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I only skimmed through, but two BIG things missing:
1) How will you make money?
2) How will you follow regulations of wherever you set up shop and whoever you do business with?
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Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves. - Norm FranzPLEASE INSERT IDIOTIC "Bitcoin is the money of..." COMMENT BELOW! THANK YOU FOR YOUR COOPERATION! Bitcoin is the money of nerds. |
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I wrote an email suggesting Sit N Go tourneys. Just wanted to be annoying cause I'm drunk sorry. Enjoying the site very much btw.
SNG will be hard to pull off since getting 10 players to play the same limit is tough enough. |
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lol @ anyone who bought shares.
bump |
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Excuse me if this question is naive, but with such a small market what prevents someone from buying 10k worth of bitcoin, letting that be a view-able trade causing the price to increase, then dumping it when the market goes up a bit? Rinse and repeat you are manipulating the market with a large amount of cash and making a ton of money.
What other market manipulation tactics are we susceptible to with such a small market? What kind of voluntary oversight can we enact to discourage these tactics?
What's to say that the market will go up after you buy a large order? |
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And how about you look at actual data. The last 5 days of mtgox was 13.5 - 18. TH last 5 days was 8 - 17.5
TH price started to fall the very instant MyGox started to handle BTC withdrawals - people went to sell on TH and price fell obviously. well I guess $15 is where miners refuse to sell any lower. when speculators quit because of no price variance, there will be no one left to support this bubble and price will fall back to $1 ber BTC. should happen pretty soon ... This is a very interesting theory. We can expect miner's to keep raising their reserve price as difficulty increases, but that price won't be supported unless there is a real use for bitcoins. LOL @ the idea that miners can just accept prices. If the price starts falling, they'll unload at any price they can get. Bitcoin is considerably different than a lot of other economies because you can't add resources to produce more of them (at least not for long). We have a fixed supply being added. This means demand will drive the price for those coins. The other big variable is the hoarded coins. There are a lot of speculators. Speculators will eventually want to sell their coins. If this ever happens all at once, it will be a huge crash. The only question is if this will happen all at once or not. |
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I'd like to hear peoples reasons for going back to MtGox. In my opinion, their handling of the situation has been haphazard at best. It seems they've been very disingenuous about the exact circumstances of the break in. With other exchangers out there, what is pushing people back to MtGox?
Everyone else sucks worse. Mt. Gox is the tallest midget. |
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It surely won't rise.
Why not? Anyone who wanted to sell probably already took their coins out and sold them. Money takes longer to transfer so anyone wanting to buy is more likely to still have funds at Mt. Gox. I do predict we see much thinner markets and more volatility since people will be scared to keep any funds at Mt. Gox. |
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Think of all the people who can now get their money out of Mt. Gox!
They're being frustrated with "But you can't trade here!"
To which they respond,
"Two words. TRADE HILL" (or, BITCOIN 7)
so I think the market will let off some steam today -- it won't be the explosion it would have been, had Mt. Gox opened 1 hour later like they said.
Mt. Gox must have a deathwish. Allow people to take out cash/BTC, then let everyone go to other exchanges to do business?
They better have a SERIOUS PROBLEM that caused them to delay trading for a WHOLE BLASTED DAY.
Because they're going to go out of business because of it.
Anyone who moves from Mt. Gox to Bitcoin7 has a deathwish IMO. No opinion on Tradehill yet. |
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People are so stupid. No one cares about your pathetic analysis. You know nothing about this technology, and the reason for the speculation and market bumps is because people like YOU.AKA People who don't understand what this is, and will probably never will. Just keep "speculating", god knows that's what you do best.  But didn't you see the chart? That means it must be a ponzi scheme! |
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No, I've given them one more day every day for almost a week. They've never asked for a week, they always ask for just one more day. They don't have to ask at all. You understand that, right? They own and control the site. Whether you give them 1 day or 100 days, the site being up doesn't depend on what variable you or they believe is correct. The variable we are waiting for is whether the site is secure. If they don't think the site is secure, they are not going to open it. You can be pissed off or relaxed, rude or polite, your emotions aren't going to change the site being up or down. It's the lack of professionalism that's got me worried. The whole "one more day" thing has gotten old. Just say you don't know, give a date you can actually meet, or stfu. |
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GOXED AGAIN?!?! for real?
