Who sells bit cents on Mt Gox? (And why?)

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Bitcoin Forum > Economy > Economics > Speculation > Who sells bit cents on Mt Gox? (And why?)

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Topic: Who sells bit cents on Mt Gox? (And why?) (Read 1529 times)

Minor (OP)

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Who sells bit cents on Mt Gox? (And why?)

January 05, 2012, 07:48:12 AM

Spend a few minutes watching MtGox Live and you'll see several transactions of a few bit cents each. Huh

I don't get it, why would anyone bother selling 0.01 BTC?
Even at today's price that's about $0.06 USD, what's the point?

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Revalin

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Re: Who sells bit cents on Mt Gox? (And why?)

January 05, 2012, 07:50:04 AM

Those are bots trying to make the spread look narrower than it actually is.

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StewartJ

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Re: Who sells bit cents on Mt Gox? (And why?)

January 05, 2012, 07:52:11 AM

Quote from: Minor on January 05, 2012, 07:48:12 AM

Spend a few minutes watching MtGox Live and you'll see several transactions of a few bit cents each. Huh

I don't get it, why would anyone bother selling 0.01 BTC?
Even at today's price that's about $0.06 USD, what's the point?

It's automated caca.

kjlimo

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Re: Who sells bit cents on Mt Gox? (And why?)

January 05, 2012, 09:56:10 AM

noooooooooo, I had to pay my electric bill where I used one Kilowatt hour last month... and it came up to 6 cents...

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alan2here

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WorkAsPro

Re: Who sells bit cents on Mt Gox? (And why?)

January 05, 2012, 12:49:07 PM

I make small trades because I'm still not confident I'm any good yet, not that small though.

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FlipPro

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Re: Who sells bit cents on Mt Gox? (And why?)

January 05, 2012, 02:35:21 PM

bots...

Zotia

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Re: Who sells bit cents on Mt Gox? (And why?)

January 05, 2012, 05:08:54 PM

Trading 10,000 BTC at a time is bad for many reasons.
Trading 1,000 BTC is better.
Trading 100 BTC is better yet.
..etc

If you have a bot, there is no reason to do large trades when you can do many smaller trades (all thing being equal).

Quote from: alan2here on January 05, 2012, 12:49:07 PM

I make small trades because I'm still not confident I'm any good yet, not that small though.

This is another reason. You can put $1 in and pretend it is 100% of the money you have.

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nmat

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Re: Who sells bit cents on Mt Gox? (And why?)

January 05, 2012, 05:10:23 PM

Someone mentioned in the IRC the other day that you don't pay fees if you trade small amounts at MtGox because the fee is rounded to 0.

runlinux

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Re: Who sells bit cents on Mt Gox? (And why?)

January 05, 2012, 05:20:34 PM

Quote from: nmat on January 05, 2012, 05:10:23 PM

Someone mentioned in the IRC the other day that you don't pay fees if you trade small amounts at MtGox because the fee is rounded to 0.

ooo.... im going to have to test that....

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Bitcoin Forum > Economy > Economics > Speculation > Who sells bit cents on Mt Gox? (And why?)

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