If the whole order book is hidden then there is no way at all to manipulate anybody just by using the order books. If you are able to see the entire books then there is the ability to manipulate people using the order books with fake orders that the owners have no intentions of being filled. Is this incorrect?
This is simply an extension of your previous flawed argument. Now sounds like "if a man is dead there is no way at all to manipulate him. If he is able to see the entire world then there is the ability to manipulate him". Doesn't make much sense to me.
Every exchange is a market. Imagine a market where every seller puts a tag with the price and the quantity they sell. Looks like a good market to me even if they buy and sell same stuff.
Now imagine a market where sellers hide all the tags with prices and quantities they sell and instead there is one general price for information only of the deal just done. When buyers try to buy something at the general price what they get back is fraudulent practices like requoting, slippage, and front running. Why? Because such a market is not transparent and easy to manipulate! The only winning party of such a market are the owners of the market place trying to "optimize" their profit through buying from sellers and selling to buyers on top of the transaction fees they charge buyers and sellers... No, thanks. I shall not give my business to such an exchange!
Still doesn't make much sense, front running and behind the scenes manipulation is an exchange problem that should be solved by regulation of the exchanges themselves.
This is about manipulation by the market participants. In your analogy its like all the buyers in the market putting a price and quantity they want to buy and when someone starts to sell to the buyers at that price (the price moving towards the fake manipulatative asks/bids) the buyer then saying oops no don't want to buy it at that price and pulling the bids (the walls) just before you get a chance to buy them. Thus faking a demand at a lower price causing other buyers to put bids infront of them at a price they may not have been willing to pay but only chose to do so as they thought there was a lot of demand for the product. Thats manipulating the actual demand in the market.
Just like now there are 16k in bids back to 238 on finex, now if all those bids were real it looks like there is a lot of demand for btc above those prices. Naive buyers then place bids higher than that as they want btc and see that there is a large demand for it. The majority of those bids are fake, the buyers have no intention of keeping those bids there if the price is moving towards it. How it this not manipulative practice?
It would make sense however if once you put a price on something you weren't able to change your mind at the last second (pull the maipulative fake walls)
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