Market makers use paper hands and leveraging apes to suck money out of the spot market, then they buy at cheaper prices via OTC or from miners.
Practically buying cheaper corn using the money of the weak.
Indeed. Don't think of online exchanges as price discovery. They are the
realm of people who don't know anyone.
Sorry, I have no clue what two of you are talking about.
I simply send "stuff' to exchanges when i want to sell OR send $$ when i want to buy.
Some exchanges HAVE an OTC desk, btw.
Plus...some exchanges are pretty liquid, so your bid or ask have a tendency to fill pretty quickly.
You're missing the point.
The point is that big players don't use online exchanges to accumulate large quantities of Bitcoin. They play the exchanges to manipulate the prices and then use those prices to accumulate elsewhere.
Yes, I know some exchanges have an OTC "desk". One exchange I use has an OTC transaction minimum of $20k. All trades are done voice-to-voice over the phone on a first name basis. The only thing online is a confirmation/receipt email. I'm not a big player, just a relatively small fish.
I don't know..Saylor seems to be buying the "top" all the time.
Nobody seems to "create" any discounts for his outlandishly large buys.
The thing that Saylor understands, that few others do, is that "there is no top."
It kinds reminds me of the time when Homer negotiated paying to do the superbowl half time show. "S16E8: Homer and Ned's Hail Mary Pass"
https://comb.io/R9P076OTC: That will be $200M dollars
Saylor: (CHUCKLES) Suckers i would have paid $205M...
OTC: Ok, pay $205M
Saylor: Damn it. Ok here's $205M...
OTC: Thank you
Saylor: (CHUCKLES) Suckers, i would have paid $210M...
OTC: Fine Pay Us $210M...
All jokes aside, he is in another league... They do things differently and see things differently...
We 99% rely on bitcoin to help generate our wealth, Saylor and the 1% is relying on Bitcoin to protect their wealth... Same Game, 2 Different Goals!
So yeah, when we are talking about price discovery, buying at the top, BTFD, that's generally relates to the 99% of us and background noise to the 1%...