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Author Topic: Buying coins over market price on MtGox  (Read 1602 times)
kiwiasian
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July 29, 2011, 02:06:36 AM
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I just started a buy order for 3 BTC at $16.something each so that I could fill all the $50 in my account. I was hoping that I could get exactly 3 BTC (minus fees) and raise the highest buy price to $16. I was hoping to get things going again, and that other people would see the high order and follow suit and maybe we could have another rally.

Anyways...I ended up getting 2.99 BTC as expected but I have $10 left. I later found that I bought all these coins at $13.4, which is completely not what I intended for.

I'm going to add another $450 to my account and start buying up some more coins...and hopefully get a rally started.

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Piper67
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July 29, 2011, 02:09:10 AM
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I just started a buy order for 3 BTC at $16.something each so that I could fill all the $50 in my account. I was hoping that I could get exactly 3 BTC (minus fees) and raise the highest buy price to $16. I was hoping to get things going again, and that other people would see the high order and follow suit and maybe we could have another rally.

Anyways...I ended up getting 2.99 BTC as expected but I have $10 left. I later found that I bought all these coins at $13.4, which is completely not what I intended for.

I'm going to add another $450 to my account and start buying up some more coins...and hopefully get a rally started.

Boggles the mind, doesn't it?
CurbsideProphet
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July 29, 2011, 02:34:03 AM
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I just started a buy order for 3 BTC at $16.something each so that I could fill all the $50 in my account. I was hoping that I could get exactly 3 BTC (minus fees) and raise the highest buy price to $16. I was hoping to get things going again, and that other people would see the high order and follow suit and maybe we could have another rally.

Anyways...I ended up getting 2.99 BTC as expected but I have $10 left. I later found that I bought all these coins at $13.4, which is completely not what I intended for.

I'm going to add another $450 to my account and start buying up some more coins...and hopefully get a rally started.

That's because your order is filled at the best available price.  Filling it at $16 when there are lower asks available would be plain stupid.  Almost as stupid as assuming a 3BTC purchase would raise the price or start a rally.  That's like throwing a pebble in the ocean and expecting to cause a tsunami.

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kiwiasian
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July 29, 2011, 02:53:28 AM
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It needs to start somewhere right? Whether it's a purchase of 1 bitcoin or 1000 bitcoins at any given price, it's the one that starts a rally.

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CurbsideProphet
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July 29, 2011, 03:12:01 AM
 #5

I think your heart was in the right place but you need to understand how markets work.  You can't inflate the price by putting in a high bid, it's just going to fill all the lower asks until your order is completed.  No one will see your high bid price.

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NetTecture
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July 29, 2011, 04:18:44 AM
 #6

Yes. Exchanges work by matching best price. You did not say "but AT 16" but "buty at best price maximu, 16". Financial Exchagne 101 for beginner.

To start a rally you need to exhaust the supply. Right now to get it over 14 you need around 210.000 USD on MtGox. That MAY start a rally - or may start selling into your rally.
grod
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July 31, 2011, 07:33:40 PM
 #7

Guys, OP is just trolling.  Nobody is that ignorant.   I don't care if the average IQ is 100 and half the people are dumber than that, it's simply not possible to be here for 417 posts and have no idea why such a scheme (and why not one coin at $45?) would fail.





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July 31, 2011, 08:02:49 PM
 #8

OP, you have good intentions doing this, but 3 BTC isn't going to do anything. just look at the market depth and see how puny your 3 BTC is.

kiwiasian
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August 01, 2011, 05:15:05 PM
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Guys, OP is just trolling.  Nobody is that ignorant.   I don't care if the average IQ is 100 and half the people are dumber than that, it's simply not possible to be here for 417 posts and have no idea why such a scheme (and why not one coin at $45?) would fail.

With a response like that, I'm pretty sure you're the one trolling, not me.
Ignorant? Oh is it ignorant to buy bitcoins when the price is $16? So what about everyone who bought when it was $20+, are they stupid? Ignorant?
It's ridiculous how people on this forum immediately label those who disagree with the masses as "trolls." Yeah I have hopes for bitcoin and I want to increase its value, sorry for trolling.

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bitebitebite
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August 01, 2011, 05:39:57 PM
 #10

 No offence but it is very ignorant of the market to think you can raise the price per coin with a $50 purchase that you are trying to complete at $16.** when the price is actually $13.** lol
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August 02, 2011, 03:30:15 AM
 #11

I'm not trying to be rude, but 3 BTC is just noise in the market... Like other posters have said it would take 1,000s to start a rally... Someone just sold 10k and it barely moved the price

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August 02, 2011, 09:43:32 AM
 #12

To OP you'd deffinatly need to fill up all the orders that led up to the target before your plan would happen. You idea would work in earlyer times of bitcoin with that kind of money but right now you really need a couple thousand dollars to change the price just a tid bit
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