Bitcoin Forum
December 07, 2016, 04:50:18 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: MtGox huge buy  (Read 2871 times)
padrino
Legendary
*
Offline Offline

Activity: 1260



View Profile
June 12, 2011, 03:42:30 PM
 #1

Watching the market history over the last few minutes it looks like someone executed a massive buy at $23 causing the system to backup as it filled all orders up to that limit. When it finally completed the order all of those that got hot to try and jump on starting pushing, it was hard to get something in but if you did it right it was a quick 20%.

1CPi7VRihoF396gyYYcs2AdTEF8KQG2BCR
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481129418
Hero Member
*
Offline Offline

Posts: 1481129418

View Profile Personal Message (Offline)

Ignore
1481129418
Reply with quote  #2

1481129418
Report to moderator
1481129418
Hero Member
*
Offline Offline

Posts: 1481129418

View Profile Personal Message (Offline)

Ignore
1481129418
Reply with quote  #2

1481129418
Report to moderator
bitcoinconnection
Jr. Member
*
Offline Offline

Activity: 56



View Profile
June 12, 2011, 03:53:39 PM
 #2

Yes, someone has confidence in the market. Maybe they see a good play coming up. This may put a new flood on the price.



Lookie Here 1MXgbEABic6Up7e3SzHrmkdQTTSRpuUAxY
A person buys and the other sell. Who is the smarter one?
padrino
Legendary
*
Offline Offline

Activity: 1260



View Profile
June 12, 2011, 03:56:31 PM
 #3

Yes, someone has confidence in the market. Maybe they see a good play coming up. This may put a new flood on the price.



Lookie Here 1MXgbEABic6Up7e3SzHrmkdQTTSRpuUAxY
A person buys and the other sell. Who is the smarter one?

The volume was staggering, I see the point of the dark pool (from the point of view of a large investor) and the decision one might take to move the market on the normal pool when the time is right.

1CPi7VRihoF396gyYYcs2AdTEF8KQG2BCR
Bit_Happy
Legendary
*
Offline Offline

Activity: 1442


A Great Time to Start Something!


View Profile
June 12, 2011, 04:05:11 PM
 #4

Wow what a crazy market.

15DYJpWJe9H1YofsNQbP9JEWWNn7XPZgbS
piuk
Hero Member
*****
Offline Offline

Activity: 910



View Profile WWW
June 12, 2011, 04:09:16 PM
 #5

The market is being played like a fiddle by someone. Down 60% one day, up 50% the next, Insanity! But great fun

Djao
Full Member
***
Offline Offline

Activity: 150


View Profile
June 12, 2011, 04:12:26 PM
 #6

The market is being played like a fiddle by someone. Down 60% one day, up 50% the next, Insanity! But great fun

not days, hours!
Bit_Happy
Legendary
*
Offline Offline

Activity: 1442


A Great Time to Start Something!


View Profile
June 12, 2011, 04:18:07 PM
 #7

Will the market expect "support" at $23 where the huge buy was priced up to?

15DYJpWJe9H1YofsNQbP9JEWWNn7XPZgbS
onesalt
Sr. Member
****
Offline Offline

Activity: 308


View Profile
June 12, 2011, 04:22:24 PM
 #8

The market is being played like a fiddle by someone. Down 60% one day, up 50% the next, Insanity! But great fun
Kind of a shame it's destroying the integrity of the currency as an actual currency really. I really hate people who agree with this sort of thing. Bitcoin isn't going to get popular acceptance by any major company if its jumping around like a kangaroo riding a pogo stick while on crack.
piuk
Hero Member
*****
Offline Offline

Activity: 910



View Profile WWW
June 12, 2011, 04:39:12 PM
 #9

Kind of a shame it's destroying the integrity of the currency as an actual currency really. I really hate people who agree with this sort of thing. Bitcoin isn't going to get popular acceptance by any major company if its jumping around like a kangaroo riding a pogo stick while on crack.

A market with lots of first time traders, product which is very hard to value, small market cap, it's perfect for someone who has the money to play with.  I didn't say I agreed with it.

asfas16123
Jr. Member
*
Offline Offline

Activity: 44


View Profile
June 12, 2011, 04:54:11 PM
 #10

I think it will just take time. The market depth and volume are way too small still.

I think what happened is that someone who cpu mined for a month in 2009 sometime, made 20k btc and forgot about it, had heard on the news about the popularity explosion, decided to sell all while it lasted and made quarter to half a million usd. Basically that brought the price from 25 to 15 and because a lot of people that pissed their pants in the aftermath it went on to 10. Just look at the volumes, essentially it was all one big sale on saturday.

It will just take time until people from the early times have cashed in their stashs until the price becomes more stable.

padrino
Legendary
*
Offline Offline

Activity: 1260



View Profile
June 12, 2011, 05:06:55 PM
 #11

The market depth just isn't there right now, as the number of coins grow things will stabilize more, that doesn't necessarily mean go down but make it much easier for the market to absorb these types of things. Someone with a reasonable (albeit not a small) amount of money can corner the market and play the game as they see fit. If more people are buying into the market this will make it a good time to get reserves up since demand will drive prices back to where they were last week.

1CPi7VRihoF396gyYYcs2AdTEF8KQG2BCR
Jack of Diamonds
Sr. Member
****
Offline Offline

Activity: 252



View Profile
June 12, 2011, 05:10:56 PM
 #12

I think it will just take time. The market depth and volume are way too small still.

