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Author Topic: Who is trading(ask) 0.01 on Mt. Gox ?? to keep price down?  (Read 2327 times)
bitcoin02
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December 12, 2012, 05:41:25 AM
 #1

http://bitcoincharts.com/markets/mtgoxUSD_trades.html
http://bitcoinprices.com/realtime.aspx
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humanitee
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December 12, 2012, 05:44:14 AM
 #2

It's a bot.
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December 12, 2012, 05:45:01 AM
 #3

It's a bot.
smoothy's bot?
 Cheesy

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December 12, 2012, 06:00:33 AM
 #4


How about pirate? Cheesy

In all seriousness, nobody knows and they haven't come forward in the past so they probably want to keep it that way.
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December 12, 2012, 06:40:51 AM
 #5


LOL nope I don't use a bot to trade BTC.

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December 12, 2012, 10:24:30 AM
 #6

the 0.01 bot is artificial financial intelligence, checks asks(adjust ask,bid) and set last price to bid+0.00001.
3.15007****BTC @ 13.53565 (last hour may be look like he is catching the 0.01 bot ask)
the bot got around 3.15btc and he is playing.
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December 12, 2012, 12:23:01 PM
 #7

I remember seeing this price manipulation back during the original run up to the $31 peak.. and i'm pretty sure its been happening 24/7 since then..

Because Mtgox can often see pauses of 10 sec - 5 minutes between trades, someone is resetting the "last price" after each honest trade back to either the bid side or the ask side depending on their desired direction.

They are trying to influence the direction very slowly and subtly over time, from my observations the timings are probably around 6 months for each direction.

e.g. lets say the bid/ask spread is 13.50/13.60. Someone buys at 13.60, rather than show 13.60 for 5 minutes and have everyone adjust their bids/asks around that, the bot resets the price with a tiny trade as quickly as possible (few seconds) back to 13.500001.  So now everyone adjusts their bids/asks around 13.50.

Over time, on a market with large pauses between trades I think this would be and has been effective.

Although I can see the bot trend is down at the moment but price is continuing to go up, so hopefully mystery manipulator will be left behind.



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December 12, 2012, 05:05:23 PM
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I remember seeing this price manipulation back during the original run up to the $31 peak.. and i'm pretty sure its been happening 24/7 since then..

Because Mtgox can often see pauses of 10 sec - 5 minutes between trades, someone is resetting the "last price" after each honest trade back to either the bid side or the ask side depending on their desired direction.

They are trying to influence the direction very slowly and subtly over time, from my observations the timings are probably around 6 months for each direction.

e.g. lets say the bid/ask spread is 13.50/13.60. Someone buys at 13.60, rather than show 13.60 for 5 minutes and have everyone adjust their bids/asks around that, the bot resets the price with a tiny trade as quickly as possible (few seconds) back to 13.500001.  So now everyone adjusts their bids/asks around 13.50.

Over time, on a market with large pauses between trades I think this would be and has been effective.

Although I can see the bot trend is down at the moment but price is continuing to go up, so hopefully mystery manipulator will be left behind.





+1
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December 12, 2012, 06:58:55 PM
Last edit: December 12, 2012, 08:53:18 PM by zoinky
 #9

We just need a bot that places a bid for .01 of the lowest ask.
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December 12, 2012, 08:27:00 PM
 #10

The bot also seems to hit the bid with .01 after each trade so the last price appears to be lower.  You wouldn't think it would be all the effective, but someone just offered 250 BTC at 13.687 when the next highest offer (with volume) is 13.76ish.  Over time, it shakes out cheaper BTC.   

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December 12, 2012, 09:20:09 PM
 #11

Interesting blog entry from a guy trying to buy some stock and being gamed by bots.

http://www.zerohedge.com/news/2012-12-11/guest-post-five-minute-example-hft-shenanigans

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December 13, 2012, 03:02:36 AM
 #12

On a Chinese BTC exchange where I usually trade, there used to be nobody making 0.01 trade. But this morning I bought 0.01 BTC for 85.90 RMB (local currency) same as the ask price then while the bid price was as low as 84.10 as I remembered.  The turnover price remained unchanged there for more than a hour, so could I boast that I had successfully manipulated the market for a hour?   Cool
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December 13, 2012, 07:29:56 AM
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The bot also seems to hit the bid with .01 after each trade so the last price appears to be lower.  You wouldn't think it would be all the effective, but someone just offered 250 BTC at 13.687 when the next highest offer (with volume) is 13.76ish.  Over time, it shakes out cheaper BTC.   

maybe for businesses that charge the gox last price

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December 13, 2012, 10:58:13 AM
 #14

On a Chinese BTC exchange where I usually trade, there used to be nobody making 0.01 trade. But this morning I bought 0.01 BTC for 85.90 RMB (local currency) same as the ask price then while the bid price was as low as 84.10 as I remembered.  The turnover price remained unchanged there for more than a hour, so could I boast that I had successfully manipulated the market for a hour?   Cool

Yes, you could, but nobody would care.
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December 13, 2012, 11:09:36 AM
 #15

as if a 0,01 could keep the price down.

my bot does this if the balance is low.

it usually places 0,0x% of the balance (fiat or btc) as order, but if the balance runs low, it will always buy or sell 0,01 (or whatever i give it, used to be 0,1337 aintit funny).

could imagine someone else using this thing or one similar.
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December 13, 2012, 06:59:04 PM
Last edit: December 14, 2012, 03:10:28 AM by cypherdoc
 #16

We just need a bot that places a bid for .01 of the lowest ask.

realize that the purpose of this bot is to let its owner accumulate Bitcoin at a cheaper price w/o having to pay the spreads.  its a bullish sign.

the way to handle this bot if you're also a bull and looking to accumulate is to have your bot look for any .01 BTC lowest ask.  once it sees it, have it then look at the next higher ask; if it's .08 or more higher in price then you can be assured that his bot is presenting a falsely tight spread.  then have your bot buy that .01 BTC at its ask.  you will in effect, .01 BTC at a time, make him pay your spread fee and accumulate all his Bitcoin  Cheesy
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December 13, 2012, 11:53:09 PM
 #17

lol!  looks like someone is actually implementing my strategy  Cheesy  good for you!
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December 22, 2012, 07:14:46 AM
 #18

Does anyone know if this bot is still active?

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December 22, 2012, 07:27:53 AM
 #19

haven't seen lately.

http://bitcoin.clarkmoody.com/

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December 22, 2012, 05:34:52 PM
 #20

Does anyone know if this bot is still active?

its been forced to abandon half of its manipulative strategy by emerging bot destroyers.  lol! Cheesy
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