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Title: Speculation on MtGox 12 hour shutdown Post by: wopwop on April 11, 2013, 02:19:07 PM MtGox is selling all their own bitcoins (from fees) first at the highest bid before you normal people can continue selling
thoughts? Title: Re: Speculation on MtGox 24 hour shutdown Post by: bitarrow on April 11, 2013, 02:21:05 PM what is this bullshit???
Who they fuck are they to tell us to cooldown? Title: Re: Speculation on MtGox 24 hour shutdown Post by: b!z on April 11, 2013, 02:22:40 PM Oh shit, I just sent some coins in Mt Gox. inb4 i lose them all.
Title: Re: Speculation on MtGox 24 hour shutdown Post by: dave111223 on April 11, 2013, 02:24:34 PM Would you liquidate a business that was earning you 60K-100K profit per day?
Why would they commit suicide by liquidating all their coins at once on their own exchange? Title: Re: Speculation on MtGox 24 hour shutdown Post by: Wuji on April 11, 2013, 02:24:41 PM Are other exchanges still running? Is everyone going to transfer more BTC to other exchanges and continue to try and evacuate? This would seem most likely to me. This might be Mt Gox's downfall. I know I'm done using them.
Title: Re: Speculation on MtGox 24 hour shutdown Post by: Blazr on April 11, 2013, 02:26:11 PM Title: Re: Speculation on MtGox 24 hour shutdown Post by: bitarrow on April 11, 2013, 02:28:27 PM Im done using them as well!!!
I was in the middle of a trade. Now Im stuck with USD and out 1k btc. At least give us a damn warning. Title: Re: Speculation on MtGox 24 hour shutdown Post by: Wuji on April 11, 2013, 02:29:47 PM If your paycheck just cleared into your bank and their website became unusable. Then at night they said there is no DDOS this is just success. Then the next day they said this is a DDOS we are shutting down for 24 hours. How would that make you feel about your bank? Why should you give Mt Gox more leeway with your money? Maybe you'd be fine with that scenario but, I for one would not. No tin foil hat involved, I just want a stable place I trust to store my wealth. Having the FDIC back it helps a lot as well. Title: Re: Speculation on MtGox 24 hour shutdown Post by: giarc on April 11, 2013, 02:29:51 PM MtGox is selling all their own bitcoins (from fees) first at the highest bid before you normal people can continue selling thoughts? They are clearly run by idiots,they risk creating a panic by sudden actions like this. Now holding bitcoins at mtgox has a risk attached as you might not be able to use them when you want them. Title: Re: Speculation on MtGox 24 hour shutdown Post by: bitarrow on April 11, 2013, 02:31:52 PM Who has the next most trading volume after Mtgox ???
Title: Re: Speculation on MtGox 24 hour shutdown Post by: Coincrazy on April 11, 2013, 02:32:46 PM MtGox is selling all their own bitcoins (from fees) first at the highest bid before you normal people can continue selling thoughts? They are clearly run by idiots,they risk creating a panic by sudden actions like this. Now holding bitcoins at mtgox has a risk attached as you might not be able to use them when you want them. which other exchange is working Title: Re: Speculation on MtGox 24 hour shutdown Post by: tosku on April 11, 2013, 02:33:44 PM As long as Mt.Gox does not stop transfers of BTC to other exchanges, this is very good. People will migrate their BTC to other exchanges, and Mt.Gox's market share will dwindle. That is a good thing.
However, I fear that all the money that has been deposited into Mt.Gox will be locked in there (since it's kind of a hassle to move money out of Mt.Gox), and that will make the USD/BTC exchange rate go even lower. Title: Re: Speculation on MtGox 24 hour shutdown Post by: flaab on April 11, 2013, 02:34:57 PM MtGox is selling all their own bitcoins (from fees) first at the highest bid before you normal people can continue selling thoughts? They are clearly run by idiots,they risk creating a panic by sudden actions like this. Now holding bitcoins at mtgox has a risk attached as you might not be able to use them when you want them. Title: Re: Speculation on MtGox 24 hour shutdown Post by: blackreplica on April 11, 2013, 02:35:10 PM I was lucky beyond belief. I bought back into my earlier short sell and less than 10 minutes later Gox shuts down. I just transferred all my BTC out of Gox to my wallet. Unless you're planning on trading em the moment the exchange opens, I recommend you guys do the same
Title: Re: Speculation on MtGox 24 hour shutdown Post by: Mae on April 11, 2013, 02:37:14 PM "BitCoin, the decentralized currency" Oh, really?
