going below 260 is not new just watch and wait price will go up again to 280 or close to 300
Not until all this fork business is resolved. It doesn't make sense to not at least hedge while all this is going on. The price isn't going to rise while there is this much uncertainty. Why would you be buying with any new money right now?
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Storing coins outside of the exchanges prevents you selling coins too low - ...
Storing coins out of exchange actually makes them yours. Keeping them on exchange you ask someone else to decide if he want to give them to you or not. An important point as always, many people have had to learn this lesson the hard way. In regards to XMR price, as I said over the weekend I'm neutral atm. Waiting to properly test the previous high or head back for a retest of that lower trendline.
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DAmn... just damn! Even stranger is how it was only happening on one exchange: BTC-e the freak exchange of the internet. Then when bitcoin dropped below 260... the stairway to heaven fell down. I dunno if that isn't manipulation I dunno what is. This is just what happens in low liquidity environments. Big stop raids can also produce these kinds of spike when the liquidity isnt there. This is why you dont often see such big percentage spike on other exchanges
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one is for sure, bad publicity has just getting started.
Yep and thats the main take away from all of this. With all the bullshit going on r/bitcoin All the chatter here it makes the whole project look amateurish, none of the big btc publications have picked up on it yet either. Will be interesting to see what happens when they do.
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takes 10k to drop the price $4 but just a few hundred to get it back up.... support is way too strong.
Everyone should know better than to use the order books to gauge support. All too often it is pulled as price moves towards the big bids.
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Can somebody explain this to me like I'm a 5 year old:
XT is supposed to make bitcoin futureproof, but how is it going to achieve that, when it can be spammed up to ~1.15gb / day, meaning that it'll take just 100 days for a determined attacker to increase the blockchain to +115gb, and around a year to take it up half a terabyte. Is this "futureproofing" or ensuring that the future of bitcoin is one where it dies out of bloat and where no-one wants to download it?
Increasing the fees within the 1mb limit is a far more acceptable strategy. If that means bitcoin not doing microtransactions (at least in the traditional / on-chain way), so be it. Gold coins weren't used for microtransactions either, they had silver and copper coins for that.
Good explanation. Personally I'm still undecided. Looking back at satoshis posts shows that he always expected the blockchain to get really big and for the vast majority of people to use 'client only mode'. Is this best path for Bitcoin? I'm not sure.
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I'm glad that so many companies left NY because of these licenses. It just goes to show that when you try to regulate something that's fairly benign, you'll end up hurting yourself more than you'll get out of it.
How has it hurt the regulators though? The only people its hurting are the users. The regulators are happy because they're making money that they wouldn't have been before. On a side note, is the expectation that if other states also start trying this that the bitcoin business providers are supposed to have a licence for each state they do business in?
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How long does btc withdrawals take? Over 2 hours is a bit too long....
I have never waited that long for a withdrawal to leave Finex, is it still pending or are you awaiting to see it at the other end. Common reasons for long withdrawals are if the hot wallet has ran dry, extra verification is needed if its a first time or a suspicious withdrawal or the TX hasn't been picked up by a miner yet. Do you fit any of those case? I don't think so. Well I've just withdrawn instantly with no issues. If it hasn't gone now, contact support and they will reply as soon as possible.
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Another vote for namecheap. I have bought and hosted through them and also paid in BTC.
Excellent service.
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Just download the bitcoin core wallet from scratch and it took 1.5 days which is pretty pleasing. On an older laptop im 1 day in and looks like about 25% is done so far.... doh!
That very much depends on the speed of your bandwith. Cost of your bandwith is also another consideration. Many people around the world have slow speeds and also have very strict limits on the amount of down/up streaming they can do. For this reason SPV wallets, although not the most secure, offer a great alternative.
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How long does btc withdrawals take? Over 2 hours is a bit too long....
I have never waited that long for a withdrawal to leave Finex, is it still pending or are you awaiting to see it at the other end. Common reasons for long withdrawals are if the hot wallet has ran dry, extra verification is needed if its a first time or a suspicious withdrawal or the TX hasn't been picked up by a miner yet. Do you fit any of those case?
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i am using blockchain.info but i want to switch to something else
If you don't want to run a full node I would recommend armory or electrum. Allowing you to be in control of your own keys and also restore from word seed back up. You control your keys in blockchain.info as well. Yes but they're not generated client side and offline. Using an online service like this exposes your keys to both the blockchain.info servers and also to any man in the middle attacks. Sure it's unlikely but if your dealing with more than a handful of btc it pays to be more careful. Here's one example of compromised blockchain.info wallets http://www.coindesk.com/good-samaritan-blockchain-hacker-returned-255-btc-speaks/Some more searching will turn up plenty more. Online wallets just aren't that safe.
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Its a good thing that they are taking the necessary steps to protect their sellers.
Lets not forget that localbitcoins doesnt actually sell any coins themselves. Therefore the onus is on the sellers to have a bit license to sell to NY residents.
When doing wire transfers lbc sellers dont necessarily know where their buyers are from and so Im sure that many were worried they may be falling foul of the new law. This protects them and shows that this market is maturing in general.
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Yeah the analysis has been pretty spot on in general, I didn't get to buy much right down on the lower trendline as I had most my bids at .0022-.00235 as I stated when I thought it was toppy around 0.0026 ish. Remember .00235 ish was the 61.8 fib. At least where I thought the fib was most appropriate (one problem with fibs as its very subjective as to where they run to and from mine was from 0.00205 on aug 3rd as that where the big move really started). For me then this was a 100% retracement which I admit I wasn't expecting. I definately think the ETH hype aided in the size of the retracement though.
