I do commend coinmarket.io for taking the road that they have. Exchange security is not something to be trifled with and truly is very difficult to do well. Additionally, I like how they will make their exchange platform open-source. I actually really liked the lack of latency and order layouts; naturally though, the problem with speed is that inherently it is less safe. I hope some full-time professionals take their platform and finds a way to plug the security issue. If that happens, I think we could see another major competing exchange. I really think we need more sites in this new iteration of exchanges post Mt. Gox. Sure we have some, and I really like some of them but they don't have the longevity factor yet (such as agx.io). And then there are those that are blatantly corrupt money sinks (Mintpal).
Am I missing something on Mintpal?  Not particularly; didn't mean to come off as spreading FUD. There is just some vitriol on how their paid vote system works in favor of those that can contribute significant amounts of BTC. And the sudden change in their voting structure came with some disdain from various communities (the value of paid votes were halved, and free votes were only allowed 5 to an hour on accounts that have made at least one trade). Don't get me wrong, I think Mintpal is pretty solid, but it's also been home to some very disreputable pump and dumps (AUR, MZC, PND/PANDA, etc.). Then again, it's not as bad as Cryptsy's past, but it can get there. And at least Mintpal is not as money-grabbing as Cryptsy's new voting structure is. On the other hand, they're at least fairly secure. It's just a very difficult toss up between the two... |
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I do commend coinmarket.io for taking the road that they have. Exchange security is not something to be trifled with and truly is very difficult to do well. Additionally, I like how they will make their exchange platform open-source. I actually really liked the lack of latency and order layouts; naturally though, the problem with speed is that inherently it is less safe. I hope some full-time professionals take their platform and finds a way to plug the security issue. If that happens, I think we could see another major competing exchange. I really think we need more sites in this new iteration of exchanges post Mt. Gox. Sure we have some, and I really like some of them but they don't have the longevity factor yet (such as agx.io). And then there are those that are blatantly corrupt money sinks (Mintpal).
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I tend to agree that what will arise from this is a less volatile period for a particular period. It's just that we don't know what period that will be for.
I personally think that this will cause relative stability for a short term (i.e. the period we are in right now after the whole Gox fiasco, things have been relatively silent with prices ranging from $610-$640), but I think in the medium term (within 3-6 months), we will experience the effects of these lost funds in the form of another bubble. And coincidentally, this next bubble will likely coincide with the next iteration of miners on the market. It'll be interesting to see what will happen in the medium term.
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There's approximately 298 BTC worth of panda before 50. Even though he owns 25k worth of panda, I find it hard to believe this guy has control of 200k he'd be willing to toss at Panda in an attempt to move the market. So many coin holders would come out of the woodwork selling for whatever.
I don't see it happening.
the guy is talking about marketshare ... think again ... there is a breakingpoint where one could calculate that even if it costs you x btc to raise price 10% you could with that action raise the value of your holdings by multiple times that x btc if your share in the coin is just big enough. Imagine you would hold 99% of a coin. You could fix the price wherever you wanted. i think after this has surfaced here he has no choice but to buy it up quick before everybody else thinks and buys before him and sets up sellwalls and his plan fails. So if he doesn't want to fail he needs to act quick. Then again this could be deception and op is actually himself wolong that wants us to buy panda up while he is only watching. Who knows ... either way i think panda will be up 500% tomorrow I don't disagree that it could happen, but if he's anywhere close to 50% there are billions and billions of coins in sell orders just in 1-10, his orders would all be placed behind those. that's why it could make sense for him to buy that bunch of orders pretty much in one go. edit: but i think since this thread is going now he is also likely to just dump his stash and move on. He already took profits from panda. it's a gamble for everybody. When will devs and investors understand that everybody could be rich if people would cooperate in a sustainable project instead of pnd and scam each other. I don't think that there always needs to be a looser in this game. Unfortunateley people don't see that and do whole day nothing else than ripping each other off because that's probably the only thing they know. What? Unfortunately, there is always going to be a "loser" when it comes to these types of markets that have no solid backing of some sort. The way this works is that people are essentially pooling a bunch of money and then redistributing it. After all, there is always somebody who buys at the top. And when somebody buys at the top, that person is going to be a loser unless he can make someone else to be a loser by selling it for more. But in that way, the loser title is just passed on to someone else. |
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I love how during the bubble part they only focus from last August and onward. I'm pretty sure if Mr. Palmer used a longer time period his argument would break down. On top of that, during his brief discussion of gold he talks about how it grew for 12 years before "taking a break." That's such bull crap, it crashed by 30-40% just like uh a certain other thing that he's comparing...But yet one is better than the other.
And his arguments would fall flat in a logical argument. Oh, gotta love it. (Plus it's full of marketing drivel that tirelessly tries to reel you in.)
