FTFY   Hilarious  I saw the pic and was so irritated by the same error that I was about to fix it, too  |
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Christoph Fröhlich of the very well known German magazin Stern seams to have put some 20 minutes into writing up something about bitcoin: 2013-04-09 Boom der Bitcoins Was steckt hinter der Netz-Währung?I think he got more facts wrong than right. Not worth reading but yeah, for refernece: Wie wertvoll sind Bitcoins?
Der Kurs der Bitcoins steigt beinahe täglich, am Dienstag erreichten sie einen neuen Höchstwert von 209 Dollar (160 Euro). Damit ist die Währung so wertvoll wie noch nie. Seit Jahresbeginn ist ihr Wert um mehr als 2000 Prozent gestiegen, der Wert der Bitcoins liegt damit insgesamt bei über zwei Milliarden US-Dollar. Or via Google translate: How valuable are Bitcoins?
The price of Bitcoins is increasing almost daily, on Tuesday it reached a new high of $209 (160 euros). Thus, the currency is as valuable as ever. Since the beginning of last year their value has increased by more than 2000 percent, the value of Bitcoins is that in total over two billion U.S. dollars. |
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But combined with the bid sum being back on track I think those are strong indicators for buying pressure.  (Although we have a healthier ask sum this time so hopefully the rise will be more gradual) Please have a look at where the bid sum actually resides. Half of it is below $60/Ƀ, $2M are even below $25/Ƀ. I call manipulators all those that move millions but park them at market – 50%. I would love to see in addition to the above chart a chart with the weighted average bid and the weighted average ask and a chart of that spread which I would call manipulators activity chart. What you describe sounds mostly like it would display the spread. How do you suggest to weight bids/asks, by order volume or by something else? I have experimented quite a bit with orders weighted by the "distance" to the current price. Did not work out well so far but I am open for suggestions. What is the problem? You have total_bid_sum / total_ask_sum. If you take
for(Bid bid:bids) {
weighted_bid_price+=bid.price_per_BTC * bid.volume_USD;
}
weighted_bid_price/=total_bid_sum;
for(Ask ask:asks) {
weighted_ask_price+=ask.price_per_BTC * ask.volume_USD;
}
weighted_ask_price/=total_ask_sum_USD;
Ok, so total_ask_sum is the problem, cause somebody wanting millions for his bitcoin is a problem, right? So you have to take the last trade:
weighted_ask_price/=total_ask_sum_BTC*last_trade;
Hmm, not quite right neither …
Edit: for(Bid bid:bids) { weighted_bid_price+=bid.price_per_BTC * bid.volume_USD; } weighted_bid_price/=total_bid_sum; for(Ask ask:asks) { weighted_ask_price+=ask.price_per_BTC * ask.volume_BTC; } weighted_ask_price/=total_ask_sum; Would that work? |
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But combined with the bid sum being back on track I think those are strong indicators for buying pressure. (Although we have a healthier ask sum this time so hopefully the rise will be more gradual) Please have a look at where the bid sum actually resides. Half of it is below $60/Ƀ, $2M are even below $25/Ƀ. I call manipulators all those that move millions but park them at market – 50%. I would love to see in addition to the above chart a chart with the weighted average bid and the weighted average ask and a chart of that spread which I would call manipulators activity chart. |
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 looking at this chart I wonder how many people would have an incentive to borrow money at high interest just to paint some volume for us TA experts. I mean seriously, if I wanted to cash out 200k bitcoins, I would easily pay 30% p.a. interest for three weeks to borrow $10M. Given the only risk is that MtGox will not give me back my money I guess it would even be easy to convince some wealthy friend who is not at all into Bitcoin. |
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The last thing we need is the IRS thinking all bitcoiners are tax evaders.
It'll eventually come to that, though. Either that or they'll have to rethink their tax laws. Hey, come on! I read "some have speculated the currency could be used to avoid taxes" not "all know the currency will be used to avoid taxes". Did I read wrong? |
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Impressive the combined ta power in this thread. I feel enlightened.
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Only question is: Will the lag-engine show some trades later tonight or will it fail again?
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Oh, lol, gold lost more in one day than bitcoin. Gold lost 2 years. Bitcoin lost 2 weeks.  |
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Thanks Not sure what glitches you are referring to, but if you mean the random noise appearing here and there near the price, then nah... thought it looked ok, and was tired working on it so just wanted to get it out. I don't mean to be rude. I wish I had a voice 10% as great. The glitches I meant were some spots where the version by Adele gives me a shiver and the singer in your version can't deliver. The other thing is the long sentences that are impossible to squeeze into the song but you tried nevertheless. Rhymes give me a shiver now and then though Having said all that, I'm listening to it just right now waking my neighbor |
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Great! I'm perma-bull so I don't whine too much about not selling high but you packed in some great ideas! Very creative. I guess you don't consider fixing some minor glitches here and there? Tipping you anyways 0.01Ƀ. Meh  Paid 5% in fees. So much for low fees and micro transactions. |
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It simply is easier to verify one client than to verify a whole distro to not contain some troyan, key logger, whatever stuff that will send wallets home. That is why
I don't trust your distro.
