Bitshares price discussion

[r0ach]

"black swan" taking us lower. 

The crash was actually somewhat due to me.  The price of BTS on Poloniex is entirely controlled by 2 parties, one single bot and Cagara.  I saw the bot dumping into buy walls while putting up sells lower than market rate to try and drive down price on purpose, then right after that, it or someone else removed 100+ BTC buy support so there was like 70 BTC buy support only.  I instantly closed my long because I knew something was up and after I did, like 10 people got margin called and price imploded.  Then I bought back in at 2200.

If I stayed in, price would have only gone to 2300-2400 probably, but I wasn't going to be the sole person trying to keep BTS up and lose money while everyone else tries to crash it on purpose.  Anyone that wants to support BTS price, all you need to do is put some BTC in the margin trade account on Poloniex and put up a margin buy, even at some super low number that will never be filled to give the appearance of support.  (i.e. 10btc in margin trade accounts gets you a 25btc buy at 1800 that will never be filled).  This is why the Ethereum wall looks so huge, but nobody is doing it on BTS.

[liondani]

result oriented the best strategy was:
instead of removing our sell orders (or moving them higher)
adding buy orders much lower !!!

Grats to whoever had buy orders ready on the orderbook 

[tonyk]

manipulation at it's best...

I would have called it a self fulfilling prophecy, but if the crypto crowd calls it manipulation. manipulation it is !

Self fulfilling manipulation !

I intend to stop posting here, other than asking questions about how to use the product, issues I need help with etc

And I did not wanted to do it on such a undertone....
But if  you sell some bts, Ander and they happen to be 25 % of all the truly traded coins (not the one changing hands each day for 1-4% trading profit) what do you think will happen?
 "BTS will go up" well maybe it can, just the odds of doing so are slim...

[liondani]

manipulation at it's best...

[liondani]

For the scenario of a downward swing before the eventual rise, what do you chaps think the likeliest lowest point will be in that swing?

~2550

~2100 but only instantly

nice play cagara & co.!
so it was instantly 2015....

[puppies]

What if some large fish borrowed all available bts and shorted from a very high price like 1BTC.  After all bts is loaned out we would need to set borrow requests for the max rate(2% I think).  It would cost us money, but as rates rose, the loaners that are loaning to the shorts would raise their rates, and thus remove their auto-renews. 

What would happen if an active shorts position rolled over and there was no bts to loan?  There is currently 7M bts available to borrow, and I'm sure many millions more loaned out. 

Alas I am a small fish, I am willing to pile on top, but I don't have enough crypto to really make a dent in that.

[Tuck Fheman]

Hope BTS recovers from this.

Sorry Ander.

I'm fairly confident this weekend will look a lot brighter.

[canucklehead]

I said a week ago that my target was 2250... never thought it would get filled. Hope you longs had sufficient liquidity not to get called.

[xeroc]

Now look at that:

Good sign?

highest bid is from shorts now

Good luck to all.  Hope BTS recovers from this.  Dont take big margin positions,
altcoins are way to small and cant handle them.

I am confindent .. I people are so stupid to sell because of a black swan in the
testnet, they don't deserve any better.

More weak hands around?

[Ander]

Well...I was nearly ruined today.  But my willingness to eat a 2 btc loss earlier today and sell 1.5M bts that i was margin long at roughly 100 sats under my entry saved me from destruction.  Then I went and posted that as long as one wasnt on margin they were safe...

If I hadnt done it, someone else would have, and my margin call wouldve taken us to 2100 just like what happened. 

Cagara saying this morning that he added 250 btc combined with the rapidly declining buy support level spooked me pretty hard.  It looked to me like cagara could simply market short 5M bts or something and the price would just go hit 2 satoshis as a result of everyone getting margin called.  It didnt help that every bull was announcing in the polo chat that they were fully margin long already and had nothing left to buy with...pretty sure those idiots helped give the shorts the confidence to win this battle.  Never tell people when you are margin long or short, NEVER.  If you are long fully paid for, no one can ever force you to sell, so you can say whatever you want. 


Anyways, I was gone all evening and covered beforehand since I was really starting to panic.  I figured nothing might happen and I might look dump when it just rallied to 3500.  So I didnt say anything.  But coming back to see 2000 was hit...I wouldve lost a ton.  Most of what I had on the exchange probably.  Like a third of my bts.  Wouldve been like getting goxxed.


Back to just withdrawing every day, not planning to do that again.  I shouldnt have been lured in by the idea that we could all margin call some short.  I was just going to hodl long and do nothing until that all happened.  I shouldve ignored it all and hodled.  Oh well.  Still, made 7 btc on margining from 1950 to 2350 the first leg up.  I've given half of it back by now taking too many risks.  Done taking risks now, gonna sit on the BTS and keep the remained of the gain nad be happy with it.

Good luck to all.  Hope BTS recovers from this.  Dont take big margin positions, altcoins are way to small and cant handle them.

[Ander]

Sadly, margin has killed our rally.  It probably made it go higher faster than it would have otherwise, but it just killed it. 

One mad singlehandedly prevented BTS from rally to 3500 and crashed it to 2000 I think.

When all the bulls knew about what he was doing and they were unable to put together any btc to buy and margin call him, that was the sign that things were bad, I think. 

Its a sad day.  I hope no long time community members got margin called.

[bitmeat]

Boom goes the dynamite...

[werneo]

order book shows bids far outweigh asks...

[Tuck Fheman]

id say 24xx max but looking at 2500-2530 as possible point

Hit 2507 if it holds then we good other wise low 2400s

"black swan" taking us lower. 

[jsidhu]

id say 24xx max but looking at 2500-2530 as possible point

Hit 2507 if it holds then we good other wise low 2400s