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Ooh, juicy. Or something...
I love how vested people are into these sort of coins and stuff.
Sometimes I feel like it's a game between the same like 10 people siphoning money from each other and other people are just unfortunate to fall into their little game. How fun!
That's basically it. There are a handful of pumpers and scammers, and they just milk most of the crypto users like cows. Yeah, it really is. The sad reality is that getting thrown into a pump and dump is kinda like a rite of initiation for those in the alt-crypto scene. The trick is learning how not to get caught in it and lose. And after a while, you learn how to take decent profit at times. That is if you can survive through the constant burns that come with the territory. |
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Ooh, juicy. Or something...
I love how vested people are into these sort of coins and stuff.
Sometimes I feel like it's a game between the same like 10 people siphoning money from each other and other people are just unfortunate to fall into their little game. How fun!
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My favorite method is to listen to cosmofly's autistic friend.
 +1 This is probably the best method to employ. It has been shown to be 100% all of the time. You can't beat 100%. Sure it's a 100% fail rate, but it's all good right? actually, a 100% failure rate is just as impressive, and would be an infinitely useful contrarian indicator  You've got a point! Haha! Oh the power of a negative indicator! Maybe that's the ruse the whole time. [Admittedly though, in terms of probabilities, because of the types of predictions made and using the relative volatility in the markets, it's more likely for 100% fail rate to happen than a 100% success rate. Still though, in terms of usefulness they're equal.] |
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I think this is a really nice story. Do you have any online links to the story and stuff?
I will say this though, its newsworthiness is based on the fact that Bitcoin still doesn't have too much penetration into most places. As Bitcoin gains more traction, these types of stories will be come less and less newsworthy. On the other hand, it serves as a stepping stone for the next major news story for Bitcoin. So like you said, first smaller places and then more and more places afterwards. There's a lot more traction to be had.
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My favorite method is to listen to cosmofly's autistic friend.
+1 This is probably the best method to employ. It has been shown to be 100% all of the time. You can't beat 100%. Sure it's a 100% fail rate, but it's all good right? |
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The method that I use is a combination of averages, moving averages, automatically adjusting tables and targeting. (A bunch of baselines calculated from some other financial methods compounded with PivotTables hehe.)
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Well then, looks like there has been a rash of intriguing things that have gone on these last few days.
agx.io is running, so that's nice; but it seems that coinex.pw (the place the had most of the market volume) has gone down. Surprisingly though, it doesn't look like it significantly impacted the value of Noblecoin (at least in a comparative sense).
I definitely like the promotion that agx.io is running.
And the news about bullion via NOBLE is really awesome news to read.
I think Vault of Satoshi would be really nice for Noblecoin to get on.
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This is definitely unfortunate. There has been quite a slew of alt-exchange issues over the last month and coinex.pw is just the latest in this frustrating trend.
That said, I find it more positive than negative that they took the site offline as quickly as they could, but like many of the other issues, a lot of people are being left in the dark again. The lack of communication is the scariest thing and the posts from others on here only compounds to that anxiety.
Personally, I say give it a few more days before deciding whether to go completely ballistic.
The best to hope for right now is another update via twitter. Or even better, an update on this thread.
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Is the word around town that he used the donations to hire the attorney?
-B-
That's what I'm wondering. I haven't been able to find anything substantially credible that says that. Although, it is a fairly reasonable assumption considering his purported financial status and living arrangement. |
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Signing up for this month again:
Starting Posts: 216
Bitcoin Address: 1McsWyhHa9eFuHqtjHmA4wP6WNVfRvDVNA
Starting Posts: 386 Bitcoin Address: 1McsWyhHa9eFuHqtjHmA4wP6WNVfRvDVNA |
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I need some dip for my chips.
Darn you. You beat me to my demand. I was waiting for some basketball to start up before I made my demand for dip. Preferably ranch or french onion dip for my potato chips. Ooh, or maybe a 15-layer dip. With that said; since the morning games have started, I demand my dip! I have a bag of chips waiting... |
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I think there will be some excitement soon enough (that's how BTC works).
On the politics side, there is lots of activity in Eastern Europe so that might drive some sort of push with BTC.
On the financial and regulation side, there are lots of interesting news. First with Australia announcing taxing BTC and soon that could trickle over the the U.S. with Overstock likely holding on to BTC through the closing of 2014Q1. There will be some interesting precedents and I think it will drive a lot of activity around BTC.
I think in general, April is shaping up to be a pretty exciting month.
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Admittedly, I look at a ban as only symbolic at the most. The way to police that sort of law just isn't worth the logistical effort.
