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Author Topic: What's the logic behind this?  (Read 1440 times)
Blind
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June 08, 2012, 08:11:51 PM
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There is an order on MtGox for nearly 237k bitcoins @ $1.15, sitting there for last 3 months, and I wonder what purpose it serves. Only chance for it being filled is catastrophic Bitcoin failure making coins and this investment worthless, or (very unlikely) flash crash, as before when MtGox got hacked and forced price down to nearly zero. So there is ~272k USD sitting there, rotting away in anticipation of a chance one in a lifetime to score big. If so, why $1.15? Go for $1 and get 15% extra free =) Hell, if they had invested that in Pirate then, they would double that by now, lol. Or is it MtGox itself fooling around?



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Fuzzy
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June 08, 2012, 08:16:56 PM
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They're probably hoping for another hack. Like with the Mt Gox debacle, every buy order on the books was filled.

That's my guess.
notme
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June 08, 2012, 09:49:15 PM
 #3

Or maybe it's sitting there waiting for the right moment to spike the price.  Why not park it way down on the order book rather then just letting it sit in your account?

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
proudhon
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June 08, 2012, 10:09:44 PM
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Oh, sorry.  I forgot I put that there.  Grin
ElectricMucus
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June 09, 2012, 12:54:43 PM
 #5

It was put there so you look at it. Creates support even when it won't be filled.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
arklan
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June 10, 2012, 03:59:38 PM
 #6

They're probably hoping for another hack. Like with the Mt Gox debacle, every buy order on the books was filled.

That's my guess.

two things: fascinating vid and what's the software and where do i get it?
klaus
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June 10, 2012, 06:43:56 PM
 #7

two things: fascinating vid and what's the software and where do i get it?

https://bitcointalk.org/index.php?topic=6019.0

bitmessage:BM-2D9c1oAbkVo96zDhTZ2jV6RXzQ9VG3A6f1​
threema:HXUAMT96
deepceleron
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June 10, 2012, 06:48:29 PM
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The day that Satoshi dumps 500,000BTC, you wouldn't want to miss out on the cheap Bitcoins by not having an order in, would you?

Yuhfhrh
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June 11, 2012, 01:05:11 AM
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But isnt all that money just sitting in a mt  gox account then? Shouldnt they invest all that money into something instead?
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June 11, 2012, 01:40:28 AM
 #10

But isnt all that money just sitting in a mt  gox account then? Shouldnt they invest all that money into something instead?

There is worse thing you can do than holding USD atm....

One off NP-Hard.
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June 11, 2012, 02:22:02 AM
 #11

Leaving it in a low interest bank account would seem better to me. Then again if there is a huge bitcoin sell-off, 1.15 a bitcoin would be a good deal considering bitcoin still survives.
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June 11, 2012, 02:27:40 AM
 #12

Leaving it in a low interest bank account would seem better to me. Then again if there is a huge bitcoin sell-off, 1.15 a bitcoin would be a good deal considering bitcoin still survives.

Can you point me to a bank that will offer me an account yielding more than half a percent per year?  Yeah, didn't think so.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
Yuhfhrh
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June 11, 2012, 02:46:12 AM
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Leaving it in a low interest bank account would seem better to me. Then again if there is a huge bitcoin sell-off, 1.15 a bitcoin would be a good deal considering bitcoin still survives.

Can you point me to a bank that will offer me an account yielding more than half a percent per year?  Yeah, didn't think so.

Making $1,250 a year seems a lot better than potential mt gox withdrawal issues to me.
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