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Author Topic: A whale in the pool? Coinsecure Constant since yesterday  (Read 218 times)
parthi2929
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June 29, 2017, 04:03:50 AM
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Hi

New to trading. Observed an interesting phenomenon yesterday. While the international exchanges are trading high and low, Coinsecure was constant from yesterday night at 176500. (This has been happening often in coinsecure)

http://i.imgur.com/PD1iIdm.png

This as per my understanding was a huge sell order for 40L for about 23 bitcoins and till I am writing this post its still going on as not enough buyers from yesterday.

http://i.imgur.com/A9uhDsm.png

Was wondering what could be his motives..
1. Seller wanted to clear all BTC due to upcoming fork?
2. Due to tax, GST? (Its month end, but wait, shouldn't be buy order then?)
3. Or simply a millionaire playing with this "small amount"
4. Trader trying to bring market down, and then buy at lower prices? (why so when upcoming fork itself poses that scenario)

What should we do?
1. Buy as this is a good oppurtunity? (Price dropped from 181k to 176k sharply at 7 pm yesterday, Intl exchange very slowly raising)
2. Avoid buying and wait for price drop? (As this huge sell may bring market down to 170k for eg)

Please share your thoughts.
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audaciousbeing
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June 29, 2017, 09:33:28 AM
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Hi

New to trading. Observed an interesting phenomenon yesterday. While the international exchanges are trading high and low, Coinsecure was constant from yesterday night at 176500. (This has been happening often in coinsecure)



This as per my understanding was a huge sell order for 40L for about 23 bitcoins and till I am writing this post its still going on as not enough buyers from yesterday.



Was wondering what could be his motives..
1. Seller wanted to clear all BTC due to upcoming fork?
2. Due to tax, GST? (Its month end, but wait, shouldn't be buy order then?)
3. Or simply a millionaire playing with this "small amount"
4. Trader trying to bring market down, and then buy at lower prices? (why so when upcoming fork itself poses that scenario)

What should we do?
1. Buy as this is a good oppurtunity? (Price dropped from 181k to 176k sharply at 7 pm yesterday, Intl exchange very slowly raising)
2. Avoid buying and wait for price drop? (As this huge sell may bring market down to 170k for eg)

Please share your thoughts.


Its their site and its their rule whatever reason they have that necessitates holding price constant, they are the one to explain and more so you are not  under compulsion to patronize them when there are several sites out there to make trade and make you profit with reasonable fees at that.

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June 29, 2017, 02:49:08 PM
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Actually we are too limited in India currently because only handful of sites for bitcoin exchange, and coinsecure so far provides best rates (lowest buy, highest sell) among Indian players (even compared with local bitcoins).

Further, outward remittances are very much restricted in India, a big hassle, so its very difficult atm to try Intl exchanges as alternatives.

This is why such observations on Coinsecure.

I was sharing my observation to get different points of view on this to learn.
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