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. |
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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? |
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Or they simply don't use the client at all. Or only leave it running when they want to send/receive a transaction. The number of nodes online has been declining for some time.
Not running client all the time? This generally is similar to Bitcoin network geting attacked by large goverment or probably even ANO and only one or two nations have Bitcoin network in operable state. The network are resistant to such attacks as I read long time ago. Does simply not running Bitcoint client all the time affects the network at all? Um it isn't that hard. A node is only a node when the client is running. If you have 100K users but they on average only have the client running for 2 minutes a day then in effect at any particular time you only have a couple hundred nodes running. It has nothing to do w/ a govt attacking Bitcoin. So the Bitcoin will not function properly with few hundred nodes? Sure it will function! And the time needed for transaction to get needed confirmations is more than 2 minutes, so there is no need for users to turn off the nodes, unless the Bitcoin client is bloated like Skype. I have no incentive at all to seed my Piratebay torrent files except knowing the other users benefit from it, so I leave them running for weeks. And they are way more bandwidth hungry than Bitcoin will ever be. There are many attacks that exploit bitcoin running with little nodes. Cancer nodes are dangerous, DOSing any node is possible, and cutting off a lot of the hash power even. |
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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. We'll break a Mt.Gox record today set in June with only a few more thousand bitcoins! |
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This is interesting. Also, I hope I'm guessing right with my money  Me too! This event could cause a lot of win or loss. Only time will tell. Where is Mt.Gox? These two walls can earn them some good cash! Buy the entire ask, and then sell into the bid. Since you earn commission, free money! |
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And here we have it... Mt.Gox 3.5 Hour volume > Tradehill 30 day volume.
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Haha, look at him marching his cash army up the chart. He's getting other people to buy up so he can sell again, methinks.
And now he's in full retreat to 2,50. I believe the strategy is something like this. March a bunch cash out in the hope that other people put bids in front of your giant bids (because they'll feel more confident). When the bids build up enough, sell into the bids in front of your bids, then drop your giant bid and watch the market panic. Then buy back at a lower price. Repeat. In effect, this "person" is providing liquidity. Rejoice! Edit: But why would he drop it to $2.5 first? Also, the positioning of his two walls stands to make him lose a lot of money... |
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Haha, look at him marching his cash army up the chart. He's getting other people to buy up so he can sell again, methinks.
And now he's in full retreat to 2,50. Looks temporary. Bear seems to be in trouble - too afraid to sell? Edit: wow, I was wrong again. Back down to $2.50. I underestimated Mr. Bear's money. |
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Dropped half again.
Two thirds.
EDIT: No wait, half now.
Going up again.
lol.
Wall creeping to 2.70 now.
This manipulator is so much better than the downward manipulator - don't sell unlimited, rather buy limited. |
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What does A care if he paid $3 in electricity for those 50k coins? Why not use occam's razor and instead of assuming someone is stupid enough to put 100-200k into this market, that the only people with this kind of depth got it from the early adoption of bitcoin. For crying out loud, 50k coins were put on ask then immediately moved to bid in a span of a second. Misclick?
How do you put coins on the bid, exactly? I place a bid for 5000 BTC. Offering 4900 BTC. |
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Fake bid walls should be taken with a grain of salt. This person isn't buying that many bitcoins, like it or not. The fact of the matter is, there's a quarter-of-a-million dollars on Mt.Gox, waiting to do something. Then explain why 2/3 of that quarter-of-a-million is gone now? |
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Fake bid walls should be taken with a grain of salt. This person isn't buying that many bitcoins, like it or not. |
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How's this scenario: A tries to manipulate by wanting to trigger a panic sell, then B appears. B is a real-size speculator who says "Oh, down? I don't believe it, here's 200k USD against your opinion" and that's that.
This version would be a pretty bad outcome for A, I guess. He would have sold a massive amount at 2.5-3 and get no chance to buy back at such levels until B changes his mind or gets sold a huge amount of coins.
Thousands of coins are being sold by A right now almost continuously. The only people who have that much are people who want Bitcoin to succeed! I think this is a hack. |
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Now there's 4 different walls of 25000 each. It's like a beautiful dance.
And there goes the walls... They moved again. |
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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.
Unless all this money is fake and from a Mt.Gox hack, of course. |
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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... |
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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.
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? |
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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. |
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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.
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. |
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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. Lesson learned: There is no "the manipulator". It is "the manipulator s". |
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