How to sell BTC at $15 rate

[Andrew Vorobyov]

Just put $15 into sell order... The more miners will do it - more chances that price will get there...

Fantastic, isn't it?

[1714822363]

1714822363

[1714822363]

1714822363

[1714822363]

1714822363

[lxFlasHxl]

thumbs up

[nelisky]

$15 or $10000, it's all the same.

Then along comes joeminer who has bills to pay, and needs cash quick, so a new sell order of $14.99 goes in. But maryspeculator fears that a bank run is imminent so she puts an order of $14.95. Of course there's always johndoe who has grown tired of waiting to get rich quick out of bitcoins and decides to sell all for $14.00 and just invest in hairspray instead...

You see where I'm going The market sets the price, not the sellers. Of course speculators with funds can work both sides and effectively steer the market one way or another, but just saying "lets all not sell for less than X" is actually dangerous, what if no one is interested in buying at X? How long will everyone wait until the market slows to a halt? Or everyone panics and the joeminer story starts again?

Oh, and I added maryspeculator to add some spice to the story, I have no reason to believe a single human being of the feminine gender is trading bitcoins

[BitcoinStars.com]

sounds like a plan 

[Andrew Vorobyov]

$15 or $10000, it's all the same.

Of course you right here..

[FlipPro]

Actually if everyone just PULLED their sell orders, the price would increase even more than 15 .

[helloworld]

Here's a tip: If you want to buy or sell immediately, you will almost always get a worse price than just putting in a winning order and waiting.

By winning order, i mean if the lowest ask is $15, put one in for $14.99.

Or if the highest bid is $14, put in a bid for $14.01.

If you keep an eye on it and make sure to update your order whenever you're outbid/outasked, then more often than not you'll get a better price than if you have to trade RIGHT NOW.

Because if you just make sure yours is the best price (say $14.99), then eventually you'll catch an impatient buyer who wants to buy RIGHT NOW and doesn't want to just wait on the sidelines.

[Jack of Diamonds]

http://en.wikipedia.org/wiki/Prisoner's_dilemma

The prisoner's dilemma is a fundamental problem in game theory that demonstrates why two people might not cooperate even if it is in both their best interests to do so.

Then along comes joeminer who has bills to pay, and needs cash quick, so a new sell order of $14.99 goes in. But maryspeculator fears that a bank run is imminent so she puts an order of $14.95. Of course there's always johndoe who has grown tired of waiting to get rich quick out of bitcoins and decides to sell all for $14.00 and just invest in hairspray instead...

Nelisky has demonstrated why this will not work.
A maximum payoff scenario will not happen because defection and betrayal pays off the most in the short term (in the mind of the panicker).

They fear the other person will defect & sell low too, which leads both sellers to defect.
Nobody trusts other people enough to keep the sell orders at $15 even if it would be the most profitable option for everyone in the market.

It's ideal, but it will never happen because people are ruled by emotions, the biggest one being fear.
This could work in a market where the only participants are psychopaths, untouched by emotional swings & signals.

[nelisky]

untouched by emotional swings & signals.

I think that a quick glimpse at the forum threads shows how much this can never be true in this particular community

If I didn't know most of us are either geek zealots or teenager skr1pt k33dz, I would almost bet we were all pregnant women on some hormonal rush!

[Beta-coiner1]

I think that a quick glimpse at the forum threads shows how much this can never be true in this particular community

If I didn't know most of us are either geek zealots or teenager skr1pt k33dz, I would almost bet we were all pregnant women on some hormonal rush!

That should come as no surprise,look at the world economy lol.