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October 19, 2013, 11:46:37 PM
Last edit: October 19, 2013, 11:58:09 PM by TERA |
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So I was under the impression that bitcoin had grown to where bitstamp and btcchina (and the mass collective of chinese exchanges) were the new market leaders with their high volume, liquidity, and solvency. I thought that gox was now a zombie of bots and traders that followed these new market leaders and that the market leaders made their own decisions based on the inflow/outflow of new money.
That was until gox broke 180 last night. When gox broke 180, ask depth was under 20K and there were no longer any walls on the entire order book - just a straight line, so naturally the bots started pushing it up and people there started panicking to buy any coins while they still could before they were trapped or missed the train. An invevitable an meaningless movement, I thought. But then, 30 seconds later, the other exchanges started panicking too and following gox with massive buys. Then, naturally, because gox was rising too fast and there was no bid depth, it fell back down. Another inevitable and meaningless movement, I thought again. But once again 30 seconds later the other exchanges then started PANIC SELLING MASSIVE amounts of coins, following gox.
BTCE was the worst of all. They were first to panic before bitstamp even moved. The retards there dropped it all the way to _145_ after gox had retraced merely to 185 and bitstamp was still at 165. What the hell? Btce first broke 145 much earlier in the previous day when bitstamp was still _152_ and gox was only _165_. That made no sense at all. So if you spent the any time the past 24 hours strategically making the right buys or holds based on the other exchanges, you had just wasted all your time and efforts and you could have just bought at the bottom of that 145 candle when gox retraced to 185... Good job retards! Anyway btce is off-topic.
My question is... Why are the other exchanges following gox again? This gives me a feeling something shady is going on and the system hasn't really grown as much as we had thought.
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