Title: Re: Speculation on MtGox 24 hour shutdown Post by: HappyBitCoinUser on April 11, 2013, 02:38:03 PM Excuse me for my ignorance, but did Mt Gox announce they were shutting down for 24hrs? If so where is the announcement? What am I going to do for next 24 hrs? I can't sleep that long :( Title: Re: Speculation on MtGox 24 hour shutdown Post by: phlogistonq on April 11, 2013, 02:38:11 PM The only way this could have worked if they had coordinated it with all the major exchanges. A global 24 hr cooldown period for (nearly) all bitcoin trading. Ofcourse, nothing prevents direct person-to-person transactions on bitcoin-otc for example.
Quote Now holding bitcoins at mtgox has a risk attached as you might not be able to use them when you want them. This +1. Doing this singlehandedly without warning in a period of extreme volatilty is so stupid it is almost incredible. MtGox commited suicide I think. Title: Re: Speculation on MtGox 24 hour shutdown Post by: DutchBrat on April 11, 2013, 02:38:43 PM Quote TOKYO - JAPAN - April 11, 2013 Hi everyone, just a quick update on the situation and what happened last night. First of all we would like to reassure you but no we were not last night victim of a DDoS but instead victim of our own success! Indeed the rather astonishing amount of new account opened in the last few days added to the existing one plus the number of trade made a huge impact on the overall system that started to lag. As expected in such situation people started to panic, started to sell Bitcoin in mass (Panic Sale) resulting in an increase of trade that ultimately froze the trade engine! To give you an idea of how impressive things were here are some numbers that we would love to share with you guys: - The number of trades executed tripled in the last 24hrs. - The number of new account opened went from 60k for March alone to 75k new account created for the first few days of April! We now have roughly 20,000 new accounts created each day. Due to these facts we have been busy working on improving things since last week and our team has been working around the clock to improve Mt.Gox to catch up with the demand. We will continue to release several updates today and in the coming few days to improve our system overall performance. Also please note that we may have to close the exchange for two hours in the next 12 to 24hrs to add several new servers to our system. Thank you for your understanding and continuous support! Regards Mt.Gox Co. Ltd Team. Mt.Gox Contact press@mtgox.com They will prolly go down for a few hours to add extra servers within the next 24 hrs Never ceases to amaze me what bad readers some people are Title: Re: Speculation on MtGox 24 hour shutdown Post by: wopwop on April 11, 2013, 02:39:17 PM Excuse me for my ignorance, but did Mt Gox announce they were shutting down for 24hrs? If so where is the announcement? Ah it's 12 hoursYou see it when you try to sell or buy bitcoins.... there's no public announcements Title: Re: Speculation on MtGox 12 hour shutdown Post by: HappyBitCoinUser on April 11, 2013, 02:41:06 PM Quote for two hours in the next 12 to 24hrs How do people not understand the meaning? Title: Re: Speculation on MtGox 24 hour shutdown Post by: zoolander on April 11, 2013, 02:42:10 PM "BitCoin, the decentralized currency" Oh, really? Ain't that the truth. Very good news for the other exchanges though and perhaps Bitcoin long term. Should be interesting to see those who sink and those that swim. Personally I'm pissed though. FIAT locked up on Gox. Title: Re: Speculation on MtGox 24 hour shutdown Post by: bitarrow on April 11, 2013, 02:42:49 PM Quote TOKYO - JAPAN - April 11, 2013 Hi everyone, just a quick update on the situation and what happened last night. First of all we would like to reassure you but no we were not last night victim of a DDoS but instead victim of our own success! Indeed the rather astonishing amount of new account opened in the last few days added to the existing one plus the number of trade made a huge impact on the overall system that started to lag. As expected in such situation people started to panic, started to sell Bitcoin in mass (Panic Sale) resulting in an increase of trade that ultimately froze the trade engine! To give you an idea of how impressive things were here are some numbers that we would love to share with you guys: - The number of trades executed tripled in the last 24hrs. - The number of new account opened went from 60k for March alone to 75k new account created for the first few days of April! We now have roughly 20,000 new accounts created each day. Due to these facts we have been busy working on improving things since last week and our team has been working around the clock to improve Mt.Gox to catch up with the demand. We will continue to release several updates today and in the coming few days to improve our system overall performance. Also please note that we may have to