so I absolutely sucked at trading and being lucky, but I am now vastly in black. What does that tell us? Every sucker can get his fair share of opportunity, if you let it slipped by you can only blame yourself.
Being invested the right way in the right long-term secular trend will hide a multitude of trading errors. Bitcoin has been the trade of the decade and very well could become the trade of the century or even of all time in the history of humanity. Remember, Bitcoin is a sterile asset so any rise in the Bitcoin price merely represents a transfer of wealth from some other assets to the holders of Bitcoin. As the Great Credit Contraction continues capital will seek safe and liquid assets by burrowing down the liquidity pyramid.   So am I right in saying that the Dow's new high is caused by capitals from the highest two levels of this inverted pyramid flowing into U.S stocks? |
|
|
|
Besides Gox lag, another risk maybe the loss of access to Bitfinex itself, which somehow happened last night when I was desperately trying to return my loans. Losing access for a considerable period of time when the market is volatile may even result in many margin positions unable to be closed until it's too late, something potentially fatal to both the user and the site.
I understand such risk maybe impossible to completely eliminate, but want to discuss what can possibly be done to improve the status quo.
Hi Oakpacific, Was Bitfinex unaccessible last night? Did you have an error message or was it just a timeoiut (loading forever)? This is a very serious issue, we have to make sure Bitfinex is always available. About this issue, you have to know that the backend server (trading engine, margin check,...) is on another server than the front-end one. So even if the front-end site is somehow unresponsive, the backend server continue to work and close positions if they have to be closed. Also, we are curently taking steps to prevent too much losses in case of a flash crash. I can't get too much details right now, but this will be an insurance for us that the traders never end up with a negative balance. More later. best regards, Raphael Well, it was about GMT last afternoon that I saw an error message(something like there was an error and you have been notified, I can't remember) when trying to access the lending page, I tried clearing the cache, refresh the page, log out and back in, etc, still the same. I have to wait until I woke up next morning, about GMT 0:00 to return the unused funds(before then I exchange a email with you), which may havemade me paying a few scores of cents more, I am fine with that though. What I meant by unable to close positions is what would happen if a margin trader tries to close his position when he sees the price he wants, but the trading page is not available, and he has to wait until it becomes available again, by that time the price may have moved so much that he gets liquidated with a great loss. I am happy to hear about the no negative-balance guarantee though. The solution I can think of is to allow traders to close their positions with formatted messages using E-mails, not sure how hard it would be to implement. |
|
|
|
Somebody set bears up the bomb!   |
|
|
|
Everyone is quick to suggest recent performance is an indicator of future performance, but then quick to shoot down anyone suggesting that a past bubble won't indicate a future bubble. I'm confused, why the inconsistency?
On a yearly basis, there has never been a bitcoin bubble. |
|
|
|
You're not going to get a very good sample asking people on the Bitcoin forum!
"Europe" is also a relatively big place...
Yeah, I want to know reactions from all kinds of people, e.g., how does a German think when compared to a Spanish, different people have different vested interests. |
|
|
|
|
Could the European residents on this forum tell us the reactions from you friends/acquaintances/family members, after hearing about this?
|
|
|
|
I think people in the Bitcoin community tend to lose perspective on reality. If you were to poll any significant amount of individuals, I would generously guess 15% have heard of Bitcoin, 10% sort of understand it, 2% understand it, and <0.5% own any (these are all out of my ass and probably overly optimistic).
What has fundamentally changed to support current valuation? Wordpress, Namecheap, (and some other marginally mainstream services) accept bitcoins? Some new budding technology?
I'm legitimately curious, not trying to be an asshole.
Desperation. http://stats.grok.se/en/latest90/bitcoin https://bitcointalk.org/index.php?topic=158924.0I find it hard to believe also, but this sort of correlation with the Cypriot fuckup is hard to deny. |
|
|
|
I still think the biggest joke on us would be $100 per btc on April 4th....however we're likely to very well exceed that by the current pace.
Where was that joke? What's so special about April 4th? |
|
|
|
The most important thing when you consider the price is to keep wishful thinkings away.
On the contrary. Wish for the best. Prepare for the worst. No sense in planning for mediocrity. The primetime could be delayed if bitcoin is not ready yet, not denied. There is no mediocrity here, bitcoin has already been beyond amazing. |
|
|
|
|
The price is...nauseating.
|
|
|
|
People are foolishly waiting for btc to correct. It is pretty clear this wont happen for a long long time...
