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Author Topic: Could I drive up the Bitcoin price with a clearing purchase?  (Read 4408 times)
Omni
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March 10, 2012, 11:13:15 AM
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Hi guys,
  I currently am sitting on 175 shares of AAPL stock. For those of you who are aware, Apple shares are trading at rough $550,00 USD. I am planning to liquidate my holding and am thinking of reinvesting in Bitcoin.

Would a purchase of $85,000 of BTC drive up the price significantly?


This is not a troll post, I am genuinely interested.

Thanks for your time,
Omni
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friedcat
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March 10, 2012, 11:16:42 AM
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If you leverage your $85k up using the 10:1 choice at Bitcoinica, you might be able to drive the price up a little bit.
But I wonder if Bitcoinica has so many dollars to lend to you though.

Dansker
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March 10, 2012, 11:17:03 AM
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Not if you buy over time.

If you buy them all at once, there would be a price hike and then it would stabilize again, and you would lose money, so buy over time.

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March 10, 2012, 01:51:24 PM
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In the current market, it likely wouldn't move the price more than $0.10

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March 10, 2012, 01:57:46 PM
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In the current market, it likely wouldn't move the price more than $0.10

Well, an immediate buy of ~$85,000 right now -- the price is at $4.80 as I type this -- would take the price to $5.00.  It's unlikely it'd stay there.  There's a chance it could kick off a round of buying and break the correction we're in right now -- there's a lot of money sitting on the sidelines right now waiting for something to happen (I've got a decent chunk of change waiting for the right time).  Of course, there's a good chance the price would quickly come back down.

To answer the question directly, no, an $85,000 buy wouldn't drive the price up significantly.
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March 10, 2012, 02:01:22 PM
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Omni, you can check http://mtgoxlive.com/orders to see the real-time market depth.

If you would place a market order with your 85k$ right now, you would drive the price up to about 5.02 since this would be the last transaction. After your order anything can happen, since there's a large spread and the market will then decide what happens next.

https://www.bitbuy.nl - Koop eenvoudig, snel en goedkoop bitcoins bij Bitbuy!
Bitcointalk topic over Bitbuy!
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March 10, 2012, 02:02:47 PM
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Hi guys,
  I currently am sitting on 175 shares of AAPL stock. For those of you who are aware, Apple shares are trading at rough $550,00 USD. I am planning to liquidate my holding and am thinking of reinvesting in Bitcoin.

Would a purchase of $85,000 of BTC drive up the price significantly?


This is not a troll post, I am genuinely interested.

Thanks for your time,
Omni

Go for it.

Introducing constraints to the economy only serves to limit what can be economical.
proudhon
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March 10, 2012, 02:13:25 PM
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Hi guys,
  I currently am sitting on 175 shares of AAPL stock. For those of you who are aware, Apple shares are trading at rough $550,00 USD. I am planning to liquidate my holding and am thinking of reinvesting in Bitcoin.

Would a purchase of $85,000 of BTC drive up the price significantly?


This is not a troll post, I am genuinely interested.

Thanks for your time,
Omni

Just curious, at what price did you get into AAPL?
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March 10, 2012, 02:17:47 PM
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Omni, you can check http://mtgoxlive.com/orders to see the real-time market depth.

If you would place a market order with your 85k$ right now, you would drive the price up to about 5.02 since this would be the last transaction. After your order anything can happen, since there's a large spread and the market will then decide what happens next.

the price will go up.  the question is just how much and you can't just expect it to be related to whats on the order book right now.  but as Proudhon said, theres alot of money on the sideline that is waiting for something to happen.  as someone who has put in alot of money to Bitcoin i can tell you you can affect the market. 