close the exchange for two hours in the next 12 to 24hrs to add several new servers to our system. Thank you for your understanding and continuous support! Regards Mt.Gox Co. Ltd Team. Mt.Gox Contact press@mtgox.com They will prolly go down for a few hours to add extra servers within the next 24 hrs Never ceases to amaze me what bad readers some people are tell me how "market cooldown" sounds anything related to this Mtgox statement? What it state is Mtgox is attempting to control the market Title: Re: Speculation on MtGox 24 hour shutdown Post by: Manticore on April 11, 2013, 02:44:35 PM "BitCoin, the decentralized currency" Oh, really? Right. Title: Re: Speculation on MtGox 24 hour shutdown Post by: NamelessOne on April 11, 2013, 02:46:00 PM the message on Gox is "Market cooldown, order placing suspended until 2013-04-12 02:00:00 UTC" tell me how "market cooldown" sounds anything related to this Mtgox statement? What it state is Mtgox is attempting to control the market It's there attempt to SAVE the market and I fully support it. Save it from their own stupid laggy systems. But the cooldown should only only be as long as it takes to alleviate the lag. Otherwise this place turn into a hell whole of stupidity selling for no reason. Some person starts to sell, then a bunch jump on board, then the lag starts, then all hell breaks loose and a paradox of fear, selling and lag is unleashed that would not have been unleashed had the lag not multiplied it. YES, selling would have happened, but nowhere near the insanity that the lag creates. Title: Re: Speculation on MtGox 24 hour shutdown Post by: samson on April 11, 2013, 02:47:03 PM Quote TOKYO - JAPAN - April 11, 2013 Hi everyone, just a quick update on the situation and what happened last night. First of all we would like to reassure you but no we were not last night victim of a DDoS but instead victim of our own success! Indeed the rather astonishing amount of new account opened in the last few days added to the existing one plus the number of trade made a huge impact on the overall system that started to lag. As expected in such situation people started to panic, started to sell Bitcoin in mass (Panic Sale) resulting in an increase of trade that ultimately froze the trade engine! To give you an idea of how impressive things were here are some numbers that we would love to share with you guys: - The number of trades executed tripled in the last 24hrs. - The number of new account opened went from 60k for March alone to 75k new account created for the first few days of April! We now have roughly 20,000 new accounts created each day. Due to these facts we have been busy working on improving things since last week and our team has been working around the clock to improve Mt.Gox to catch up with the demand. We will continue to release several updates today and in the coming few days to improve our system overall performance. Also please note that we may have to close the exchange for two hours in the next 12 to 24hrs to add several new servers to our system. Thank you for your understanding and continuous support! Regards Mt.Gox Co. Ltd Team. Mt.Gox Contact press@mtgox.com They will prolly go down for a few hours to add extra servers within the next 24 hrs Never ceases to amaze me what bad readers some people are That was yesterdays announcement, you're a day behind. Title: Re: Speculation on MtGox 12 hour shutdown Post by: spartacusrex on April 11, 2013, 02:50:02 PM Im sorry - success or no success - MTGOX ARE IDIOTS..
btc-e.com has a much MUCH better interface, there's no orders information on gox at all, and they have single handedly wiped 1BILLION dollars of the value of bitcoins.. WHY would you use their site when it's CRAP !? Ha!.. (Breath).. It'll take some time for any confidence to return to the Markets, and their rather cheery message about how their success has caused this, only feels like lemon juice on a paper cut.. STOP USING GOX! Then >:( will turn to ;D Title: Re: Speculation on MtGox 24 hour shutdown Post by: giarc on April 11, 2013, 02:51:34 PM the message on Gox is "Market cooldown, order placing suspended until 2013-04-12 02:00:00 UTC" tell me how "market cooldown" sounds anything related to this Mtgox statement? What it state is Mtgox is attempting to control the market It's there attempt to SAVE the market and I fully support it. Save it from their own stupid laggy systems. But the cooldown should only only be as long as it takes to alleviate the lag. Otherwise this place turn into a hell whole of stupidity selling for no reason. Some person starts to sell, then a bunch jump on board, then the lag starts, then all hell breaks loose and a paradox of fear, selling and lag is unleashed that would not have been unleashed had the lag not multiplied it. YES, selling would have happened, but nowhere near the insanity that the lag creates. The market doesn't need saving, it needs to be left to