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Author Topic: $3.20 in one big buy?  (Read 5938 times)
bittenbob
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December 11, 2011, 05:24:02 AM
 #1

Just saw a massive buy rally up to 3.20 instantly which is the single biggest percentage rally i have seen in my times of watching MTGox yet. What does everyone figure is going on now and are we headed up or down?

I have to think someone with a lot of cash and coins might have just hit the buy button on an order instead of sell. I suppose we could be headed for a big rally up to 4 soon but this seems like more of a fluke to me and think we will be down towards 3 again soon.
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tiberiandusk
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December 11, 2011, 05:25:53 AM
 #2

Some cartel is funneling cash into bitcoin. I expect $25 by tomorrow. Tongue

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December 11, 2011, 05:28:53 AM
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Volume is off the charts today.  It's been fun watching the big buys.
antoineph
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December 11, 2011, 05:29:40 AM
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It seems to me like someone just bought 11k coins at 10 cents higher than they might have been able to.. A bid wall was placed at 3.195 and it got ate pretty fast. I guess we'll see what happens next.
bittenbob
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December 11, 2011, 05:33:03 AM
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It seems to me like someone just bought 11k coins at 10 cents higher than they might have been able to.. A bid wall was placed at 3.195 and it got ate pretty fast. I guess we'll see what happens next.

Someone has 11k in coins i suspect they may not have wanted to actually buy. I think we can expect an hardened effort to continue raising the price. It is possible they are acquiring all these coins trying to trigger a bubble.
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December 11, 2011, 05:37:06 AM
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The price may have moved a little more, but this surge to 3.20 was half the volume of the jump from 3-3.13 a few hours ago.

https://www.bitcoin.org/bitcoin.pdf
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December 11, 2011, 05:56:09 AM
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It seems to me like someone just bought 11k coins at 10 cents higher than they might have been able to.. A bid wall was placed at 3.195 and it got ate pretty fast. I guess we'll see what happens next.

Someone has 11k in coins i suspect they may not have wanted to actually buy. I think we can expect an hardened effort to continue raising the price. It is possible they are acquiring all these coins trying to trigger a bubble.

the bubble will not form easily.

Andrew Bitcoiner
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December 11, 2011, 06:18:05 AM
 #8

I believe I saw what was a 300k transaction on bitcoinuity.  The Manipulator has nothing else to do on a Saturday night.

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old_engineer
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December 11, 2011, 06:29:09 AM
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It is possible they are acquiring all these coins trying to trigger a bubble.
Ah, that sounds like the capitalism I know: using money as a tool to make more money.

I guess the question is, at what point will they stop driving up the price, and start to sell to recoup their investment?
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December 11, 2011, 06:34:13 AM
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now

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antoineph
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December 11, 2011, 06:38:36 AM
 #11

I wonder if the selloff has anything to do with the fact that mtgoxlive isn't working at the moment.
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December 11, 2011, 06:40:18 AM
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I wonder if the selloff has anything to do with the fact that mtgoxlive isn't working at the moment.

I watched it fall, then mtgoxlive went out.

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somestranger
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December 11, 2011, 06:40:47 AM
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Selloff was happening before mtgoxlive crashed. I saw it drop to 3.00 and then lost connection to mtgoxlive.
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December 11, 2011, 06:46:44 AM
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And minutes later, we're right back to PI.

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Sitarow
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December 11, 2011, 06:48:07 AM
 #15

Ahem...

Get them while their hot! Smiley
Andrew Bitcoiner
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December 11, 2011, 06:49:17 AM
 #16

Selloff was happening before mtgoxlive crashed. I saw it drop to 3.00 and then lost connection to mtgoxlive.

Note to self: DOS mtgoxlive via a few 20,000btc trades.

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Andrew Bitcoiner
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December 11, 2011, 06:50:56 AM
 #17

I'm now thinking the Manipulator is a couple guys on IRC who drink to much and mess with the market for shits and giggles.

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bittenbob
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December 11, 2011, 06:56:43 AM
 #18

I have noticed that virtually every time we have major market moves MTGoxlive goes down. Thankfully there are a few other sites that track mtgox in real time  so it doesnt hurt to have all of them running at once. I am not sure if it is a volume thing that is bringing mtgoxlive down but I dont think its a DOS attack. I am getting a 404 error which is new and a DOS attack would leave it unreachable.
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December 11, 2011, 06:58:26 AM
 #19

I found it was responding fine...until I refreshed!   Sad

notme
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December 11, 2011, 06:58:49 AM
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I think it's probably choking when it tries to send out 2000 orders over 250 different connections within 10 seconds.

https://www.bitcoin.org/bitcoin.pdf
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