Anyone watching?

[johnblaze]

So when the price fell from $266 to $105 in a day where were all those people trying to make money off of each other?  Why were they panicking in unison?

So was the 1929 stock market crash caused by bots too? Panic is human nature. Most people with common sense had a good feel at $266 that the price was overbought. When the selloff started there was a rush to the exit. People even discuss this now as one of the most predictable crashes in history.

dont even bother, the guy is an idiot, who thinks hes something special because he knows of the existence of certain "bots"

he thinks bots are created to stabilize prices instead of make money

[Nightowlace]

$104 hot damn. Who grabbed that?

[Wuji]

$104 hot damn. Who grabbed that?

Buy orders kicking in at $120, $110.  Got them all the way down to $50.  I'm loving this game so far.  The past few months have been very good to me and I've been sharing all my movements in advance on here.

[Wuji]

So when the price fell from $266 to $105 in a day where were all those people trying to make money off of each other?  Why were they panicking in unison?

So was the 1929 stock market crash caused by bots too? Panic is human nature. Most people with common sense had a good feel at $266 that the price was overbought. When the selloff started there was a rush to the exit. People even discuss this now as one of the most predictable crashes in history.

dont even bother, the guy is an idiot, who thinks hes something special because he knows of the existence of certain "bots"

he thinks bots are created to stabilize prices instead of make money

Yeah if you go back and read my posts you'll see I openly said all trades before I made them and I'm up 1600% on Bitcoin.  Feels good to be an idiot.

Obviously bots are made to make money off speculative moves.  However in large numbers they do stabilize price.  The more they compete the less fluctuation.  I'm sorry I assumed a lot of people here had common sense and understood this concept.  I should never assume anyone uses logic I guess.

[bitleif]

Yeah if you go back and read my posts you'll see I openly said all trades before I made them and I'm up 1600% on Bitcoin.  Feels good to be an idiot.

Obviously bots are made to make money off speculative moves.  However in large numbers they do stabilize price.  The more they compete the less fluctuation.  I'm sorry I assumed a lot of people here had common sense and understood this concept.  I should never assume anyone uses logic I guess.

Sorry if I misunderstood your other post, seems you were saying crashes can't happen if everybody is just out to make money. Sure, bots can help stability if they spread out liquidity and bring less panicked orders into the market. But that's not automatic, the HFT bots on wall street sure haven't done much to improve that market.

[Wuji]

Yeah if you go back and read my posts you'll see I openly said all trades before I made them and I'm up 1600% on Bitcoin.  Feels good to be an idiot.

Obviously bots are made to make money off speculative moves.  However in large numbers they do stabilize price.  The more they compete the less fluctuation.  I'm sorry I assumed a lot of people here had common sense and understood this concept.  I should never assume anyone uses logic I guess.

Sorry if I misunderstood your other post, seems you were saying crashes can't happen if everybody is just out to make money. Sure, bots can help stability if they spread out liquidity and bring less panicked orders into the market. But that's not automatic, the HFT bots on wall street sure haven't done much to improve that market.

I agree but Bitcoin is far lower volume than wall street and a ton of computer nerds running many different flavors of bots.  Seems it would be easier to steer price with Bitcoin.

[Kaiji]

I had really expected another 200+ rise in price when looking at the graph these past weeks. This sudden drop in price is very unexpected especially since no one thought silkrd would be shutdown. They kept ddos Gox and that didn't cause a panic sell so they went after Silk. Very organized and well thought out plan and it's working. Though I had no idea people were holding so much btc in silk, I would have thought they were cashing them out on consistent basis.

Another idea could be the same people who dumped all those coins were the ones who shutdown Silk with the hopes of making more intelligent speculators panic into thinking silkroaders were on a selling spree making them sell off their coins early.