Bots on btc-e placing nearly same orders?

[Milotyc]

16.840056 237.52
16.840055 237.52
16.840054 237.52
16.840051 237.52
16.840050 237.52

These are offers on ltc, the 237.52 is the amount being bought by this person (?) at a price of +/- 16.8 dollar. These offers are being removed and changed almost every 10 seconds but always come with nearly the same offers for the same amounts.

What sorcery is this?

[ZephramC]

Algorithmic trading and fruit of free market. (Common regulated markets could consider this "painting the tape" illegal.)

[CoinCidental]

http://www.investopedia.com/terms/p/paintingthetape.asp

why do the btc exchanges let it happen ?

[Milotyc]

tyvm very informative stuff.

[zoinky]

http://www.investopedia.com/terms/p/paintingthetape.asp

why do the btc exchanges let it happen ?

Because they make money on it, and if they didn't allow it people would go to an exchange that did allow it.

[ZephramC]

http://www.investopedia.com/terms/p/paintingthetape.asp

why do the btc exchanges let it happen ?

Because they make money on it, and if they didn't allow it people would go to an exchange that did allow it.

Exactly. There are far too many alternatives in our überregulated world for those who want to be "protected" from such market forces.