Quote from: Qoheleth on December 02, 2011, 01:36:28 AM

Quote from: Bitman_Began on December 02, 2011, 01:30:30 AM

Sorry, did you just mention something called a BIDWALL!!

Please explain... Cheesy

Sure!

http://i.imgur.com/cOfFM.png
This is a chart (as of about a day ago) of people's asking prices for Bitcoins. The "asks" are the prices for which people are willing to sell their Bitcoins, and the "bids" are the prices people are willing to pay for Bitcoins. Now, look at the "bid" part of the graph. See that huge step up at about $2.90? Most of that is coming from a single buyer, who has claimed he is willing to buy a massive number of bitcoins (about 40k if I'm reading it right) at that price. Up until about a day ago, such a bid existed at $2.65, keeping the price of Bitcoins from falling below that. With that floor in place, the price worked its way up to $3 over the course of a few days, at which point the enormous bid at $2.65 vanished and was replaced by one at $2.90. To me, this looks like someone with a lot of money deliberately trying to ratchet up the price of Bitcoins for reasons unknown... which means that as soon as he decides it's no longer worth his time, all of that support at $2.90 will vanish, and who knows what'll happen to the price then.

I think you're on the money