$85K is a significant chunk of change and the bots can sense buying pressure and will react accordingly to buy the momentum or cover shorts.  you could hurt alot of shorts.  i have. Grin

btw, i put on a short of AAPL this past week.  its at the end of a parabola and now with Jobs gone i can't see a path anywhere but down for the stock.
Omni
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March 10, 2012, 02:24:26 PM
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the price will go up.  the question is just how much and you can't just expect it to be related to whats on the order book right now.  but as Proudhon said, theres alot of money on the sideline that is waiting for something to happen.  as someone who has put in alot of money to Bitcoin i can tell you you can affect the market.  

$85K is a significant chunk of change and the bots can sense buying pressure and will react accordingly to buy the momentum or cover shorts.  you could hurt alot of shorts.  i have. Grin

btw, i put on a short of AAPL this past week.  its at the end of a parabola and now with Jobs gone i can't see a path anywhere but down for the stock.

Nice to see that someone has done what I plan to do already. How much were you able to raise the price?

Just curious, at what price did you get into AAPL?

I purchased 75 shares on Feb 3, 2011 at $328.00 and 100 more shares on Feb 11, 2011 at $340.00.

As such, I've realized almost a 60% gain.


Omni, you can check http://mtgoxlive.com/orders to see the real-time market depth.

If you would place a market order with your 85k$ right now, you would drive the price up to about 5.02 since this would be the last transaction. After your order anything can happen, since there's a large spread and the market will then decide what happens next.

Thank you! I added this to my favourites.



Well, an immediate buy of ~$85,000 right now -- the price is at $4.80 as I type this -- would take the price to $5.00.  It's unlikely it'd stay there.  There's a chance it could kick off a round of buying and break the correction we're in right now -- there's a lot of money sitting on the sidelines right now waiting for something to happen (I've got a decent chunk of change waiting for the right time).  Of course, there's a good chance the price would quickly come back down.

To answer the question directly, no, an $85,000 buy wouldn't drive the price up significantly.

I suppose I could leverage my position.

If you leverage your $85k up using the 10:1 choice at Bitcoinica, you might be able to drive the price up a little bit.
But I wonder if Bitcoinica has so many dollars to lend to you though.

I will speak to the owner and see what arrangement we can come up with.
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March 10, 2012, 02:28:50 PM
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http://bitcoin.clarkmoody.com/

This site has calculators to show how much BTC you can buy for you USD.

Enjoy.
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March 10, 2012, 02:29:47 PM
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Why would you want to put up the price on yourself by announcing it in public?

I sense bullshit. This is kind of like the people announcing to sell 50k BTC.

Are we really that kind of penny stock-ish? Sad

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
cypherdoc
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March 10, 2012, 02:33:17 PM
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the price will go up.  the question is just how much and you can't just expect it to be related to whats on the order book right now.  but as Proudhon said, theres alot of money on the sideline that is waiting for something to happen.  as someone who has put in alot of money to Bitcoin i can tell you you can affect the market.  

$85K is a significant chunk of change and the bots can sense buying pressure and will react accordingly to buy the momentum or cover shorts.  you could hurt alot of shorts.  i have. Grin

btw, i put on a short of AAPL this past week.  its at the end of a parabola and now with Jobs gone i can't see a path anywhere but down for the stock.

Nice to see that someone has done what I plan to do already. How much were you able to raise the price?


https://bitcointalk.org/index.php?topic=55970.msg667447#msg667447

its all about timing.  personally, i think $4 is the new $2.

Quote
Just curious, at what price did you get into AAPL?

I purchased 75 shares on Feb 3, 2011 at $328.00 and 100 more shares on Feb 11, 2011 at $340.00.

As such, I've realized almost a 60% gain.


Omni, you can check http://mtgoxlive.com/orders to see the real-time market depth.

If you would place a market order with your 85k$ right now, you would drive the price up to about 5.02 since this would be the last transaction. After your order anything can happen, since there's a large spread and the market will then decide what happens next.

Thank you! I added this to my favourites.



