Break down the ask walls

[deeplink]

Whatever is going on, let's put the pressure on.

The situation
Enormous ask walls with 100,000++ BTC available for sale from $10 up to $12/$13
Bids and asks are not moving and price is keeping stable around $10 (which I think is a good sign)
This is going on for a couple of days now.

Reason?
Likely pirate has put up these walls, trying to prevent the price going up, trying to cause panic and/or trying to cause a major sell-off. He needs a low price to accumulate enough BTC if he is ever going to be able to pay of his debt. Everybody is waiting for pirate to crash the market therefore nobody is willing to buy above the current price of $10

Solution?
If we can coordinate a simultaneous buy action the ask walls are gone or at least a big part of it. I realize this would need A LOT of people who are prepared and able to invest even more than they might already have. On the other hand we will all profit from a strong and healthy market.

Why?
for the lulz. Just kidding (or am I ?)... No the reason is genuine interest in the future of Bitcoin. Stability will suffer as long as one player has a large part of the available coins to play the market with. By buying these coins we create a much better distribution and maybe prevent another crash. Short and long-term we improve/re-gain Bitcoin stability. Price will continue to rise and the investment may turn out to be very profitable.

Let me know in this thread why this would be a good/bad idea.

Anyone up for this action can send me a PM (to keep it secret for now) so I can coordinate

[koin]

Let me know in this thread why this would be a good/bad idea.

keep some powder dry

[update: plus you'll be able to buy more if there is a selloff,]

[yochdog]

It's a terrible idea......but anyone with experience in public markets already knows this. 

[DeathAndTaxes]

If his plan is what you think it is (and I have no idea if thats true or not) then he has already failed.  He tried to push the price down last Friday.  The combination of Friday (no fiat deposits), a dump on the market, closing the "ponzi like" business without warning, not paying out anybody, and being vague and noncommitable wasn't able to keep prices below $10.00.   To payout the "interest" owed he would need to not only have sold off all 500K above $15 but would now need to buy the somewhere south of $8.  It didn't happen and the market depth is growing.  It won't happen.

Trying to manipulate the market to out manipulate a manipulator is just silly.   Once again I don't know if that IS his game plan (sell high, spook the market and rebuy low to repay investors with devalued coins) but if it is there is no need to risk anything.  He already failed.   Let me burn off the rest of his investors funds trying to force it lower and just buy the dips.

[crazyates]

OR.... Deeplink IS pirate, and he wants other people to jack the price up so he can take all the coins he bought at 9 and sell at 15, and then rebuy at 8!

/tinfoilhat

[rjk]

Mr. Gorbachev....


Hey, that's a staircase.

[deeplink]

It's a terrible idea......but anyone with experience in public markets already knows this. 

Well I'm no broker... so would you mind to elaborate?

[deeplink]

If his plan is what you think it is (and I have no idea if thats true or not) then he has already failed.  He tried to push the price down last Friday.  The combination of Friday (no fiat deposits), a dump on the market, closing the "ponzi like" business without warning, not paying out anybody, and being vague and noncommitable wasn't able to keep prices below $10.00.   To payout the "interest" owed he would need to not only have sold off all 500K above $15 but would now need to buy the somewhere south of $8.  It didn't happen and the market depth is growing.  It won't happen.

Trying to manipulate the market to out manipulate a manipulator is just silly.   Once again I don't know if that IS his game plan (sell high, spook the market and rebuy low to repay investors with devalued coins) but if it is there is no need to risk anything.  He already failed.   Let me burn off the rest of his investors funds trying to force it lower and just buy the dips.

Almost as silly as offering 7%/week I guess

I get your point tough. Nobody knows how much he has left, but the market is getting more resilient to his tactics. Therefore it is becoming less likely that his plan, if it is what I think it is, will work out.

What bothers me still is that one unpredictable person has that many coins.