MtGox huge buy

[padrino]

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%.

[bitcoinconnection]

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]

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.

[Bit_Happy]

Wow what a crazy market.

[piuk]

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

[Djao]

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]

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

[onesalt]

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]

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]

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]

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.

[Jack of Diamonds]

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.

[padrino]

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.

[MikesMechanix]

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.

[Jack of Diamonds]

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.

[kiba]

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]

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]

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

This ^^

[Jack of Diamonds]

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)