It seems like the same user who just the other day made a reddit post titled "I get margin called at 254K...someone help now!" switched to a short and ended up getting margin called now during todays rally, losing 140 BTC. From Trollbox: Pepperpig: I was short XMR and lost 140 BTC on it Pepperpig: I made 220 btc on ETH, and 140 btc loss on XMR Pepperpig: I probaly caused the XMR moon I think it's the same guy because he also wrote thisOf course there's no way to know if there is any truth to this, he could be just bluffing. But it sounds plausible to me. Easy come easy go. I dont think they are the same person. The guy posting about getting margin called at 254k was long, this guy was short. The long guy got lucky, this short guy got burned. (I think his post on polo of getting margin called at 254k was making fun of the other guy's post. But I could be wrong. Its possible he was just trolling everyone with the 254k margin call thing and he was never long). Could be yeah. My guess is that he closed the long once it reached ~320k and then opened a short, which ended up getting margin called. His chat pattern also reflect this position, during his long he talks up monero, after (presumable with a short open) he trash talks it. |
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It seems like the same user who just the other day made a reddit post titled "I get margin called at 254K...someone help now!" switched to a short and ended up getting margin called now during todays rally, losing 140 BTC. From Trollbox: Pepperpig: I was short XMR and lost 140 BTC on it Pepperpig: I made 220 btc on ETH, and 140 btc loss on XMR Pepperpig: I probaly caused the XMR moon I think it's the same guy because he also wrote thisOf course there's no way to know if there is any truth to this, he could be just bluffing. But it sounds plausible to me. Easy come easy go. |
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 All aboard!  |
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Well said iCEBREAKER. This buy wall is really insane why is there a wall at least as big as the natural bid volumes
No one can know for sure, but I would guess its either to tempt big holders who want out to sell to them at decent discount, or to prop up trading above the wall so that they can exit their existing position at higher price. Those reasons are probably the most likely. Also since there is no confirm button when you trade on poloniex, an accident where you market buy or sell could potentially happen. To minimize the risk many will place either a buy order or sell order far away from current market price. I do this myself, in fact more than 100 BTC of that wall is mine. But I also placed my bid exactly on that price for fun. Which brings us another reason. Sometimes people place a big wall for lulz. It's fun to see people's reaction to crazy things. |
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I think this may be the largest wall in the history of monero though, that's pretty cool. Right now it's 628 BTC.
0.00200000 - 314212.06604900 - 628.42413210
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Looks like wallzilla is back. 250k XMR wall @ 0.002  Doubt it will last long, but the wall is real... if anyone got 420k to sell real quick |
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I am still freaked out by the total volume in alts. Does it not seem fishy to anybody else?
I'm willing to accept the premise that it seems to be flowing from ETH as that dump continues. But if you look back to January 1st, the total market cap in alts has gone from less than a billion to more than $1.5 billion. That's a 30%+ jump and it's more than $500 million in new money.
Where is THAT coming from...and WHY? That's a pretty big reallocation of capital, but from where? Doesn't seem like it could be hedge funds and other financial players because Central banks are in stimulus mode.
A lot of that is out of thin air. Just because marketcap goes up 500 million does not mean 500 million was invested. The value was created from a much smaller amount of money being used to push prices up. In fact a lot of altcoins are premined so hard that the founders can push the marketcap to millions of dollars with only a few thousand dollars worth of investment. It's pretty artificial. That being said, the volume on poloniex has been pretty amazing lately. The volume is real, but a part of it surely is due to leveraged trading and that wasn't widely used in the altcoin 1.0 era. I think it's reasonable to assume that the big FUD storm regarding bitcoin blocksize had made more bitcoiners interested in diversifying into altcoins, I've notice a trend of high profile bitcoin figures voicing support for various altcoins or jumping on the BTC FUD train. There's a lot of wealth in bitcoin, and only a small fraction of the bitcoin community is needed to create the volume we see on poloniex. |
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Where can I exchange XMR on USD?
You can exchange to USD on Poloniex. They have Tether USD which is backed 1-1 with USD. how/where do you get rid of the tether? Bitfinex let's you withdraw tether USD if you are verified. Not sure which other exchanges supports it atm. (If you deposit Tether USD to the site it ends up in your USD balance and works exactly like any other USD deposit) |
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Where can I exchange XMR on USD?
You can exchange to USD on Poloniex. They have Tether USD which is backed 1-1 with USD. |
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This describes the effect of dumps more than the effect of walls. When one dumps a lot of XMR to drive the price down, hoping to buy more back cheaper.
But a wall is different from a market order.
The effect of a sell wall is sometimes just a desire to sell monero at that price (a 'real' wall). But sometimes it is a bluff (a 'fake' wall).
The purpose of a bluff sell wall is to cause other people to panic sell because they see your wall and think the price cannot rise. You place smaller buy orders below the price and hope that you catch this panic selling. Once you do, you remove the sell wall and allow the price to rise, while the panic sellers are upset. The goal of the wall is to get your limit orders filled at a better price.
If it works, its a way to buy cheaper.
Sometimes it fails because a whale actually munches your wall, then you are sad.
Its hard to tell if a wall is real or fake. Usually if a wall stays in place for a long time its real. Usually if you buy part of a wall and its fake, the rest of it will be removed.
