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Why would news of gox insolvency cause gox to lead a crash? Selling will not help the user as they cannot withdraw. It seems to be the reverse where panic is driving the gox price upwards. Even if btc cannot be withdrawn also, the user would probably want to hold btc vs USD since btc is in a bull market, and its much more likely they'll someday get the ability to withdraw BTC vs USD.
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Then there is no real bitcoin and no real USD left on gox and it is all an imaginary game played by bots and hopeless traders. Eventually volume dwindles to zero as people realize they are working for nothing and just spending fees. The market realizes gox is no longer relevant and bases all services and speculations on other exchanges (this has for the most part already occurred). After a possible brief panic sale at some point, bitcoin continues its rally due to its exponential growth, China, etc. Litecoin reaches sub $1.
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"Big things for feathercoin"
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This is bearish news. The Chinese want a drug-free bitcoin.
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Congrats to those who had their bids filled. I think that was the last drop below $100.
Time will tell.
Maybe not a bear market to below $100, but after the SR incident I am convinced that anything is possible during a flashcrash with the right mix of panic and idiot market dumpers, especially with these thin books. After all there is only 20K btc bids on the entire book at Bitstamp (the market leader). Just 8K would take us to 100 right now. Gox used to have those kinds of dumps all the time like they were nothing. Gox had 20-50k dumps even. |
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I think only litecoin traders care about midas.
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There are downwards sells too but you don't notice them because bids instantly fill back up.
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Hmmm maybe that guy with the 3.5k wall knows something we dont.
Theres been so much dumping on bitstamp the past 3 weeks its insane. The gox price rise is the only thing holding them up. What about China? |
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I think it's because bitstamp's order execution is not atomic, unlike gox and btce. On gox and btce, orders are instantly executed against any available opposing orders BEFORE the remainder appears on the book. However, notice on bitstamp how you can see crossed orders on the book before they execute - you are seeing the trader's original order on the book first and THEN it gets executed later by some algorithm (fifo?). Also the execution is arbitrarily marked as a buy or a sell which is why you see red/green mixed up on services. It is not atomic. So during the crash even though you saw a 90 ask, it wasn't really available because there was a huge line of people ahead of you waiting to execute against it. And I could also see executions of 95 and 105 being mixed together in the tape.
For the worlds new btc market leader, their trading engine sure needs a lot of work. Also the UI could be improved and made more robust for traders.
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Except that ridiculous market order into 135 last night wtf was that.
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I was on btce at the time, and saw the dip without knowing the full extent of the news. I bought at 120, then 115, then all in at 110. Then it went towards 75 and I started shitting myself and swearing I was done with crypto. Nonetheless I headed to bit stamp where I had an equal stock of fiat waiting. I placed a bid at 100. Btc went below 100 but my bid never filled. After 5 minutes btc was 95- and my bid still wasn't filled. Praise the lord i thought and I rushed in to cancel and adjust. Btc was now 90. I analyzed the walls and knew this was ending soon. Right when btc was 85 and there was a small wall left I placed a bid at 86. It never filled.... btc shot up and next thing I know I'm looking at 125... So a combination of lag and greed caused me to not get single coin there.  |
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There is one group of people who suggest having low bids on btc or fiat on exchanges at all times so you can buy low. Whenever btc crashes, they cheer about the bids filling and ask others why those idiots didn't buy.
Then, there is another overlapping group of people who say that btc is a long term hold and that you should hold only btc and none of that constantly devaluing 'dirty fiat'.
The paradox here is that in order to place a bid or be in a position to buy, you need to hold fiat... So which approach is right? Is there some kind of system you use? Is there a certain percentage of btc to hold vs fiat?
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The Chinese do not even use drugs!
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Someone is switching a 1k wall between the ask and bid.
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Gox 's gap with stamp is only 8% now. Withdrawals processing? Or perhaps now that the entire market is rallying people aren't panicking about the earlier perception of a btc bank run on gox only?
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The most boring number of them all is $150. Its half way between $200 and $100. You can't get too excited about it as a buying opportunity, nor can you get too excited about it as a high price.
150 is a scary number. It's 'this is where the trend break happened in april after that bulltrap and then tanked to 80'. Let's get back to 160s nao. |
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RIP "wall observer" thread. Gox doesn't have any walls to observe anymore. Yeah theres that 1600 order, but the walls used to be 5000-30000.
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I'm scared. The chart right now of the past 2 days looks exactly like a small inverted silkroad crash. And soon we might be asking "so who bought at 163"?
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Massive manipulation going on right now, some people desperately trying to prop the price up..
Might hold.
My theory: a big dumb whale put a sell order by mistake! Now he desperately needs to buy it back...... How do you accidentally 4k sell? Lol. I mean, the way the market "is acting" kinda makes that seem possible, but i'd bet its just someone offloading coins and some people who paid >$160 trying to prop it up. So far they're winning. You can: 1) When entering an ask, mis-type the price. 2) When entering an ask, accidentally tick the "market order" checkbox. 3) When you think you're entering a bid, you're actually in the ASK tab (the pages look exactly the same). I've done all of these... |
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