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It was just buying all the orders on the booked that were placed there by others over the last 2 days. As well as those placing them last night like me whilst it happened. So no need for other bots to sell to it. At first it looked like it was only instant buying orders below R122k. But after 10 minutes or so it broke through and started eating everything until it hit R124.8k. Guess it ran out of funds then.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.
Saw this on there.. man so much on the internet to see, so little time
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.
There wasn't that much on the order book though and on the completed transactions it was mostly red which means the transactions were mainly completed by sellers taking it up though, right?It was just buying all the orders on the booked that were placed there by others over the last 2 days. As well as those placing them last night like me whilst it happened. So no need for other bots to sell to it. At first it looked like it was only instant buying orders below R122k. But after 10 minutes or so it broke through and started eating everything until it hit R124.8k. Guess it ran out of funds then.
/wavesBio here yet?
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https://www.cnbc.com/2018/02/02/jpm...rica-bar-bitcoin-buys-with-a-credit-card.htmlJPMorgan Chase, Bank of America & Citi bar people from buying bitcoin with a credit card
"At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved," a J.P. Morgan Chase spokesperson said in a statement to CNBC.
A Bank of America spokesperson also said in an email that the bank has decided to decline credit card purchases of cryptocurrencies.
Citigroup said in a statement that "We have made the decision to no longer permit credit card purchases of cryptocurrency. We will continue to review our policy as this market evolves."
Bar from buying BTC or cryptocurrencies and tokens in general?
Also expecting one more bloodbath, I didn't buy during any of the previous dips (except to resell soon after), and I've been steadily decreasing my holdings as we went down but this next one is the one I'll be stocking up for long term. Think I'm gonna get some BTC and ETH, not sure on any alts yet.BTC is struggling today. Looks like the correction is not over yet and we might go down to $7k soon as we didn't consolidate above $9k. The bounce off $8k wasn't strong enough.