Obviously the btc market has been cornered!

[mjsbuddha]

Someone with at least 72,000 btc (I assume either pirate or the Bitcoinica hacker) has cornered the market and is actively manipulating the bitcoin exchange rate on mtgox by putting up huge bid/ask walls. Am I the only asshole that notices this is an artificial rally? 

[1714171083]

1714171083

[1714171083]

1714171083

[1714171083]

1714171083

[1714171083]

1714171083

[byronbb]

<pirateat40> well guys, i think i've scared off the sellers. I'm tired and going to call it night and let the bots play.  IRCFrEAK, im pulling the my wall and dumping.... Get ready!

[dopamine]

lol can't sleep this is fun

[Bigpiggy01]

Someone with at least 72,000 btc (I assume either pirate or the Bitcoinica hacker) has cornered the market and is actively manipulating the bitcoin exchange rate on mtgox by putting up huge bid/ask walls. Am I the only asshole that notices this is an artificial rally? 

Hardly artificial if you look at how weak the ask side is. However the someone with more than the amount of funds you mention was having a bit of fun today.

[opticbit]

i missed out on the $9.5 peak, saw it on my phone's widget, but couldn't trade it.

[RyNinDaCleM]

Someone with at least 72,000 btc (I assume either pirate or the Bitcoinica hacker) has cornered the market and is actively manipulating the bitcoin exchange rate on mtgox by putting up huge bid/ask walls. Am I the only asshole that notices this is an artificial rally? 

Nope! You aren't the only one. Some others around here choose to be ignorant.

[finkleshnorts]

<pirateat40> well guys, i think i've scared off the sellers. I'm tired and going to call it night and let the bots play.  IRCFrEAK, im pulling the my wall and dumping.... Get ready!

I thought I saw this posted on another thread. Is this a joke recycle or did he actually say this on IRC?

[mjsbuddha]

Well I've been out of the forum loop a while so let me rephrase. Am I the only asshole that cares that one dude controls the exchange rate?

[opticbit]

<pirateat40> well guys, i think i've scared off the sellers. I'm tired and going to call it night and let the bots play.  IRCFrEAK, im pulling the my wall and dumping.... Get ready!

I thought I saw this posted on another thread. Is this a joke recycle or did he actually say this on IRC?

yes he said that in the irc, but was not identified

[kentrolla]

It's only because traders don't understand how market manipulation works. There are a lot of people that trade on this market that have no clue what they are doing. So, the way I see it, if we teach people some of the basic concepts of market manipulation then it will be less effective, and can even backfire.

the pressure is there. remember this key concept: "WALLS ARE FOR MARKET MANIPULATION ONLY"  the agenda behind putting up a wall is never to buy or sell coins but to keep the price high/low before a set time to make a switch (ie. this weekend). the reason they want to keep the price low till the weekend is they don't want to have as much competition for cheap coins. All the REAL trades are done in "the trenches." When people actually want to buy or sell coins they will do it "in the trenches" discreetly selling/buying a couple hundred coins at a time.

So essentially what i'm saying may sound counter-intuitive but here's what i think of "walls" :   A large ask wall thats up all day friday is a BULLISH sign. Assuming that they make the switch to the Bid side when the banks close. also a large bid wall thats up all day sunday is a BEARISH sign, because they plan on switching to the ask side when banks open.

The almost perfectly linear Diagonal line shape of the bid side is much more healthy than the "r" shape of the ask side.  this is because the bid side is full of "real" traders. People who actually want to buy coins. any time the price changes up or down the bid side is always buying "in the trenches"

Right now, in my opinion, the people that are selling "in the trenches" are being manipulated by that ask wall.

Wow I actually learned something important here. Thanks!

this is why you should ignore walls. in fact, you should almost see them as an indicator of a switch

The almost perfectly linear Diagonal line shape of the bid side is much more healthy than the "r" shape of the ask side.

What about manipulators creating this "organic" line shape at the bid side (maybe via some script)?

then they would have to be selling/buying in the trenches because they would have no wall to manipulate people into undercutting (which protects their wall, so they would have no protection). so their agenda would be to actually sell/buy coins. so this is what manipulators do AFTER a switch, or if they are predicting another manipulator's switch by essentially "calling their bluff".

bottom line is: no matter if its a bot or a bunch real traders, Linear diagonal lines are signs that they actually want to buy/sell. Walls are signs that they don't.

this explains why that counter-argument doesn't make sense. 

PLZ STOP GETTING MANIPULATED BY WALLS!! WE CAN FIX THIS OBVIOUS MANIPULATION IF YOU UNDERSTAND HOW IT WORKS

[dopamine]

I hope that hacker who stole bitcoincia bitcoins sold on that panic to buy higher

[proudhon]

The manipulation is created by everyone who has money with pirate.  FYI.

[thezerg]

Did the pump&dump really work? http://www.bitcoincharts.com/charts/mtgoxUSD#rg2ztgSzm1g10zm2g25zv  I'm seeing a dump of about 42k BTC for prices ranging between 9.3 to 8, but it does not look like there was enough volume to buy that back (to complete the cycle).  And now the price is approaching 8.4.  So the exact distribution within that slippage is critical. 

But my takeaway from last night's drama is that this bull market is so strong it may have caused the pump & dump to backfire!