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Author Topic: WTF  (Read 3694 times)
RandyFolds
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January 04, 2012, 07:30:15 PM
 #41

Anyone pondered the whole 'Iran's currency dropping 30% in value in a week' as a possible driving force for this spike? Iran only allows citizens to convert $2000USD in foreign currency at standard rate and people are hustling for a store of value/conduit to a different store of value.
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anu
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January 04, 2012, 07:41:27 PM
 #42

Anyone pondered the whole 'Iran's currency dropping 30% in value in a week' as a possible driving force for this spike? Iran only allows citizens to convert $2000USD in foreign currency at standard rate and people are hustling for a store of value/conduit to a different store of value.

But how do you convert Iranian Rial to Bitcoin without going through USD/EUR/GBP... first?


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echowhiskey
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January 04, 2012, 07:43:04 PM
 #43

You buy video cards?
RandyFolds
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January 04, 2012, 07:52:28 PM
 #44

Anyone pondered the whole 'Iran's currency dropping 30% in value in a week' as a possible driving force for this spike? Iran only allows citizens to convert $2000USD in foreign currency at standard rate and people are hustling for a store of value/conduit to a different store of value.

But how do you convert Iranian Rial to Bitcoin without going through USD/EUR/GBP... first?

Is there really no way to get rial into the system? International wire transfers? Why are there so many currencies listed on bitcoinwatch if no one accepts their deposit? Their limit is in converting to cash.
cypherdoc
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January 04, 2012, 07:56:52 PM
 #45

You buy video cards?

LOL!
Serge
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January 04, 2012, 07:57:51 PM
 #46

gentlemen on thUSD the party seams to be over, the bear killed the music band and 1btc is 5,349

i can sell you cheap one just for $5,000.00   due to volatility offer expires in 30minutes
dree12
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January 04, 2012, 08:40:49 PM
 #47

gentlemen on thUSD the party seams to be over, the bear killed the music band and 1btc is 5,349

i can sell you cheap one just for $5,000.00   due to volatility offer expires in 30minutes
,=. outside USA
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Otoh
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January 04, 2012, 08:46:26 PM
 #48

UK, is totally .

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bitcoinBull
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January 05, 2012, 11:26:39 PM
 #49

Even if you're bearish, I don't know why you would sell immediately after a run like that.

I agree, that's weird.  Sometimes when there's a big buy, a bot will do an equally big sell immediately after.  I don't understand that strategy.

This time the sell was relatively puny (~2600 btc sold after ~20k btc bought), and it was minutes afterward, so probably not a bot.

[12:43] <bitcoinRT> Jan04 17:39:35 | Bid: 5.29     | Ask: 5.321    | Last: 5.32098  | Volume: 108690
[12:45] <bitcoinRT> Jan04 17:41:11 | Bid: 5.33847  | Ask: 5.7      | Last: 5.69619  | Volume: 125090
[12:46] <bitcoinRT> Jan04 17:42:43 | Bid: 5.6972   | Ask: 5.7      | Last: 5.7      | Volume: 127795
[12:49] <bitcoinRT> Jan04 17:45:47 | Bid: 5.39216  | Ask: 5.39327  | Last: 5.39664  | Volume: 130249
[12:51] <bitcoinRT> Jan04 17:47:20 | Bid: 5.39077  | Ask: 5.39327  | Last: 5.23     | Volume: 130462
[12:52] <bitcoinRT> Jan04 17:48:52 | Bid: 5.35035  | Ask: 5.39327  | Last: 5.39327  | Volume: 130700

I guess it may be "operator" error. He noticed large buy up to 5.70 and wanted to sell into it. Not realizing the spread is huge ....


*Eureka*.  Just realized that these are bitcoinica stop or trailing stop orders placed to sell at a higher price.  Stop orders become market orders when a target price is breached, so they just get dumped onto the thin bid depth after the upward spike.

These sellers should use limit orders instead, or (if bitcoinica offered them) stop-limit orders.

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Sitarow
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January 05, 2012, 11:34:58 PM
 #50

Even if you're bearish, I don't know why you would sell immediately after a run like that.

I agree, that's weird.  Sometimes when there's a big buy, a bot will do an equally big sell immediately after.  I don't understand that strategy.

This time the sell was relatively puny (~2600 btc sold after ~20k btc bought), and it was minutes afterward, so probably not a bot.

[12:43] <bitcoinRT> Jan04 17:39:35 | Bid: 5.29     | Ask: 5.321    | Last: 5.32098  | Volume: 108690
[12:45] <bitcoinRT> Jan04 17:41:11 | Bid: 5.33847  | Ask: 5.7      | Last: 5.69619  | Volume: 125090
[12:46] <bitcoinRT> Jan04 17:42:43 | Bid: 5.6972   | Ask: 5.7      | Last: 5.7      | Volume: 127795
[12:49] <bitcoinRT> Jan04 17:45:47 | Bid: 5.39216  | Ask: 5.39327  | Last: 5.39664  | Volume: 130249
[12:51] <bitcoinRT> Jan04 17:47:20 | Bid: 5.39077  | Ask: 5.39327  | Last: 5.23     | Volume: 130462
[12:52] <bitcoinRT> Jan04 17:48:52 | Bid: 5.35035  | Ask: 5.39327  | Last: 5.39327  | Volume: 130700

I guess it may be "operator" error. He noticed large buy up to 5.70 and wanted to sell into it. Not realizing the spread is huge ....


*Eureka*.  Just realized that these are bitcoinica stop or trailing stop orders placed to sell at a higher price.  Stop orders become market orders when a target price is breached, so they just get dumped onto the thin bid depth after the upward spike.

These sellers should use limit orders instead, or (if bitcoinica offered them) stop-limit orders.

Shh... its a secret.
proudhon
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January 05, 2012, 11:43:34 PM
 #51

Damn.
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