
EDIT: Broken through, all walls gone. Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 14, 2011, 02:47:21 AM And bam, he pulls out at 6:45PM PST. Where is he gonna get back in?
Edit: back in with 45,000 BTC @ $2.50....this is fun! Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 02:48:23 AM And bam, he pulls out at 6:45PM PST. Where is he gonna get back in? Whoa, just saw some mtgox-live kung fu. Bidwall, Askwall, and bidwall again!Edit: you know, someone is losing a gigantic amount of money from this... Title: Re: Someone just took a gigantic dump. Post by: SlaveInDebt on November 14, 2011, 02:48:39 AM And bam, he pulls out at 6:45PM PST. Where is he gonna get back in? 2.5 again ::) Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 02:49:05 AM I'm so confused! :/
Title: Re: Someone just took a gigantic dump. Post by: Cluster2k on November 14, 2011, 02:49:09 AM One thing is for sure. Whatever happens, whoever is involved, there is only one guaranteed winner: MtGox. They must be loving the volume.
Wall comes up, wall comes down, rinse repeat. If whoever is responsible is reading this forum, I'd just like to say I'm enjoying the show. Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 02:49:37 AM One thing is for sure. Whatever happens, whoever is involved, there is only one guaranteed winner: MtGox. They must be loving the volume. Unless all this money is fake and from a Mt.Gox hack, of course.Wall comes up, wall comes down, rinse repeat. If whoever is responsible is reading this forum, I'd just like to say I'm enjoying the show. Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 02:49:41 AM This is mad. MtGoxLive has no idea what is happening. There are lines everywhere.
Title: Re: Someone just took a gigantic dump. Post by: proudhon on November 14, 2011, 02:50:16 AM I thought we were gearing up for a reversal guys, what happened?
Title: Re: Someone just took a gigantic dump. Post by: SlaveInDebt on November 14, 2011, 02:50:58 AM Over 100K buying from 2.5-2.53 wtf :o
Someone letting Dwolla in :D Title: Re: Someone just took a gigantic dump. Post by: greyhawk on November 14, 2011, 02:51:21 AM Now there's 4 different walls of 25000 each. It's like a beautiful dance.
Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 14, 2011, 02:51:43 AM This is mad. MtGoxLive has no idea what is happening. There are lines everywhere. I know, it's hilarious. Might as well be circles on the chart, hehe.Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 02:52:08 AM Now there's 4 different walls of 25000 each. It's like a beautiful dance. And there goes the walls... They moved again.Title: Re: Someone just took a gigantic dump. Post by: proudhon on November 14, 2011, 02:53:55 AM My guess is this is just the beginning of another giant move down. Look out below!
Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 14, 2011, 02:58:33 AM My guess is this is just the beginning of another giant move down. Look out below! Way too soon. imho. Title: Re: Someone just took a gigantic dump. Post by: proudhon on November 14, 2011, 03:01:24 AM My guess is this is just the beginning of another giant move down. Look out below! Way too soon. imho. I'm not saying it'll happen tonight, but I'll be very surprised if the price doesn't make new lows in the next week. Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 03:08:56 AM My guess is this is just the beginning of another giant move down. Look out below! Way too soon. imho. Agreed. Might be wrong, but I'm betting on very little movement below $2.50 for at least a couple of days. Title: Re: Someone just took a gigantic dump. Post by: SlaveInDebt on November 14, 2011, 03:15:40 AM Wait for it wait for it.... :-*
and reset to 2.5 complete Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 14, 2011, 03:17:52 AM Wait for it wait for it.... :-* lol! Just bought back my panic sells from earlier tonight at a nice profit!and reset to 2.5 complete Title: Re: Someone just took a gigantic dump. Post by: wndrbr3d on November 14, 2011, 03:20:43 AM looks like a game of chicken is going on right now.
Title: Re: Someone just took a gigantic dump. Post by: SlaveInDebt on November 14, 2011, 03:21:24 AM Wait for it wait for it.... :-* lol! Just bought back my panic sells from earlier tonight at a nice profit!and reset to 2.5 complete Starting my second ride from 2.5 now 8) Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 03:23:49 AM And here we have it... Mt.Gox 3.5 Hour volume > Tradehill 30 day volume.
Title: Re: Someone just took a gigantic dump. Post by: greyhawk on November 14, 2011, 03:26:04 AM And here we have it... Mt.Gox 3.5 Hour volume > Tradehill 30 day volume. Even better, in just 4 hours there's been almost as much volume than on 9/9/11 all day. Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 03:27:24 AM And here we have it... Mt.Gox 3.5 Hour volume > Tradehill 30 day volume. Even better, in just 4 hours there's been almost as much volume than on 9/9/11 all day. Title: Re: Someone just took a gigantic dump. Post by: Vandroiy on November 14, 2011, 03:30:27 AM Yea, that was amazing.
I'm off for some sleep now. Quite some event, but 2-4:30 am was not the best timing for me. Probably Americans or something. Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 03:30:30 AM Ok, enough excitement for one night. I'm off to bed with my 15% btc profit!
Getting bored of watching this game of rinse and repeat. Title: Re: Someone just took a gigantic dump. Post by: greyhawk on November 14, 2011, 03:33:33 AM And with that 20000 coin sale that happened just now, volume records have been broken.
Title: Re: Someone just took a gigantic dump. Post by: proudhon on November 14, 2011, 03:33:43 AM And here we have it... Mt.Gox 3.5 Hour volume > Tradehill 30 day volume. Even better, in just 4 hours there's been almost as much volume than on 9/9/11 all day. Yawn. When USD volume is breaking records I'll be impressed (hint: not going to happen). Title: Re: Someone just took a gigantic dump. Post by: proudhon on November 14, 2011, 03:34:41 AM And with that 20000 coin sale that happened just now, volume records have been broken. WTF? 20,000BTC just got sold but I didn't see the depth change on the bid side...Did I miss something? Edit: Nevermind, now I see it. Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 03:35:25 AM And with that 20000 coin sale that happened just now, volume records have been broken. Mt.Gox is now at 80% of the 30 day volumes. Strangely, tradehill has not declined from 8%.Edit: New lows recorded @ 2.4. Will the 2.4 support hold? Title: Re: Someone just took a gigantic dump. Post by: greyhawk on November 14, 2011, 03:36:51 AM And with that 20000 coin sale that happened just now, volume records have been broken. WTF? 20,000BTC just got sold but I didn't see the depth change on the bid side...Did I miss something? The wall is at exactly 2,50. The 20000 BTC sale was for 2,500001. Title: Re: Someone just took a gigantic dump. Post by: BTCurious on November 14, 2011, 03:37:51 AM What the fuck. Bidwall was gone. Then was replaced 5 seconds later. In the meantime it dropped to ~2.4...
Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 03:39:00 AM What the fuck. Bidwall was gone. Then was replaced 5 seconds later. In the meantime it dropped to ~2.4... Whoever was trying to manipulate price down succeeded. When people wake up, they will realize just how little liquidity is in this market and start selling.Title: Re: Someone just took a gigantic dump. Post by: proudhon on November 14, 2011, 03:39:14 AM What the fuck. Bidwall was gone. Then was replaced 5 seconds later. In the meantime it dropped to ~2.4... The bitcoin market is getting trolled by early adopters/deep pockets. lol Title: Re: Someone just took a gigantic dump. Post by: BTCurious on November 14, 2011, 03:39:58 AM The bitcoin market is getting trolled by early adopters/deep pockets. lol lolTitle: Re: Someone just took a gigantic dump. Post by: Etlase2 on November 14, 2011, 03:40:24 AM trolled to the tune of "3.5 million"
Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 03:48:40 AM trolled to the tune of "3.5 million" What do you mean? Total volume is at only 623,xxx. Am I missing something?Title: Re: Someone just took a gigantic dump. Post by: Etlase2 on November 14, 2011, 03:53:13 AM The 7.5m*$0.50 of value "lost" by people believing that bitcoin has some form of stability or future, when all it really appears to be is early adopters playing games with your money and electricity.
Title: Re: Someone just took a gigantic dump. Post by: Raoul Duke on November 14, 2011, 03:58:53 AM The 7.5m*$0.50 of value "lost" by people believing that bitcoin has some form of stability or future, when all it really appears to be is early adopters playing games with your money and electricity. I would dare to say that so far they are only playing games with MtGox database... Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 04:01:47 AM The 7.5m*$0.50 of value "lost" by people believing that bitcoin has some form of stability or future, when all it really appears to be is early adopters playing games with your money and electricity. Oh, you're talking market cap. My bad! Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 04:07:39 AM MtGoxLive has finally calmed down.
Everyone relax. The major volatility is over for the time being. The room holds it's breath ... Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 04:10:40 AM MtGoxLive has finally calmed down. Everyone relax. The major volatility is over for the time being. The room holds it's breath ... Except, after all that buying >2.50, he goes and puts his wall at 2.40. So now, (mostly) everyone is losing money. Title: Re: Someone just took a gigantic dump. Post by: BTCurious on November 14, 2011, 04:12:02 AM So now, (mostly) everyone is losing money. That's not how it works…Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 04:13:07 AM Except, after all that buying >2.50, he goes and puts his wall at 2.40. So now, (mostly) everyone is losing money. That is a sign of real support at 2.40. There has been no extreme buying to pump the price. Whoever was doing this has had enough fun for one day. Time will tell what will happen next, but not tonight I would imagine. Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 14, 2011, 04:13:20 AM It's not gonna stay calm with 57,000 BTC sitting there in the palm of this guy's hand. Currently on the buy side. We've seen him do "kung-fu" with his own money by instantly throwing up ask and then bid walls back and forth.
Title: Re: Someone just took a gigantic dump. Post by: Jonathan Ryan Owens on November 14, 2011, 04:14:07 AM MtGoxLive has finally calmed down. Everyone relax. The major volatility is over for the time being. The room holds it's breath ... Except, after all that buying >2.50, he goes and puts his wall at 2.40. So now, (mostly) everyone is losing money. I'm all in USD at the moment, up $108 from riding the rinse / repeat cycle on $900 USD. I have a feeling that a lot of people similarly have full stomachs. Title: Re: Someone just took a gigantic dump. Post by: Etlase2 on November 14, 2011, 04:14:36 AM So now, (mostly) everyone is losing money. That's not how it works…That is a sign of real support at 2.40. There has been no extreme buying to pump the price. Whoever was doing this has had enough fun for one day. Time will tell what will happen next, but not tonight I would imagine. taint just a river in egypt Title: Re: Someone just took a gigantic dump. Post by: Jonathan Ryan Owens on November 14, 2011, 04:16:42 AM $2.30 and dropping..
Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 04:22:01 AM Hold fast mateys! Batten down the hatches. Don't let them drag us under tonight.
The battle might have been lost, but the war is still for the winning. Title: Re: Someone just took a gigantic dump. Post by: HappyFunnyFoo on November 14, 2011, 04:24:12 AM It's blatantly obvious that MagicalTux himself is generating the bidwall, it's up even with volatility that would kill the fastest HFT network.
Sell sell sell... ;) Hey, did you guys buy your options back when DOW 10,800? You could've made more than the bitcoin bubble... if you had listened to the Dow bulls ;) Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 14, 2011, 04:28:12 AM MtGoxLive has finally calmed down. Everyone relax. The major volatility is over for the time being. The room holds it's breath ... Except, after all that buying >2.50, he goes and puts his wall at 2.40. So now, (mostly) everyone is losing money. I'm all in USD at the moment, up $108 from riding the rinse / repeat cycle on $900 USD. I have a feeling that a lot of people similarly have full stomachs. Title: Re: Someone just took a gigantic dump. Post by: Jonathan Ryan Owens on November 14, 2011, 04:35:39 AM MtGoxLive has finally calmed down. Everyone relax. The major volatility is over for the time being. The room holds it's breath ... Except, after all that buying >2.50, he goes and puts his wall at 2.40. So now, (mostly) everyone is losing money. I'm all in USD at the moment, up $108 from riding the rinse / repeat cycle on $900 USD. I have a feeling that a lot of people similarly have full stomachs. It's not bragging, sir. I'm pointing out that volatility is an opportunity for anyone who is agnostic. Go with the market, that's all I'm saying. It's been rather predictable for the past 4 hours, don't you think? Anyhow. I'm rather happy to see the decline to more realistic price levels. Mining is an oversubscribed sport, and even $2 isn't exactly justified. Another difficulty drop in 16 blocks, and hopefully another 10-30% drop in another 2016 blocks. Watch the network go down to 5 Thash/s within 2 weeks, and bitcoin price to ~$1.50, and hopefully watch the price stabilize around a more realistic exchange value. This is needed. Sorry you think I'm bragging. Truth is that 70% of that is managed for a friend, and I only made ~30 USD personally :) Good luck everyone. -Jon Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 14, 2011, 04:44:17 AM It's blatantly obvious that MagicalTux himself is generating the bidwall, it's up even with volatility that would kill the fastest HFT network. Nice conspiracy theory! Even though it's stupid.Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 14, 2011, 05:16:10 AM Sorry you think I'm bragging. Truth is that 70% of that is managed for a friend, and I only made ~30 USD personally :) thanks, to you too.Good luck everyone. -Jon Did alright too :) The storm seems to have settled although the massive bidwalls remain, people seem to be still scared to place an order, lets hope that settles too. Title: Re: Someone just took a gigantic dump. Post by: Edward50 on November 14, 2011, 05:21:50 AM Did anyone sell into and wipe out the 50,000 bid wall? Last I looked it was 47,000 at 2.5 at 136,000 volume.
