Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[nanobtc]

gawd (TM). And the thread goes back to when AOL added IRC to their 'Package Deal'.

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[manfred]

Whats up with bitstamp banning trading.i286 from using it?
http://trading.i286.org/bitstamp/?item=btc&currency=usd

[Its About Sharing]

Whats up with bitstamp banning trading.i286 from using it?
http://trading.i286.org/bitstamp/?item=btc&currency=usd

I think they got caught up in the number of API request thing. Hopefully they can get it sorted out, whatever the reason.

[Sword Smith]

Not much going on in here so I might as well throw this question out:
If you want to buy for a large amount, say between $ 50k and $ 200k, what is usually the be way to buy them on the exchanges? I guess somekind of limit order would be preferable?

[rpietila]

Not much going on in here so I might as well throw this question out:
If you want to buy for a large amount, say between $ 50k and $ 200k, what is usually the be way to buy them on the exchanges? I guess somekind of limit order would be preferable?

I have moderate experience in buying such quantity from an exchange. It is difficult to give good advice, because it depends a lot on the exchange, the general mood, and the players in the exchange. If there are big sellers watching, it may be good to set up a wall near the market, this will induce them to sell without slippage for both. This approach may, however, be detrimental in boom days, where a big bid wall just prompts other bidders higher.

If you dare to bring scarecoins to the particular exchange, it is possible to pretend to be on the sell side with big walls, while actually purchasing nimbly. Even more aggressive tactic is to batter the price down with a supposed flood of coins (very few of which are actually for sale though) and purchase 5-10% cheaper.

Before doing anything creative it is important to familiarize yourself with the exchange in question, plus the market situation.

Sirius Money looks good. +1 

[Sword Smith]

Not much going on in here so I might as well throw this question out:
If you want to buy for a large amount, say between $ 50k and $ 200k, what is usually the be way to buy them on the exchanges? I guess somekind of limit order would be preferable?

I have moderate experience in buying such quantity from an exchange. It is difficult to give good advice, because it depends a lot on the exchange, the general mood, and the players in the exchange. If there are big sellers watching, it may be good to set up a wall near the market, this will induce them to sell without slippage for both. This approach may, however, be detrimental in boom days, where a big bid wall just prompts other bidders higher.

If you dare to bring scarecoins to the particular exchange, it is possible to pretend to be on the sell side with big walls, while actually purchasing nimbly. Even more aggressive tactic is to batter the price down with a supposed flood of coins (very few of which are actually for sale though) and purchase 5-10% cheaper.

Before doing anything creative it is important to familiarize yourself with the exchange in question, plus the market situation.

Sirius Money looks good. +1 

Thank you! Good to see you back online. How is Hopea doing?

[RationalSpeculator]

Not much going on in here so I might as well throw this question out:
If you want to buy for a large amount, say between $ 50k and $ 200k, what is usually the be way to buy them on the exchanges? I guess somekind of limit order would be preferable?

Very good question

Do you want to buy for the current price of around $135 for sure?

Or do you doubt about buying at current price and think about waiting for it to go lower?

[Walsoraj]

Is it a weekday? I can't tell by looking at the daily volume. 

[thezerg]

Not much going on in here so I might as well throw this question out:
If you want to buy for a large amount, say between $ 50k and $ 200k, what is usually the be way to buy them on the exchanges? I guess somekind of limit order would be preferable?

First off, don't post the question on these forums  .  

But seriously, that's not a huge amount -- ~500 to 2k coins at today's prices.  The key questions here are:
What's your starting point? (are you verified on any exchanges)
What's your timeframe?
Is this potentially a repeat thing?
Are you interesting in cultivating new exchanges?

The best short-term strategy that does not involve manipulation would be to purchase on multiple exchanges simultaneously.  You could probably fill that order on bitstamp, btc-e, campbx and only drive the price up a buck or two.  By using multiple exchanges and buying as soon as the money hits your accounts you minimize exchange risk.  But that presupposes you have accounts in these places.

If you had only one account (at bitstamp, say) and a longer timeframe, I'd break the purchase into 3-4 smaller wires to minimize exchange risk.  That would also space the purchases out so you'd likely not move the market.

But if you anticipate repeat business (and judging by your website, I'd guess you do), I'd register and KYC with every exchange I could find, including one in China.  Because you never know when an exchange could disappear... and if you are filling whale orders you may need to produce on a short timeframe.

Finally, you might want to create a relationship with one of the new exchanges that have been recently announced and risk a few $ filling out their bid orderbook.  I'll bet a phone call could get you really low fees...

[Adrian-x]

I am beginning to think that Bitcoin is a project by U.S. intelligence agencies to cognitively infiltrate Austrian economic enthusiasts by way of educating them about how things got to be the way they are.

LOL'd
I'd love to explore further, that's infiltrate not influence

So now the Austrians know how we got here and why things are the way they are what was the point?

