Post
Topic
Board Announcements (Altcoins)
Re: [ANN] SilkCoin | New Wallet | NOW on MintPal / Cryptsy | FULL POS
by
declensions
on 18/06/2014, 21:25:30 UTC
(pm me for the link)

Watch what the order book looks like after I remove all my sells.
Dirty, right? That's just one of many tricks whales use.

If i had all day i would sell into that 4 btc wall until it gets cleared out and push it even lower, knowing that i'll just get that 4 btc back at a lower price. (I don't even have to clear the wall myself, i could scare others into clearing it for me)
 I wouldn't lose any money because my average price is much lower than this. However, I know there is very little supply below 4k at this point so I am not going to give up my coins cheap and risk having to buy them back higher. You saw what happened after it hit 3400 yesterday, it immediately bounced to 4000. I did that by doing what I just showed in the video.

Also, at this point I would only be benefiting the other whales who have 40+ btc in buy orders spread out below 3500. Think about it logically, who else would leave 10 btc buy walls up for a week unless they had over 100 btc to play with? Their money would be better spent investing in another coin, but it's because they have so many BTC they can afford to do this. In other words, they are supporting this price range and would not let it drop below 3k or they would lose money.

All you really have to do is take a look at this depth chart and ask yourself why the fuck are you selling? https://cryptrader.com/charts/mintpal/sc/btc