I see price dropped down to 2.3 since then and volume is now 270,000. Did someone wipe out his 47K bidawll, and he placed it back? Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 14, 2011, 05:35:55 AM Did anyone sell into and wipe out the 50,000 bid wall? Last I looked it was 47,000 at 2.5 at 136,000 volume. nope it was moved there, and some people panic sold into the rest of the orders, doesn't make sense but people are jumpy.. ::)I see price dropped down to 2.3 since then and volume is now 270,000. Did someone wipe out his 47K bidawll, and he placed it back? Title: Re: Someone just took a gigantic dump. Post by: bulanula on November 14, 2011, 10:09:22 AM Did anyone sell into and wipe out the 50,000 bid wall? Last I looked it was 47,000 at 2.5 at 136,000 volume. nope it was moved there, and some people panic sold into the rest of the orders, doesn't make sense but people are jumpy.. ::)I see price dropped down to 2.3 since then and volume is now 270,000. Did someone wipe out his 47K bidawll, and he placed it back? Is this all over now ? Price going to $1 soon ? Title: Re: Someone just took a gigantic dump. Post by: Cluster2k on November 14, 2011, 10:17:29 AM Did anyone sell into and wipe out the 50,000 bid wall? Last I looked it was 47,000 at 2.5 at 136,000 volume. nope it was moved there, and some people panic sold into the rest of the orders, doesn't make sense but people are jumpy.. ::)I see price dropped down to 2.3 since then and volume is now 270,000. Did someone wipe out his 47K bidawll, and he placed it back? Is this all over now ? Price going to $1 soon ? Probably back to $3 by week's end, but each major dump dents confidence in bitcoin and bitcoin's value. As a transactional commodity, the price doesn't matter. As a place to park your money for more than a few days (unless you're speculating on value) it's terrible. Title: Re: Someone just took a gigantic dump. Post by: netrin on November 14, 2011, 01:53:54 PM Of course, it could just be someone connecting the dots...
http://genaud.net/bitcoin/2011/20111019-0200-yearDailyS.png Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 14, 2011, 02:00:41 PM Of course, it could just be someone connecting the dots... I am beginning to suspect you are trolling.http://genaud.net/bitcoin/2011/20111019-0200-yearDailyS.png You know about the criticisms about Elliott? What I have read on TOW the predictive power of them waves doesn't exceed random chance. Artificial neural nets on the other hand are said to produce statistically significant results. Ok I'll give it a chance, how did you arrive at the location of Nr. II? Why December and not March? Why 1 and not 0.4? Or why not take off right now? (I know other technical analysis strongly speaks against that but just pretend) Title: Re: Someone just took a gigantic dump. Post by: netrin on November 14, 2011, 02:22:31 PM I'd be happy to (though you can read a discussion in real time (https://bitcointalk.org/index.php?topic=49462)). Wave I is a picture perfect five waves (red i-v) after which we can expect a large correction. The corrective wave II is typically three waves (though more complex corrective patterns are possible such as the count below created weeks later, but the targets remain the same). The correction often ends within the price range of red iv ("A correction usually finds its [end] point in the area of the fourth wave of the preceding impulse wave of the same degree.").
http://genaud.net/bitcoin/2011/20111106-2224-yearSDay9Oct9May.png EDIT/ADD: Have you added more questions since I replied? There's nothing special about the dates, only that they extend from a publicly visible aesthetic pattern. I like the idea of a reversal on Christmas day. $1 is only suggestive as are $0.6 to $1.1 from March. The price could take off or crash to zero today, but I think the chart above presents a greater likely outcome. http://bitcoincharts.com/charts/chart.png?s=2011-2-11&e=2011-4-6&noheader=1&height=200&width=300&m=mtgoxUSD&i=Hourly&c=1&l=1&t=W Wave iv, March 2011. Title: Re: Someone just took a gigantic dump. Post by: the joint on November 14, 2011, 02:31:02 PM It's blatantly obvious that MagicalTux himself is generating the bidwall, it's up even with volatility that would kill the fastest HFT network. Nice conspiracy theory! Even though it's stupid.I don't think this is stupid at all. If I ran Gox, I'd do it. It's smart business. It's the same as if I was the commissioner of MLB or the NBA; I'd want my games rigged. Besides...who would really know? Title: Re: Someone just took a gigantic dump. Post by: Dan The Man on November 14, 2011, 02:56:06 PM Well I managed to double my Bitcoinica balance by selling at $3 and then buying at $2.50. I really see how trading on margin can be fun.
Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 03:58:18 PM And it happened again!
Title: Re: Someone just took a gigantic dump. Post by: proudhon on November 14, 2011, 04:01:18 PM Told you so.
Title: Re: Someone just took a gigantic dump. Post by: Dan The Man on November 14, 2011, 04:12:15 PM If I had any more money available, I would keep buying against the 2.37 wall.
Title: Re: Someone just took a gigantic dump. Post by: pent on November 14, 2011, 04:18:37 PM Its the end of the world
Title: Re: Someone just took a gigantic dump. Post by: Vandroiy on November 14, 2011, 04:32:23 PM Told you so. It's okay proudhon, we all knew something like this was likely. You don't seem to get that you can be a bull in high-risk speculation without believing it will work out with even 50% chance. Besides, this isn't done yet by far. Someone just hammered more than 4% of all BTC there exist over the exchanges, of course the price drops. But such volumes are not sustainable, the interesting part will only be visible over average of the coming month at least. Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 14, 2011, 04:38:35 PM Apropos risk, I'm riding this one through, don't wanna get hit by one of these if I happen to be long.
Some others are too it seems by the indicators.... Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 05:32:35 PM Is it just me, or does the 'stepping' on the ask side on mtgoxlive look particularly suspicious?
It almost seems as if someone were gearing up for a mass buy. Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 05:41:12 PM Is it just me, or does the 'stepping' on the ask side on mtgoxlive look particularly suspicious? It almost seems as if someone were gearing up for a mass buy. It looks to me like it's just the buys of the last drop selling now! They weren't ready for it, and now they're stuck with the coins. Title: Re: Someone just took a gigantic dump. Post by: allten on November 14, 2011, 06:17:52 PM Before this gigantic dump I had pondered my bitcoin positions and if I should change any of them. I came to the conclusion that Bitcoin technology is so revolutionary that no one knows when a multi-millionare or billonare decides to drop some pocket change on us. At the same time, the "early adopters" still show such a huge profit that any one of them could decide to cash out crashing the market.
