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FeedbackLoop
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April 01, 2014, 10:22:56 AM |
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Bull trap
Oh fuck yeah...that! That was on Bitfinex...Bitcoin was already at heights of a very steep spike at around $498 and some nutter came long with a 1009 BTC market order on Bitfinex, which took price right up to 509! 2 seconds later we were back at $500 with a bit of panic buying going on......now at $485. Who are these people and how come such fkn clowns have access to so much capital? (early adopting kool aid merchants?) Before going "fucking clown" on some poor stranger: never heard of short squeezes? |
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porcupine87
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April 01, 2014, 10:23:22 AM |
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Disgusting. We should petition the Exchanges that the Taker pays the fee.
Not the point I was making. Right now, our 'market maker' friend is around $30K down on his investment. i.e. if he wanted to invest that kind of money into Bitcoin, his timing couldn't have been worse. Counter productive to the market and the value of his own investment even. Which begs the question, how come he has $500K USD at his disposal to begin with. 'Farms', Raskul said, I disagree. This was on Bitfinex and was most likely a leveraged long trade, which would mean that this investor must surely be feeling a lot of pain right now as well as the others who bought $490+ and decided to hold, despite being at the very tip of Wave 5 of a clear EW formation from the $436 bottom. How would you buy if you want to invest that kind of money long-term and see a possibilty that the price might rise much higher (may 530 and correction to 510)? |
"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
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anu
Legendary
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Activity: 1218
Merit: 1001
RepuX - Enterprise Blockchain Protocol
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April 01, 2014, 10:25:52 AM |
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Disgusting. We should petition the Exchanges that the Taker pays the fee.
Not the point I was making. Right now, our 'market maker' friend is around $30K down on his investment. Exactly the point. He was a taker, not a maker - he took liquidity from the book. The result of this behavior is a huge spread - there were times when the spread was $20 today if you don't count some tiny orders. As long as the spread can be 5%, credit card payments are cheap in comparison, even with the help of Bitpay. |
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anu
Legendary
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Activity: 1218
Merit: 1001
RepuX - Enterprise Blockchain Protocol
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April 01, 2014, 10:29:24 AM |
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Disgusting. We should petition the Exchanges that the Taker pays the fee.
Not the point I was making. Right now, our 'market maker' friend is around $30K down on his investment. i.e. if he wanted to invest that kind of money into Bitcoin, his timing couldn't have been worse. Counter productive to the market and the value of his own investment even. Which begs the question, how come he has $500K USD at his disposal to begin with. 'Farms', Raskul said, I disagree. This was on Bitfinex and was most likely a leveraged long trade, which would mean that this investor must surely be feeling a lot of pain right now as well as the others who bought $490+ and decided to hold, despite being at the very tip of Wave 5 of a clear EW formation from the $436 bottom. How would you buy if you want to invest that kind of money long-term and see a possibilty that the price might rise much higher (may 530 and correction to 510)? You place a limit order slightly higher than the current price. If he had put a limit order @490, he'd have gotten his coins just as quickly - the arb bots will fill it. |
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TERA
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April 01, 2014, 11:06:33 AM |
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MatTheCat
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April 01, 2014, 12:41:52 PM
Last edit: April 01, 2014, 05:00:29 PM by MatTheCat |
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Before going "fucking clown" on some poor stranger: never heard of short squeezes?
Yeah......that occurred to me in shower. It was on Bitfinex. Bitfinex is shady as fuck, there are traders on that exchange who know where the stop losses are set. Large stop losses were triggered and the resultant market order was filled with a market order. It wasn't some idiot, it was someone being robbed fkn blind by the crooks on Bitfinex. Have seen it many times and have even been the victim of it, which is why I don't trade with stop orders on Bitfinex. |
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GigaCoin
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Giga
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April 01, 2014, 03:00:14 PM |
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Today's upswing took us away from the lower 400's if buying continues tomorrow we'll be back to mid 500's again.
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challen
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April 01, 2014, 03:04:48 PM |
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Somebody keep this rally going! All those ASIC manufacturers delaying their product while difficulty is skyrocketing need more capital!
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arepo
Sr. Member
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Activity: 448
Merit: 250
this statement is false
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April 02, 2014, 07:42:07 PM |
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wouldn't it be just hilarious if the downward correction to this bulltrap gathered enough momentum to crash through the previous low?  i'm chuckling today, how about you guys?  |
this sentence has fifteen words, seventy-four letters, four commas, one hyphen, and a period.
18N9md2G1oA89kdBuiyJFrtJShuL5iDWDz
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raskul
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April 02, 2014, 07:54:13 PM |
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wouldn't it be just hilarious if the downward correction to this bulltrap gathered enough momentum to crash through the previous low? i'm chuckling today, how about you guys? it's intriguing! having a jolly time buying some more btc today haven't done that for a while!! |
tips 1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
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thefunkybits
Legendary
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Activity: 1218
Merit: 1000
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April 02, 2014, 07:57:14 PM |
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Don't get married to your position purmabulls....this could get bad. TERA has been right all along but i just realized it today
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raskul
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April 02, 2014, 08:02:52 PM |
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Don't get married to your position purmabulls....this could get bad. TERA has been right all along but i just realized it today
i see it as the glorious end to a rather moreso; glorious summer.. we've been up so high in the heat for months, for me, it'll be very nice to have a bit of low cool air while I can finally enjoy the anticipation of a bright future in bitcoin - we've only had ONE block-halving, remember.  |
tips 1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
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IamComrade
Member
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Activity: 66
Merit: 10
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April 02, 2014, 08:06:44 PM |
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Don't get married to your position purmabulls....this could get bad. TERA has been right all along but i just realized it today
you mean cosmofly has been right |
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