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Author Topic: The bid wall at 2.1 is made by MtGox itself  (Read 4762 times)
zby
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November 18, 2011, 09:06:25 AM
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Update - yeah it looks like all bids are automatically posted across all MtGox markets with MtGox handling the conversions - so all this speculation was wrong, sorry Smiley  But actually I could not find any announcement of that mechanism.

This is of course a pure speculation - but consider the facts.  There is a bid wall for 20K BTC across all 15 or something MtGox markets for approximately the same price, even for currencies like NZD that did not see any action for a looong time.  There used to be a similar 50K BTC wall across all markets - it started appearing somewhere in October I think (but maybe earlier) - it always was set in parallel for all markets (but I did not check this thoroughly until this week).  The 50K wall from early this week at $2.4, across all markets would mean about 750K BTCs which means about $1.8 million.  This could be from a crazy investor, realizing the scenario from the 'What would happen if someone invested a million dollars into bitcoins' thread, but if that is the case then why the 50K wall shrank to 20K wall simultaneously in all markets?  This looks like a strange move if this was from an investor, but not that strange if it is a MtGox manipulation.  It looks like they had a fund for this and after this fund was diminished by people selling into the bid wall yesterday they had to shrink the bid wall as well, it also looks that it is in fact just one bid wall leveraged across all the markets.
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November 18, 2011, 09:17:24 AM
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This is of course a pure speculation / but consider the facts. Microsoft has done research on Bitcoin, Microsoft would not do research unless some executive orders it. Is it not strange how timely close the Mircosoft research came out with new money recapitalization?

So I identify the crazy investor with Bill Gates or Steve Balmer. Unfortunately he has not invested enough quick enough so we have a price drop when one of the early adopters abandomed ship.


# conspiricy #


no i do not believe what i wrote


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zby
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November 18, 2011, 09:28:32 AM
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My story answers the question why the bidwall shrank simultaneously across all MtGox markets, yours did not, not to mention the complication with converting the investors money to NZD and other currencies.  You write you don't actually believe your story and I am with you - it is not very plausible.
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November 18, 2011, 09:32:50 AM
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My story answers the question why the bidwall shrank simultaneously across all MtGox markets, yours did not, not to mention the complication with converting the investors money to NZD and other currencies.  You write you don't actually believe your story and I am with you - it is not very plausible.

I might be completely off base here, but I'm pretty sure that the 15 markets you are referring to are all the same Bid Wall, represented according to the various 15 currency pair exchang rates. It's all the same wall.

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November 18, 2011, 09:33:13 AM
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You can automatically trade across all markets on Mt Gox. Gox just adjusts orders in other markets from the one in which it was placed by adding on their 2.5% FX fee. Bob's USD bid can be matched by Alice's NZD ask, so long as there is enough overlap for Gox to take their 2.5%.


zby
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November 18, 2011, 09:41:16 AM
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You can automatically trade across all markets on Mt Gox. Gox just adjusts orders in other markets from the one in which it was placed by adding on their 2.5% FX fee. Bob's USD bid can be matched by Alice's NZD ask, so long as there is enough overlap for Gox to take their 2.5%.
Interesting - how do you do that?  I just tried buying - but I could no find anyway to translate the bid from usd to the currency of another wallet.
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November 18, 2011, 09:49:15 AM
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You can automatically trade across all markets on Mt Gox. Gox just adjusts orders in other markets from the one in which it was placed by adding on their 2.5% FX fee. Bob's USD bid can be matched by Alice's NZD ask, so long as there is enough overlap for Gox to take their 2.5%.
Interesting - how do you do that?  I just tried buying - but I could no find anyway to translate the bid from usd to the currency of another wallet.


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