Long or Short, either position is a gamble. Only time and more adoption will make Bitcoin less vunerable. We are definantly in "early adopter" phase 2. It may take a few years before even us are considered "early adopters". Who's sticking around? I plan too. Next paycheck, I will be picking up some cheap coins knowing full well there may be panic sells or even early adopter sells, but the day will come when they will be rinsed from the system. Title: Re: Someone just took a gigantic dump. Post by: wndrbr3d on November 14, 2011, 06:49:52 PM Before this gigantic dump I had pondered my bitcoin positions and if I should change any of them. I came to the conclusion that Bitcoin technology is so revolutionary that no one knows when a multi-millionare or billonare decides to drop some pocket change on us. See, there's the rub. If someone were to pump money into BTC ("drop some pocket change on us"), that's exactly what would happen as in, everyone holding BTC positions would either liquidate or take advantage of the price hike due to the influx of capital. Meaning the person who made the investment would be left holding the bag until the next schmuck comes along and pumps capital into the system. I would say, anecdotally, that a majority of the people involved in BTC are in it to make a buck. Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 06:55:36 PM Someone is artificially holding the price up around 2.4. Every time it dips below, someone buys just enough to push the price back over. How long can this be kept up when there is virtually no demand on the bid side, not even fake bidwalls? It feels like the sword of damocles is about to fall.
Title: Re: Someone just took a gigantic dump. Post by: Dan The Man on November 14, 2011, 06:59:10 PM Someone is artificially holding the price up around 2.4. Every time it dips below, someone buys just enough to push the price back over. How long can this be kept up when there is virtually no demand on the bid side? It feels like the sword of damocles is about to fall. Because nobody wants to put in a fixed buy order when the price is so volatile. As soon as there is some confidence that things are stable or on a slower trajectory, everyone will pile back onto the wagon. It's happened last month, and the month before, and the month before that. EXACT same situation. I guess people just forget quickly. One thing we can say, is that almost any time that the price butts up against a ginormous buy or sell wall, it will always be profitable in the short term to push against that wall. As soon as it drops, there is a big swing in price. Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 07:22:12 PM All the bids down to 2.20 or so have just been wiped out. And new lows have been set at 2.22.
This is going to be a bloodbath. Title: Re: Someone just took a gigantic dump. Post by: avoid3d on November 14, 2011, 07:26:47 PM are we gonna see 1.00 ?
this is 50% down in 24 hours OMG the sky is falling :P Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 14, 2011, 07:39:47 PM This multiple step down in price is so predictable over the last 20 hours I have made some great percentage gains. Nobody should be complaining right now, they should be learning how to trade in a market like this. This is a unique situation where you can make a lot of money while this one guy with ~50,000 BTC / ~$125,000 plays around.
Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 07:42:50 PM Say bye-bye to the bid side of the order book! I don't think it will be with us for much longer.
Title: Re: Someone just took a gigantic dump. Post by: Dan The Man on November 14, 2011, 07:43:06 PM I just converted all of my Mt Gox BTC into Bitcoinica and bought up about 4 times as many. Call me crazy, but I'd say this is the closest thing to free money that I have seen in a while. If you are panicking, just take a look at the 4 month price history and take a deep breath.
Title: Re: Someone just took a gigantic dump. Post by: Technomage on November 14, 2011, 07:45:44 PM $2 is the key point right now. $2.04 is still the low after the peak and if we want to see more massive selloffs that low must be broken decisively. If it isn't broken we will have a major rebound this week.
Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 07:50:30 PM New lows of $2.13 just set.
This is going to keep going well under $2. Title: Re: Someone just took a gigantic dump. Post by: Crypt_Current on November 14, 2011, 07:52:32 PM SOOOOO glad I did another short position.
I urge everyone to pay attention to my sig if you haven't already. Title: Re: Someone just took a gigantic dump. Post by: Dan The Man on November 14, 2011, 08:00:46 PM I liquidated my shorts too early. I always do that. But it still was enough to finance a rather large round of buying.
Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 08:07:23 PM How soon will it be before those who are stuck with a load of coins from last night begin to cut their losses?
Some are trying to push the price back up as we speak but I don't think any of us are going to fall for the rinse/repeat cycle again. Not after the madness of last night. Demand is completely listless - it doesn't take a genius to figure out what is going to happen next. Title: Re: Someone just took a gigantic dump. Post by: Edward50 on November 14, 2011, 08:12:08 PM How soon will it be before those who are stuck with a load of coins from last night begin to cut their losses? Some are trying to push the price back up as we speak but I don't think any of us are going to fall for the rinse/repeat cycle again. Not after the madness of last night. Demand is completely listless - it doesn't take a genius to figure out what is going to happen next. I agree with you, people are smarter to think that we will just bouce right back up to $3.00 at this point. It is way too easy money. I mean I could buy like 1000 bitcoins at 2.18 right now for 2180, and if it will just bouce right back up to 3.10 in a day I would make profit of $920. That is a whopping 42% profit. Do you think that the smart money will allow this to happen so easily. The big manipulator who has been setting the 50K bid walls has pulled out. He was the only thing holding the price back. He wants the price to fall even lower than it is right now. Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 14, 2011, 08:23:54 PM The big manipulator who has been setting the 50K bid walls has pulled out. He was the only thing holding the price back. He wants the price to fall even lower than it is right now. Whatchoo talkin' bout Willis? I see those same coins (same guy) just placed in different spots on the depth chart right now.Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 08:30:18 PM The big manipulator who has been setting the 50K bid walls has pulled out. He was the only thing holding the price back. He wants the price to fall even lower than it is right now. Whatchoo talkin' bout Willis? I see those same coins (same guy) just placed in different spots on the depth chart right now.Misquote. Title: Re: Someone just took a gigantic dump. Post by: Dan The Man on November 14, 2011, 08:39:21 PM Has anyone noticed that we've set a new record for daily Bitcoin trading volume on Mt Gox? Dunno what the significance of that is, but cool none the less.
Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 14, 2011, 08:44:37 PM And with that 20000 coin sale that happened just now, volume records have been broken. Has anyone noticed that we've set a new record for daily Bitcoin trading volume on Mt Gox? Dunno what the significance of that is, but cool none the less. A couple hours before, yes.Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 09:14:35 PM The price pumpers were only able to get it up to 2.27 this time. Nobody is taking the bait.