its own devices and those who get burned get burned. If it falls to low it will recover. By doing this they are creating a panic not about bitcoin itself but about their own willingness to allow their customers to use their own money. Title: Re: Speculation on MtGox 24 hour shutdown Post by: HappyBitCoinUser on April 11, 2013, 02:54:46 PM "BitCoin, the decentralized currency" Oh, really? Right. While its in your wallet yes, and then when you trust a 3rd party like MtGox, we're back to Centralized Banking. Grats to everything that thought they beat the system lol. Title: Re: Speculation on MtGox 24 hour shutdown Post by: antimattercrusader on April 11, 2013, 02:57:24 PM If your paycheck just cleared into your bank and their website became unusable. Then at night they said there is no DDOS this is just success. Then the next day they said this is a DDOS we are shutting down for 24 hours. How would that make you feel about your bank? Why should you give Mt Gox more leeway with your money? Maybe you'd be fine with that scenario but, I for one would not. No tin foil hat involved, I just want a stable place I trust to store my wealth. Having the FDIC back it helps a lot as well. Having FDIC back... oh sweet jesus. Please, no. This is the one market where I don't have to deal with Government bullshit. Now, if someone wants to start an FDIC insured exchange (Good luck), and I have the CHOICE to use it, that's fine. Title: Re: Speculation on MtGox 24 hour shutdown Post by: bitarrow on April 11, 2013, 03:00:19 PM Quote The market doesn't need saving, it needs to be left to its own devices and those who get burned get burned. If it falls to low it will recover. By doing this they are creating a panic not about bitcoin itself but about their own willingness to allow their customers to use their own money. Exactly. Other exchanges will crash today now. And tonight so will Gox. Their attempt to cooldown will make it worse. Idiots! Title: Re: Speculation on MtGox 24 hour shutdown Post by: NamelessOne on April 11, 2013, 03:06:23 PM the message on Gox is "Market cooldown, order placing suspended until 2013-04-12 02:00:00 UTC" tell me how "market cooldown" sounds anything related to this Mtgox statement? What it state is Mtgox is attempting to control the market It's there attempt to SAVE the market and I fully support it. Save it from their own stupid laggy systems. But the cooldown should only only be as long as it takes to alleviate the lag. Otherwise this place turn into a hell whole of stupidity selling for no reason. Some person starts to sell, then a bunch jump on board, then the lag starts, then all hell breaks loose and a paradox of fear, selling and lag is unleashed that would not have been unleashed had the lag not multiplied it. YES, selling would have happened, but nowhere near the insanity that the lag creates. The market doesn't need saving, it needs to be left to its own devices and those who get burned get burned. If it falls to low it will recover. By doing this they are creating a panic not about bitcoin itself but about their own willingness to allow their customers to use their own money. No, if the game is rigged by their crappy servers, lag, and ddos attacks they need to do something to rebalance it and actually make it an normal market. Right now it isn't free, right now it is heavily chained by a ton of stupid technical issues. They are the only people that can do that and would be stupid not to. Sure... they could just let things continue on their shitty servers let more lag pile and from their bad decisions and destroy the whole thing, but why would they want to? They aren't stopping people from transferring their BTC to other exchanges. Title: Re: Speculation on MtGox 24 hour shutdown Post by: HappyBitCoinUser on April 11, 2013, 03:07:56 PM If your paycheck just cleared into your bank and their website became unusable. Then at night they said there is no DDOS this is just success. Then the next day they said this is a DDOS we are shutting down for 24 hours. How would that make you feel about your bank? Why should you give Mt Gox more leeway with your money? Maybe you'd be fine with that scenario but, I for one would not. No tin foil hat involved, I just want a stable place I trust to store my wealth. Having the FDIC back it helps a lot as well. Having FDIC back... oh sweet jesus. Please, no. This is the one market where I don't have to deal with Government bullshit. Now, if someone wants to start an FDIC insured exchange (Good luck), and I have the CHOICE to use it, that's fine. You can't FDIC insure something that can't be printed out in unlimited quantities lol. Title: Re: Speculation on MtGox 12 hour shutdown Post by: julius on April 11, 2013, 03:08:49 PM It is a pity that many had to learn the lesson through the hard way. It only takes some digging up of old threads in the forum to find out that mt gox has been undelivering for a long time.