GOXXXXXXXXXXXXXXXXED |
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I got an "update" on my claim after 2 days, saying that I didn't provide enough proof and my account cannot be reclaimed. Even though I provided info on my what I remember to be my last balance, IP, *and* bank account I withdraw my funds to. How is that insufficient proof?
I got rejected as well, using very close approximate balance (I forgot some of the cents), Dwolla ID, and amounts of deposits. This process is absurd if that wasn't good enough to get it. There was only a way to add information (LR, IP Address, etc...), but not to modify existing information. I just submitted another claim, but accidentally submitted after only putting in my Dwolla ID. There should be an option just to return all funds to the last place they were sent (or even the first). I just want my Bitcoins and money back. |
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I'm guessing a lot of people have money or BTC stuck at Mt. Gox now. Once people who were actually trading get back going, we'll see where the market takes it. $15 is just a sign of no volume.
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Why would he have an advantage as an exchange? The guy running the exchange has no more information than we have, except maybe the black pool.
Other than that, making money by buying low and selling high is more or less what every speculator is trying to do, isn't it?
He also knows when money is coming into the site through deposits. You see a lot coming in, you buy, then sell off at the top. It's actually potentially really profitable. |
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It rejected what I would consider a very strong password ... I hope they understand that making passwords harder just encourages people to write them down, which is actually less secure in the long run. You figure since they took so long to fix it; they would at least do it right instead of going nuts. FAIL.
Someone can't look at a written password over the internet. I actually encourage people to use strong passwords and write them down. I just make sure that they understand that the proper place to store the paper with the password is with their other small, valuable pieces of paper, in their wallet. They can with a keylogger. |
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Why does everyone assume it was a single account that was hacked? Couldn't it have been 50 accounts hacked, transferred to a single hacker account, then executed from there?
Then the hacker would be the owner of the account. That's one of the reasons I put "The Hacker" in as an option. It could have been a hacker that was using someone else's account that was just the one they dumped into. |
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Why does everyone assume it was a single account that was hacked? Couldn't it have been 50 accounts hacked, transferred to a single hacker account, then executed from there?
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It's the wild west! Too much confusion in the markets for a stable price. Ask yourself what has changed with bitcoins other than mt gox being hacked. Has bitcoins been hacked? no. So what's the difference between now and 48 hours ago? nothing
Nothing changed, but people realized what the true state of things was. A host of rinky-dink operations with millions of dollars susceptible to the whims of hackers. A few early adopters get accounts or their machines hacked, and the entire economy gets wrecked. |
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If I want to get 50 coins, I have two options, buying them (or trading for them), or mining them. If I buy them, it will push the price up. If I mine them, it will not.
Hmm... I understand what you are saying, but technically these two should have the same effect over time? In both cases you are reducing the supply of coins on the market by 50. You are just going about it differently. No, because if you mine or don't mine, it doesn't affect how many coins are generated by other people (until the next difficulty increase). But the other factor at play is everyone knew difficulty was increasing. Anyone thinking of building a mining rig would (or at least should) have accounted for this increase. Everyone knew roughly how big it was going to be and it should already be priced in. It's a complex situation. Miners selling immediately may sell more or fewer depending on their strategy. Some will sell to recover costs, some will sell all, etc... The ones selling to recover costs will need to sell a higher % of coins they mine. The ones selling all won't change anything. There are a lot of forces pushing things in different directions. The clearest relationship of course is if the ratio is very favorable to mining, more people will mine, and difficulty increases. Beyond that, it's mostly speculation. You also see just a lot of people getting interested, which drives both difficulty and price upward for similar reasons (there are more people buying rigs and more people buying coins). So that's why you sometimes see things go up together. |
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