People won't truly understand how foolish it is to value bitcoins at more than, very optimistically, low double digits without robust infrastructure until this catastrophe reaches it's inevitable end in the single digits.
What kind of infrastructure would you like to see before you'd be willing to believe that Bitcoin is ready to grow? A more diverse exchange market, for one thing, populated by exchanges that follow sound policies and use more robust and expandable trading systems. I get it, we had to start somewhere, and were quickly overwhelmed by new users, so there's really not much anyone could have done. And I say this not without a sense of irony, but bitcoin's success now depends on well funded Wall Street types getting involved and implementing the same types of exchange infrastructure used in mature global markets. Bitcoin was created in part to stick it to the traditional banking system, but it's survival now depends on people from that very system coming in and using their resources to build a stronger financial services market on top of bitcoin. Those types will be first to sell for dirty fiat. Actually they gonna sell in a few hours. |
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Yeah I've read the "under funded orders" explanation. But it just doesn't make sense.
My problem is: Forex and Stock trading platforms operate in the sub-millisecond range, I don't know if you've seen the ted talk of how they drilled a tunnel through a mountain to shorten the path the signal has to travel.
So while the professional have systems performant enough that the speed of light becomes relevant we have issues to even keep up with price fluctuations.
You just answered your own question. "The professionals" have hundreds of millions of dollars invested in the infrastructure which makes real time trading possible. Not only can no individual Bitcoin exchange afford such an investment, all of the Bitcoin exchanges combined would not have the resources to put such high level infrastructure in place at the moment. I doubt they could even afford to rent someone else's infrastructure. What the fuck? They also cook with water. The cost of computer hardware is negligible, both in the world of finance and the amount of profit mtgox had during the last year. What performance? There were computerized exchanges in the 90s dammit. Second: Look at the issues I raised above: Which part do you think requires high performance computing by todays standards? |
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You guys are getting played.
This is an epic bull trap in the making.
Care to explain a bit more? You know everyone can shout things... Fundamental reason: The big players need enough liquidity to cash out that is provided right now. Technical reason: Dead cat bounce. I can't tell you specifics because this would be to my disadvantage, the only thing more stupid in than a wrong trade is giving away a working system. |
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Joining the I told you so party. What saddens me is that this time it will be the big fish wasting a bunch of newbs.  |
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It's possible that they use an inefficient algo to process orders. Then, even if the queue is only a few megs, if the algo run time takes longer and longer depending on how many orders are in the queue, that could explain why the lag takes place. They upgraded to a server with SSD's, so they might have been bottlenecked by IO. If a part of their order processing algo relies on disk IO (obviously it does, since it needs to transactional and talk to a database), it could be that things were backing up.
The other exchanges aren't getting the same amount of traffic, and I'm not sure if they are also getting the same amount of fake micro-transactions that were allegedly bogging down MtGox.
Either way, I'm curious about this too, but I think the only people who can answer these Q's are at MtGox, and they would not divulge this info.
What data are they storing? Orders what else? How can that ever amount to any significant amount of I/O bandwidth? They would have to read and rewrite the entire data in the orderbook on each order to come even close to this amount. And it would make absolutely no sense to do it. |
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Let's see how many times we can bubble and crash in 2013.
lol i agree. this is quite interesting You are evil bastards you know that?  |
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Yeah I've read the "under funded orders" explanation. But it just doesn't make sense.
My problem is: Forex and Stock trading platforms operate in the sub-millisecond range, I don't know if you've seen the ted talk of how they drilled a tunnel through a mountain to shorten the path the signal has to travel.
So while the professional have systems performant enough that the speed of light becomes relevant we have issues to even keep up with price fluctuations.
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You guys are getting played.
This is an epic bull trap in the making.
Bull trap, bear trap... I don't care. Just keep disagreeing, my liquidity bot is eating it up. Yeah I don't really care either. |
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You guys are getting played.
This is an epic bull trap in the making.
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What are the technical reasons for it? And don't come with systematic overload.
This problem wasn't there last year or a few months ago for that matter. Neither of the other exchanges are suffering it and neither are any Forex sites and other Trading platforms in the world of professionals.
The size of the orderbook probably is in the magnitude of a few megabytes and the rate at which orders are processed stands in no relation to the lag. Please correct me if I am wrong.
Oh and one thing please: Hamsters, there I said it can we now get some (technical) debate going?
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We are still at bull trap, just look at the posts if you sold already. (I know you can't think straight if you don't)  |
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The real suckers are the ones that are buying now.
Hence why this poll is bias as for every winner there needs to be a loser.
this make this poll after some weeks have passed. |
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Again create a subsection on the Bitcoin page, citing those articles and it will be accepted to stay, even when altcoin haters try to delete it. |
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We are fine. We have already moved nearly all of our trading off Gox, because we max out their monthly limits in 5 days. All of the exchanges we use are fully operational with no delays in trading or withdrawals.
Good to hear, if the rest of the community is as sane as you are perhaps we will see stable prices within a reasonably timeframe. |
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Four years, one block reward reduction period.... if BTC is still a thing by then.
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Interestingly the signal coincided with the gox shut down period. (surprise, surprise!)
Prices go down from here.
e: yes 260 was the top.
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LOL was that you trolling?
Haha I didnt even pick up on that one. But okay....how was it trolling? lol
No I am serious, I wouldn't expect any of the Bitcoiners to get it. But you've spent more than enough time on altcoins check that what matters is valuation in terms of fiat money till the time of which items are _priced_ in coins. If Bitcoin goes bust drags Litecoin along with it you are wasted just like everybody else. |
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If you didn't sell any you are sitting on paper profits though.
If I didn't sell any? Oh I sold some in person for hard assets. Paper profits come when you sell for fiat. I think your statement above is misworded? Oh my I expected better. |
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If you didn't sell any you are sitting on paper profits though.
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