It is fair to give them credit for their important role they had in the past in spreading the bitcoin. They have made a small fortune out of it, so good for them. But this should be curtains for them. There are many exchanges out there. I for one don't have a preference, but if the consensus in the forum says let's move to bitcoin-24, bitcoin-24 it is. Perhaps one of the veterans could open a thread with the pros and cons of all the exchanges and then we could decide by means of a poll which one we should start using. Title: Re: Speculation on MtGox 24 hour shutdown Post by: ArticMine on April 11, 2013, 03:09:26 PM Quote The market doesn't need saving, it needs to be left to its own devices and those who get burned get burned. If it falls to low it will recover. By doing this they are creating a panic not about bitcoin itself but about their own willingness to allow their customers to use their own money. Exactly. Other exchanges will crash today now. And tonight so will Gox. Their attempt to cooldown will make it worse. Idiots! ... and the panic moved form Tokyo to Moscow https://btc-e.com/ (https://btc-e.com/). Calgary seems to be holding for a while https://www.cavirtex.com/ (https://www.cavirtex.com/) Title: Re: Speculation on MtGox 12 hour shutdown Post by: seleme on April 11, 2013, 03:09:57 PM I just can't find the words to explain what MtGox had done closing orders at that point.
Title: Re: Speculation on MtGox 12 hour shutdown Post by: Rampion on April 11, 2013, 03:16:02 PM "Market cooldown" is a JOKE.
Who are they to "cooldown" the market? Very different from "system maintenance" or "server upgrade". Title: Re: Speculation on MtGox 24 hour shutdown Post by: gradient vector on April 11, 2013, 03:18:17 PM The end of Mt.Gox hegemony is long overdue.
Title: Re: Speculation on MtGox 24 hour shutdown Post by: Twerka on April 11, 2013, 03:36:40 PM Quote The market doesn't need saving, it needs to be left to its own devices and those who get burned get burned. If it falls to low it will recover. By doing this they are creating a panic not about bitcoin itself but about their own willingness to allow their customers to use their own money. Exactly. Other exchanges will crash today now. And tonight so will Gox. Their attempt to cooldown will make it worse. Idiots! I think it's the opposite. If people do not sell coins then the price go up. On 12 hours, when MTGOx open again you will see a lot of people trying to buy cheap fast before it recover the "before shock" prices. Title: Re: Speculation on MtGox 24 hour shutdown Post by: Rampion on April 11, 2013, 03:46:43 PM Quote The market doesn't need saving, it needs to be left to its own devices and those who get burned get burned. If it falls to low it will recover. By doing this they are creating a panic not about bitcoin itself but about their own willingness to allow their customers to use their own money. Exactly. Other exchanges will crash today now. And tonight so will Gox. Their attempt to cooldown will make it worse. Idiots! I think it's the opposite. If people do not sell coins then the price go up. On 12 hours, when MTGOx open again you will see a lot of people trying to buy cheap fast before it recover the "before shock" prices. Well, I will be ready to buy cheap, but I'm afraid that we will also have a downwards effect: sellers executing market orders to benefit from the higher Gox closing price and buyers panicking in order to cancel bids... You can bet that MtGox will suffer THE HUGEST TRANSACTION VOLUME it EVER HAD when it reopens trading tonight. THAT will be a spontaneous crowd DDoS. Title: Re: Speculation on MtGox 12 hour shutdown Post by: DutchBrat on April 11, 2013, 04:08:50 PM The worst thing you can do is shut down the markets.... People need to know they can always get out, else it becomes as worthless as fiat in Cyprus....
Capital controls on Bitcoin.... who needs the feds when you have these exchanges !!! Title: Re: Speculation on MtGox 24 hour shutdown Post by: Jaques on April 11, 2013, 04:38:58 PM As long as Mt.Gox does not stop transfers of BTC to other exchanges, this is very good. People will migrate their BTC to other exchanges, and Mt.Gox's market share will dwindle. That is a good thing. However, I fear that all the money that has been deposited into Mt.Gox will be locked in there (since it's kind of a hassle to move money out of Mt.Gox), and that will make the USD/BTC exchange rate go even lower. good point Title: Re: Speculation on MtGox 12 hour shutdown Post by: Wekkel on April 11, 2013, 04:50:04 PM Remember: NO RULES. if you can't handle that, switch to Ben's S&P500 again :-*
Title: Re: Speculation on MtGox 24 hour shutdown Post by: Zalfrin on April 11, 2013, 05:03:37 PM They aren't stopping people from transferring their BTC to other exchanges. Speak for yourself... I tried to pull 5BTC out of Mt.Gox to my personal wallet. "Your account is currently pending review, please visit https://mtgox.com/forms/verification" Yeah... 5 BTC should not require account verification, well under the $1000/day limit... Title: Re: Speculation on MtGox 12 hour shutdown Post by: hubbabubbabaker on April 11, 2013, 05:06:41 PM Glad I cashed out last night, might OKPay my funds over to BTC-E before it starts rising.
