Wait... Crypto Traders are Actually Complaining About Spoofing? LOL!!
Coin Telegraph
That bloody Spoofy huh... Watch out, he'll getcha!
Now I'm a big fan of Coin Telegraph. Their artwork is obviously world class and their content is always easy to read and understand.
This 'Single Trader with Enormous Bankroll is Manipulating Bitcoin Price, But to What End? article however, really bugged me.
What is Spoofing?
"Bidding or offering with the intent to cancel the bid or offer before execution"
If you've ever traded futures on a ladder featuring market depth, then you would have no doubt experienced spoofing first hand. What you see is a large order come out of nowhere and nestle itself just away from the market price with the intent to scare people away from it.
When I used to trade bond futures on a prop floor, you saw it happening every single day. Even if it was so obviously a spoof, it ALWAYS got a roar out of the floor. Without fail, someone on the other side of the room would slap the desk and shout out:
“FUCK, CHECK OUT THE 100 LOTS at 120!!!!!”
Everyone else would then let out an “ooooooo” groan in response (The Asian guys were the best. So funny!).
We all knew it was bullshit, but it still made us think twice and got a big human reaction out of us every single time.
The spoofer risked getting picked up by the regulator (and we did hear stories of firms getting done), but what this really does show, is the power of spoofing, and if you’ve got the bankroll and ballsack, why it’s such a powerful tool in a trader’s arsenal.
Humans are emotional beings and the spoofer is psychologically manipulating people in an unethical way. In futures and centralised, regulated markets this is therefore against the rules and as a result, against the law.
You Want to Complain About Spoofing in Crypto?
“Spoofy makes the price go up when he wants it to go up, and Spoofy makes the price go down when he wants it to go down, and he’s got the coin… both USD, and Bitcoin, of course, to pull it off, and with impunity on Bitfinex.”
You’re a crypto trader and you’re seriously going to complain about spoofing? Just shut the fuck up you whinging fucking pricks.
Honestly, are you stupid? No wait, don’t answer that…
So you guys have come to the world of crypto to escape the planning and regulations that trading on a centralised exchange can provide you with, but then you complain when people use trading techniques that those same rules would have sheltered you from?
LOL, get in the fucking sea!
You have no right to complain about spoofing if you're trading crypto. Welcome to the wild wild west kiddies. There are no rules out here.
Anyway, Bitcoin to the fucking moon!
Peace!
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I have to think Spoofy is either the government of Russia, China or the good ole US of A. We didn't think the fiat printers were gonna give up that easy did we?
That's actually an interesting angle that I hadn't really considered.
Hmm...
I'm sure there are whales out there with 60 mil in BTC to throw around, I just can't think of what that person's motivation would be. To get even ridiculously richer? I suppose that may be enough but it makes more sense that a state actor is trying to figure out a way to throw the reins on BTC before it's too late for their central banks.
Dude be spoofin' me to 10X plus profits! Thanks spoofer!
Wo! I feel spoofed, I knew that I would, now
I feel spoofed, I knew that I would, now
So spoofed, so spoofed, I got you
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-8-7-2017
We are definitely headed to the MOON :)
Thanks for the link mate, I've given you a follow.
Always happy to have more traders on my stream.
We all want to send it to moon. :)
- Coin Telegraph
Love this post. <3
Why is that, champion?
1.) Because it is in touch with reality as I perceive it:
"So you guys have come to the world of crypto to escape the planning and regulations that trading on a centralised exchange can provide you with, but then you complain when people use trading techniques that those same rules would have sheltered you from?"
Kiss on the cheek from me.
2.) I have had a few conversation about Spoofy of Bitfinex and have found myself alone in my sentiments. To that I say: figure out how to be a smarter minnow and use Spoofy's momentum in the currents to propel yourself forward. Hack the very structure of reality if you have to. Surf that volatility. Get creative.
great post , spoofy is just a legend
Why? I think he's a pest.