Speaking of which, I still don't see the logistics of this "airdrop" working without either a significant company being involved or government intervention occurring. If the government bans it, then we're looking at the only feasible way of distributing all of these coins through some sort of major company that can coordinate all of the efforts that will be needed for this.
Either way, I see the price continuing on its downward trend. I still expect a price increase a few days before the 25th, but after that, the downward trend will accelerate.
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My anticipation is a peak price during it's lifetime of ~$25,000 (probably mid-end of 2017) and come 2019-2020, we'll see it drop and level out around $15,000
Whoa, that is not a light statement. You're talking about going from over a $450bn cap to under $300bn cap. That's a lot of money. Heck, not even Apple has that much cash on hand (and they have a lot). Even in major financial markets, a $150bn swing is not something to sneeze at. If BTC has as much adoption as you anticipate, a swing like that would have massive impact. It's just a feeling, obviously, but we're dealing with a whole different beast here. I think it will peak, and then over a few years level off much lower and then stabilize. My reason for this is because I see big companies, fortune 100 companies, picking it up in masses in a few years time which will bring people quickly to bitcoin. Then, over a few years, users will slow down and drop off, and we'll stabilize. That's fair, I only mention it because when I read that part, tons of flags went off in my head. I actually think you have a reasonably lucid justification for the price points and development along the way. I agree that the success that Overstock has had will likely materialize into something much more significant and adoption by a Fortune 100 retail company would be a huge step. Although Bitcoin is still yet to be adopted by a Fortune 500 retail company. What I could imagine happening is there being major companies that transact in BTC for the convenience for most people. Agreed. Once a big player such as Google, Walmart, etc adopt it, I think we'll see an increase in value like nothing else in history. My cap of $25,000 could be way off. It may be closer to $100,000. Some say that's a crazy value, but it is mathematically possible. $2T is theoretically possible in 4-5 years, although that's asking for a 250 times increase in market growth. Sure, a near similar factor happened in the last 4 years, but this time we'd be starting with a much larger base. Personally, I tend to be more conservative with my growth predictions. After all, before the first spike of 2013, I said we'd be at around $400 at the end of 2014. That was quite conservative... |
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CoinMarket.io status update
1. What happened?
We got exploited. Somewhat. The majority of coins were saved by cold storage and a quick reaction.
A couple of users abused a bug in the trading engine allowing them to create coins (increase balance) out of nothing.
Do you remember the day when KARM/BTC 24h volume was 400+ out of the blue? That volume came from those malicious users trading.
When we noticed the problem, we stopped all trading to investigate the situation.
Unfortunately, we failed to find the bug fast enough to resume normal operation and cover the losses from fees.
The new trading engine (rewritten) still suffers from this unknown-to-us issue, this is why we have not resumed any trading.
Meanwhile, we allowed all withdrawals to happen - because it was the right thing to do.
Because of high withdrawal volumes, the wallets ran out of normal unspent inputs and started to combine too many small inputs for withdrawals.
There is a limit of inputs/outputs in a cryptocurrency transaction.
If the wallet software (the official stuff that everybody uses) chooses or attepts to choose too many inputs,
the transaction will fail with "Transaction too large" or "Transaction creation failed" error.
It has nothing to do with insufficent balance. This problem was caused by miners who mined directly to the deposit address, creating tens of thousands of small inputs.
The default algo for choosing transaction inputs (coin selection) is not designed for exchanges. We need to create some code that does some raw transaction magic.
Also, some coins have landed on an invalid fork - because we were too busy with other issues. We will update all coindaemons tonight.
Everything has taken too much time because multiple problems hit us at the same time and debugging the situation was not so simple.
2. What is the solution? What are you doing now?
We have manually processed some withdrawals, but that process is too slow.
An automatic script will be running tomorrow - it will hopefully process the stuck withdrawals.
If your withdrawal status changes to "manual", it means that we manually processed it.
If your withdrawal status changes to "fixed", it means that the automatic routine processed it.
We will publish statistics when avalible - after the script runs.
Please stop any accusations and threats against Kenneth Bjørke - he is just hosting the web servers.
The hosting of coinmarket.io by Kenneth will be terminated when the dust settles and all possible withdrawals are processed.
We will be posting lists of withdrawals that got fixed.
We are deeply sorry for the inconvenience this may have caused to you.
More detailed information coming after the automatic process runs.
Just pushing this to the top of the stack. Gosh, damn DOG n00bs need to calm the frick down... "Oh my gosh, I put all my allowance monies in an exchange and now I can't get them nice Nikes that I should have been able to get after I played with the markets. Wah!!!" Okay, maybe that was a bit unfair, but I swear, most of the vitriol is coming from those who have only been here since the beginning of December. Maybe survive a few more insane market crashes and see some actual orchestrated scams before you go all crazy. Just saying... |
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