Title: Re: Speculation on MtGox 12 hour shutdown Post by: Manticore on April 11, 2013, 05:11:45 PM I bet when this starts back it will lag immediately and you'll see those tiny bot bids flood the market....they'll simulate a bounce from psychological support (as they always attempt) and hope it sticks. Won't last very long if there is real selling coming through. Then they will blame the lag on the server upgrade, and the whole pattern starts all over again.
Everything about Mt Gox is ridiculous. IMO They are trying to keep this thing pumped because they know how perilous the situation is: https://bitcointalk.org/index.php?topic=172944.msg1805765#msg1805765 Title: Re: Speculation on MtGox 12 hour shutdown Post by: bitcon on April 11, 2013, 05:19:08 PM you people really need to start learning how to use other exchanges. virwox.com has always been solid for me. yea, its an extra step converting USD to SLL, but they've always been solid. there's also localbitcoins.com if you want to circumvent exchanges altogether.
Title: Re: Speculation on MtGox 12 hour shutdown Post by: Manticore on April 11, 2013, 05:20:51 PM you people really need to start learning how to use other exchanges. virwox.com has always been solid for me. yea, its an extra step converting USD to SLL, but they've always been solid. there's also localbitcoins.com if you want to circumvent exchanges altogether. Localbitcoins is a wonderful site. Title: Re: Speculation on MtGox 12 hour shutdown Post by: Rampion on April 11, 2013, 05:25:17 PM you people really need to start learning how to use other exchanges. virwox.com has always been solid for me. yea, its an extra step converting USD to SLL, but they've always been solid. there's also localbitcoins.com if you want to circumvent exchanges altogether. Are you joking? Virwox has CRAZY fees and you can just convert WHOLE Bitcoins from SSL, so you always have stuck SSL in the account. Virwox just good to buy your first BTC's fast, not to seriously trade. Title: Re: Speculation on MtGox 24 hour shutdown Post by: RandomQ on April 11, 2013, 11:25:48 PM Who has the next most trading volume after Mtgox ??? BTCE BITSTAMP BTCN Bitfloor Title: Re: Speculation on MtGox 12 hour shutdown Post by: shamntalk on April 12, 2013, 12:16:44 AM Thoughts? You're absolutely correct. 100% correct in fact.
The only winner is gox. They fucked everyone else over and will reopen tomorrow playing big victim of the evil ddos. I've been in IT for 14 years and never seen something so poorly disguised. Title: Re: Speculation on MtGox 12 hour shutdown Post by: Coincrazy on April 12, 2013, 04:57:20 AM you people really need to start learning how to use other exchanges. virwox.com has always been solid for me. yea, its an extra step converting USD to SLL, but they've always been solid. there's also localbitcoins.com if you want to circumvent exchanges altogether. Localbitcoins is a wonderful site. Does Localbitcoins make any sense in the electronic world ? probably for an odd one or two bitcoins , but for any meaningful number ?? Lets see the status now - April 11 2013, PDT 10 p.m. approx Take localbitcoins locations outside of USA see the PRICE DIFF between the price of bitcoins on bitstamp or any recognised exchange and the local guy (localbitcoins) you will faint ! I just checked some NON US locations First location Singapore / just chosen at Random ------------------------------------------------------ At Singapore, as on 11 April 2013, approx 9.45 PDT, Bitcoins are being sold for anything between SGD 116 to SGD 295 Let us assume I go to cheapest guy, the SGD 116 guy even that is approx USD 93 ~ 94 the current price on Bitstamp is some $ 60 ~ $ 70 !! how can physical holding of bitcoins ever replace electronic exchanges in such a volatile market ? I have added screen shots below If you take other centers like India, the spreads and price differences are even worse … attocious spreads as well Screen shots of India are also given below All screen shots taken about the same time as this blog is posted … (say minus 5 to 10 minutes to type this blog) blog of details + screenshots at : http://bit.ly/10XJqhq Title: Re: Speculation on MtGox 12 hour shutdown Post by: Herodes on April 12, 2013, 06:20:45 AM I bet when this starts back it will lag immediately and you'll see those tiny bot bids Limiting tiny bids would be a good start. Or btc penalty for more than say 100 bids pr. hour. Title: Re: Speculation on MtGox 12 hour shutdown Post by: zedicus on April 12, 2013, 06:47:44 AM I bet when this starts back it will lag immediately and you'll see those tiny bot bids Limiting tiny bids would be a good start. Or btc penalty for more than say 100 bids pr. hour. DING DING DING !! We got a winner!!!! Im been trying to get awareness out and even started a thread but retards took it over! ill quote myself to save time as its from multiple threads!! -------------------------- Ok now to the goods... We got people attacking the community and bitcoin in general via ddos attacks and coordinated bot action ! Example! Ill quote myself from the other thread later but its not hard to see. We have issues outside of the DDOS which is obviously giving the exchanges a hard time!