[Adrian-x]

I am beginning to think that Bitcoin is a project by U.S. intelligence agencies to cognitively infiltrate Austrian economic enthusiasts by way of educating them about how things got to be the way they are.

LOL'd
I'd love to explore further, that's infiltrate not influence

So now the Austrians know how we got here and why things are the way they are what was the point?

Infiltrate, as in Cass Sunstien.

The Austrians are slowly learning.

What? That reform is necessary

[Spaceman_Spiff]

I am beginning to think that Bitcoin is a project by U.S. intelligence agencies to cognitively infiltrate Austrian economic enthusiasts by way of educating them about how things got to be the way they are.

What lessons are being learned exactly?

[yefi]

Not much going on in here so I might as well throw this question out:
If you want to buy for a large amount, say between $ 50k and $ 200k, what is usually the be way to buy them on the exchanges?

By announcing on a public forum when you're going to buy and at what price you're prepared to buy. Posts on this thread such as, "Wow, get ready for the big one," will suffice just fine though.

[Sword Smith]

Not much going on in here so I might as well throw this question out:
If you want to buy for a large amount, say between $ 50k and $ 200k, what is usually the be way to buy them on the exchanges?

By announcing on a public forum when you're going to buy and at what price you're prepared to buy. Posts on this thread such as, "Wow, get ready for the big one," will suffice just fine though.

I can't see what all the fuss is about. I trade bitcoins for my customers but I do not currently need to buy this kind of amount. I might in the future, though. Might as well arm myself with some knowledge.

[Sword Smith]

I am beginning to think that Bitcoin is a project by U.S. intelligence agencies to cognitively infiltrate Austrian economic enthusiasts by way of educating them about how things got to be the way they are.

What lessons are being learned exactly?

Well, for one, that quantitative metrics matter. It is not sufficient to make a projection to extremes based on the limited understanding of a theory. This is important for understanding little things like when you can apply linear relationships and when you have to apply exponential relationships... Little things like that.

For another. Market systems are more complex than you might expect if the only model you have for them is a cartoon. It is insufficient to simply dismiss things you don't agree with as 'externalities'. One thing we have learned very well about risk management is that externalities and complexities matter.

Isn't it a bit judgemental to think that all members in here subscribe to just one economic theory? I wrote this a long time a go and I also had my fight with the pure Austrians:
https://bitcointalk.org/index.php?topic=160227.0

[prophetx]

on a side note totally unrelated to the talks in this thread about infiltrating the Austrian school...

does btc-tc closing have an impact price and btc speculative supply?  or is this a non event?

http://thegenesisblock.com/btc-trading-corp-shutters-operations-cites-regulatory-environment/

BTC Trading Corp (BTC-TC) announced that it will close all trading by October 7, two weeks from today. BTC-TC is one of the largest bitcoin securities exchanges, responsible for 101,000 BTC ($12M) in deposited securities and 2,900 BTC ($350K) in daily volume. The company’s notice cited “recent changes in the virtual currency regulatory environment” as the reason for shuttering operations.

[Walsoraj]

Over half the volume on Gox is that 1btc bot, which is probably Gox liquidating its btc stock to cover withdrawals. 

[Loozik]

I trade bitcoins for my customers [...]

Isn't Gox blocking you for accessing numerous accounts from one IP?

I currently trade for myself and one customer and for this purpose I use 2 computers with different IPs.

[prophetx]

on a side note totally unrelated to the talks in this thread about infiltrating the Austrian school...

does btc-tc closing have an impact price and btc speculative supply?  or is this a non event?

http://thegenesisblock.com/btc-trading-corp-shutters-operations-cites-regulatory-environment/

BTC Trading Corp (BTC-TC) announced that it will close all trading by October 7, two weeks from today. BTC-TC is one of the largest bitcoin securities exchanges, responsible for 101,000 BTC ($12M) in deposited securities and 2,900 BTC ($350K) in daily volume. The company’s notice cited “recent changes in the virtual currency regulatory environment” as the reason for shuttering operations.

it seems Atlantis got shut down as well.... hmmm

[Adrian-x]

Well, for one, that quantitative metrics matter. It is not sufficient to make a projection to extremes based on the limited understanding of a theory. This is important for understanding little things like when you can apply linear relationships and when you have to apply exponential relationships... Little things like that.

For another. Market systems are more complex than you might expect if the only model you have for them is a cartoon. It is insufficient to simply dismiss things you don't agree with as 'externalities'. One thing we have learned very well about risk management is that externalities and complexities matter.

The point Austrians make is it isn't up to central authorities to manage the economy, but to individuals to manager there activity in an economy, to that point quantitative metrics, with regards to risk management is that externalities and complexities do matter, if you want to manage your participation at a highly effective level. It isn't justification to warrant central control.    

A Economy is a measure of economic interactions in a given system - v - Directing Economic interactions in a system to achieve an Economy.