As soon as we hit that $2 wall, it's going to disappear. Title: Re: Someone just took a gigantic dump. Post by: Dan The Man on November 14, 2011, 09:18:58 PM The price pumpers were only able to get it up to 2.27 this time. Nobody is taking the bait. As soon as we hit that $2 wall, it's going to disappear. I disagree. It's very clear from what has happened every single month for the past 3 months that the price is going to bounce around for a while. I won't say it won't go below $2. But it won't go very far below $2 and not for very long. There will be at most a week of sort of bouncy semi-stability, and then it's going to jump up, maybe hit $3 or close to it and then go back to the typical stability somewhere below $3. Title: Re: Someone just took a gigantic dump. Post by: bulanula on November 14, 2011, 09:29:08 PM The price pumpers were only able to get it up to 2.27 this time. Nobody is taking the bait. As soon as we hit that $2 wall, it's going to disappear. I disagree. It's very clear from what has happened every single month for the past 3 months that the price is going to bounce around for a while. I won't say it won't go below $2. But it won't go very far below $2 and not for very long. There will be at most a week of sort of bouncy semi-stability, and then it's going to jump up, maybe hit $3 or close to it and then go back to the typical stability somewhere below $3. Same was said at $10 and $5. The reality is that price will keep on falling as long as there is free electricity miners, stolen coins, block reward of high 50 BTC, early adopters like BCX with 250 000 coins. Right now the best thing to do is to short and sell as quick as you can. You are a fool if you are buying now. Even $2 is vastly inflated at the moment. $1 sounds likely. Remember the $100 by Xmas guys yeah ? LOL. Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 09:43:57 PM Look at the MACD. It's signaling a huge drop. The RSI is just about to touch 30, and momentum is -1. I'm not normally the biggest fan of technicals, but I honestly can't see how the price could manage a successful rally back to $3 under these circumstances.
http://img685.imageshack.us/img685/4812/sccap.png Maybe in the medium to long term, but there is no reason whatsoever for the price to rise again in the short term. Real demand is non existent. The only people buying right now are speculators who don't know what they are doing. The only way the price will rise is if someone takes a huge gamble and buys a LOT of coins to start a momentum move. It won't be real, and will quickly deflate again. That's why it is not going to happen. Title: Re: Someone just took a gigantic dump. Post by: btc_artist on November 14, 2011, 09:55:19 PM Watching.
Title: Re: Someone just took a gigantic dump. Post by: StewartJ on November 14, 2011, 10:06:13 PM Watching. ... and waiting. ( the $1 btc cometh ! ) Title: Re: Someone just took a gigantic dump. Post by: RyNinDaCleM on November 14, 2011, 10:46:36 PM Look at the MACD. It's signaling a huge drop. The RSI is just about to touch 30, and momentum is -1. I'm not normally the biggest fan of technicals, but I honestly can't see how the price could manage a successful rally back to $3 under these circumstances. http://img685.imageshack.us/img685/4812/sccap.png All the indicators in the world still can't detect stupid! ::) Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 11:01:07 PM All the indicators in the world still can't detect stupid! ::) This one seems pretty accurate. /sarcasm :D http://satireknight.wikispaces.com/file/view/stupid_meter.gif/189852736/stupid_meter.gif Title: Re: Someone just took a gigantic dump. Post by: mjcmurfy on November 14, 2011, 11:58:27 PM Another new low recorded at 2.10. Keep your eyes on that $2 wall.
Title: Re: Someone just took a gigantic dump. Post by: Cluster2k on November 15, 2011, 12:16:18 AM It seems to me that bitcoin behaves in almost exact opposite to sentiments expressed on BitcoinTalk.
Several weeks ago when the price was collapsing and $2 was within sight people were breaking out the marshmallows and singing bitcoin's death song. Then the price went up by over 50%. Last week we had posts proclaiming that $3 is somehow the new found level of stability and things are good from here. Someone showed up to spoil the party and dump the price to the low $2 range again. We now have an obvious and anticipated breakout of pessimism again. Which way will the trade turn from here? Title: Re: Someone just took a gigantic dump. Post by: notme on November 15, 2011, 12:23:00 AM It seems to me that bitcoin behaves in almost exact opposite to sentiments expressed on BitcoinTalk. Several weeks ago when the price was collapsing and $2 was within sight people were breaking out the marshmallows and singing bitcoin's death song. Then the price went up by over 50%. Last week we had posts proclaiming that $3 is somehow the new found level of stability and things are good from here. Someone showed up to spoil the party and dump the price to the low $2 range again. We now have an obvious and anticipated breakout of pessimism again. Which way will the trade turn from here? Up? Title: Re: Someone just took a gigantic dump. Post by: runeks on November 15, 2011, 03:42:24 PM I'm interested in this massive sell too. I pulled some historical data on mtgoxUSD from the last two days from bitcoincharts.com, pulled out all the transactions over 500 BTC, and sorted them by date. Here are the results:
Code: '2011-11-14 01:50:12 2.900000 1000.000000' So in the 44 seconds from 01:50:12 to 01:50:56 we had a trading volume of 11,275 BTC. Such a sudden spike looks a lot like a single person selling. Of course it *could* be a single person triggering trading bots as well. Then about 1 hour and 18 minutes pass, with high volume trading, but much less sudden and a bit more evenly distributed. 12,533 BTC are sold in these circa 80 minutes. Then another huge sell, 5000 BTC all at once at 03:08:29 happens. 5000 BTC in a single second! This exact same thing happens about 6 minutes later at 03:14:42 - 5641.66 BTC in a single second. Dude waits 15 minutes more - I'm assuming it's one guy - and dumps 4000 BTC at 03:29:12. It's the initial sells at 01:50:12 to 01:52:33 that effectively drops the price from 2.90 to 2.50 in a little over 2 minutes. Only counting the trades of at least 500 BTC in the period from 2011-11-14 01:50:12 to 2011-11-14 05:14:06 amounts to 144,000 BTC being traded in this 3˝ hour period. I wonder who's doing this. It must be an early adopter right? I mean, who else has this much BTC on hand? Title: Re: Someone just took a gigantic dump. Post by: Edward50 on November 15, 2011, 06:05:27 PM Did you notice the 20,000 bitcoins being sold in one shot. This was probably why the manipulator pulled out at this point.