(! Not just mtgox either) The issues are a bots making trades under the minimum amount not doubt using high frequency trading algorithms that make purchases a few peanuts at a time ! The effect is they can make purchase via api and custom bots that come in a lot faster than regular traders can purchase.. so the bots just make a load of low price high volume trades(micro trades) and on lookers (noobs) staring at charts that they dont even understand are seeing red arrows pointing downwards and the price per bitcoin falling and they cant even make a trade because of the lag being put on the system because of the DDOS and the BOTS!! It looks likes the price is tanking and it ensues a panic sell off at which point a crap load of people loose funds ( those people are the new comers whos confidence we need!!) we need onlookers and investors to embrace bitcoin. We dont need people looking at it like a noob slaughter house where you show up and get scammed out of your btc or fiat money! So the bots only have to initiate the landslide and the herd just follows like dumb arses!! here is a quote from the other thread regarding micro trade filtering and DDOS! https://i.imgur.com/TTfPVyd.jpg (i was referring to mtdox when i said ask them) ask em about that!!! Macro order flooding via bots that trap out regular customer but computer systems dont get trapped out in a panic and they can drive it down via 50 a pop or smaller!! happens every-time is there is a panic! Like someone is manipulating !! Doesn't care about $ its micro manipulate and watch it tank! (look at the dam pics!!) Gox needs to filter out micro or macro trades or do something! Thats whats cause's the wild drops and panic !! Probably banks with some bots and endless fiat money! Needs to be addressed! Drive it down via those small trades and watch the herd jump ship ! Since there is no cooling period or auto shut off its disastrous! ! Thats whats gonna kill it! We need a % slide rule and cooling period put in like the real wall-street trading platforms do! If it falls by x amount they stop trading for x amount of time! "Cooling period" Hours .. till the next day! Whatever .. something is better than nothing! At this rate in this setup.. a foreign entity with negative intention's towards bitcoin could micro trades us to our deaths! Look.. they switch it up .. this time 50c at a time! Its the same bots!! getting in faster than everyone else to make the trades at 50c a pop and driving it downwards! while the regular folks are stuck watching .. trapped cant make a trade and just watch the landslide until they can stop the bleeding and get in to "sell". https://i.imgur.com/rJOKsK8.jpg Then after the herd sells the same bot operator grabs a crap load of cheap coins .. RINSE & Repeat!! Happens every-time there is a panic !! EVERY-TIME!! YOURE ARE BEING PLAYED LIKE A VIDEO GAME!! Get mtgox and the other exchanges to acknowledge this and take steps!! The wont unless there is massive pressure because they profit obnoxiously from these mass sell off .. to the tune of millions!!!! they get a % of all the trades people! Title: Re: Speculation on MtGox 12 hour shutdown Post by: bb113 on April 12, 2013, 06:53:39 AM TO zedicus:
Is the problem the bots themselves or lack of education by newb traders? I personally lost craploads of btc trading when I started because I had no idea what I was doing. Eventually you learn and are better for it is my attitude. Perhaps there should be some trading training site strongly suggested that people use before trading btc? Title: Re: Speculation on MtGox 12 hour shutdown Post by: zedicus on April 12, 2013, 07:09:11 AM TO zedicus: Is the problem the bots themselves or lack of education by newb traders? I personally lost craploads of btc trading when I started because I had no idea what I was doing. Eventually you learn and are better for it is my attitude. Perhaps there should be some trading training site strongly suggested that people use before trading btc? Youre so right we need sticky's for the noobs.. but ultimately bitcoin is moving way to fast and that should be positive. but the adoption rate vs the learning curve is just a loosing battle! So we really dont have a choice becasue "they" are using bitcoins swagger against itself! The more the flood gates open the more the fud campaigns rise because noobs are getting slaughters at the gates! Like