For now then Im obviously just waiting to see if we make new highs otherwise this could be considered a fakeout and could show a double top from the mid may 0.0026 highs.
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If the whole order book is hidden then there is no way at all to manipulate anybody just by using the order books. If you are able to see the entire books then there is the ability to manipulate people using the order books with fake orders that the owners have no intentions of being filled. Is this incorrect? This is simply an extension of your previous flawed argument. Now sounds like "if a man is dead there is no way at all to manipulate him. If he is able to see the entire world then there is the ability to manipulate him". Doesn't make much sense to me. Every exchange is a market. Imagine a market where every seller puts a tag with the price and the quantity they sell. Looks like a good market to me even if they buy and sell same stuff. Now imagine a market where sellers hide all the tags with prices and quantities they sell and instead there is one general price for information only of the deal just done. When buyers try to buy something at the general price what they get back is fraudulent practices like requoting, slippage, and front running. Why? Because such a market is not transparent and easy to manipulate! The only winning party of such a market are the owners of the market place trying to "optimize" their profit through buying from sellers and selling to buyers on top of the transaction fees they charge buyers and sellers... No, thanks. I shall not give my business to such an exchange! Still doesn't make much sense, front running and behind the scenes manipulation is an exchange problem that should be solved by regulation of the exchanges themselves. This is about manipulation by the market participants. In your analogy its like all the buyers in the market putting a price and quantity they want to buy and when someone starts to sell to the buyers at that price (the price moving towards the fake manipulatative asks/bids) the buyer then saying oops no don't want to buy it at that price and pulling the bids (the walls) just before you get a chance to buy them. Thus faking a demand at a lower price causing other buyers to put bids infront of them at a price they may not have been willing to pay but only chose to do so as they thought there was a lot of demand for the product. Thats manipulating the actual demand in the market. Just like now there are 16k in bids back to 238 on finex, now if all those bids were real it looks like there is a lot of demand for btc above those prices. Naive buyers then place bids higher than that as they want btc and see that there is a large demand for it. The majority of those bids are fake, the buyers have no intention of keeping those bids there if the price is moving towards it. How it this not manipulative practice? It would make sense however if once you put a price on something you weren't able to change your mind at the last second (pull the maipulative fake walls)
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I want to see the entire order book only of the exchange I'm trading with! Where did I say that I want to see the order book of all the other hundreds of bitcoin exchanges simultaneously?
Then trade on a platform that allows that. As said not every stock/forex broker allows you to see their order books. Your argument doesn't make sense
No, your argument doesn't make sense. What you're basically saying is - blind people are more difficult to manipulate than people capable of seeing every activity around? Is that really what you're trying to convince me?
If the whole order book is hidden then there is no way at all to manipulate anybody just by using the order books. If you are able to see the entire books then there is the ability to manipulate people using the order books with fake orders that the owners have no intentions of being filled. Is this incorrect?
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Trading Forex you don't really get to see the order book at all. Oh, you can. Just need to be a privileged (level 2) customer! But why should bitcoin forex be the same as the fiat forex trading? Bitcoin should be different! It must be 100% open and transparent! There is no excuse for hidden order books! Their only purpose is to not hinder the manipulation process through the "open" order books. Thats why I said you dont really get to see the order book at all as you can see your brokers order book if your a level 2 customer but you can't see the order book of all the other hundreds of brokers simultaneously. Your argument doesn't make sense as you say hidden orders are manipulation but then you want all the order books open which are the whales primary manipulation tactic. Big scare walla to push the price in the direction they want. As seen by the walls that were up before the drop through 275 where a large amount of them were pulled.
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Kraken BTC/EUR has a similar wall to Bitfinex on a smaller scale ... 200BTC orders stacking up 7000BTC between €231 and €237. Notable because it's Kraken.
Thanks for this... This is interesting. Theories, why someone is doing this? I bet someone is hopping for another margin cascade? Kraken allows every order above 50 bitcoins to be hidden. So every order above 50 bitcoins you see has just one purpose: manipulate market. Take care! I'd give my business to exchanges that do not allow hidden orders. Why? Bitfinex allows hidden orders? Okcoin only shows around 10% of their order book. Trading Forex you don't really get to see the order book at all. Bitcoin is one of the few places where you get to see complete order books. If anything you should want to trade on the most least manipulated exchange and that would be one that shows no order whatsoever.
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So, "fake" walls can become real walls if the strategy is formulated as: "I will buy it back if I get at least 10% cheaper, if not, it will be a permanent partial cash out of my long term position." This strategy gives you peace of mind when operating large fake walls. I wonder why I know it Now would be a good time to start buying so eth traders take notice... While I agree it is time to buy I try to fish some dumps. There might be some delicious sells coming to markets especially as we broke the lower bound of the trend we had for long time. Im not sure Id call it broken, wicking through a trend line but closing above shows that there is support there and the trendline stays in tact. Thats why you see many people discount wicks when they draw their trendlines.
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Agree that ETH is definitely taking a huge chunk of the XMR trade atm.
One look at the order book tells you that. All my funds are off Polo atm as I don't feel comfortable holding funds there atm.
Unfortunately this means that we'll probably continue to sell off, something that I dont think would have happened without ETH coming along.
This bit of price discovery will be interesting. Volume up was alot more than this volume down so there are plenty of people sitting under water, it all depends if they are going to protect their buys or cut losses. Time will tell.
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