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Title: These two orders on MtGox - what the hell? Post by: LoweryCBS on April 02, 2013, 04:54:19 PM These two walls have been in place since ~93.5
They represent more than $935,000.00 that has simply sat there and watched the price go from (say) $93.5 to $108, where if they'd simply bought at $95 they wouldn't have left $140,000.00 on the table, a profit of 15% on close to 1 million dollars https://i.imgur.com/Kka9tIB.jpg Title: Re: These two orders on MtGox - what the hell? Post by: Luno on April 02, 2013, 04:56:14 PM that's called crash insurance.
Title: Re: These two orders on MtGox - what the hell? Post by: chrsjrcj on April 02, 2013, 04:56:45 PM Someone has to pick up the pieces when the bears have a hissy fit.
Title: Re: These two orders on MtGox - what the hell? Post by: ineededausername on April 02, 2013, 05:01:00 PM Occasionally they move up and we have a massive rally. We saw it with the $30 wall, the $70 wall, and we will see it with the $90 wall :)
Title: Re: These two orders on MtGox - what the hell? Post by: LoweryCBS on April 02, 2013, 05:01:54 PM that's called crash insurance. Good god - what quantity of BTC are they holding and wanting to protect? You're saying they've got a spare million $ to leave on the exchange just to 'protect' their position? Why so firm on the bid? Why not move the wall up a bit with each increase in exchange rate? I'm suspicious that MtGox itself is behind these bids... Title: Re: These two orders on MtGox - what the hell? Post by: Piper67 on April 02, 2013, 05:06:10 PM that's called crash insurance. Good god - what quantity of BTC are they holding and wanting to protect? You're saying they've got a spare million $ to leave on the exchange just to 'protect' their position? Why so firm on the bid? Why not move the wall up a bit with each increase in exchange rate? I'm suspicious that MtGox itself is behind these bids... Who cares it it is MtGox. Either the BTC are for sale at a given price or they aren't. Wall don't mean much, but they mean the same regardless of who owns them. Title: Re: These two orders on MtGox - what the hell? Post by: myself on April 02, 2013, 05:14:00 PM that 2 walls started the rally since 90 so be happy the owner put them there
Title: Re: These two orders on MtGox - what the hell? Post by: Zangelbert Bingledack on April 02, 2013, 05:55:55 PM Go back and look at the price action when we broke $10. It temporarily jolted down below again, making anyone positioned like this a lot of money. People get cold feet about new orders of magnitude.
Title: Re: These two orders on MtGox - what the hell? Post by: Luno on April 02, 2013, 06:29:40 PM I can be a bear trap, honey pot for a suckers rally. Uses can be multiple. You can't just buy for a Million bux on Gox without crashing the market! So worst case, the strategy might be to make a staged $30 dump and let the wall catch the crumbs, after which, they will drive the price up again with as little as $30,000. We have seen that numerous times.
It can, as suggested, also be a stabilizing wall! Wall street staff traders Don't set up walls, that would be illegal, but they are obliged to trade non traded stocks to each other so there are no gaps in the graphs on boring days. |
