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Economy / Speculation / Re: Why Bitfinex is that much more than other sites?
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on: April 18, 2017, 05:09:25 PM
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Don't deposit any money on bitfinex and if you have coins there, withdraw them - better safe than sorry.
That would be the best possible way for people to react, but I am fairly sure that just a tiny fraction of them will actually do so. Most people will only learn when things cost them a heavy load of money, but then it's already too late to act. I am not trying to scare people off, but the Mtgox smell starts to become stronger and stronger. Well yes, that's by definition how it works if Bitfinex is insolvent - it basically becomes a ponzi scheme. Those few who get out get out, the rest is inevitably trapped. The USD trapped is always going to be trapped, by getting out you're only changing >who< gets trapped. The majority would inevitably end up trapped. |
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Economy / Speculation / Re: Stoploss Do Not Work Anymore
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on: February 08, 2017, 11:21:31 AM
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Think of it like this: when you put in a stop-loss in an exchange-based GUI, you're giving free information at that point, saying "HEY! I'm willing to sell all my bitcoins at x-$ below market price". Information has value.
I'm don't want to accuse exchanges of selling any of this data, but realize that at least to the exchange you're giving up this information for free. At least the exchange knows, while it shouldn't have to know.
If you want to work with stop-loss, keep the stop-loss mechanism in your own control and use the API to execute it when the price hits trigger-$, so you can avoid giving information for free to a third party.
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