+1 BTW, isn't it the middle of the night in the US ATM? We keep hitting all-time highs. Should bode well for the next 24h. The most important thing when you consider the price is to keep wishful thinkings away. Wishful thinking 1: The price will go to the moon in one shot, not possible, as everyone cannot all be a millionaire overnight. Wishful thinking 2: The price will plunge back to single digits so I can buy thousands, not possible also, as everyone wants to buy low but the supply is limited. So I think the most possible scenario is the price will stay relatively high (between $70-$150 for example) and rise slowly for years, not high enough to make small time holders rich, but not cheap enough to be considered easily affordable also. |
|
|
|
Yup, $9.5 mil bids (record) with 53k BTC in asks (relatively low). Takeoff is approaching.
It's frightening how much money people entrust gox with. But if you think about it, our banks are not that more trustworthy, they can easily lose what equals to all the fiats stored on Gox in just one single trade, yet many of us put our life's saving there. |
|
|
|
I love cypherdoc because he saved me. This is me being an idiot: This rally is BS...
Honestly, the Bitcoin community is still very much an insular geek village. That'll change but not now, not yet. The current "rally" is clearly the manipulator.
but his call was right. I joined the bulls at $2 the second time it hit, in November, and never looked back  I think we teamed up on proudhon and managed to make even him go long once. Thank you cypherdoc, you've done well for me! Nothing can be done to mitigate the manipulators' influence on the market, other than the rise of price itself. Yet some people on this forum seem to want to return to that pandemonium of single digits at whatever cost, talking about playing with fire. |
|
|
|
|
Besides Gox lag, another risk maybe the loss of access to Bitfinex itself, which somehow happened last night when I was desperately trying to return my loans. Losing access for a considerable period of time when the market is volatile may even result in many margin positions unable to be closed until it's too late, something potentially fatal to both the user and the site.
I understand such risk maybe impossible to completely eliminate, but want to discuss what can possibly be done to improve the status quo.
|
|
|
|
Bitcoin does not need to update to "keep up with the quantum revolution." It is not reliant on large numbers being hard to factor.
+1 no quantum computer can solve RIPEMD-160(SHA-256) ... IMPOSIBLE The speaker says that ECDSA is not susceptible to QCs -- that's just wrong. ECDSA is most definitely broken by QC's, as well as just most asymmetric crypto algorithms on which internet security relies. But Bitcoin is better prepared to deal with QCs than most other crypto systems: (1) if you never reuse addresses, then no one knows your public keys and thus there's nothing for a QC to solve. By the time someone gets your public keys, you've already spent the funds, (2) the crypto algorithms in Bitcoin can be changed to quantum-resistant ones. Given that we'll probably have two decades advance notice before QCs with enough qubits exist to even threaten Bitcoin, we'll have plenty of time to make the switch.
I am not an expert on these things, but I have seen this opinion expressed before by a few others. It's resistant as long as the clients are designed not to reuse addresses, but there does exist the potential for quantum shenanigans via Bitcoin in its current form. 1. Buy 100 ASICs. 2. Start mining and everyone on the forum notices the "Mystery Miner". 3.Show up on the forum and claim you have invented the "Quantum Miner", which you will sell for 1000 BTCs a piece. 4.  5. PROFIT! |
|
|
|
|
And not to forget you need $10k to make even a tiny 130 BTC order these days.
|
|
|
|
|
I can't believe Gox is lagging like hell under a mere 2000 BTC dump!
|
|
|
|
Bitstamp makes all these manipulative sell-offs on Gox look a bit silly. Why sell hundreds or thousands of BTC at $78 when people will demonstrably pay $82?
Because they think they are smarter than they really are? There is zero reason to try and sell any reasonable amount of coin when there is high slippage and the demand will increase the price. I'm sure some "expert" will come in here and try to tell us that we don't understand, but that's about the only thing we'll hear. People can only buy when there are other people selling, that's the two sides of a market. You fly to the moon, you don't get teleported there. |
|
|
|
In Bitstamp currently, BTC300 of bids over $80.
Same amount of asks only in $87!
This gives a 1-2 hour target price of $83.50.
With this kind of reasoning I drove the price up to $80 when finishing my purchases 4 hours ago, even though Mt.Gox was sluggish at $77.
(Would you consider it off-topic as this is a GOX thread..?)
This is the offical off-topic thread, so you posted in the right place. |
|
|
|
|
Show Posts
