Manipulator Exposed!

[Edward50]

Last nights bid order in RED, todays in blue. You can clearly see him reinforcing the bidwalls under the spot price with ove 5K walls. This bastard manipulator is ruining our dreams of cheap bitcoins. Someone has to sell into him to take him down.

You can also notice that he removed his 26,322 bidwall at 2.5, and seemed to have spread it around to the other .05 increments. This guy seems to be playing with a limited amount of bitcoins. Again, he needs to be stopped. Bitcoins should be cheap and affordable for everyone.

His strategy is to increase the bidwall under the spot price (about .05 lower) by around 5K bitcoins. He is trying to push the price higher, by manipulation, for his own monetary advantage.




Bid   2.1   778.5
Bid   2.15   2107.83
Bid   2.2   5060.48
Bid   2.25   3184.2
Bid   2.3   2480.02
Bid   2.35   2012.49
Bid   2.4   5923.39
Bid   2.45   5576.28
Bid   2.5   26322.9
Bid   2.55   2886.89
Bid   2.6   6318.72
Bid   2.65   7649.42
Bid   2.7   6683.69
Bid   2.75   2568.1
Bid   2.8   537.93


Bid   2.2   3206.44
Bid   2.25   3174.89
Bid   2.3   3352.13
Bid   2.35   1984.32
Bid   2.4   5667.52
Bid   2.45   4891.53
Bid   2.5   7052.89
Bid   2.55   3432.12
Bid   2.6   8232.7
Bid   2.65   7643.04
Bid   2.7   8682.27
Bid   2.75   6472.46
Bid   2.8   4255.54
Bid   2.85   689.34

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[ElectricMucus]

Oh boy here we go again.

We are in a short pump phase till ~3 +-38% so what?

[cypherdoc]

Someone has to sell into him to take him down.

i still nominate you.

[Edward50]

Why would mt gox. benefit from have the price higher?

[Fiyasko]

Someone has to sell into him to take him down.

i still nominate you.

+1
And also, It's a MARKET for a reason, He can do whatever the fuck he pleases. And if it makes him money, Good for him, What he set out to do worked, And he accomplished his goal.
So Suckit

[Serge]

don't worry, by Nagle's trend lines we should reach $0 any time now 

[SgtSpike]

Why would mt gox. benefit from have the price higher?

When Bitcoins were above $20/ea, MtGox was doing over $1M in volume a day.  Now, it's down to $40k.  I couldn't point out the direct correlation for you, but I will say that the inverse relationship between trading volume (in USD) and price isn't directly linear.  The lower the price goes, the higher volume in BTC you need to equal the same volume in USD.  And with limited BTCs around in the first place, it would be difficult to maintain the same volume in USD at a lower price.

So, it does work in MtGox's favor to keep the price higher.

[cypherdoc]

Why would mt gox. benefit from have the price higher?

We all benefit from a higher exchange rate. It means greater market depth and increases the prospects for Bitcoin to be used in broader commerce. Hoping for a low exchange rate is the same thing as wanting Bitcoin to remain a geek toy.

finally someone who understands market dynamics.  yes, it will encourage optimism, new investment, new merchants and yes, speculation.  but who the hell cares as long as they're bringing their money to the Bitcoin table?

[Vandroiy]

Dude, this is perfectly fine and allowed.

Stop talking as if someone is doing something evil here. It's a small market, any bigger players have to be strategic to get their volume through. As long as someone is not order spamming, he's free to use any order distribution and to change his mind once or twice a day.

This guy just picked an area where his BTC volume goes linear with a price drop. Uuuuh evil manipulator he needs to be stopped -- wat?

If Google now decides to place an infinite bidwall (just exceed existing BTC amount) at 4 USD, that's that. Nobody will complain. If they suddenly remove it and walk away in a press release stating "lol, trolled," same thing. It's a free world and it's strange how people run around complaining what some person does with a few dozen k USD.

[SgtSpike]

Dude, this is perfectly fine and allowed.

Stop talking as if someone is doing something evil here. It's a small market, any bigger players have to be strategic to get their volume through. As long as someone is not order spamming, he's free to use any order distribution and to change his mind once or twice a day.

This guy just picked an area where his BTC volume goes linear with a price drop. Uuuuh evil manipulator he needs to be stopped -- wat?

If Google now decides to place an infinite bidwall (just exceed existing BTC amount) at 4 USD, that's that. Nobody will complain. If they suddenly remove it and walk away in a press release stating "lol, trolled," same thing. It's a free world and it's strange how people run around complaining what some person does with a few dozen k USD.

+1 to this!

Markets can be (and always will be) manipulated.  It is up to the savvy investor to make predictions on when these manipulations will happen, and attempt to cash in on them.

[repentance]

Why would mt gox. benefit from have the price higher?

Their earnings - and therefore their profits - are based on a percentage of transaction value.  The need less trades to cover their operating costs and make a profit when the price of Bitcoin is high.

[tvbcof]

Huh.  Seems to have broken through $3 pretty easily...I would have expected more people to have previously decided to bail at that marker.

OP: It sure would be a shame if got pre-occupied whining about some manipulator or whatever and missed the train.

[BTCurious]

Huh.  Seems to have broken through $3 pretty easily...I would have expected more people to have previously decided to bail at that marker.

I bailed at 3 at the spike this afternoon. But I'm not rich enough to actually make an impact

[cypherdoc]

Huh.  Seems to have broken through $3 pretty easily...I would have expected more people to have previously decided to bail at that marker.

OP: It sure would be a shame if got pre-occupied whining about some manipulator or whatever and missed the train.

yes, that would be funny wouldn't it?

[cypherdoc]

This bastard manipulator is ruining our dreams of cheap bitcoins.

aren't you the one whose been so up in arms about how the early adopters didn't do anything to deserve their coins and got them on the cheap while the rest of us had to pay for them?  what a hypocrite!

[tvbcof]

Huh.  Seems to have broken through $3 pretty easily...I would have expected more people to have previously decided to bail at that marker.

I bailed at 3 at the spike this afternoon. But I'm not rich enough to actually make an impact

I caught one of those downdrafts where Tradehill diverges from Mt. Gox yesterday and filled my immediate quota.  I don't think I'll be much of a buyer again until and unless there is a reversal which takes us under $2.00.  But who knows?

[BTCurious]

What do you mean? You did arbitrage? I thought that was covered by bots nowadays…

[ElectricMucus]

What do you mean? You did arbitrage? I thought that was covered by bots nowadays…

These Bots often run out of liquidly...

[BTCurious]

Really? I wouldn't have expected that…
I might have to start looking at that, I guess…

[tvbcof]

Really? I wouldn't have expected that…
I might have to start looking at that, I guess…

I started to write the most simple brain-dead bot to capitalize on the phenomenon, but got interested in other stuff and the artifacts are fewer and farther between these days.  I was delighted to see it happen yesterday.  Look at about the 05:00 mark yesterday on Bitcoinity.org's 24 hour mix graphic.

The happy thing is that I have gotten a lot of my manual bids over the past few months in at a pretty healthy discount to spot.

The sad part is that they are pretty much all underwater anyway