Title: Re: Someone just took a gigantic dump. Post by: slush on November 15, 2011, 06:24:22 PM Did you notice the 20,000 bitcoins being sold in one shot. This was probably why the manipulator pulled out at this point. 20.000 bitcoins are like 60k USD. Don't forget, Christmas is coming and somebody wants to buy gifts. Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 15, 2011, 07:20:15 PM Did you notice the 20,000 bitcoins being sold in one shot. This was probably why the manipulator pulled out at this point. 20.000 bitcoins are like 60k USD. Don't forget, Christmas is coming and somebody wants to buy gifts. Title: Re: Someone just took a gigantic dump. Post by: bulanula on November 15, 2011, 07:25:39 PM Did you notice the 20,000 bitcoins being sold in one shot. This was probably why the manipulator pulled out at this point. 20.000 bitcoins are like 60k USD. Don't forget, Christmas is coming and somebody wants to buy gifts. I am about 80% sure that this guy is none other than our venerable and respected honorable member, BitcoinExpress, cashing out and leaving the rest of us fools holding the bag. Well done mate, you had us good !!! Title: Re: Someone just took a gigantic dump. Post by: RandyFolds on November 15, 2011, 07:29:11 PM Did you notice the 20,000 bitcoins being sold in one shot. This was probably why the manipulator pulled out at this point. 20.000 bitcoins are like 60k USD. Don't forget, Christmas is coming and somebody wants to buy gifts. I am about 80% sure that this guy is none other than our venerable and respected honorable member, BitcoinExpress, cashing out and leaving the rest of us fools holding the bag. Well done mate, you had us good !!! Have people totally forgotten about when he was bragging for weeks about making like, 100btc off of those stupid fucking alt-chains? That is not the move of a man with 20k. Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 15, 2011, 07:39:03 PM The only suspect I know of belonging to our alt-currency funhouse who could pull this is our beloved Artforz ::)
Title: Re: Someone just took a gigantic dump. Post by: Crypt_Current on November 15, 2011, 09:52:01 PM The only suspect I know of belonging to our alt-currency funhouse who could pull this is our beloved Artforz ::) What about zhoutong with his Bitcoinica? Title: Re: Someone just took a gigantic dump. Post by: RandyFolds on November 15, 2011, 09:57:39 PM The only suspect I know of belonging to our alt-currency funhouse who could pull this is our beloved Artforz ::) What about zhoutong with his Bitcoinica? I am actually amazed there hasn't been more speculation on that. It was one of the first things that popped into my head: 'wow, bitcoinica is making a fucking killing off this; i wonder if they had a hand in it.' Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 15, 2011, 10:00:47 PM The only suspect I know of belonging to our alt-currency funhouse who could pull this is our beloved Artforz ::) What about zhoutong with his Bitcoinica? Idk you mean he is gambling with peoples coins? Or that the mechanism was programmed to channel shorts in this fashion? What would be the benefit of that? In that case I don't think that that many shorts have accumulated in such a brief period of time. Title: Re: Someone just took a gigantic dump. Post by: Crypt_Current on November 15, 2011, 10:04:13 PM The only suspect I know of belonging to our alt-currency funhouse who could pull this is our beloved Artforz ::) What about zhoutong with his Bitcoinica? Idk you mean he is gambling with peoples coins? Or that the mechanism was programmed to channel shorts in this fashion? What would be the benefit of that? In that case I don't think that that many shorts have accumulated in such a brief period of time. I mean it looks manual and from what I observed buffering only takes place if there is no opposing order available to fill it at the time. What I mean is simple: Bitcoinica moves a hell of a lot of coins. Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 15, 2011, 10:07:41 PM Yes they do.. but:
mtgox orders only takes place if there is no opposing order available to fill it at the time. And if it is it's done immediately. I tested this during zero volume periods, try it out if you buy a bitcoin there it takes place a few seconds later if nobody bets against you at the same time. I've tried that with different values so I'm pretty confident that it works this way Title: Re: Someone just took a gigantic dump. Post by: RandyFolds on November 15, 2011, 10:10:27 PM Yes they do.. but: mtgox orders only takes place if there is no opposing order available to fill it at the time. And if it is it's done immediately. I tested this during zero volume periods, try it out if you buy a bitcoin there it takes place a few seconds later if nobody bets against you at the same time. I've tried that with different values so I'm pretty confident that it works this way So you don't think there is any way that someone with access to A LOT of coins would misuse them for profit? Worst case scenario, he disappears, best case scenario, he is a 17 year old baller. Atlas - you jelly? Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 15, 2011, 10:16:42 PM Yes they do.. but: mtgox orders only takes place if there is no opposing order available to fill it at the time. And if it is it's done immediately. I tested this during zero volume periods, try it out if you buy a bitcoin there it takes place a few seconds later if nobody bets against you at the same time. I've tried that with different values so I'm pretty confident that it works this way So you don't think there is any way that someone with access to A LOT of coins would misuse them for profit? Worst case scenario, he disappears, best case scenario, he is a 17 year old baller. Atlas - you jelly? I haven't said that, you're right bitcoin is a scammers wet dream.. Anonymity, Privacy, non-reversibility, outside the reach of the legal system... stranger things have happend. I just think, Occams Razor applies - Someone who had alot of coins left from the beginning was kicking the market for fun and potential profit. Title: Re: Someone just took a gigantic dump. Post by: RandyFolds on November 15, 2011, 10:23:57 PM Yes they do.. but: mtgox orders only takes place if there is no opposing order available to fill it at the time. And if it is it's done immediately. I tested this during zero volume periods, try it out if you buy a bitcoin there it takes place a few seconds later if nobody bets against you at the same time. I've tried that with different values so I'm pretty confident that it works this way So you don't think there is any way that someone with access to A LOT of coins would misuse them for profit? Worst case scenario, he disappears, best case scenario, he is a 17 year old baller. Atlas - you jelly? I haven't said that, you're right bitcoin is a scammers wet dream.. Anonymity, Privacy, non-reversibility, outside the reach of the legal system... stranger things have happend. I just think, Occams Razor applies - Someone who had alot of coins left from the beginning was kicking the market for fun and potential profit. I whole-heartedly agree, but as I said, the FIRST thing to pop into my head was how many were gonna get zhoutonged in the bouncing. Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 15, 2011, 10:33:50 PM Yea that certainly gave him a nice influx. But I know he also lost some during this, there were times were you could buy with a negative spread.
Not enough to klick in time but certainly profitable if you were waiting for the indicators... so there are 2 sides of this. Title: Re: Someone just took a gigantic dump. Post by: Crypt_Current on November 15, 2011, 10:47:03 PM Yea that certainly gave him a nice influx. But I know he also lost some during this, there were times were you could buy with a negative spread. Not enough to klick in time but certainly profitable if you were waiting for the indicators... so there are 2 sides of this. Anyone with a big pile of coins (bitcoinica) can simply manipulate the market to recover whatever losses they saw during their activities. It would be foolish not to. Title: Re: Someone just took a gigantic dump. Post by: memvola on November 16, 2011, 12:33:23 AM I just think, Occams Razor applies - Someone who had alot of coins left from the beginning was kicking the market for fun and potential profit. I doubt that whether you have a lot of dollars or a lot of coins to begin with makes any difference if you are going to manipulate the market (long term) to make profit. I don't know how "coins left from the beginning" enters your reasoning here. USD/BTC is a market well known for its volatility (and lack of depth) by pretty much anyone who would be interested in entering such markets. One thing is for sure, since we can't get rid of those, we need more of them. :) Title: Re: Someone just took a gigantic dump. Post by: ElectricMucus on November 16, 2011, 12:50:10 AM One thing is for sure, since we can't get rid of those, we need more of them. :) Ironically true.I mean it could have been someone with 1/5 of the amount leveraging them on Bitcoinica, that narrows the list of potential suspects down a bit, but still you are right if there is no one who can compete at this level that happens. But I can't see how the walls factor into this.. It could be someone else but who knows what's in zhoutongs secret sauce... Title: Re: Someone just took a gigantic dump. Post by: Ferroh on November 17, 2011, 06:58:05 AM Did you notice the 20,000 bitcoins being sold in one shot. This was probably why the manipulator pulled out at this point. That was a buy, not a sell. Title: Re: Someone just took a gigantic dump. Post by: Jonathan Ryan Owens on November 17, 2011, 07:47:08 AM To the individual trying to bail out the sinking ship with price support..