There can be fake buy walls as well as fake sell walls, the goal of fake buy walsl is to allow the person to sell some at a higher price.
Thanks for your response. So can anyone put up a fake wall or do you have to have the potential resources to do so before Poloniex allows you to do it? In other words, can only real whales put up fake walls? Lastly, are walls, either fake or real, an issue for all currencies or is Monero blighted by them more than most? There is no such thing as a fake wall. All walls are 100% real. If you place a wall to sell 10k XMR you must own 10k XMR (or use lending / margin). Same with placing a buy wall. |
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This site is run by binaryFate and that scam topic you linked to has nothing to do with it. I've used the service and it works great. No scam. 1. It says on their website, right now I see max 2 BTC. 2. Yes, you can pay with monero on any place accepting bitcoin by sending monero to xmr.to. They'll be converted to bitcoin and transfered to the service. 3. Monero is NOT the same company as XMR.to, infact monero is not a company at all, but an open source project. |
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 80k sellwall |
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My opinion on monero though is that it could have a cap of 1-10% that of bitcoin. Being the more "shady" bitcoin brother and more privacy oriented. Yes exactly. A public currency (bitcoin) and a private currency (monero). They can both beautifully co-exists. The legislative pressure will be put on Monero rather than bitcoin, so with attention drawn to Monero, Bitcoin is left alone, but the nature of Monero makes it very hard to enforce. Nobody has to follow regulations with Monero because identity can not be unraveled. It won't help to legislate bitcoin when there's a shady brother unwilling to comply. It's a win win situation of which both coins benefit. When I first discovered bitcoin I thought of the public blockchain as a disadvantage. And I still think it is not ideal. But over the years I've recognized the benefit of this as well. I expected the government to come down much harder on bitcoin, and I think if bitcoin came out fully anonymous like Monero in the beginning they might have. The public blockchain may have been a blessing in disguise, helping to bootstrap the cryptocurrency space, which now allows us to have the best of both worlds  |
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I was satirical. My honest opinion is that bitcoin is not dying, that it won't be replaced, and if it did happen it would be a disaster for the cryptocurrency space. All coins would suffer tremendously if it takes that little for the next coin to come along and replace current. A lot of faith would be lost.
Monero is what I look at as a complementary currency.
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I bought my first bitcoin in 2011 and didn't in my wildest dreams imagine that we would have come this far in only 5 years. It's been an enormous success. The number of vendors accepting it can't be counted. I use it everyday and love it.
But I guess it's dying now. That's what all the smart people are saying. Bitcoin is gonna be replaced by something better. It's different this time. Sure, Litecoin had faster blocks and more coins. Ripple was the future, everybody knew that. Why would we use bitcoin when we had Counterparty? Mastercoin? NXT? Heck even auroracoin had a marketcap 20% that of bitcoin at one point. Actually forget all that, now it's ETH that will kill bitcoin. This smart 19 yo wonderkid finally nailed it, now bitcoin is really dying for realz. Changing the entire infrastructure and vendors from bitcoin over to ETH will be done in exactly two weeks. That it happened so fast is pretty amazing. All that had to happen was for the price of ETH to go up and bitcoin died. From revolutionary to just another shitcoin in a couple of months.
I wonder if people will remember ETH and XMR when they have been replaced in 5 years? I doubt it.
There is no correlation between ETH and XMR, so tying those two together isn't really valid. Plus the community here is trying to fill a niche by becoming the most private/anonymous digital cash that has ever been created; not pump some shitty coin that has either A) been copied from somewhere or B) been unfairly mined/distributed amongst the very first adopters. So to correlate XMR to anything else that has been created is ludicrous, IMO. According to forum and reddit people bitcoin will be replaced by both, so there is a strong correlation here. |
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I bought my first bitcoin in 2011 and didn't in my wildest dreams imagine that we would have come this far in only 5 years. It's been an enormous success. The number of vendors accepting it can't be counted. I use it everyday and love it.
But I guess it's dying now. That's what all the smart people are saying. Bitcoin is gonna be replaced by something better. It's different this time. Sure, Litecoin had faster blocks and more coins. Ripple was the future, everybody knew that. Why would we use bitcoin when we had Counterparty? Mastercoin? NXT? Heck even auroracoin had a marketcap 20% that of bitcoin at one point. Actually forget all that, now it's ETH that will kill bitcoin. This smart 19 yo wonderkid finally nailed it, now bitcoin is really dying for realz. Changing the entire infrastructure and vendors from bitcoin over to ETH will be done in exactly two weeks. That it happened so fast is pretty amazing. All that had to happen was for the price of ETH to go up and bitcoin died. From revolutionary to just another shitcoin in a couple of months.
I wonder if people will remember ETH and XMR when they have been replaced in 5 years? I doubt it.
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The all time low on poloniex is 0.00091, some of the support at 0.001 was sold into, and some of it was pulled.
Correct me if I'm wrong, but the total buy volume this morning was about 80 BTC. Now it's 35 (down from 42 a couple of minutes ago). Someone figuring out the new support level? About 35 BTC was dumped today, around 12 BTC of buy support pulled. You can tell there has been 3-4 dumps last few hours:  |
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It is the first time ever, isn't it? What happened to the support wall at 0.001? It was there all the time I checked. The all time low on poloniex is 0.00091, some of the support at 0.001 was sold into, and some of it was pulled. |
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