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Author Topic: 10k BTC bid wall...Is this activity normal?  (Read 2922 times)
DonnyCMU
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July 10, 2011, 11:59:24 AM
 #1

I don't usually monitor the charts, but about ten minutes ago....

Someone bought $40,000 worth of Bitcoins, driving the price up above $15

Then... Someone put a bid wall of 10,000 (TEN THOUSAND) Bitcoins at $15.00
... That's over $150,000

Wow! (in a bad way... 'cause I sold my coins earlier expecting a weekend drop)

So... is such activity normal? Is the bid wall real? (I believe bid wall disappearing in thin air happened before)
If this was a stock, people would scream 'it's the MMs!' by now..
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YoYa
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July 10, 2011, 12:02:10 PM
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Yeah, don't know what to make of that, could be someone either looking for a massive uptake of btc or mm......let's see how this one works out.
DonnyCMU
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July 10, 2011, 12:18:07 PM
 #3

It just moved up...
Now the 10k wall at $15.0 just disappeared and a 5k wall at $15.5 was build instead.

If this occurs during day time in the US, it could have trigger a panic buy... or may be it already did.
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July 10, 2011, 12:22:46 PM
 #4

Looks like a ratchet movement, meaning true support is a lot weaker down to 14 now......this is going to be interesting.
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July 10, 2011, 12:25:38 PM
 #5

I don't usually monitor the charts, but about ten minutes ago....

Someone bought $40,000 worth of Bitcoins, driving the price up above $15

Then... Someone put a bid wall of 10,000 (TEN THOUSAND) Bitcoins at $15.00
... That's over $150,000

Wow! (in a bad way... 'cause I sold my coins earlier expecting a weekend drop)

So... is such activity normal? Is the bid wall real? (I believe bid wall disappearing in thin air happened before)
If this was a stock, people would scream 'it's the MMs!' by now..

1. Put a lot of money in MtGox.
2. Buy a bunch of bitcoins, but don't exhaust your funds.
3. Place giant bid at the height of your buy from step 2.
4. Induce panic buying.
5. Move giant bid up as the price increases.
6. Once there's sufficient depth between the price and the highest price you bought at in step 2, sell.
7. Profit.
DonnyCMU
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July 10, 2011, 12:32:57 PM
 #6

May be it's a hacking in reverse!

Instead of selling to every bid order to drive the price down... Now the hacker is trying to buy every ask order to drive the price up!!!!
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July 10, 2011, 12:35:11 PM
 #7

Crazy stuff watching the trading atm. Its like watching a dog with a ragdoll between its teeth  Grin

Get ready for the rebound..

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DonnyCMU
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July 10, 2011, 12:48:17 PM
 #8

1. Put a lot of money in MtGox.
2. Buy a bunch of bitcoins, but don't exhaust your funds.
3. Place giant bid at the height of your buy from step 2.
4. Induce panic buying.
5. Move giant bid up as the price increases.
6. Once there's sufficient depth between the price and the highest price you bought at in step 2, sell.
7. Profit.

Well... For step 2, some one just bought $80,000 worth of coins to drive the price this high.
So, unless he can sell 5,000 coins at price over $15, he'll risk losing lots of money if the panic buy doesn't happen.
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July 10, 2011, 12:54:52 PM
 #9

I wonder if we'll see the circuit breaker of MtGox set off soon, just like last weekend.

Somebody's gotta wake up MagicalTux, he again won't have much sleep tonight  Wink

Yeah, well... I'm gonna go build my own blockchain, with blackjack and hookers. In fact, forget the blockchain!
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July 10, 2011, 12:58:05 PM
 #10

Bid wall has been removed....where to now Smiley
qwk
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July 10, 2011, 01:02:16 PM
 #11

Bid wall has been removed....where to now Smiley

I'd love to see it at ten  Grin

Yeah, well... I'm gonna go build my own blockchain, with blackjack and hookers. In fact, forget the blockchain!
haydent
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July 10, 2011, 01:13:57 PM
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I wonder if we'll see the circuit breaker of MtGox set off soon, just like last weekend.


really ? i didnt hear about that what happened ?

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qwk
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July 10, 2011, 01:37:22 PM
 #13

I wonder if we'll see the circuit breaker of MtGox set off soon, just like last weekend.


really ? i didnt hear about that what happened ?

I loled:
http://forum.bitcoin.org/index.php?topic=26326.msg328856#msg328856

Yeah, well... I'm gonna go build my own blockchain, with blackjack and hookers. In fact, forget the blockchain!
YoYa
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July 10, 2011, 02:11:03 PM
 #14

Bid wall is back!

15:04:39 > Add Bid 6000 @ 15


What are they playing at?!?!
CurbsideProphet
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July 10, 2011, 08:05:12 PM
 #15

These false walls have been put up and down for a while now. 

1ProphetnvP8ju2SxxRvVvyzCtTXDgLPJV
qwk
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July 10, 2011, 08:15:33 PM
 #16

Just a thought i was playing with for a while now, if i were one of the early adopters, holding a stash of maybe several 100,000 bitcoins, that's what i think i'd do:

1. over a longer period of time sell off maybe 20,000 coins or so, to make some decent $.
2. put those $ into buy orders at lower rates
3. thus stabilizing bitcoin against a downward trend
4. leading to a continuous upward trend for bitcoin in the long run
5. thereby securing the value of my remaining bitcoins

I guess they didn't do it yet, we would not have seen so many downward trends if that were the case.

Yeah, well... I'm gonna go build my own blockchain, with blackjack and hookers. In fact, forget the blockchain!
EskimoBob
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July 10, 2011, 08:47:25 PM
 #17

These false walls have been put up and down for a while now. 

False wall?
Looks like they had a real need for those 6000+ BTC.

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
sturle
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July 10, 2011, 08:48:13 PM
 #18

Bid wall is back!

15:04:39 > Add Bid 6000 @ 15

What are they playing at?!?!
Buying coins?  About 4000 sold to the bid by now.  Less than 2000 left.  The wall is picked down brick by brick.

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July 10, 2011, 09:04:16 PM
 #19

And the wall has been broken! Expecting a pushdown attempt now...

i am satoshi
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July 11, 2011, 08:22:06 AM
 #20

Funny thing about market predictions - you have always a 50:50 chance to be right. Smiley
We all can do that! Most of you are way too busy enjoying your own voice here, so you are never going to be man enough, to test you coffee cup predictions with actual money. Wink
Can you put your money where your mouth is?... 20:20 hindsight anyone?
I am going to enjoy the ride to 15.9 now.
 
 

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
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