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Author Topic: Bitcoin analysis, why it fell hard Wednesday night  (Read 792 times)
Minsc
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September 15, 2011, 05:07:06 PM
 #1

It was stagnating around 5.50 for a while.  Nobody was trading, just people moving buy and sell orders around.  Occasionally bots would move them right next to each other, than immediately cancel.  But no buying or selling really.  Sometimes they'd accidentally cause or buy or sell and then immediately cancel.

Then it turned out it was one guy who had all the buy orders from 5.01 through 5.45.  He cancelled all of them at the same time.  Prices crashed and a some people panic sold, but other than that just bots pretending to sell by moving sell orders around.

Interesting things:
1) One guy had all the buy orders that had been propping the price up above $5.
2) Most of these buy and sell orders are fake.

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fcmatt
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September 15, 2011, 05:13:16 PM
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I am not sure how much of what you are saying is true or false. I don't know.

What I do know is that people used to get excited about buying BTC at 5.00-5.25 and those
days are gone. No one wants to buy at this price. All the excitement in making a purchase is
no where to be seen. People do not seem to have any faith left in bitcoin when it comes to
making a purchase that they think will be positive for them.

In other words I am sitting here waiting to make some money on a buy I made and no one is
taking the bait. I am almost to the point I think it is going to go under 5 and I should get out
with a very minor loss (basically the cost of trading fees).
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September 15, 2011, 06:14:26 PM
 #3

The funny thing is, if the price goes up to $20 then people will whine that the earlier adopters had an unfair advantage because they could buy at $5.

But when people actually can buy at $5, they don't necessarily choose to.
It’s the efficiency of the market; buy high, sell low.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
Minsc
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September 15, 2011, 06:33:22 PM
 #4

Typically what it does is it stagnates, which is horrible and I just hate this.

Then suddenly it drops.  Then when it hits bottom, it jumps back up.  Then it stagnates.

I really hate the stagnation.  I don't have tons of coins to try to break the stagnation, so I don't know what else to do except to sell my coins and wait for eons for it to finally move and drop.

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September 15, 2011, 07:15:59 PM
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The funny thing is, if the price goes up to $20 then people will whine that the earlier adopters had an unfair advantage because they could buy at $5.

But when people actually can buy at $5, they don't necessarily choose to.
It’s the efficiency of the market; buy high, sell low.

I call it "The Yield" Wink
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