The rich already have their swiss bank accounts, tax consultancy services, good investment opportunities etc. Bitcoin offers nothing for them.
Hey rich dude who is doing all this work to hide money... Buy this untraceable asset. You can even use it to buy and sell things among your friends to avoid tax events. Sell them that company at a loss for $1000 dollars, and have them give you 1M BTC on the side for it, then buy that yacht in btc, and pay the guy in BTC to avoid taxes. Have a congressmen to buy off? Don't bother with an envelope of cash, give him the slip from a fortune cookie, and let him know that the hash of it is a private key that will set him up for life. Then pay your corrupt tax attorney in BTC so he doesn't have to claim it either. Worried about storing all of your money in some off shore account. No worries, you can keep it in a thumb drive. Or better yet, a deterministic wallet seeded with the name of your favorite race horse. Watch the IRS try to seize that. Need to get some coke to keep the party going at your mansion... yeah that was the first thing we took care of (after the alpaca socks and the coffee)
Bitcoin, for people that know that fiat is for plebs. all ^ lols pictures billionaire sporting alpaca socks & stirring a tea spoon full of coke in to their coffee next to a large pile of BTC 1,000 gold Casascius coins Lol well said. |
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Hi everyone,
Is there an easy to use (no programming required) software/app for using an API with Intersango, CampBX, Mt.Gox, etc? Or, can someone explain how to use an API to manage trades as simply as possible?
Thanks,
(please advise if this question has already been answered somewhere else.)
Not really, if you want to use an API, its assumed that you will know some sort of programming language. Get learning. Some people might be kind enough to send you some pre-written classes however you'd still need to understand the language to use them. |
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lol, play eve to learn life
I have never signed up for eve myself, but I hold it as the heaviest game to date
I played eve for a while, isn't it the largest virtual economy in the world?? There is a massive amount of depth in that game and a lot of real business exist in selling the virtual currency and its items for cash. It turned into a full time job like many mmorpg's these days. I ended up selling my account on ebay and I got a few hundred $ for it!... it pretty much covered all of the subscription costs i paid. |
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Hi Andre,
Great site, I've been trading on it a lot and make regular withdrawals. I asked a question a few weeks back about an API and you said "coming soon". Can you be any more specific (days/weeks/months)?
Looks like all is going quiet with WBX these days. My withdrawals are taking longer however they do still go through eventually. One question I had was, about the withdrawal reference field. I noticed that whatever I type in the reference field does not appear in my bank statements, instead a 4 digit number starting with 8xxx appears there.
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I'm not sure I follow... if you are buying low and selling high, that won't necessarily work if the price is falling as the ask you place may not fill? I'm just trying to think of this in terms of trading bitcoin.
Right... if you use a naive strategy of bid/ask spread you will always wind up on the wrong side of big moves. You can do better if you adjust the quantities slightly (buy more, sell less in bull markets, opposite in bear markets). So going back to my original question: ultimately, aren't you just betting upon a upward or downward price movement?
From what you are saying, then yes, you pretty much are betting on the bull/bear market direction... if that is the case, then why would people choose to scalp, as opposed to buying and holding for profit in a bull market, or selling short in a bear market? |
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The trick is that you are not really betting against the price, the true scalping (referring to forex in this example) requires you to use time frames of 1 minute, stay in front of your monitor constantly and be very very responsive to the price movements (in 1 minute you will see a lot of them) . You in fact need to just open and close hundred of transactions on a day , or thousands, or tens, it's depending on your strategy, buying low and selling high, but in a very fast way and taking every time a very small profit Interesting site, looks well thought out. I'm not sure I follow... if you are buying low and selling high, that won't necessarily work if the price is falling as the ask you place may not fill? I'm just trying to think of this in terms of trading bitcoin. |
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From what I've googled, I understand that scalping helps lower spreads but ultimately, aren't you just betting upon a upward or downward price movement?
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Out of interest and as an alternative, does anyone know of a forex broker which would have API support?
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I have never been a gambler, or traded words for indemnity. I have earned my keep by solving specific puzzles that my clients could not. The idea of arguing one's way into a paycheck is offensive to me. Studying Bitcoins is well within my demeign.