I think what happened is that someone who cpu mined for a month in 2009 sometime, made 20k btc and forgot about it, had heard on the news about the popularity explosion, decided to sell all while it lasted and made quarter to half a million usd. Basically that brought the price from 25 to 15 and because a lot of people that pissed their pants in the aftermath it went on to 10. Just look at the volumes, essentially it was all one big sale on saturday.

It will just take time until people from the early times have cashed in their stashs until the price becomes more stable.



It's hard to withdraw sums that big. The bank is required to alert the authorities for wire transfers that large.

Tux will increase your limit if you send in ID with picture, but probably not that high.

Even at 9k per day (pretty optimistic) it would take 2 months just to withdraw 0.5m, and then you'd better have a corporate bank account or spread the withdrawals among 10-20 private accs.
You can't just "strike it big" with bitcoin and expect to get easy money.

Getting large sums out of the system is going to be very difficult if you want to stay under the radar. At the least you are going to have to spend a lot on plane tickets to open bank accounts in various countries where foreigners can do so legally.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
padrino
Legendary
*
Offline Offline

Activity: 1260



View Profile
June 12, 2011, 05:25:14 PM
 #13


It's hard to withdraw sums that big. The bank is required to alert the authorities for wire transfers that large.

Tux will increase your limit if you send in ID with picture, but probably not that high.

Even at 9k per day (pretty optimistic) it would take 2 months just to withdraw 0.5m, and then you'd better have a corporate bank account or spread the withdrawals among 10-20 private accs.
You can't just "strike it big" with bitcoin and expect to get easy money.

Getting large sums out of the system is going to be very difficult if you want to stay under the radar. At the least you are going to have to spend a lot on plane tickets to open bank accounts in various countries where foreigners can do so legally.

Why would you assume people want to stay under the radar, I understand the overall reason from a tax point of view but it's certainly not a necessity, especially if one has multiple X the return on the initial investment.

1CPi7VRihoF396gyYYcs2AdTEF8KQG2BCR
MikesMechanix
Member
**
Offline Offline

Activity: 70



View Profile
June 12, 2011, 05:52:58 PM
 #14

I was anticipating a big rebound, but not this quick.

I think there's a possibility of a record high before the week is over.
I'm sure I'm not the only one who'd have started buying big at $10 - $13, had I had USD at MtGox.
Also, as I understand, Silk Road is offline. I think the demand will shoot up if/when it returns.

Please send your extra Bitcoins to 17miTorGDBUh3yNTYJtodJPw9wzrcNcf6y. Thank you!

Sign up on TradeHill Instant Bitcoin Exchange using this link to get a lifetime 10 % discount on trades!
Jack of Diamonds
Sr. Member
****
Offline Offline

Activity: 252



View Profile
June 12, 2011, 06:41:42 PM
 #15

Why would you assume people want to stay under the radar

Taxes + suspicion of money laundering if you are not a corporation and recieve statistically abnormal deposits as an ordinary customer (whose normal traffic doesn't exceed a few dozen/hundred per day)

The entire reason why $10,000+ wire transfers must be reported to the police is anti-money laundering laws.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
kiba
Legendary
*
Offline Offline

Activity: 980


View Profile
June 12, 2011, 06:44:33 PM
 #16

Why would you assume people want to stay under the radar

Taxes + suspicion of money laundering if you are not a corporation and recieve statistically abnormal deposits as an ordinary customer (whose normal traffic doesn't exceed a few dozen/hundred per day)

The entire reason why $10,000+ wire transfers must be reported to the police is anti-money laundering laws.

And it also means you have no financial privacy.

Jere.Jones
Full Member
***
Offline Offline

Activity: 120


View Profile
June 13, 2011, 10:01:46 AM
 #17

The entire reason why $10,000+ wire transfers must be reported to the police is anti-money laundering laws.
This is no longer true and hasn't been true for many years.  Deposits/Withdraws as low as $2000 can be reported if they are unusual for your account.  This changed under the "Know You Customer" portion of the Patriot Act in 2001 although it didn't actually become forceful for banks until 2002.

Jere
Oldminer
Legendary
*
Offline Offline

Activity: 1022



View Profile
June 13, 2011, 12:35:12 PM
 #18

The market is being played like a fiddle by someone. Down 60% one day, up 50% the next, Insanity! But great fun

This ^^

If you like my post please feel free to give me some positive rep https://bitcointalk.org/index.php?action=trust;u=18639
Tip me BTC: 1FBmoYijXVizfYk25CpiN8Eds9J6YiRDaX
Jack of Diamonds
Sr. Member
****
Offline Offline

Activity: 252



View Profile
June 13, 2011, 01:14:57 PM
 #19

The entire reason why $10,000+ wire transfers must be reported to the police is anti-money laundering laws.
This is no longer true and hasn't been true for many years.  Deposits/Withdraws as low as $2000 can be reported if they are unusual for your account.  This changed under the "Know You Customer" portion of the Patriot Act in 2001 although it didn't actually become forceful for banks until 2002.

Jere

Well, it used to be $9,999 in the US a few years back. I no longer hold US bank accounts so I didn't know about the lowered limit.

Even so, more reason to be careful if it's just a few thousand bucks (or whatever is statistically abnormal for your account)

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!