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!
The @forexbrokr News Series
News #2 – 'Bitcoin Sign Guy' Nets Almost $15,000 After Fed Chair Appearance Goes Viral (via Coindesk)
News #3 – John McAfee Will Eat His Own Dick on National TV if the Price of Bitcoin Doesn't Reach $500,000 Within 3 Years