Massive bid wall - over $2,000,000

[Quantum_Negatum]

Not interested in playing that game.

[Anon136]

i like how no one is falling for the shenanigans

[Odalv]

i like how no one is falling for the shenanigans

I like it :-). When price is high enough. I'll take 10% (I can afford to lose) of my BTC and sell them (lock into profit). Then try to buy lower and sell them again higher. I'm playing against speculator.

[01BTC10]

Speculating against the speculators.

hmmm  

[GigaCoin]

just like no one falls for the ddos attacks anymore.

[cAPSLOCK]

Dear lord. Does no one here understand that those bids are all for $100? That is the total accumulation of $100 bids.  walls are not made by manipulation. They are made by buyers and sellers.  Obviously the psychological impact $100 has is very great.

[fortif78]

this made me lol. +1

[Crazy]

Sorry if someone's mentioned this, and it might be entirely wrong just thinking out loud, but don't you think this sort of position is in place to create a false sense of demand or support? I've seen the wall increase by about 400k USD while it's been in place. Let's assume those aren't his bids beyond $2m and it's just people piling on to "support" a bottom. If whomever put it up were to take it down, and sell off immediately after, he would effectively have lulled $400k, plus the bids beyond $110/BTC, into assuming their position was in fact ahead of demand so they would be able to catch any short sell offs (they have not much hope of picking up additional BTC if $110 is the bottom with a $2m+ wall). But in effect, created a sufficient depth to execute a market order and reach his desired yield. Basically setting up the sheep for slaughter.

[notig]

a couple of things... a lot of people sold their coins in the crash  (I remember there was like 40 thousand coins just to get from 99 to 81 or something like that at least)

now that the market didn't actually sink a lot of people are left holding cash instead of bitcoins and they probably are thinking they just got tricked into selling

the buy walls could be some of those people

it could also be fake

then again from a strategic standpoint i'm not sure walls are made for psychological reasons. I think they are made for strategic reasons... you put a wall up to try to catch a dip.  But if something looks like it's tanking you are going to move the wall (not because it was fake) but because you want to catch the bottom

[Odalv]

a couple of things... a lot of people sold their coins in the crash  (I remember there was like 40 thousand coins just to get from 99 to 81 or something like that at least)

now that the market didn't actually sink a lot of people are left holding cash instead of bitcoins and they probably are thinking they just got tricked into selling

the buy walls could be some of those people

it could also be fake

then again from a strategic standpoint i'm not sure walls are made for psychological reasons. I think they are made for strategic reasons... you put a wall up to try to catch a dip.  But if something looks like it's tanking you are going to move the wall (not because it was fake) but because you want to catch the bottom

I was thinking it is an newbie's wall. ... but will newbie have $2M at gox  on Sunday ?

[Babylon]

Market moved up, Hopefully the wall will too.

[underground_]

Market moved up, Hopefully the wall will too.

But then it would risk being sold into.

[Odalv]

Market moved up, Hopefully the wall will too.

So do you think:

(big player) I'll put $2M wall, price go UP and I'll buy at higher price ? (DUMP comes)

[Quantum_Negatum]

Why do you hope the wall keeps moving up?  That just sets the stage for a more dramatic crash.

[Babylon]

Why do you hope the wall keeps moving up?  That just sets the stage for a more dramatic crash.

So I can catch the peak before the crash and then buy in again when it is low.

[Odalv]

Why do you hope the wall keeps moving up?  That just sets the stage for a more dramatic crash.

So I can catch the peak before the crash and then buy in again when it is low.

Yes if there are not bigger player. :-) (EDIT: than this with $2M wall)

[Quantum_Negatum]

Why do you hope the wall keeps moving up?  That just sets the stage for a more dramatic crash.

So I can catch the peak before the crash and then buy in again when it is low.

No guilt from participating in the manipulation and robbing inexperienced traders?  These things don't exactly help Bitcoin's reputation.

[Babylon]

I'm not manipulating anyone, just taking advantage of someone else's manipulation.  No guilt at all.

[underground_]

I'm not manipulating anyone, just taking advantage of someone else's manipulation.  No guilt at all.

You don't have long to get out, imo. Bids are nearing 10k over 110, besides the wall, and asks are starting to build. Dump incoming.

[Quantum_Negatum]

I'm not manipulating anyone, just taking advantage of someone else's manipulation.  No guilt at all.

You are helping create ammunition for the bitcoin critics.