Stop it. You're not helping the market find equilibrium with your ideological attempts. Most people think you're just a manipulator trying to buy up cheap coins. I think your whole existence - your pride and ego - are wrapped up in the price of bitcoin. Look, get some sleep. Let the market do what it's going to do. Everyone feels that your actions are fraudulent, and virtually nobody has considered that your buy wall is borrowed money, that you can't provide for your family and that you are in so deep that you're on your last legs. Stop with the energy drinks, put your children to sleep and stop thinking you can control everything. You can't. Title: Re: Someone just took a gigantic dump. Post by: DeathAndTaxes on November 17, 2011, 07:52:57 AM To the individual trying to bail out the sinking ship with price support.. Stop it. You're not helping the market find equilibrium with your ideological attempts. Most people think you're just a manipulator trying to buy up cheap coins. I think your whole existence - your pride and ego - are wrapped up in the price of bitcoin. Look, get some sleep. Let the market do what it's going to do. Everyone feels that your actions are fraudulent, and virtually nobody has considered that your buy wall is borrowed money, that you can't provide for your family and that you are in so deep that you're on your last legs. Stop with the energy drinks, put your children to sleep and stop thinking you can control everything. You can't. Alright you convinced me. Thanks for setting me straight. I will take the buywall down ... it should be gone in about 5 minutes. Thanks again. Title: Re: Someone just took a gigantic dump. Post by: sapp on November 17, 2011, 07:57:22 AM To the individual trying to bail out the sinking ship with price support.. Stop it. You're not helping the market find equilibrium with your ideological attempts. Most people think you're just a manipulator trying to buy up cheap coins. I think your whole existence - your pride and ego - are wrapped up in the price of bitcoin. Look, get some sleep. Let the market do what it's going to do. Everyone feels that your actions are fraudulent, and virtually nobody has considered that your buy wall is borrowed money, that you can't provide for your family and that you are in so deep that you're on your last legs. Stop with the energy drinks, put your children to sleep and stop thinking you can control everything. You can't. Do you really think its a sinking ship? I know I am only new too bitcoin but I don't think bitcoin is going too be a sinking ship, if anything it might just slip below the surface of the ocean then shoot out like a missile up into the stratosphere and further. Title: Re: Someone just took a gigantic dump. Post by: Jonathan Ryan Owens on November 17, 2011, 08:02:37 AM To the individual trying to bail out the sinking ship with price support.. Stop it. You're not helping the market find equilibrium with your ideological attempts. Most people think you're just a manipulator trying to buy up cheap coins. I think your whole existence - your pride and ego - are wrapped up in the price of bitcoin. Look, get some sleep. Let the market do what it's going to do. Everyone feels that your actions are fraudulent, and virtually nobody has considered that your buy wall is borrowed money, that you can't provide for your family and that you are in so deep that you're on your last legs. Stop with the energy drinks, put your children to sleep and stop thinking you can control everything. You can't. Do you really think its a sinking ship? I know I am only new too bitcoin but I don't think bitcoin is going too be a sinking ship, if anything it might just slip below the surface of the ocean then shoot out like a missile up into the stratosphere and further. As long as people like him continue to try to prop the price, there will be no accurate price discovery. If bitcoin is worth $0.5, SO BE IT. Ok, so then a lot of miners have to liquidate their sunk costs, or at the very least power down. That's totally fine. The electricity cost per day to secure the bitcoin network is orders of magnitude larger than the commerce value. Bitcoin can survive with 2 Th/s. We don't need 10 Th/s. Let bitcoin find its price equilibrium for a new beginning. Title: Re: Someone just took a gigantic dump. Post by: RandyFolds on November 17, 2011, 08:07:24 AM To the individual trying to bail out the sinking ship with price support.. Stop it. You're not helping the market find equilibrium with your ideological attempts. Most people think you're just a manipulator trying to buy up cheap coins. I think your whole existence - your pride and ego - are wrapped up in the price of bitcoin. Look, get some sleep. Let the market do what it's going to do. Everyone feels that your actions are fraudulent, and virtually nobody has considered that your buy wall is borrowed money, that you can't provide for your family and that you are in so deep that you're on your last legs. Stop with the energy drinks, put your children to sleep and stop thinking you can control everything. You can't. Do you really think its a sinking ship? I know I am only new too bitcoin but I don't think bitcoin is going too be a sinking ship, if anything it might just slip below the surface of the ocean then shoot out like a missile up into the stratosphere and further. As long as people like him continue to try to prop the price, there will be no accurate price discovery. If bitcoin is worth $0.5, SO BE IT. Ok, so then a lot of miners have to liquidate their sunk costs, or at the very least power down. That's totally fine. The electricity cost per day to secure the bitcoin network is orders of magnitude larger than the commerce value. Bitcoin can survive with 2 Th/s. We don't need 10 Th/s. Let bitcoin find its price equilibrium for a new beginning. Wasn't bitcoinexpress' alleged attack pool up to almost a terahash by his claims? I disagree that it can survive such a dip in network security. I am no expert, but Ars is pushing 895GH/s with 459 users...you can bet your sweet ass that there are 500 people interested in causing trouble should the network become that weak. Title: Re: Someone just took a gigantic dump. Post by: Jonathan Ryan Owens on November 17, 2011, 08:13:51 AM Quote Wasn't bitcoinexpress' alleged attack pool up to almost a terahash by his claims? I disagree that it can survive such a dip in network security. I am no expert, but Ars is pushing 895GH/s with 459 users...you can bet your sweet ass that there are 500 people interested in causing trouble should the network become that weak. You're talking about an attack that has very little value at $0.5. It would take a coordinated attack, and if it's vulnerable then so be it. $20,000 a day to secure a network that has almost no actual traction is ridiculous. It is the reason for the speculating and pyramid. You're also assuming that at $0.5 those miners would be part of a larger pool that could act as a proxy for attacks, and I think at those prices, you'd find that no single pool would have anything more in total network control than they have now, where their relative size stays constant, but where 70% of their members are lost through attrition. [edit: clarity, grammar, some missing words] Title: Re: Someone just took a gigantic dump. Post by: sapp on November 17, 2011, 08:18:01 AM Well store your currency behind a 128 bit encryption. ie your own website perhaps. And if bitcoins where stolen more care should of been taken too prevent such things.
