btc swaps very high on bitfinex, looks like nothing changed
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Bitcoin is going down and nobody knows why. Normally there were always some news we could blame but this dump is just ridiculous. IMO people saw somebody dumping, have no idea why and are doing the same.
Bitlemmings
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When conditions are met (adoption/hashing power mostly) whales pump the price up anticipating, for profit, the trendline for some months (around 237 days past pumps). This process need a lot of fiat in the exchanges but converting btc-> fiat then back to btc is not optimal as taxes are paid. Therefore everything is done in btc and a period of sideways/consolidation is needed, where a lot of btc are sold to fiat in the exchanges. the longer the period the bigger the "bubble" (but also more the exchanges/leveraging in place the "harder" it is). This process in this forum is called "coil ready to spring" or "pressure accumulating".
I am probably wrong in everything above.
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On a normal market, when position gets liquidated, stocks gets sold. End of story. If bitfinex would rollback/freeze trades, isn't that market manipulation? They're interfering with "the free and fair operation of the market" Since bitfinex promised to compensate lenders in case of losses because of a crash, they should pay them out of their own pocket. Otherwise, they should let the lenders take the risk. Those waiting at the buy side never did anything wrong, they placed their buy orders, btc get sold, buyers get their btc. You shouldn't undo what has been sold. Once it's sold, it's sold! If it has to crash to $1, then let it crash.
As someone who has lost significant gains as a result of Bitfinex's rollback a few months back, I tend to agree. However, it is what it is. This is their policy, they've done it, and they'll do it again. What I've learned is: bid accordingly. Don't aim too low on Bitfinex, or they'll take your BTC. THen I guess I should move away from them.. I didn't know they have this unfair policy What about btce? Do they rollback trades too? no. btce experienced a flash crash to $100~ at the very same time. they did not roll back trades, and many traders reported having their bids filled in the $100s. Yep, I remember that. Unfortunately didn't have my fiat on BTCE at the time -- stupid me, taking like a $15-20 arb profit instead of keeping money there. Now, I always keep lowball bids on BTCE when I am in fiat. i was watching as well when the flash crash happened, but the first thought i had was "they found a bug in bitcoin protocol" and was simply too scared to do anything. Price then climbed back halfway, did a little fight there and went back to normal in a matter of minutes..
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and lift
looks very bullish to me, over 4000 by August!
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Well this is pretty cool.. http://beta.slashdot.org/submission/3694105Finnish National Digital TV Broadcaster Starts Sending Bitcoin Blockchain "Finnish national digital TV broadcaster Digita co-operates with startup company Koodilehto to start transmission of Bitcoin blockchain and transactions in Terrestrial Digital TV (DVB-T) signal that covers almost the entire Finnish population of 5 million people. The pilot broadcasting starts in September the 1st and lasts two months. The broadcast can be received by a computer with any DVB-T adapter like this $20 dongle. Commercial production phase is planned to begin later this year." i also think this is incredible news. I wonder if there's something else related about to launch, something like "secure home bitcoin box" where you can keep your wallet offline from internet, synced with blockchain (thanks to dvb-t) and able to securely broadcast your transaction via a pc related application. very bullish I'm sure all the sellers missed that memo. i'm not a trader, guess they know better than me what to do. Still this looks to me like a glimpse of the future, a very clever solution to the security problem of keeping one private keys safe while mantaining ease of use. Can't help but admire such nice idea
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Well this is pretty cool.. http://beta.slashdot.org/submission/3694105Finnish National Digital TV Broadcaster Starts Sending Bitcoin Blockchain "Finnish national digital TV broadcaster Digita co-operates with startup company Koodilehto to start transmission of Bitcoin blockchain and transactions in Terrestrial Digital TV (DVB-T) signal that covers almost the entire Finnish population of 5 million people. The pilot broadcasting starts in September the 1st and lasts two months. The broadcast can be received by a computer with any DVB-T adapter like this $20 dongle. Commercial production phase is planned to begin later this year." i also think this is incredible news. I wonder if there's something else related about to launch, something like "secure home bitcoin box" where you can keep your wallet offline from internet, synced with blockchain (thanks to dvb-t) and able to securely broadcast your transaction via a pc related application. very bullish
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How could they let people know they lost already when the award process is ongoing? You have to pass the background check before the auction so that can't be it. I bet someone won all the blocks of coins at a high price, and if I am not mistaken, I read or heard they were selling them in chunks so no one entity could turn around and sell them. I think it was on the news clip that aired right before the auction. My guess is some bank bought them all and they are trying to revise the rules, to whose benefit I have no idea.
Just wanted to publicly pat myself on the back. yup nice call indeed
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at last one of them must have bid at $666
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looks like i still don't get clearly how usd/btc swaps works. i tought that you "borrow" USD when you think btc will go down and btc when you think market will go up. The same you'll do with your bitcoins if you wanted to gamble the market but with less risk and less profit. Now i see that USD swaps are way more than BTC swaps, to me this mean bearish sentiment, so why do you guys expect a "long squeeze" if the market is set up for shorting?
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Can another auction be made straight after this one or there has to be a delay between?
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The market reminds me when we were about to turn green on 3d macd. Stamp went green/red a few times, a crash on 25 april and after 2 weeks a rally.
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next hop 720/730, soon edit: on second tought i'd say 770
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this thread overflows with tact and sensibility.
also i guess most of us are new to the internet and just happened to be on bitcoin forum by clicking "i feel lucky" on google
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I think this rally is related to that new facebook wallet. If that's the case, adoption is going to grow very fast, you'd better tighten the fastbelts and be prepared for some negative G of acceleration..
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I'm selling my coins today. Will buy them back when we hit sub-400 prices in a couple of weeks or so.
hope you had stop losses in place!
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Wow, +10 in charisma to the real Jorge for the "Being troll-cloned" achievement
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my random and misplaced fib extensions says 666$
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i'm not quoting fonzie but he's actually right about bitfinex
But if some people lost a lot on margin calls,mother people gained just as much right? That's how the market works, someone gains, someone loses. So the people who lent money to margin traders would have made a killing right? And they could potentially invest (part of) that money into bitcoin, right? Or do I miss something? I think you missed the bit where all Teppino was saying is that Fonzie is right in that Bitfinex was down at the time. Not to all his other perma-bear/ uber-troll posts. I doubt many people would have lost a lot on margin calls as when the site went down trading stopped, its not like you couldn't close a position while the market still moved. So the market was in exactly the same position when it opened as when it closed so no calls happened at a time you couldn't have closed them. Yep, i have fonzie on ignore myself but i sometimes peek on troll posts nevertheless I'm far from achieving that zenlike emotional detach from market, therefore i can stand trolls only in bullish times
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i'm not quoting fonzie but he's actually right about bitfinex
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