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Author Topic: Bots have stalled Bitcoin trading on MtGox @ $14.02  (Read 5036 times)
Oldminer
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July 14, 2011, 06:42:39 AM
 #1

1. Bots have stalled Bitcoin trading on MtGox @ $14.02

2. GOXED

3. I'm bored

4. 'Tux should B7 this shit

5. Discuss

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Oldminer
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July 14, 2011, 06:53:01 AM
 #2

Here's a fix for the current stalemate if anyones interested https://forum.bitcoin.org/index.php?topic=6297.msg361755#new

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DamienBlack
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July 14, 2011, 07:07:40 AM
 #3

I thought stability was desired. Two days and you're already complaining?

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July 14, 2011, 07:13:20 AM
 #4

I thought stability was desired. Two days and you're already complaining?
catch22, it looks like we are not ready for stability because there is no marketplaces developed yet. people want action =)


agree with the link in second post, want to run bots - pay for it
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July 14, 2011, 07:15:41 AM
 #5

I thought stability was desired. Two days and you're already complaining?
catch22, it looks like we are not ready for stability because there is no marketplaces developed yet. people want action =)


agree with OP, want to run bots - pay for it

I don't see the problem. If you think 14.02 is a low price, buy. If you think it is a high price, sell. Never mind the bots, the market will sort it all out.

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Oldminer
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July 14, 2011, 07:18:18 AM
 #6

I thought stability was desired. Two days and you're already complaining?

Nah fuck stability. Volatility separates the men from the boys.

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DamienBlack
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July 14, 2011, 07:19:59 AM
 #7

I thought stability was desired. Two days and you're already complaining?

Nah fuck stability. Volatility separates the men from the boys.

LOL, I see now.

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July 14, 2011, 07:20:17 AM
 #8

I thought stability was desired. Two days and you're already complaining?
catch22, it looks like we are not ready for stability because there is no marketplaces developed yet. people want action =)


agree with OP, want to run bots - pay for it

I don't see the problem. If you think 14.02 is a low price, buy. If you think it is a high price, sell. Never mind the bots, the market will sort it all out.

I'm quiet fine with whatever value BTC is.  re "the market will sort it all out" - aren't we the market?
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July 14, 2011, 07:25:28 AM
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I don't see the problem. If you think 14.02 is a low price, buy. If you think it is a high price, sell. Never mind the bots, the market will sort it all out.
I'm quiet fine with whatever value BTC is.  re "the market will sort it all out" - aren't we the market?

Collectively, yes. Which is my point. The price is $14 because many of us think it should be. If a lot more were willing to buy the prices would move up, bots be damned. Same with selling.

In any case, I don't think bots are completely to blame for the price stability. A big buy, or a big sell, could still move the market.

I trade bitcoin options at https://bitoption.org/ ... Join me.
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July 14, 2011, 07:33:20 AM
 #10

I don't see the problem. If you think 14.02 is a low price, buy. If you think it is a high price, sell. Never mind the bots, the market will sort it all out.
I'm quiet fine with whatever value BTC is.  re "the market will sort it all out" - aren't we the market?

Collectively, yes. Which is my point. The price is $14 because many of us think it should be. If a lot more were willing to buy the prices would move up, bots be damned. Same with selling.

In any case, I don't think bots are completely to blame for the price stability. A big buy, or a big sell, could still move the market.
You are right. Unless bots have deep pockets they won't matter much in large movements.
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July 14, 2011, 11:39:40 AM
 #11

Bots aren't making the market stable. You are just pointing to a random thing and saying that is the cause of the stability.
There have been bots almost from the time the exchange opened and it was rarely stable. Why do you think they are having a big effect all the sudden?

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killer2021
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July 14, 2011, 11:48:32 AM
 #12

First people complain that bitcoin price is too unstable, jumping up and down out of control

now people complain that the bitcoin price is too stable.

It never ends.

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drrussellshane
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July 14, 2011, 12:19:50 PM
 #13

First people complain that bitcoin price is too unstable, jumping up and down out of control

now people complain that the bitcoin price is too stable.

It never ends.

And then people complain about the complainers!


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angelo95
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July 14, 2011, 12:31:25 PM
 #14

You guys have no idea how a bot works. Bots love volatility too because they can buy low sell high. There is nothing to do on a flat market, even for a bot. At this time there is about 300 to 400 BTC exchanged per hour on Mtgox. The volume is very low... The issue might be the 0% fee though. This actually flattens the market.
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July 14, 2011, 12:45:47 PM
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I don't see the problem. If you think 14.02 is a low price, buy. If you think it is a high price, sell. Never mind the bots, the market will sort it all out.
I'm quiet fine with whatever value BTC is.  re "the market will sort it all out" - aren't we the market?

Collectively, yes. Which is my point. The price is $14 because many of us think it should be. If a lot more were willing to buy the prices would move up, bots be damned. Same with selling.

In any case, I don't think bots are completely to blame for the price stability. A big buy, or a big sell, could still move the market.
You are right. Unless bots have deep pockets they won't matter much in large movements.

Or, unless the bots belong to the same people, and it's the same BTC going back and forth. With zero fees, there's no penalty to pay, and no matter what the rest of the market might wish, it would keep coming back to around $14 almost instantly.
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July 14, 2011, 01:43:23 PM
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Or, unless the bots belong to the same people, and it's the same BTC going back and forth. With zero fees, there's no penalty to pay, and no matter what the rest of the market might wish, it would keep coming back to around $14 almost instantly.

Keep buying at $14 and the price will eventually rise, since the bots will run out of bitcoins.

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July 14, 2011, 02:11:48 PM
 #17

First people complain that bitcoin price is too unstable, jumping up and down out of control

now people complain that the bitcoin price is too stable.

It never ends.

well come on, this is Oldminer we're talkin about.
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July 14, 2011, 02:18:59 PM
 #18

I thought stability was desired. Two days and you're already complaining?

Nah fuck stability. Volatility separates the men from the boys.

Yeah, the thing about that is the world contains both men and boys, and also women and girls, gender-indeterminate/unassigned people and the trans-gender community. Nonetheless they can all find utility in bitcoin. Hopefully stability helps that.


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July 14, 2011, 04:30:10 PM
 #19

I don't see the problem. If you think 14.02 is a low price, buy. If you think it is a high price, sell. Never mind the bots, the market will sort it all out.
I'm quiet fine with whatever value BTC is.  re "the market will sort it all out" - aren't we the market?

Collectively, yes. Which is my point. The price is $14 because many of us think it should be. If a lot more were willing to buy the prices would move up, bots be damned. Same with selling.

In any case, I don't think bots are completely to blame for the price stability. A big buy, or a big sell, could still move the market.
You are right. Unless bots have deep pockets they won't matter much in large movements.

Or, unless the bots belong to the same people, and it's the same BTC going back and forth. With zero fees, there's no penalty to pay, and no matter what the rest of the market might wish, it would keep coming back to around $14 almost instantly.

But to make any money that way they need volume.  The 24 hour volume has been ~ 20k or less each day, not all going to these imaginary bots.
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July 14, 2011, 05:40:15 PM
 #20

I have a simple solution to increase trading volume. Put some USD in the exchange and buy some BTC. Cheesy

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