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Its an absolute terrible idea to trust your digital currencies to OS bundles from random internet strangers...
I agree Its not a good idea to back up your Bitcoins using a software that was deviced for the sole purpose of backing up Bitcoins. Why not? Because you are much more likely to get a Bitcoin stealer malware on your system if you use software with Bitcoins in mind, than just reverting to some standard all-purpose software that was deviced probably long before Bitcoin was an issue. I appreciate the effort nevertheless and hope that this can turn into an ongoing and well maintained project if complexity is reduced and all source code of the package thoroughly checked for malicious code by third parties so even I would feel comfortable to use it. Till then its a rocky road, so best of luck! This. I'm getting more and more paranoid installing ANY closed-source software released after 2010! I trust my bitcoins with bitcoin-qt binaries from ppa and kind of hate the situation. What I consider really safe is open source software from github or bitbucket that has many many forks and no changes in months as I would guess that people that forked it, also had a look for malware and with months of time since the last change or with reviewing the last changes myself, I feel pretty safe with projects like vanitygen or braiwallet. Vanitygen has some more of my trust as it was designed with speed of creating valid keys in mind, so there is not much around that could be stealing my keys. It could use weak crypto though but I heard no such accusations, so hey, maybe it's secure Edit: Yeah, I totally agree to not trust any bitcoin software like self-extracting backgrounds or widgets or anything bitcoin related that is not trusted by a huge community of capable people, so no, I will surely not support this ubuntu bundle although I might do one for myself and friends. |
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Max is a nice guy but hey, how can you trust a journalist to report objectively about a "stock" he is all in.
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i feel the market really really wants to run up, but its holding back...  Hmmm.....The high Mt.gox verification cue and Coinlabs coming on line within the US and Canada markets on May 6th will make for an interesting time I think. Damn Bitcoin is interesting every day Just imagine what we would all have achieved if we weren't following Bitcoin every day!!!11 |
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bump.
Of course the answers are stupid. Something like "yes of course I trust the laws of mathemathics more than any central banker." is completely missing.
But it's mass media and they want easy answers so let's give them that!
Big thanks to the OP for finding this and bringing it up here!
Joe
I hate when they put one reason per yes/maybe/no. Especially when the reason for my pick is flawed. You trust bitcoin? Yes, because earth is flat Maybe, because squirrels are cute No, because Kim Jong-Un is dangerous |
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I'm sorry to say that I've had a foul experience with using this service. Many sellers don't respond. For those who do respond: - When the exchange rate moves unfavourably for sellers (say I buy at $60 and they're now worth $90), they'll ask me to pay "current market prices" even if I had clicked on the Buy button just a few hours ago and tried to arrange a meeting right away. (As you know, Bitcoin has sharp price movements these days.) Or they'll just click on Cancel Transaction without communicating with you, because they don't want to sell for below market value. - When the exchange rates moves favourably for sellers (say I buy at $120 and they're now worth $90), they'll ask me to pay the price that was shown when I clicked Buy on the site. the vast majority of them do not have escrow enabled, so it's impossible to pay for them immediately. What they should be doing is accounting for the volatility in the prices they charge. Other sellers don't even have the advertised Bitcoins on hand; they take orders and then buy them from Gox/BTCE/et al and charge a commission on top of the brokerage fees. They should state this in their ads. I think the site would do better with a rule that requires sellers to honor the price they post, for at least 24 hours on weekends and 48 hours on work days. And I think buyers should be allowed to leave negative feedback for any transaction, not just escrow-enabled ones. Otherwise, there's really not much of an incentive to use this service. With the slight inconvenience of opening a brokerage account, I get - prices that correspond to current market rates, without the delay of setting up in-person meetings and exchange rate fluctuations - don't have to pay commissions on top of brokerage fees (for the sellers who don't carry inventory) - can buy/sell from the comfort of my home computer, without having to travel to an agreed location to do the transaction - no risk of getting mugged - no risk of dealing with poor customer service I see lb more like a service where there is no MtGox. Why should a market maker take the loss? He can but that's a bonus and others may have other rules. I pin the price only the minute we do the deal and will not trade during excessive swings. Read my ad and deal with it. |
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I want to be able to auto hide my items when mtgox went offline or value dropped by more than 10%/24h.
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Damn if I would know it was a hamster fart that drives down the price next time, I will park some $$ on Gox, too. I'm no afraid of no hamsters, I'm scared of some fundamentals changing that really would threaten my few milli coins.
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