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Author Topic: Big buy just now  (Read 2210 times)
jothan
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January 14, 2012, 06:28:03 AM
 #1

The priced topped at 6.75, leaving a noticeable .60 btc hole in the offer/demand curves.

What now ?

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January 14, 2012, 06:29:20 AM
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140k bullet. This is the goatse of spreads....

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January 14, 2012, 06:30:13 AM
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duking it out.
jothan
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January 14, 2012, 06:32:43 AM
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140k bullet. This is the goatse of spreads....

It certainly was quite a show on Mtgoxlive, in more ways than one.

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January 14, 2012, 06:33:37 AM
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jothan
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January 14, 2012, 06:35:15 AM
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Thanks, but my guitar is already tuned pretty nicely.

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January 14, 2012, 06:41:47 AM
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This is classic bitcoinca. Whenever the price moves too much in one direction bitcoinica executes large buys or sells as positions get liquidated. Its really a snowball effect and how we got up here so quickly.
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January 14, 2012, 06:43:16 AM
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This is classic bitcoinca. Whenever the price moves too much in one direction bitcoinica executes large buys or sells as positions get liquidated. Its really a snowball effect and how we got up here so quickly.

I almost zhoutonged myself too, I'm long and I had to do an emergency deposit.

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jothan
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January 14, 2012, 06:45:06 AM
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Sheesh, another one.  Shocked

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January 14, 2012, 06:51:21 AM
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all I know is little old organic me could harvest $0.20 swings on laggy ass mtgox


MOAR!!!

I feel no need to put myself at extra risk and give someone else more money at bitcoinca. I have only ever traded on mtgox.
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January 14, 2012, 06:55:43 AM
 #11

theory! we are being manipulated
 
what looks like big buys are actually big sells

notice the spike down



it would appear the seller sells into the bid walls, and then buys 0.1 bitcoin on the ask side.... making it look like a big buy with high vol. when in fact it was a big sell with very little vol. shooting up the price again.

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January 14, 2012, 06:57:39 AM
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The upswings were much higher volume overall than the downswings.  I watched them all.

https://www.bitcoin.org/bitcoin.pdf
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January 14, 2012, 07:00:18 AM
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I suspect there were multiple players in that

Clearly... there was significant volume on both sides, but the bulls won out through higher volume.  The price rise is legit IMHO.

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jothan
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January 14, 2012, 07:00:29 AM
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it would appear the seller sells into the bid walls, and then buys 0.1 bitcoin on the ask side.... making it look like a big buy with high vol. when in fact it was a big sell with very little vol. shooting up the price again.

The buy came first. Watched it live.

I confirm, the buy nearly obliterated the asks up to 6.80.

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January 14, 2012, 07:00:59 AM
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zhoutong
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January 14, 2012, 07:01:43 AM
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Again, it's pretty clear that someone left some "insufficient funds" sell orders while buying.

I watched the whole thing live too, the sell simply came too quickly.

I wonder why Mt. Gox left such orders open at all, did any real-world exchanges do that?

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January 14, 2012, 07:02:43 AM
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I suspect there were multiple players in that

What I don't understand is this. The buy comes first, clearing out quite a bit of asks. Then, when there is no volume in that range, a large sell comes, most of it at prices lower than where the buy started. Does someone get off on losing money?

If it's done by a single person, then yes, the guy will lose money. So most likely it's accidental.

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notme
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January 14, 2012, 07:03:30 AM
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That's just disagreement.  Low volume order book + disagreement = Giant candle with little final movement.

Your manipulation concern is valid at times in this market, but this is not one of those instances.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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jothan
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January 14, 2012, 07:05:50 AM
 #19

Again, it's pretty clear that someone left some "insufficient funds" sell orders while buying.

I watched the whole thing live too, the sell simply came too quickly.

I wonder why Mt. Gox left such orders open at all, did any real-world exchanges do that?

If that's what the guy did, he provided a lot of liquidity to himself.

Bitcoin: the only currency you can store directly into your brain.

What this planet needs is a good 0.0005 BTC US nickel.
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January 14, 2012, 07:22:32 AM
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The uptrend line was intact, we bounced from it perfectly. That means that short term we are bullish as never.
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