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

[modrobert]

So I have been watching what I can only assume is a Whale bot playing out in a wave stabilization scheme on the order books of my exchange of choice. It's been fascinating, exhilarating, revolting, scary as fuck, and any number of other adjectives and descriptive phrases...

His MO is that he chooses a time when the market is relatively stable in a sidewardly mood. He places 50 BTC buy order at say 34,501.01 and another 50 BTC Sell order at 34,999.99. In a low volume time on the exchange this creates a set of walls in a $500 range. He then sets a Sell order of 10 BTC at market (let's say $34,601.01) and immediately places a buy order at $34,549.99. Now what makes me think it's a bot and not just a high-roller daytrader is the fact that every order being filled is immediately followed by an order being placed. And if the price bounces off of the 50BTC walls, it ends up creating an additional set of 10BTC bouncing orders that follow the same $50 spread pattern simultaneously with the first. At first, my thought was "why would he be executing these buys and sells at just a $50 spread?" Bit then I did the math, and watched. Every pair of buys and sells gets him $500 profit. And over a period of time, the algorithm actually seems to capture the market causing a very smooth sideways motion with very little variances outside of the $50 ping pong ball bounce. Over a period of 2.5 hrs Thursday evening, I counted 56 trade pairs, and I'm quite certain I didn't catch them all. So if we round that out to 50 trades at $500 each, that's $25,000 profit in 2.5 hours!
(Not bad in most people's perception) So I was really marveling at this and thinking "Well, Damnit! The game is rigged! If you've got enough cheese to trap the mice, you can't lose!"
Of course, that immediately led to the thought, "As a freezer burned leftover popcorn shrimp, what chance do I have of EVER accumulating THAT kind of volume!?!"
And then tonight, I saw the Bot get toasted. (I know, it'll probably all work out in his favor in the end, but let me laugh for a minute!)
I noted that the market had started to really smooth out in a sidewardly motion with a very slight Downward lean, so I started skimming through the order book, and there it was, a Buy Order for 50BTC at $34,501.01. And as I watched, the Red Candle suddenly started growing, and it went from $34,545 quickly down to $34,501 and as I watched the 50BTC buy got chewed away in seconds and the price continued down to $34,443. At this point as I scan through the order book, there are 2 50 BTC Sell orders $450 apart, but the price is still $75 below the bottom one. King Daddy escaped from the trap and not sure the Whale is even paying attention to cancel the bottom order and try to get the price back into the walls. Obviously the bot was not designed with contingency to do so automatically. 😕😟☹😲😵


-Cope

I've noticed similar trading patterns, overall the BTC trading appears "artificial" on a large scale (compared to several years ago). However, a mistake I've done several times observing this is that sometimes one big whale turns out to be many traders after further analysis reacting in similar manner using the same software (potentially bots), also sharing mindset and info.


In other news, looks like the heat is turning up on Binance, getting the MTGOX vibe, so I moved the BTC back to wallet for now.

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[ChartBuddy]

Explanation

[cygan]

https://twitter.com/hodlXhold/status/1411516347893288960

[Wekkel]

Lots of stories of people receiving an unsolicited password reset email from Binance. Could be a fluke but … 

[ChartBuddy]

Explanation

[Copetech]

Explanation

I  Love the Independence Day celebration skin, but Damn that's hard to read!
What if the Red & White stripes flipped at the make line? Does that ruin the flag appearance?

[jojo69]

[marcus_of_augustus]

... the judge is an idiot if he doesn't spend 5 minutes looking at the MIT license to know it is a spurious, vexatious lawsuit that is exploiting his court ... unless he's somehow in on the scam

The judge followed precedent and did what was expected. Its not a failing on his part so much as the UK legal system.

... so any asshat can bring any assclown lawsuit against anyone else and if the defendant does't show up the the judge MUST award to to the assclown by default?

... that sound kind of messed up and open to any amount of gaming and fuckery. Surely the judge gets some discretion in how relevant a case is going to be in his own courtroom, or he's nothing more than a bot.

[El duderino_]

Lmao

[El duderino_]

plaatje uploaden

[Tash]

Lots of stories of people receiving an unsolicited password reset email from Binance. Could be a fluke but … 

Where are they located this days?

Cayman Islands claims no not here
https://www.cima.ky/binance-not-regulated-by-cima

Thailand filed criminal complaint
https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9017

Japan’s Financial Services Agency warning Binance operating with no license
https://www.fsa.go.jp/policy/virtual_currency02/Binance2_keikokushilyo.pdf

Binance is no longer open for business in Canada’s most populous province
https://www.coindesk.com/binance-pulls-out-of-ontario-following-actions-against-other-crypto-exchanges

Singapore’s central bank, the Monetary Authority is looking into it
https://www.bloomberg.com/news/articles/2021-07-01/singapore-to-follow-up-with-binance-in-wake-of-global-crackdown?sref=3REHEaVI

Consumer warning from UK’s Financial Conduct Authority
https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group

Under investigation by the US Department of Justice and the Internal Revenue Service
Malaysia’s Securities Commission stamps Binance a unauthorised entitiy
BaFin Germany’s financial regulator warned Binace maybe fined
Kicked out of Hong Kong and Malta
China not so friendly at all

Anyone who has any coins sitting there at this stage is a moron.

[BobLawblaw]

Moon time.

[becoin]

Anyone who has any coins sitting there in any exchange at this stage is a moron.

Corrected for you.

[ChartBuddy]

Explanation

[Syke]

... so any asshat can bring any assclown lawsuit against anyone else and if the defendant does't show up the the judge MUST award to to the assclown by default?

... that sound kind of messed up and open to any amount of gaming and fuckery. Surely the judge gets some discretion in how relevant a case is going to be in his own courtroom, or he's nothing more than a bot.

But the defendant did show up, and refuses to offer a defense. At that point, yeah, an asshat will win. No judge is going to step in play the part of defendant's attorney.

[modrobert]

Lots of stories of people receiving an unsolicited password reset email from Binance. Could be a fluke but …  

Where are they located this days?

Binance is located in Cayman Islands, although according to CIMA (Cayman Islands Monetary Authority) they are operating without a licence (not sure if that's true).

Anyone who has any coins sitting there at this stage is a moron.

No, I think most of us using Binance are doing it for the volume, one if the biggest exchanges (perhaps the biggest) out there, and they charge relatively low fees.

As mentioned in my previous post, regarding getting the MTGOX vibe, being big like Binance has consequences, competition wants them to fail, and that includes competition from traditional banking. The pattern is similar; warnings about legislation, domestic banning, smear campaign against company and owners. I'm being cautious, not condemning the exchange at this point.

[ChartBuddy]

Explanation

[El duderino_]

Moon time.

Time to moon.

[Farmer Bill]

Lmao

Nearly broke a rib and choked to death spluttering into my coffee with laughter.
You do dig them up from the shitpile, El duderino well done.

To the moron setting out its assumptions and they them theirs has to be an it.
If you don't celebrate the 4th July just renounce your citizenship, you are not worthy of your country.

[ChartBuddy]

Explanation