Newbies, when you read these forums please understand that lots of these guys post to try to spark a dump to get cheap coins!

On the bull side we have:

1. global fiat currency uncertainty, loss of confidence and inflation
2. growing bitcoin utilization
3. a really small BTC market cap compared to its potential
4. a much more efficient and inexpensive means to transfer value then traditional systems
5. block reward halving
6. bitinstant and other growing financial services companies
7. recognition of bitcoin's legality in Finland (was it finland?)

On the bear side we have:

1. Failure of obvious scams (pirate) and clearly illegal secondary services (stock markets) whose only relationship to bitcoin is that they use it.  They could just as easily have used another currency.
2. The one-time-makes-a-trend observation that "bitcoin does better in the summer"

Sure we might see some downward wiggle, but the trend is up!

Anyway, sheeple thx for dumping your coins!  But next time think before you dump :-).  You are more valuable as a happy owner of Bitcoin than as a means of value transfer from your pocket to mine... :-)

Gold silver is down so it is not a run away from fiat... markets basically neutral to down. 

So...why the rocket today?

All this afternoon campbx has been trading a few cents ahead (above) gox...

I am an impartial observer; I neither invested in Pirate or bet with Matthew.  There is no rational person or court who would agree with MNW's technical interpretation of his contract.  Fundamentally, you cannot call it a "bet" if you don't pay the other side, just like you cannot call it a "contract" if value is not received by both parties.  Additionally, an example does not override the fundamental intention of a contract.  There is absolutely no doubt in my mind he would have taken the money if he had won.

This forum needs to grow up.  Bitcoins are worth 10 USD EACH now.  Real money.  This garbage tarnishes the reputation of Bitcoin and has extended/doubled the agony of the people defrauded by Pirateat40.


There is only one thing we as a community can do.  It is simple.

Matthew N Wright no longer exists.

First put him on ignore, and LEAVE him there.

Do not respond to any of his posts.  Do not even acknowledge they exist.  Do not read them.  Do not read replies that quote him.

[EDIT: he's fired] Do not buy Bitcoin Magazine until Vladimir fires him.  PM Vladimir cancelling your subscription (even if no refund is offered) unless he is no longer there.  Tell Vladimir that reading his trash is just a waste of your time so he might as well not waste the postage.

Do not post to or read any threads he starts.

Do not use any of his companies or services.

Post a message here if you will support and implement this method of justice so Matthew and other members of the community can see that something is being done.  Please keep this posting to a yes or no.  You can discuss MNW's behavior on the many other threads.


Matthew N Wright you are not welcome here.  We cannot stop you from showing up.  We cannot stop your sockpuppets.  But when we discover them, they will also go on ignore.  Anything you do will wither and die.  There is nothing for you here.

Goodbye

The one theory that seems to strangely ring true to me is the theory that bitcoinica became an accidental ponzi.  I mean nobody else could/can offer this kind of leverage.  Maybe because they actually put some math behind their web site . 

Becoming a ponzi can be a slow process of steadily increasing minor indiscretions until you realize what it all adds up to.  Let me propose the following scenario:

Bitcoinica is making mad cash during the bear, its easy to bet against the typical bitcoin fanatic and win in a bear market.  But during the current long slow bull, bitcoinica goes underwater, betting against the highly leveraged bets from its own users.  Sure I read somewhere that bitcoinica "hedges" on Mt. Gox... but how does that work if you are offering 10-1 leverage and Gox is not? 

So what is Zhou going to do?  Just quit, when another bear market would equal more massive earnings?  Exploration of the possibilities yields help from some millionaire with a dubious reputation and a strategy. 

First, fake volatility in the market (its YOUR market after all) to get some of your depositor's money.  Look back at the "Zhou Thonged" thread https://bitcointalk.org/index.php?topic=49445.0 and you'll see some people complaining that their position got force liquidated due to some minor flash-crash that other markets did not even see...

When that's not enough we get a hack.  Then a sale to shift responsibility and finally of course full looting commences.

Put yourself in the head of a 17yo, in a culture where hackers are somewhat celebrated and tolerated (for one: http://www.thomascrampton.com/china/james-areddy-china-hackers/).  You're famous but you've got a tiger by the tail, no experience/wisdom, and now what to do?

ZT may be being emotionally honest in saying he wasn't involved (read: didn't want to be involved)  -- but he accidentally let the professional criminals in and at this point through a various forms of pressure they may have been running the show.

I joined bitcoin too late to be part of this mess.  Does this theory match your experience?  Discuss!

"A fatal error occured. Bitcoin can no longer continue safely and will quit.

EXCEPTION: 11DbException       
Db::get: DB_PAGE_NOTFOUND: Requested page not found       
bitcoin in Runaway exception"


Looks like BDB is unhappy... any ideas?

There's 2 rally threads full of rocket ships & a crash thread with... well... crashes.  This thread is about stability and how that's a good thing.




....ahhh, peaceful...

I know the big walls catch big attention but check out what's going on now.  After every buy (look for non trivial quantity), somebody executes a sell for .01.  This has the effect of dropping the displayed market price back down to what the buyers are asking (about 8.36), not what the sellers are asking.  A 5 minute weighted average would show the price MUCH higher (about 8.49).  You can see it here:
http://www.bitcoincharts.com/markets/mtgoxUSD_trades.html

But if you have clarkmoody running its obvious because all these .01 sells show up red (the only red!)

http://blockchain.info/charts/my-wallet-transaction-volume

How does that work?  Maybe if you run out of numbers in the nonce you get a new time?

Thx!
thezerg

Like the mining hashes/sec can?

I know this is probably better posted in the loans area but of course I can't post there right now.  I'm fascinated by the micro-loaning going on here, and in other currencies.  Where I live (USA), there is not much I can think of off the top of my head that you would need to borrow (say) 20BTC for and then actually be able to pay back 22 (or whatever) in a few weeks.

If you do not consider your business private, I'd love to hear your story!

Thx!
thezerg