Re: [ANN - NEW COIN JUST LAUNCHED] *EarthCoin* Is Here To Make A Splash For 2014!
someone just put a 5.9 million sell order on coined up at 450 satoshi....
can anyone be more obvious?
can anyone be more obvious?
Yes, i see it
and right after we broke through the downtrend.... how curious...
A welcome from the pre-miners at the exchange?
I've actually traded on real (stock) markets. I've traded pennystocks as well. I've actually done this myself. it's such a common tactic that only works on very low volume markets.
put up a huge order that can not be filled by the current volume and force people who need to/want to sell to underbid you.
this creates falling prices, and make people who are not even online, but put automatic sell orders in place if prices drop to XXX to sell their shares, creating more pressure downwards. all the while you sold little or nothing yourself.
then when it does not go down any more, you sack in shares and voila! win...
and that's not a wild theory. that's what drives these markets.
once volume is high enough this will be too risky... people might actually buy the whole block, like someone did yesterday to one who had done this for hours with a 400-500k block. he bought the whole block at 250 or so...
if the preminers wanted to sell, really sell, they'd put up small orders that do not look conspicuous and that will actually be sold and NOT underbid