Out of interest, what's your day job? |
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Anyone else think its laughable that the MtGox support websites password security is really strict and requires letters, (including a capital), numbers, non alphanumeric character and minimum length.... whereas the actual mtgox trading login only requires letters, numbers and a min length.
/minirant
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For transparency, you may wish to consider posting your code up. I'm not sure what other reassurances you can offer to others though.
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If you are comparing bitcoin markets to HFT, like on wall street, then you are wasting your time. You will not gain anything by having a better ping time to a bitcoin exchange. The servers are simply not fast enough, not reliable enough, etc to make a difference. They don't run on platforms where response times are important.
Not only that the markets are not as "perfect". A perfect (mostly theoretical) market is one where products are perfectly priced. Nothing is ever sold overvalue or undervalue. There are no arbitrage possibilities. If US stock markets in the 1970s were a 7 on the "perfect" scale then today they are maybe a 8 or 9. This is why you see HFT, low latency links, companies paying MASSIVE bandwidth fees to get a 5ms shorter hop to london (google Hibernia Atlantic), etc. As the market gets closer and closer to perfect it requires greater and greater "schemes" to gain a slight advantage on competitors. Bitcoin is nowhere near that. Hell I am not a speculator and when advised of an arbitrage opportunity (via the forums a couple hours after it happened) I manually moved funds between Mt Gox and Tradehill took a quick 2% profit and the opportunity lasted for hours longer. You both have valid points. However I respectfully disagree with you phorensic: I'm running an arbitrage script from Australia and to the main exchanges, my round trip time for a query+response is on average a shocking 1 second, if a trade is placed then this will add another 1 second. I'm not after sub 5ms response times, however it could easily be improved. I'm mainly performing a lot of small trades as an experiment although I have experienced slippage (when the order you want to place no longer exists when you try and execute it). Admittedly there wasn't too much at loss as I'm more doing this our of interest as I enjoy scripting. |
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I have heard that Tradehill are located in cuba, mtgox in japan, intersango in england and cryptoxchange in australia ?
From what I've read, MtGox as a company (and its developers) are based in Japan. Doing an IP lookup, their servers point to Florida, USA??? I guess it would make sense that they would locate their servers in USA as that is where most of the trading occurs however I want more of a definitive location. |
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Hi there, I'm keen on getting involved in the community a little more so would like to be added to the whitelist, after dabbling in mining I decided to start trading. My balance currently sits at just over 100btc. As per my post here (which hasn't received much valuable response in the Newbie forum) https://bitcointalk.org/index.php?topic=57240.0I would like to get involved more seriously into your trading forums and in particular participate in discussions with anybody who has implemented an automated bitcoin trading system. Thanks Seal |
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The fact is we need the speculators. The speculators keep the trade volumes high enough to ensure liquidity of your BTC. Without this there would be much trepidation from casual users - if they know it is very hard to exchange their BTC why would they want to accept them as payment? The speculators will move in early, just because they know other speculators will follow! So it is really the speculators that bootstrap the currency valuation as I see it.
+1. Speculators or day traders, whatever you want to call it adds liquidity to the whole economy which is never a bad thing. A healthy part of a monetary eco system. Be careful and good luck. You can now call yourself a trader. |
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even if the exchange is half way around the world, the max ping you'll get is 350ms.  Quick compared to the speed of my mouse clicks, slow for an arbitrage script. Sorry I should have stated that my intentions were for an arbitrage script. |
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I'm interested in finding out the server locations for each major broker out there:
MtGox
Tradehill
Intersango
Cryptoxchange
I understand that for optimal trade execution performance, ideally you want to be as close to the servers as possible. Yes, I've tried performing a whois however I'm confused by some of the results which point to routing which is performed by 3rd party 'cloud based firewall' services.
Does anyone know the infrastructure of the brokers and how it would affect performance? I've heard cryptoxchange uses cloud based hosting, so what would this mean if I was seek the fastest trade execution? Where would I (or my server) have to be?
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How right does this S3052 tend to be? If you have the right following, you can make a killing by taking advantage of followers by telling them to sell and buying yourself.
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It surprises me how much 4chan dislikes Bitcoin. It seems like the perfect place for BTC micro-donations to happen. what does /g/ stand for?
Isn't it obvious? /g/ = technology, /b/ = random, /k/ = weapons, etc.  Rofl. |
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