Author [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] Topic: BTSX Price Getting Spanked by CNY  (Read 896 times)

0 Members and 1 Guest are viewing this topic.

Offline nomoreheroes7

BTSX Price Getting Spanked by CNY
« on: September 17, 2014, 02:30:32 PM »

I'm watching the BTC38 exchange for BTSX/CNY, and it's looking kind of rough. Buy support looks to be minimal, while huge walls are forming from 0.2 CNY and downward. I've seen a few walls over nearly 900,000 BTSX appearing at 0.2 and below. Is this correlated with the recent drop in BTC? People becoming impatient over lack of exciting BTSX news recently? Will we continue the downtrend below 0.18 and cause me to get margin called? Is it a concern that over 80% of our volume is directly from CNY as opposed to BTC? Am I being overly concerned with the moment-to-moment price and need to get back to work (lol)? This feels like a pivotal make-or-break moment for crypto right now...

Discuss.
« Last Edit: September 17, 2014, 02:53:43 PM by nomoreheroes7 »

Offline oldman

  • Hero Member
  • *****
  • Posts: 543
    • View Profile
Re: BTSX Price Getting Spanked by CNY
« Reply #1 on: September 17, 2014, 03:57:17 PM »
Folks are going to start pushing the BTSX market around; easy money to be made taking advantage of the relatively low liquidity.

Expect a lot of volatility for at least the next year or two.

I find crypto-investors fascinating for the hyper-sensitivity to market movements!

Traditional (fiat) investing typically involves identifying business with profitable strategies, allocating a percentage of the portfolio and re-evaluating 1-5+ years down the road.

Crypto-investors seem to re-evaluate on an hourly/daily basis.

If you believe in the Bitshares tech then it is a two-year investment horizon, minimum.

So allocate a stake (that you can afford to lose), expect to hold for at least two years, stay informed (due diligence) and watch the price go up/down/up with detached bemusement.






Offline nomoreheroes7

Re: BTSX Price Getting Spanked by CNY
« Reply #2 on: September 17, 2014, 04:01:08 PM »
Well that sucks, just now someone panic bought BitCNY up to a price of 0.176 CNY per BTSX, causing me to get margin called. Sucks because the price on BTC38 never went below 0.189, and is now back up to around 0.192 or so. Wish there were some kind of mechanism in place to keep the peg tighter to actual price...lame.

OldMan, I agree that BTSX is a long term investment. Still sucks that I can't get proper shorts in for the future though lol.

Offline Riverhead

Re: BTSX Price Getting Spanked by CNY
« Reply #3 on: September 17, 2014, 04:07:35 PM »
Would it help if I launched a market_maker bot at bitCNY:BTSX? The stock bot is designed to help the peg

Offline jsidhu

  • Hero Member
  • *****
  • Posts: 1337
    • View Profile
Re: BTSX Price Getting Spanked by CNY
« Reply #4 on: September 17, 2014, 04:14:09 PM »
i suspect what is happening is that a large entity or group holding tens of millions of btsx wanted out asap.. I read some of them talking about doge so maybe they are in for another pump (flavour of thr week) but they bought much lower so they are happy to dump below market and not using asks.. Been watching it. Check the 4hr they did distribution like I said earlier and now they prob accumulating some other coins. Its good for us because some people get
to buy from large whales at a 0.2 basis looking further while distribution increases of btsx
holders. A slow grind up would be great followed by a failed dogecoin pump to rub salt in their wounds but we will see.
Hired by blockchain | Developer
delegate: dev.sidhujag

Offline nomoreheroes7

Re: BTSX Price Getting Spanked by CNY
« Reply #5 on: September 17, 2014, 04:15:23 PM »
Would it help if I launched a market_maker bot at bitCNY:BTSX? The stock bot is designed to help the peg

I'm not sure how that works exactly, but that'd be awesome. Looking at the charts, the problem is the lack of people willing to sell/short BitCNY apparently. There are huge gaps in between the prices of 5.66, then 6.2, then 8.0, then 20.0 BTSX/CNY lol. Just one person panic buying above the peg at 6.2 or something would cause all my margin calls to trigger, which doesn't really seem fair.

lzr1900

  • Guest
Re: BTSX Price Getting Spanked by CNY
« Reply #6 on: September 17, 2014, 04:16:34 PM »

Would it help if I launched a market_maker bot at bitCNY:BTSX? The stock bot is designed to help the peg
that will be great

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12176
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BTS: xeroc
  • GitHub: xeroc
Re: BTSX Price Getting Spanked by CNY
« Reply #7 on: September 17, 2014, 04:35:17 PM »
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH


Offline Markus

  • Sr. Member
  • ****
  • Posts: 366
    • View Profile
Re: BTSX Price Getting Spanked by CNY
« Reply #9 on: September 17, 2014, 10:27:01 PM »
Crypto-investors seem to re-evaluate on an hourly/daily basis.

That's true. We re-evaluate as soon as we see somebody else re-evaluating.

Offline gamey

  • Hero Member
  • *****
  • Posts: 2253
    • View Profile
Re: BTSX Price Getting Spanked by CNY
« Reply #10 on: September 17, 2014, 10:50:27 PM »

It might be money sucked out of NXT + BTSX and headed for peercoin over nubits stuff ?
I speak for myself and only myself.

Offline jsidhu

  • Hero Member
  • *****
  • Posts: 1337
    • View Profile
Re: BTSX Price Getting Spanked by CNY
« Reply #11 on: September 18, 2014, 02:34:00 AM »
nubits doge other pumps.. nubits seems like it will be conpeting with btsx nxt syscoin and other blockchain 2.0 projects
Hired by blockchain | Developer
delegate: dev.sidhujag

Offline Gentso1

Re: BTSX Price Getting Spanked by CNY
« Reply #12 on: September 18, 2014, 11:09:40 AM »
Their seems to be a few new interesting investment opportunities right now. People are moving money around to what they feel will be most profitable in the SHORT TERM. Its just the ebb and flow of the crypto tide. Honestly I hope we drop a bit lower. It's not just about believing in a idea its about believing and  seeing a idea is very undervalued. A nice drop will turn some heads and perhaps bring some of that money back so they can get in cheap for the next rise. 

Offline Riverhead

Re: BTSX Price Getting Spanked by CNY
« Reply #13 on: September 18, 2014, 11:50:35 AM »
Crypto-investors seem to re-evaluate on an hourly/daily basis.

That's true. We re-evaluate as soon as we see somebody else re-evaluating.


After crypto run up of last November no one wants to miss the train this time around. Everyone has shell shock.

Offline Chuckone

  • Sr. Member
  • ****
  • Posts: 303
    • View Profile
Re: BTSX Price Getting Spanked by CNY
« Reply #14 on: September 19, 2014, 02:22:02 PM »

So allocate a stake (that you can afford to lose), expect to hold for at least two years, stay informed (due diligence) and watch the price go up/down/up with detached bemusement.


Wise piece of advice!

I Sit back and relax, hold and certainly don't panic. In time the market will see BTSX real value, all the rest is short term noise. Perfect time to buy for anyone who has unused liquidity (not-an-investment-advice)

 

Google+