Bitcoin Thread - 2018

L10Yn

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Oh he didn't specify which exchange, there's plenty with large premiums that would equate to more than 10k dollars already when converted
 

Countcrypto

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Oh he didn't specify which exchange, there's plenty with large premiums that would equate to more than 10k dollars already when converted
Yeah. But assuming I wasn't playing by that metric and was ....per say....speaking in usd and on coinmarketcap. I'll let you guys know in 20 minutes.
 

Countcrypto

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Oh he didn't specify which exchange, there's plenty with large premiums that would equate to more than 10k dollars already when converted
New Zealand dollars ? Singapore dollars ? Australian Dollars ?

Thai baht ?

Don't be so currency centric.
 

SaiyanZ

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Luno looks like a bot trading with itself atm
Yeah a bot is gone wild. I don't think it's the same one though. One is selling small amounts but the other is buying huge volumes (millions of rands worth). Must be some account with a significant amount of cash.

Edit: Meanwhile the USD price has dropped significantly.

Looks like the bot has ran out of cash now so prepare for a selloff.
 
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L10Yn

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As if one knows we're overpriced, continously selling and the other was trying to bring the price up. Could be a coding error or possibly hoped to sell at an inflated price later, possibly trying to establish a premium again . Managed to sell my coins at the inflated price, but dammit didn't expect it to keep going as long as it did, could've sold them for more. Was even in the process of converting my ether to sell at the high price. Can buy them all back now
 

SaiyanZ

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As if one knows we're overpriced, continously selling and the other was trying to bring the price up. Could be a coding error or possibly hoped to sell at an inflated price later, possibly trying to establish a premium again . Managed to sell my coins at the inflated price, but dammit didn't expect it to keep going as long as it did, could've sold them for more. Was even in the process of converting my ether to sell at the high price. Can buy them all back now
Most likely just an error with the bot. It singlehandedly bought out everything from R120k to R125k in the space of half an hour all whilst the USD price went down.
 

L10Yn

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Most likely just an error with the bot. It singlehandedly bought out everything from R120k to R125k in the space of half an hour all whilst the USD price went down.
Yeah, actually I'm gonna hold off buying back, seems another dip is more likely and I think Luno is a bit inflated compared to recently. Also if it was a bot going haywire, someone could be waking up to a crazy amount of bitcoin that they'd be overly keen to get rid of.

Could be wrong and me selling actually works out worse. And that guy wakes up to a huge amount of btc that he actually got on the cheap compared to the price then.

Also it's strange but I feel worse sitting out an upwards run than I do staying in during a crash. During the crash you can just claim you're "HODL Gang" and it's only silly noobs selling.
 

SaiyanZ

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Yeah, actually I'm gonna hold off buying back, seems another dip is more likely and I think Luno is a bit inflated compared to recently. Also if it was a bot going haywire, someone could be waking up to a crazy amount of bitcoin that they'd be overly keen to get rid of.

Could be wrong and me selling actually works out worse. And that guy wakes up to a huge amount of btc that he actually got on the cheap compared to the price then.

Also it's strange but I feel worse sitting out an upwards run than I do staying in during a crash. During the crash you can just claim you're "HODL Gang" and it's only silly noobs selling.
I managed to make use of the runaway bot a bit. Sold at R122k and rebought at R119k and then again sold at R122k and bought at R120k. I'd rather hold than hope for a further decrease. Whilst we are overpriced by a couple thousand now due to the bot, who knows whether there will be a USD price rally overnight and the order book all the way to R125k now is empty so the Luno price can easily go up and stay up for a while if enough buyers come.
 

SaiyanZ

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So anyone heard any news of about the runaway bot on Luno last night? It instant bought up at least 50BTC in half an hour or so from 11:30pm last night. Somebody somewhere must not be having a great morning.
 

saor

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So anyone heard any news of about the runaway bot on Luno last night? It instant bought up at least 50BTC in half an hour or so from 11:30pm last night. Somebody somewhere must not be having a great morning.
:D

Though I'm not sure how anyone has that much money entrusted to a bot account - about R6 000 000?
Was it one single bot or the same bot being used by various people?
 

SaiyanZ

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:D

Though I'm not sure how anyone has that much money entrusted to a bot account - about R6 000 000?
Was it one single bot or the same bot being used by various people?
Could be several people running a bot together. I thought it would run out of cash quickly but it just kept going eating up everything from R121k to R125k. As soon as you placed your sell order close to the front in that region it was instant bought.

My best guess is it's one of those bots that buys/sells if the price dips or breaks above some long term moving average. So it must have been triggered by a sell-off or buy-in that happened a few weeks ago which was just removed from the calculation. Also they could be using moving averages based on Luno data which of course is not reliable because the price swings wildly here when there is a sell-off.


50 BTC is a low estimate too. Looking at the volumes it could be closer to 100 BTC bought by the bot. Reason is not many people are doing instant buys/sells at that time so almost all the volume are trades between bots and orders on the book.
 
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L10Yn

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Could be several people running a bot together. I thought it would run out of cash quickly but it just kept going eating up everything from R121k to R125k. As soon as you placed your sell order close to the front in that region it was instant bought.

My best guess is it's one of those bots that buys/sells if the price dips or breaks above some long term moving average. So it must have been triggered by a sell-off or buy-in that happened a few weeks ago which was just removed from the calculation. Also they could be using moving averages based on Luno data which of course is not reliable because the price swings wildly here when there is a sell-off.


50 BTC is a low estimate too. Looking at the volumes it could be closer to 100 BTC bought by the bot. Reason is not many people are doing instant buys/sells at that time so almost all the volume are trades between bots and orders on the book.
Isn't it strange that there was other bots that also had enough to keep selling to it. It's a bit hard to believe at that time of night that there were enough people to keep supplying coins to it at that rate even if it was people continuously buying and selling to it. Maybe it was the same bot selling to itself although I know there was a huge difference in volumes.

Also funny that that bot was buying all that with fees. Maybe it was even Luno cleaning us out knowing it can more than make it up with it's crazy markup with instant sells, although I doubt that
 
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