Title: Re: Someone just took a gigantic dump. Post by: Jonathan Ryan Owens on November 17, 2011, 08:21:46 AM Well store your currency behind a 128 bit encryption. ie your own website perhaps. And if bitcoins where stolen more care should of been taken too prevent such things. ..we say banana ..you say potato Title: Re: Someone just took a gigantic dump. Post by: sapp on November 17, 2011, 08:39:43 AM what ever :-[
Title: Re: Someone just took a gigantic dump. Post by: Jonathan Ryan Owens on November 17, 2011, 08:43:19 AM what ever :-[ Awe. Hey, I'm sorry sapp. We were discussing overall network security, not personal bitcoin security. If the attack that he was talking about were successful, it would have nothing to do with how well you store your private keys. Thanks for joining our awesome and friendly community. We'll be here at least another month watching the melt down. Don't forget to bring the popcorn. -Jonathan Title: Re: Someone just took a gigantic dump. Post by: sapp on November 17, 2011, 09:50:40 AM Oh really a melt down hey, I should sell my bitcoin and domain names then for the lowest price I can get.
LMFAO no way mate, I am staying put none the less cool story bro. anything is possible. Title: Re: Someone just took a gigantic dump. Post by: Jonathan Ryan Owens on November 17, 2011, 10:19:24 AM Oh really a melt down hey, I should sell my bitcoin and domain names then for the lowest price I can get. LMFAO no way mate, I am staying put none the less cool story bro. anything is possible. Actually you really should sell them. The downturn isn't over yet. Are you going to sell trading cards and gift cards for bitcoin? I'm sure its something quite innovative. Best of luck with that. A word of advice: Don't let Matthew hear about your domain names if you know what's good for you. Title: Re: Someone just took a gigantic dump. Post by: sapp on November 17, 2011, 10:29:42 AM my names not matthew, why would you think it is.
Title: Re: Someone just took a gigantic dump. Post by: Jonathan Ryan Owens on November 17, 2011, 10:32:31 AM my names not matthew, why would you think it is. Who's on first? Title: Re: Someone just took a gigantic dump. Post by: deepceleron on November 17, 2011, 11:22:37 AM Giant douche:
http://we.lovebitco.in/images/20111117040042_goxto1994.png Who is it? How about Tycho (deepbit pool admin). Lets analyze: -Makes 3% (for proportional) or 10% (for PPS) on half of all the bitcoins mined, -keeps all of half the transaction fees seen on the network, -deepbit thread started June - ~150 days ago, -hasn't logged into forums for two weeks (disinterest?) Lets call it a conservative 2% of all bitcoins earned: 144 BTC a day x 100 days. 14,400 BTC. Nope, that's not enough to account for midnight dumping (35,000 in an hour). Who else has the coins to sell? Art, Vlad, Tux? Mystery bubble sucker? Likely not "Satoshi", early coins have never been touched, so aren't on an exchange (unless the exchange has the whole wallets. It's feasible, since everything seems to start at Satoshi.) Is the seller awake in Japan? Title: Re: Someone just took a gigantic dump. Post by: Etlase2 on November 17, 2011, 11:42:09 AM I think the question is who doesn't have the coins to sell. There have to be at least two or three dozen people that could do this. These are the same people that chose to let the price run up to $35. What makes you think there has ever been good intentions from bitcoin's elite?
Title: Re: Someone just took a gigantic dump. Post by: BTCcommodities on November 17, 2011, 11:48:55 AM someone check activity on bitcoinica during these times?
Title: Re: Someone just took a gigantic dump. Post by: proudhon on November 17, 2011, 01:03:21 PM I still don't understand why people do this? If the price has been trading in the 2.4-2.6 range, why not just put your sell of 20 000 btc at 2.4? Do they really need the money right now, so much they will take up to .5 less per bitcoin in trade? Because if they put their 20,000 btc sell order at 2.4 a lot of people will get spooked sell down ahead of them and eat up cash they could have had. Title: Re: Someone just took a gigantic dump. Post by: michaelmclees on November 17, 2011, 01:08:11 PM I still don't understand why people do this? If the price has been trading in the 2.4-2.6 range, why not just put your sell of 20 000 btc at 2.4? Do they really need the money right now, so much they will take up to .5 less per bitcoin in trade? You asking this and having the words "Lambert Investment Fund" in your signature scares me. Title: Re: Someone just took a gigantic dump. Post by: proudhon on November 17, 2011, 01:09:01 PM I still don't understand why people do this? If the price has been trading in the 2.4-2.6 range, why not just put your sell of 20 000 btc at 2.4? Do they really need the money right now, so much they will take up to .5 less per bitcoin in trade? You asking this and having the words "Lambert Investment Fund" in your signature scares me. No kidding. Title: Re: Someone just took a gigantic dump. Post by: mmortal03 on November 17, 2011, 04:28:46 PM I still don't understand why people do this? If the price has been trading in the 2.4-2.6 range, why not just put your sell of 20 000 btc at 2.4? Do they really need the money right now, so much they will take up to .5 less per bitcoin in trade? You asking this and having the words "Lambert Investment Fund" in your signature scares me. Why not call it the GLBTSE or the LGBTSE? Leaving out transgendered people is prejudiced. ::) Title: Re: Someone just took a gigantic dump. Post by: Crypt_Current on November 17, 2011, 04:31:15 PM someone check activity on bitcoinica during these times? Yes, I am very active on bitcoinica during these times, and I am convinced bitcoinica is the "manipulator" Title: Re: Someone just took a gigantic dump. Post by: sapp on November 17, 2011, 05:33:36 PM Oh really a melt down hey, I should sell my bitcoin and domain names then for the lowest price I can get. LMFAO no way mate, I am staying put none the less cool story bro. anything is possible. Actually you really should sell them. The downturn isn't over yet. Are you going to sell trading cards and gift cards for bitcoin? I'm sure its something quite innovative. Best of luck with that. A word of advice: Don't let Matthew hear about your domain names if you know what's good for you. those are some ideas, not what i had in mind my idea is something most likely not ever done before which integrates old technology with this new currency. 8) hey..... furthermore can a moderator please message me privately please i have some questions regarding privacy on these forums. Title: Re: Someone just took a gigantic dump. Post by: phorensic on November 17, 2011, 08:50:24 PM Hai Guyz, I made a chart to esplain everything
http://farm7.static.flickr.com/6094/6354936033_9271555186_b.jpg Title: Re: Someone just took a gigantic dump. Post by: julz on November 17, 2011, 10:54:35 PM Hai Guyz, I made a chart to esplain everything The first few dips looked like smilies - the later ones look like shark's teeth.That does indeed explain everything, thank you. Title: Re: Someone just took a gigantic dump. Post by: dree12 on November 17, 2011, 11:48:01 PM Hai Guyz, I made a chart to esplain everything The first few dips looked like smilies - the later ones look like shark's teeth.That does indeed explain everything, thank you. http://bitcoincharts.com/charts/chart.png?width=1014&m=mtgoxUSD&k=&r=30&i=&c=0&s=&e=&Prev=&Next=&v=1&cv=0&ps=0&l=0&p=0&t=&b=&a1=TMA&m1=400&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&SubmitButton=Draw& (price smoothed 400 days because of noise). |
