Something is off about the Bitfinex order book. There's only like 4k btc on the ask side. To me it seems like someone that is a market maker with a ton of coins took all of their asks out.
Edit: 1 minute ago there was 4600 btc total on the ask side, now there is 3400
Bitfinex Order books are liar order books. If you have a leveraged position for example, you can create as many Stop Loss or Limit orders as you like, and they will all show up in the order book. This gives the wrong impression of great market depth and strength or weakness in a particular trend. BTC-E is just as bad for its magic vanishing walls. Bitfinex is not to be paid much attention to. Biggest, most solid, most reliable exchange, Bitstamp, is where the market is at. Had the 10K whale chose either Bitfinex or BTC-e to offload his bTC, then the price there would have hit sub $100 for sure. Bitstamp absorbed it at $514. I think they fixed the thing where you could make huge walls without actually having enough money on Bitfinex. |
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Something is off about the Bitfinex order book. There's only like 4k btc on the ask side. To me it seems like someone that is a market maker with a ton of coins took all of their asks out.
Edit: 1 minute ago there was 4600 btc total on the ask side, now there is 3400
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why is the price dropping right now? wheres the link or proof of mtgox saying they lost some btc?
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Could this really be bottom if we survive today?
Why would it be over today? This is the first wave of insider arbitrage from gox to elsewhere (probably almost all going to stamp though) |
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About that 10 kBTC @ 600 offer on Bitstamp: the round numbers suggest someone who bought those BTC when they were cheap, and decided to cash them out at about the current market price; but did not mind if it took a day or two, and did not care much about getting the best possible price.
However other traders had blocked the way with smaller offers at slightly lower prices. So he lowered the price twice by a few cents, just to see some action and make sure that his offer was "working". When he saw that people had started to buy into his offer, he left it there and went to bed.
Does this make sense?
Yes, which is why I don't think it is either Mark/Gox (clearly not rapacious enough) or a master manipulator (I reckon if Fonzie had 10K of coins he could crash the market...given the conditions esp). So, its just someone retiring, starting a new life etc. Yes and they waited for the perfect time to exit the market. |
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About that 10 kBTC @ 600 offer on Bitstamp: the round numbers suggest someone who bought those BTC when they were cheap, and decided to cash them out at about the current market price; but did not mind if it took a day or two, and did not care much about getting the best possible price.
However other traders had blocked the way with smaller offers at slightly lower prices. So he lowered the price twice by a few cents, just to see some action and make sure that his offer was "working". When he saw that people had started to buy into his offer, he left it there and went to bed.
Does this make sense?
I don't think the round number suggests anything, but I do think its far more likely this is a result of a gox insider buying thousands of coins on gox and arbing them on stamp. |
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Someone is dumping hundreds of coins on gox as this is happening, makes no sense
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Some ppl were laughing at the idea that those $200 goxcoins would be flipped for 200% profit
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some funny stuff has been happening on bitfinex and stamp. Could it be arbitrage from gox insiders?
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What are the changes we'll get that gox update on monday?
Well its Monday morning in Japan already, don't you think if the had good news, it would be released first thing in the morning? No I don't and I don't care if its bad news or good really. They always wait till the end of the day, around 7-7:30 p.m Japan time. |
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What are the changes we'll get that gox update on monday?
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You all seem to forget that its very likely 90% of the coins were sold by one person.
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Anyone who doesn't realize some of their 300-700% profit made in one week is nuts imo.
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Is there a way to short goxcoins? or btc in general besides bitfinex? but most importantly goxcoins...
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I have a viable explanation for what is going on on Gox charts, some dude early adopter sold shitload of coin at 1200 and programmed the bot in Amazon cloud to trigger when the price goes under 300$ without deadman switch and than died.
The bot is selling, not buying. It's also been on way before gox went below 300. Well no living soul is trading there so... Many people are trading on gox, some are even depositing money to buy btc and trade them on bitcoin builder. |
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I have a viable explanation for what is going on on Gox charts, some dude early adopter sold shitload of coin at 1200 and programmed the bot in Amazon cloud to trigger when the price goes under 300$ without deadman switch and than died.
The bot is selling, not buying. It's also been on way before gox went below 300. |
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Would it not be possible to track the stolen coins and find out what exchange and account was used to sell them?
Maybe if they have already been sold. But there's no reason to think they have been. If a small portion of those coins were sold it would lower the prices on most exchanges significantly. Sure the prices have dropped but thats mainly due to bad news and a poor outlook for bitcoin in the short/medium term. |
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Ain't looking good at all, the failed transaction started early NOVEMBER, i had got 2 withdrawals stuck back then.
So that's 3 months of exploiting the Gox Automatic Giving Machine.
This means that there are less coins available than we thought, price should go up. To the contrary, it means hundreds of thousands of coins have been stolen, which may be sold at any time on other exchanges and greatly increasing the supply and thus decreasing the price. Probably already sold. I doubt it but its possible. |
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Ain't looking good at all, the failed transaction started early NOVEMBER, i had got 2 withdrawals stuck back then.
So that's 3 months of exploiting the Gox Automatic Giving Machine.
This means that there are less coins available than we thought, price should go up. To the contrary, it means hundreds of thousands of coins have been stolen, which may be sold at any time on other exchanges and greatly increasing the supply and thus decreasing the price. |
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