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BitcoinMint.US (OP)
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October 23, 2011, 12:24:35 AM |
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Is anyone operating trading bots on the GLBSE?
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cablepair
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October 23, 2011, 12:37:19 AM |
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speaking on GLBSE Dr. Nefario seems to be MIA, I can't get him to respond to any of my emails... I need help getting into my GLBSE account for CoinConnect, who can help me with this? Please PM ME!
thanks
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mjcmurfy
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October 23, 2011, 12:40:51 AM
Last edit: October 23, 2011, 12:51:28 AM by mjcmurfy |
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There are definitely bots on GLBSE. I suspected it a few weeks ago, but now I am certain. On some of the stocks I have bought, I have noticed bid-walls that mysteriously vanish when disturbed, just like on MtGox. They artificially increase market depth, then buy up some of the higher priced asks, and wait to lure in investors. Soon after comes suspicious sell volumes. Someone has been using this tactic for a while now.
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marks1976
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October 23, 2011, 04:07:48 AM |
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I would agree and thought something was a little strange myself on GLBSE. I posted on the forum there and didn't get much of a response. I have noticed several stocks come out and are all snagged up quick and the prices soar but based on what? Where are the returns a percentage on the investment?
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shakaru
Sr. Member
 Offline
Activity: 406
Merit: 250
QUIFAS EXCHANGE
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October 23, 2011, 06:44:02 PM |
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I just confirmed this. Went to sell a few shares of a specific stock that had bids on it for less than the bid. Bid chart vanished.
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mjcmurfy
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October 23, 2011, 07:11:30 PM
Last edit: October 23, 2011, 07:22:34 PM by mjcmurfy |
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I have a theory on how this is being done.
I wonder if you funded your account, made an order and then withdrew the bitcoin, would the order still stay in place but with no funds to back it up? If so, when someone tries to sell into the bid, the GLBSE platform attempts to transfer the coins, but since there is no coin to back up the bid... hey presto, bid vanishes. I'm going to test this theory and report back when I have an answer.
Other possibilities would be bots operating on the site that can detect sell orders BEFORE the glbse client itself and can then withdraw the bid in time, or an exploit in the software that insiders are using to manipulate the platform. I think both of these scenarios are pretty unlikely however.
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mjcmurfy
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October 23, 2011, 07:28:17 PM |
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Well... that saves me the effort at testing out my theory then. It's pretty ridiculous that the system is set up this way, allowing people to falsely manipulate market depth. Huge oversight in my opinion. But it doesn't sound like it would be hard to remedy. All that would need to be done is to check if there are any outstanding bid orders when users try to withdraw their coin, and if there is, don't allow the withdrawal of more funds than is required to meet the order.
Are you saying that you can create bid orders without having ANY coin in the first instance, or that you need the coin to place the order but it is not cancelled after you request a withdrawal from the account? I hope it is the latter, as this might be attributed to a simple oversight and easily remedied, but the former is absolutely unforgivable.
Nefario or one of the GLBSE devs need to address this problem immediately.
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mjcmurfy
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October 23, 2011, 07:39:40 PM |
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I'm surprised by Nefario thinking that this would be a good idea. It's an absolutely TERRIBLE idea, and it's the first I have heard about it other than the few experiences I had with vanishing bids. If as you said, that depositing funds does not validate the order anyway, then what is the point? As far as I can see, the only thing this achieves is to give people who know about it the ability to misrepresent market depth. Absolutely unforgivable.
This needs to be fixed. How can any of us who own stock on the GLBSE evaluate our positions properly when there is such uncertainty about the depth of the bid side? It's not a major problem if you are going long all the way with the stock, but if you are buying and selling these instruments daily then I can only imagine that it is a major headache.
Are there any existing threads discussing this on the GLBSE forum?
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mjcmurfy
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October 23, 2011, 07:59:35 PM |
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That thread talked mainly about filling partial orders, and there was only a very brief discussion with regards to the ability to place orders without having any bitcoin balance. It was just skimmed over and brushed under the carpet as far as I can see.
I have read from a few people that nefario has been MIA for a while now. I can somewhat empathize, I imagine the pressure he was under to be quite high. He had been talking about open sourcing the GLBSE server code for the past couple of months. But is there anyone actively responding to technical queries like this on the forum?
Quite worrying...
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BitcoinMint.US (OP)
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November 06, 2011, 04:53:41 PM |
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The owner of XID.ALPHA stated in his thread on the GLBSE forum that he runs a bot to follow the USD/BTC exchange rate, you can see the bids/asks every 20 minutes in the GLBSE twitter feed. Oz.AUD also had a bot running, but I have not seen it ticking in a couple days.
Interesting. I'll have to look into this. I'd like to do something similar for my SLV fund. |
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