you said its ok thats whats supposed to happen ... Youre not gonna be an expert on day one! But this effect the liquidity of the sentiment of bitcoin in general! Bitcoin currently is like an apple product thats getting mass attention! Be arent even understanding its merits or its fundamentals and they are coming in droves! when those droves turn into articles about life savings and suicide its going to attract negative mojo, via governments and the likes!! If it was natural market conditions then we could safely laugh at the noobs and say to ourself yep ... we were once there!! Ill reuse my example about basket ball.. if you ever watched someone learning to dunk then when they hit all rim and fall on there arse its hilarious but if someone was learning to dunk and you have a crowd throwing rocks and bottles at them as an on looker youre thinking hey thats fekked up!! That could be me when i was trying to learn!! Suddenly its not funny! ddos and HFT bots with macro trading! Its the cause of the lag the mass panic the fud campaign!! We can mitigate the ddos but the bots have to be dealt with! I understand there are alot of bot runners with no bad intensions and its unfair to say its all the bots but we need to filter this micro trading!!! asap! Title: Re: Speculation on MtGox 12 hour shutdown Post by: zedicus on April 12, 2013, 07:29:33 AM Title: Re: Speculation on MtGox 12 hour shutdown Post by: xgf666 on April 12, 2013, 06:53:27 PM zedicus is there a way that we can take advantage of those bots ? like playing the same game as they are ?
Title: Re: Speculation on MtGox 12 hour shutdown Post by: zedicus on April 12, 2013, 11:09:08 PM zedicus is there a way that we can take advantage of those bots ? like playing the same game as they are ? I dunno, its an embarrassment to our eco-system.. I was thinking about something along the lines of what you were but i dunno if two wrongs make a right! We need to public make an uproar over this! The bots needs to be filtered out and if they want to play than they must pay as an example no regular trader does 50-75 trades in say and hour! Its just not gonna happen..or not likely! But a bot will do so easy with micro trades that clog the exchanges! So if they want to manipulate the market with their bots than makem pay .. 50 max trades an hour or $100 fee there after and for every 50 more!! (all bots abusing the system would vanish) Unless its the banks with endless fiat $. Regular bot owner can still leverage the api and automate their trading strategy! Mtgox or any other exchange wont do anything unless we pressure them! They make an absurd amount of $ from the mass panics so they love it. The association with the price and the lag is not something people are imagining .. Deal with the bots and the lag goes away! Plain and simple! But they wont admit to that let alone take action because they profit insanely from it!! https://i.imgur.com/ILKulUN.png If all else fails i guess we can get an army of bots and just flood the system so that nobody can make trades but the bots ! Thereby forcing them to take action! But their response would be to upgrade servers and more ssd's because they are swimming in money and dont want to see the bots go! The bots could belong to members of this forum, or banks, government, people who run or advocate competing digital currency's or outside partys with interests beyond the scope of this conversation. Either way its a huge blind spot on bitcoin and i dont know how many more crashhes and fud campaigns our infant mutant currency cant take. But we have a mutant freakshow currency thats kicking arse and taking names later so if you think people are gunning for us now.. you havent seen anything yet! Bitcoin is still an infant and they are scared to death of it .. so there is alot at play and alot at risk. If we can get people to stop fixating on the price per coin for a quick sec and address this stuff the coming days would be momentous! At the minimum we need a continuous dialog about these bots publicly and raise awareness! Big time! Title: Re: Speculation on MtGox 12 hour shutdown Post by: zedicus on April 13, 2013, 12:31:56 AM http://www.reddit.com/r/Bitcoin/comments/1c7ahh/we_are_mt_gox_ama/
Let em know! lots of other people are!! Read the posts!! Its clear as day but unless people speak up nothing will happen except rinse and repeat! Title: Re: Speculation on MtGox 12 hour shutdown Post by: dooglus on April 13, 2013, 01:24:26 AM Does Localbitcoins make any sense in the electronic world ? probably for an odd one or two bitcoins , but for any meaningful number ?? If you can find someone near you with a reasonable price, it's the quickest way of getting into Bitcoin. The problem with the exchanges is that it takes days or weeks to get your dollars into them. |
