Quote from: Awhut on May 07, 2013, 03:36:42 PM

Quote from: fitty on May 07, 2013, 03:33:55 PM

Fake or real it doesn't really matter. Someone with 8k coins is trying to keep the price down. He's sitting there hoping to get some panic sellers. If he does he'll probably dump 1-2k also.

While he might not want to sell and he'll pull the wall, he's still trying to push the price down. Which means you take the price drop with a grain of salt. It's not the market moving down, it's someone who's pumping/dumping trying to make money. BTC market is small enough one person can push the price around pretty easily. Someone pushed the price up with bid walls twice last weekend so it works in both directions. It could very well be the same person. Grin

IMO the whales are the market. What percentage of traded BTC do you think they own?

I agree.

If you take out market buys of 50k or more and market sells of 500 or more of BTC, the market is extremely stable. It's the big dumps/buys that move the market, then it just chills. Sadly there's money to be made pumping/dumping which is where almost all of the volatility comes from.

I'd say 80% of the BTC/USD on Gox is owned by 40 people.