A viable proposal from another thread -
"I've wondered whether the Oct 15 deadline for US income tax might be playing a role. Someone who needed to sell bitcoin to pay 2013 income taxes may have taken the 6-month extension, thinking / hoping that the next bubble would have at least started by now. "
This would really make sense. The whale spent the last few days trying to get the best price possible, and now is left with setting up a wall that will get eaten hopefully in a day or two. Once eaten, it takes a few days to get the cash off of the exchange and off to the IRS.
Seems VERY bullish to me.
How is that bullish? He means that perhaps this is all just a mistake by a megabullwhale with more bitcoins than sense and that it has nothing to do with the Bitcoin ecosphere. |
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Lol the Manwhalepig has shown his hands! The bulls are attacking like minnows feasting on a drowned cow
We're calling him Manbearwhale this time.  Strange, google shows this when you google that  Russia Bans Bitcoin. Manbearwhale buys cheap coins. Makes sense. |
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Lol the Manwhalepig has shown his hands! The bulls are attacking like minnows feasting on a drowned cow
We're calling him Manbearwhale this time. |
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Future news: "a major exchange was hacked, they say sorry"
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The beauty of a free market is that the prices will find their "correct level" even if unregulated exchanges are attempting to manipulate. For example, if they are using bots to buy up cheap coins, then this is a chance for others to also place orders and Buy while the prices are so low.
I think the OP is implying that exchanges are essentially "naked shorting" bitcoin which is causing the price of bitcoin to fall. The OP is hoping that the price falling will cause more people to trade in a panic, which would cause the price to fall even further. I personally do not think this is the case as exchanges would need to take on huge risks to do this and each exchange does not have a huge influence over the market so if one exchange was doing this then it would likely not be successful in manipulating the price. In stock trading, they call it naked short selling, in banking they call it fractional reserve, I call it counterfeiting. I'm not hoping anything, just saying that this is what Mt Gox model exchanges do. It's their nature. It's a flaw in their design. If one exchange starts to do this then others will follow because they are competitive. Free Market 101 rule #1: "if you find a flaw in the system, then exploit it." |
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I got permission from the wife to buy 500 coins if the price drops to $200.
That's one Authority you don't question. |
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I'm wondering how many complaints there will be when the next run up has folks complaining that there are no coins to buy or their orders got cancelled?
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In the past it was exchanges themselves. Mt Gox and Bitcoinica were evidently responsible for major manipulation. No reason to think it isn't also exchanges playing with the market this time.
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PoS bag holders sound like communist party politicians. They say that working is at an end if you will join their party. They then proceed to violently assault the business leadership (PoW miners) in the community and use intimidation to scam their property. I prefer an honest days work for an honest days pay.Thanks, but no thanks Mr. Chairman.
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I have added more to my ignore list today than in all prior history. They are probably only one person anyway.
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Volume has been very low for a long time. This must have affected the revenue of the exchanges, especially after the runup last November. With low volume is less people paying trading fees. Since there was already a trending decline, it was probably seen as an opportunistic time to do the reverse. This time causing an unexpected panic would increase the volume. They are probably using bots and buying up cheap bitcoins to boot. I have no idea if this is a reasonable hypothesis, but it does provide symmetry.
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We're getting Goxed again, no doubt.
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This is a disheartening post. It misses so many points that have been discussed many times. Because there is so much negativity now I don't want to be accused of being a bag holder. Oh well, I'm happy for you to feel like you won a game or something. You can make vague observations, but it's hardly speculation. These systems you speak of sound like spirituality. That's fine too. Everything is connected and kumbaya right back at ya. I will make it simpler:
Just invest in MaidSafeCoins.
And hold your position in Bitcoins.
Thats it.
If bitcoins fails, all Cryptos are gonna fail.
MaidSafe is another story, a completely different animal.
I'm not putting that company down, but they are just a business. If it shows any promise it will either be bought or copied. If it's bought its model may be changed. If it is copied and marketed by a big brand, then your investment will be lost. Bitcoin has thousands of failed competitors. Can Maidsafe resist such competition? That's a rhetorical question. MaidSafe has NO competition. Research about it, and then come back. If it is fully open source then it will be cloned just like Bitcoin. If it's not open source, then it's probably an NSA project. |
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I will make it simpler:
Just invest in MaidSafeCoins.
