Quote from: ineededausername on May 06, 2013, 01:32:07 AM

Quote from: Nightowlace on May 06, 2013, 01:27:16 AM

Quote from: Ares on May 06, 2013, 01:02:54 AM

Quote from: solex on May 06, 2013, 12:48:42 AM

Quote from: Cablez on May 06, 2013, 12:41:52 AM

It just boggles my mind that someone will play around with 2mil in cash in a market like this. I wonder how many BTC he has?

Zero. And just learned about Bitcoin, how amazing it is, and wants a long-term holding like Winklevii, Exante and Keiser?

If someone really wanted to get in at 110 with 2 mil, I think they would put a much smaller wall there and then reinforce it as it gets eaten

Unless they don't give a shit because they HAVE 2 million to play with

You don't earn $2m by screwing around like that.

How exactly do you earn $2 million then!? Tell me Cheesy

I was selling yesterday like a baby elephant. Did not want to tell it in the thread (since it was a kind of live training for me and Roni) but it was about 67% my fault that we dropped from 119 to 108. Some of you saw the 1,000BTC wall scaring the shit away from prospective buyers. It was mine. I thought it would drop anyway, and the time was ripe for some playing around.

I could drive the price 10% down without selling more than 1,000BTC. This confirmed to me that it was overextended to the upside, just waiting for pricking. Then I tried to pressure it further down towards my target of 105, since the support in my theory lies below that magic number. I did not think we would revisit 100 again, and if we did, we would just briefly dip to about 95, and leave the territory for good.

That was a mistake. After 12% drop the bowl was tilted and a recoil was in order. If I had been playing with BTC300-500, I would have got out at average 116, enabling a buyback at 108-109. Now I was "too big to succeed" and thought that it would certainly go to 105 just because of my wish. I spent 1,000BTC in trying to cross 107 second time, which was needless waste of ammunition with a gain that would not have been monetary anyway (buying back at 105.14 with a 2,000BTC wall would have been a near wash - I never aim to gain 1-2%, that is way too risky with bitcoin. 10-20% suits me much better).

Then I wrote that I was "done buying". Since the bid was there, and I was sure that there would be a person in the U.S., after waking up Sunday morning, seeing that coin is down, but he can still sell for a profit, would sell the 5,000BTC. So technically I was done buying, although the bid was not fulfilled yet. I also thought I would act as a double-contrarian indicator, profiting from telling about doing contrary to what I do.

Then some bloke I am not affiliated with, decided to buy 2,000BTC with market order and everything went sour. Angry

Now I have set up a very fancy algorithmic buyback schedule, which either allows me to buy back at a profit (possible even 6 more days if the price goes south), a loss (if it doesn't do it in 6 days), or leaves me with $220k funny money, and my remaining bitcoins valued at $300k/BTC in October, 2013.

Sometimes you need to spend money to make a point. This time I earnestly hope to be able to buyback (I will divulge the strategy when I am done), but even if not, I can suffer the $300k bitcoins like a man. After all some people will actually commend me for the prediction and thank me for their fortune, and the haters are not welcome to my conference anyway and ignored in this forum.

Disclaimer: The "me" means me, personally, when referring to the initiator of trades, and Eesti Investeerimishobe OÜ, est. 2009, Tallinn when referring to the owner of the bitcoins traded. In Estonia, bitcoin trade is tax free. The company is 100% owned by my family.