Well, an immediate buy of ~$85,000 right now -- the price is at $4.80 as I type this -- would take the price to $5.00.  It's unlikely it'd stay there.  There's a chance it could kick off a round of buying and break the correction we're in right now -- there's a lot of money sitting on the sidelines right now waiting for something to happen (I've got a decent chunk of change waiting for the right time).  Of course, there's a good chance the price would quickly come back down.

To answer the question directly, no, an $85,000 buy wouldn't drive the price up significantly.

I suppose I could leverage my position.

If you leverage your $85k up using the 10:1 choice at Bitcoinica, you might be able to drive the price up a little bit.
But I wonder if Bitcoinica has so many dollars to lend to you though.

I will speak to the owner and see what arrangement we can come up with.

i haven't studied Bitcoinica's recent changes to his model but i would stay away from it.  
proudhon
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March 10, 2012, 02:33:34 PM
 #14

If you leverage your $85k up using the 10:1 choice at Bitcoinica, you might be able to drive the price up a little bit.
But I wonder if Bitcoinica has so many dollars to lend to you though.

I will speak to the owner and see what arrangement we can come up with.

You can't leverage that much money at bitcoinica at 10:1, and I wouldn't want to either.  You could easily get utterly destroyed with how much this market moves around.  Here are the leverage options from bitcoinica.

proudhon
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March 10, 2012, 02:37:04 PM
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Why would you want to put up the price on yourself by announcing it in public?

I sense bullshit. This is kind of like the people announcing to sell 50k BTC.

Are we really that kind of penny stock-ish? Sad

Yeah, it does seem fishy, but whatever.  Omni, if you're serious, for the love of all thats good and holy, please use strong passwords and multifactor authentication for any exchanges you use (MtGox, bitcoinica, etc).  Get a yubikey for MtGox, don't click on links in emails that appear to be from MtGox, and research how to make your own secure bitcoin wallet if you want to store bitcoins yourself.
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March 10, 2012, 03:05:28 PM
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Why would you want to put up the price on yourself by announcing it in public?

I sense bullshit. This is kind of like the people announcing to sell 50k BTC.

Are we really that kind of penny stock-ish? Sad

Yeah, it does seem fishy, but whatever.  Omni, if you're serious, for the love of all thats good and holy, please use strong passwords and multifactor authentication for any exchanges you use (MtGox, bitcoinica, etc).  Get a yubikey for MtGox, don't click on links in emails that appear to be from MtGox, and research how to make your own secure bitcoin wallet if you want to store bitcoins yourself.

wise words.  i've learned to love you, Proudhon.

add this; i would create an air gapped wallet for cold storage.
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March 10, 2012, 03:11:41 PM
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add this; i would create an air gapped wallet for cold storage.
Personally what what I never liked about this option is that I might get to learn about some impending catastrophe and wish to sell immediately, not after 6 blocks. I want my Bitcoins liquid.

I trust Gox pretty much now, so I don’t mind using them as a "bank".

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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March 10, 2012, 03:14:47 PM
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add this; i would create an air gapped wallet for cold storage.
Personally what what I never liked about this option is that I might get to learn about some impending catastrophe and wish to sell immediately, not after 6 blocks. I want my Bitcoins liquid.

I trust Gox pretty much now, so I don’t mind using them as a "bank".

I try to keep about 25% of all my BTC in Gox
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March 10, 2012, 03:21:22 PM
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add this; i would create an air gapped wallet for cold storage.
Personally what what I never liked about this option is that I might get to learn about some impending catastrophe and wish to sell immediately, not after 6 blocks. I want my Bitcoins liquid.

I trust Gox pretty much now, so I don’t mind using them as a "bank".

the most likely catastrophe is an attack on mtgox by either hackers or the gov't.
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March 10, 2012, 03:24:56 PM
 #20

the most likely catastrophe is an attack on mtgox by either hackers or the gov't.
Which would kill the price anyway.

Also I doubt they will be hacked into again. But the US government attack remains, true.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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