And hold your position in Bitcoins.
Thats it.
If bitcoins fails, all Cryptos are gonna fail.
MaidSafe is another story, a completely different animal.
I'm not putting that company down, but they are just a business. If it shows any promise it will either be bought or copied. If it's bought its model may be changed. If it is copied and marketed by a big brand, then your investment will be lost. Bitcoin has thousands of failed competitors. Can Maidsafe resist such competition? That's a rhetorical question. |
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Bitcoin needed this. That volume is so low that dumping even a small amount affects the price. This shows a need for more serious exchanges that incentivize more volume.
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The ASIC attack: design a cheaper, faster, more efficient ASIC. Fund it with someone that wants to spend millions to destroy Bitcoin. Create more ASICs and flood the general market because you don't want to go out of business if your market dries up. Bad agent is unable to attack Bitcoin. Bad agent changes strategy to make Bitcoins instead. Everybody wins.
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pretty sure the core devs all agree, pow is the only proven secure method to achieve distributed consensus.
How could they not? since they are entrenched in the PoW mindset, and is confrontational when even someone mentions PoS. But the reality has PROVEN, that PoS is more secure and more community friendly (due to not having to transfer value out of the eco-system). what proof do you speak of? 1. Many PoW altcoin has been 51% attacked, to the point the Dev just given up fighting back. Zero PoS altcoin has been successfully attacked so far. 2. In the altcoin competition, the PoS eco-systems has naturally risen to the top, on coinmarketcap right now, #4,#6,#7 are PoS, and #10 is a subsidiary of #4. #1 Bitcoin, #3 Litecoin has early mover advantage, #2 Ripple is a scam that is non-PoW and non-PoS. I expect Litecoin will soon lose to a PoS eco-system in less than a year. If Bitcoin keeps PoW, it'll be next, in 3-4 years time probably. This is because PoS re-invest in the community and eco-system, PoW transfers value out of the community and eco-system, into the pockets of hardware vendor/electric company. Proof of Stakes rely on central checkpointing, (and therefore aren't distributed. ) And they are vulnerable to nothing at stake attacks. Perhaps PoS haven't been successfully attacked but I don't believe it is scalable. Nope, just the contrary, PoW relies on centralized checkpointing, Bitcoin has checkpointing. PoS does not need centralized checkpointing because it's so hard to attack it, Peercoin is now fading out the checkpointing, because PoS has taken over the network, and PoW is fading out. BitsharesX, a pure PoS system, has no checkpointing. NAS attack against a PoS system is pretty much fictional. When I asked why it haven't happened yet in reality, Gavin's reply was basically "people might not have figured out a good way to attack or built the tools to attack it yet". Well I'll believe it when I see it, so far I haven't seen it happen in reality, though you are welcome to change my mind, go initiate a NAS attack on a PoS system, see how far you could get. I could attack any smaller PoW altcoin right now, with just a handful of ASIC machines. The weakness of PoW security is PROVEN, and exists in reality. All the PoS attack theories are UNPROVEN, and doesn't exist in reality. So I'm not sure why Bitcoin is sticking to a proven insecure system, with $500 million current annual expense. But not adopt a system that have no security issue in reality, and has nearly no expense. Believe whatever you want to believe. NaS makes sense to me. I can see how its a problem. "I'll believe it when I see it" applies to me too. When a PoS coin overtakes Bitcoin, let me know. Later. People make a big deal about checkpoint thing. They are a temporary solution and only used for the oldest blocks that had a much lower difficulty. PoW was an ingenious invention, but it isn't finished yet. Bitcoin will soon not even need the checkpoints at all. Bitcoin is evolving while some unqualified programmers are creating mysql apps and their cronies are calling them cryptocurrencies. What a joke. |
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Bitcoin rarely checkpoints. PoS checkpoints every block. Bitcoin is phasing out checkpoints completely in next upgrade.
Thanks for reminding me why you are on my ignore list, you like to blatantly lie about PoS facts to suit your own argument. Even when I already told you, a pure PoS system, like Bitshares, has no checkpoints, you still lie about PoS needing checkpoints. Did Bitshares change from DPoS to PoS? DPoS is a subset of PoS The way you keep changing around your terms it's impossible to have a coherent discussion with you. You just keep spreading your lies about PoS. Back to ignore. |
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