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Firstly I would like to say that I am making this statement as an individual, and it is by no means the opinion of or in anyway connected to GLBSE or Intersango.
You're all aware of the recent loss of BTC by bitcoinica, and to be fair to them they have said that the losses will come out of their own pockets and not their customers.
What this means is that the loss to bitcoinica is over 80k BTC(the actual loss, and what they said they would cover). That is a shitonne of money, which made me wonder, how in such a short period of time have they made this much profit.
I can tell you that major exchanges combined (and multiplied a couple of times) do not bring in that amount of profit anywhere near that timescale(less than 9 months from launch).
This is very suspicious. I'm all for successful projects but is this not a case of too good to be true?
How can they do it?
As has already been mentioned he can look at the books, but it's more than simply this.
It's being able to look at the books see which way bitcoinica's users (the ones leveraged to the hilt) have bet, and then take the massive amount of bitcoin available to bitcoinica (their users funds) and push the market in the other direction, even just a little bit.
This results in said leveraged users becoming illiquid, losing all their coins as they have to settle, and bitcoinica taking the win(perhaps they even make bets in the opposite direction, who knows).
I wondered why did bitcoinica have a "hot wallet" (of over 40K BTC, bit fat for a hot wallet don't you think) when they had stated before that they keep everything in MtGox and don't actually touch BTC.
Haven't you also wondered who this mystery market mover is? Clearly someone with a lot of bitcoin available to them, not necessarily their own.
This is just my own opinion, but then what do I know.
arabianights is the winner
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i think this is more true for bitcoinia
This statement is correct, would anyone like to fill in the details for why this is the case before I do? |
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I'm just after getting back from London(gone since Tuesday), charts.glbse.com is not showing any updates since the 12th. For the moment, all the latest trades for GLBSE can be found on it's twitter feed here. I'm contacting the operator of charts to find out what the story is. Nefario |
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I'm just after getting back from London(gone since Tuesday), charts.glbse.com is not showing any updates since the 12th. For the moment, all the latest trades for GLBSE can be found on it's twitter feed here. I'm contacting the operator of charts to find out what the story is. Nefario |
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I'm just after getting back from London(gone since Tuesday), charts.glbse.com is not showing any updates since the 12th. For the moment, all the latest trades for GLBSE can be found on it's twitter feed here. I'm contacting the operator of charts to find out what the story is. Nefario |
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I'm just after getting back from London(gone since Tuesday), charts.glbse.com is not showing any updates since the 12th. For the moment, all the latest trades for GLBSE can be found on it's twitter feed here. I'm contacting the operator of charts to find out what the story is. Nefario |
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I'm just after getting back from London(gone since Tuesday), charts.glbse.com is not showing any updates since the 12th. For the moment, all the latest trades for GLBSE can be found on it's twitter feed here. I'm contacting the operator of charts to find out what the story is. Nefario |
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I'm just after getting back from London(gone since Tuesday), charts.glbse.com is not showing any updates since the 12th. For the moment, all the latest trades for GLBSE can be found on it's twitter feed here. I'm contacting the operator of charts to find out what the story is. Nefario |
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this is 2.0 unrelated but I noticed http://charts.glbse.com/markets/ stopped updating charts 1-2 days ago. did the subscription ended or the operator finally sold the service (he was looking for buyers at irc) or the stream of data is broken or the receiving part is down. I'm just after getting back from London(gone since Tuesday), indeed charts.glbse.com is not showing any updates since the 12th. For the moment, all the latest trades for GLBSE can be found on it's twitter feed here. I'm contacting the operator of charts to find out what the story is. Nefario |
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I'm just after getting back from London(gone since Tuesday), charts.glbse.com is not showing any updates since the 12th. For the moment, all the latest trades for GLBSE can be found on it's twitter feed here. I'm contacting the operator of charts to find out what the story is. Nefario |
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I'm just after getting back from London(gone since Tuesday), indeed charts.glbse.com is not showing any updates since the 12th. For the moment, all the latest trades for GLBSE can be found on it's twitter feed here. I'm contacting the operator of charts to find out what the story is. Nefario |
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Quite possibly the greatest moment of my life.
I support this message.
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the current version is 14/MAR.
thanks a lot! I'll retest in a few days, latest on weekend no rush, also I think Ive fixed the ipo problem, so now it should put the shares into your account. for time you can put:now a timer checks every 2 minutes, so you may have to wait up to 2 minutes for them to show in your account. Also, as per request (from further up in the thread) to have buy/sell fields on the asset page itself. Nefario. |
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I've fixed a number of bugs that you've reported mila, and the current version is 14/MAR.
I have not however got the fix for shares not being put into your account on the IPO date. Still working on this and will update thread when done. Nefario.
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cant find my stock after 2nd third IPO. the issue assets link is inactive and despite using the time 'now' I only see the asset in the assets list but nowhere the 1001 shares. the guide was somehow informative but did not help much. I does not answer why the shares do not appear when the date comes. and also what are all the supported formats. yyyymmddhhmm would be nice, default gmt and no summer time BS? I'm working on finding the IPO bug you've mentioned, I've made a few changes already that fix a good few of your issues but not this one. When I think I've got it I'll update dev.glbse.com and post here, a few hours probably. |
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Stupids question, who's running shades-minico now?
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Intersango now charge 0.6% per transaction (I think) and in GBP they've moved 255,621GBP in the last month - this is approx 1500 GBP profit. Double this for both sides of the transaction and you have 3000GBP in 1 month. This is the second most popular exchange currently....
How can any exchange survive on this or lower
Sorry, you made a mistake there, that number isn't profit, thats called revenue. And because an exchange doesn't run on air those costs have to come out of that revenue. I believe that the term "shoestring" applies, and that to a large extent all businesses would probably make more cleaning streets or toilets for min. wage than running their own business, at least in the beginning. You have to remember how quickly the bitcoin economy is growing, about 1 year ago it was valued at about 10K USD, now it's over 40Million USD, that is some amazing growth. |
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The only problem that might arise with this (otherwise pretty much correct & basic laydown of EFTs) is that GLBSE is not very liquid.
This is changing, GLBSE has been growing quickly over the last couple of months, and this is only going to increase significantly with the 2.0 release. |
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I've just released the lasted development version for testing and a few bugs have been found.
Looking at what needs to be done for 2.0 to be ready
Deposit/withdrawal (which is essentially copied from GLBSE 1.0)
A little UI reorganisation
Bugfixes
Import data from GLBSE 1.0
Security/Penetration tests.
Launch.
So it feels like a long slog but we're really close, we're also really late
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