In gox, you don't need to remove a wall before you dump
ah, wow, thanks for the info! how absurd, though ...
No kidding. So -- let me get this right: if I'm holding a 1000BTC long position in my MtGox account, I can put up a sell order for 1000 at, say, 36.5; and
then, without cancelling the 36.5 sell order, I can enter
another order to dump 1000 at market?
I sure hope their software automatically cancels the initial "36.5 sell 1000" order as soon as the dump orders are filled, otherwise the exchange is taking a serious gamble in a time of high volatility.
In any case, this confirms to me the wisdom of my policy of never carrying a sizable balance (of either fiat or BTC) in my MtGox account -- whenever I use it, I get in and get out as quickly as possible: fiat in, buy BTC shortly after the transfer clears, and send my BTC to an address under my control ASAP. If I wanted to convert my cash-in-hand into potentially-worthless derivative claim on an underlying amount of cash-in-someone-else's-hand, I'd wire my fiat to Bernie Madoff or John Corzine at MF Global instead of to MtGox: it's just much more efficient that way...
