Prior to a UK court making some kind of ruling on the matter nothing is going to happen there.
Possibly, but Donald and Patrick's reaction after the Bitcoinica fiasco hasn't exactly been confidence inspiring. In this case I'd rather be cautious than just assume that Bitcoinica's troubles won't bleed over into Intersango. |
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ppl are discounting Intersango being dragged into the Bitcoinica lawsuit somehow. or at least that their owners are going to take a financial hit which could threaten the site. i hope not.
I removed intersango from my arbitrage bot several weeks ago for this very reason. Moved my capital elsewhere. Thinking of doing the same with CampBx because the volume is so low and they dont have any good exchange to exchange fiat transfer options (like say BitInstant). I miss TradeHill. Arbitrage aint what it used to be...but there are still some very good days. Same here, I used to arbitrage GBP, USD and EUR on Intersango, but have been keeping only a token balance there lately for the same reason. I'll wait for some clarity on how the Bitcoinica fiasco will affect Intersango before I do any more serious trading there. |
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This has been gone over now many times. The reason is that due to Dwolla having a tendency to lock funds at will it's unsafe for MtGox to carry a substantial balance. So payments have to be queued up as funds rotate thru the account. At least that's the story I've managed to figure out based on cryptic between the lines reading of posts here.
It'll be a good day when MtGox has an alternative and it sounds like maybe soon.
Sounds like it's not an alternative as much as Gox has just resolved their issues with Dwolla, which is a good thing. |
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FYI, usually when the transfer is about to be made the status in your history will change from "confirmed" to "todo". Once that happens the transfer is usually completed within a few hours.
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Hmm.. I didn't know that BTC-e supported Dwolla...
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Cool, I knew my 30k SO rep would be good for something  Let's just ignore that 1 SER (Stack Exchange Rep) is valued at (0.2 BTC / 10000) * $11 = $0.00022. It is kind of the community to donate some BTCs for the tremendous resource that is Stack Exchange. This initiative does provide the following side-effects (at least): 1) promotes the visibility of Bitcoins ("Hey, what's that Bitcoin address meme about? More unicorns?") 2) helps locate SO contributors with high rep who are interested in Bitcoin ( bitcoin.stackexchange.com also helps here) 3) promotes the propster site As a side note, several progressive recruitment agents have noted that a high rep on Stack Exchange has been mentioned by prospective clients. They use it as a quick filter for "technical knowledge with solid communication skills". So maybe it is good for something else. I'd agree on all points. I've noticed as well that I've been getting quite a few more recruiters contacting me mentioning my SO rep. I'm happy where I'm at, but it certainly is interesting to see that this is something employers are taking notice of. |
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Cool, I knew my 30k SO rep would be good for something |
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Out of curiosity, why not?
Lets think this logically (not I wish x would happen because it helps me personally). Why would someone use a MtGox code? Why not just cash out from MtGox? Someone will deposit a MtGox code because there is a long delay @ MtGox. If someone could cash out from MtGox with a 21 day delay or cash out from Bitfloor with a 0 day delay which would they pick? So you would see a huge influx of semi-worthless Gox codes. Now when those users deposit a Gox code and attempt to cash out on Bitfloor where does the cash come from? It is still on MtGox so the operator has to cash out from MtGox wait 21 days for it to get to his bank account and then pay users. Quickly the cashouts will exceed cash on hand and delay for cashing out will go from 0 days to 21 days. MtGox can then push shtylman's cashout requests to the back burners (oops this request took 28 days, that one too 32 days). That would disrupt his cashflow probably fatally. When Bitfloor no longer has fast cashouts it will die. Makes perfect sense. I was thinking about it just from my perspective where I would most likely be adding $$ with Gox codes and either withdrawing back again as Gox codes or withdrawing coins. I'm doing arbitrage, so my money never really leaves the exchanges, just moves from one exchange to another. |
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May be related to intersango funds finally cleaning.
People now have the choice - leave their money in Intersango, request a withdrawal, or convert it to BTC and move fast.
Was wondering about something like that, can you post a reference ? My own deposit just cleared this afternoon - and on their IRC channel there was a statement made that now deposits should start to catch up fast. Makes sense - suddenly a ton of fiat gets into the exchange - only ways out being BTC or withdrawal. Withdrawl being slower. Notice the volume of sell orders on intersango vs buyers. https://intersango.com/orderbook.phpTo be fair, it seems like there's always an absence of sellers in the Intersango GBP market. However, I wouldn't be surprised if people are rushing for the exits there. I know I've been very careful about how much money & coins I allow to accumulate there lately. Even if Intersango is a separate entity from Bitcoinica, any legal action (especially criminal) against Donald, Patrick & Amir is sure to negatively affect the operations of Intersango. Also, given how Donald & Patrick caved in and gave up after the Bitcoinica fiasco and refuse to offer any further support or communication, it makes me wonder why the same thing couldn't happen with Intersango. |
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eek - probably shouldn't be showing SQL errors on a production site like that.
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BAM, $10 bitches!
It started climbing after Bitcoinica shut down - is that a coincidence? (Not trying to start anything - serious question - I'm all for higher values) I'd say quite possibly yes. With bitcoinica, if you thought bitcoins were going to go up, you could buy them (leveraged if you wanted to). If you thought Bitcoin was a giant ponzi and you wanted to short them, you could do that too. Without bitcoinica, if you think bitcoins are going up, you can still buy them. But if you think they are going down, you now have no way to short. Of course you can sell what you have, but that eliminates a whole swath of people who want to short and don't have any bitcoins. |
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Interesting, anyone know if the guy interviewed is active on these forums? I'm from west Michigan and might be fun to sit down with him for beers sometime.
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Tihan,
How does this effect the efforts by Mt Gox, AurumXChange, et al. to recover the funds from Zhou (or his mysterious friend as the case may be?)
Are you in communication with or actively working with those parties on the funds recovery?
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I've noticed that Dwolla transfers are down to about a week or less lately (I transfer money out of Gox almost daily). Of course I'd love for them to be instant, but a week is better than two weeks.
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Would also love to see the ability to redeem MtGox codes but I doubt that will happen.
I really hope that doesn't happen. Out of curiosity, why not? |
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Wouldn't you then have a problem where some transactions never get processed?
For example, lets say you generate a block every 10 minutes and can include 5,000 transactions in a block. If the network generates 5,100 transactions on average every 10 minutes, then a backlog of un-confirmed transactions will build that will only get bigger and bigger with time. If you don't include a fee with your transaction, you can't later go in and add one, so it's possible that transactions without a fee may never be confirmed. Or does the protocol have something built in to defend against that?
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It seems this is back again.
Last Price : 8.65000 Buy :8.62000 Sell : 8.60000 Volume : 1248.67880
This actually happens quite often. The problem is that when you query the order book, it should only show orders that are actually on the books. Orders that are queued for execution in the trading engine are not on the books and shouldn't be shown. In my opinion this is just a design flaw in their order processing system that just happens to only really manifest itself when the trading engine slows down or gets bogged up. Not that they're the only ones to have this problem - I've seen this same behavior on other bitcoin exchanges too. |
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Probably the same thing that happens to bitcoin when hell freezes over |
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Before wasting money on damn lawyers, it might be a good idea to compile the claims and send a letter to Bitcoinica GP with a clear explanation of your position, what money are claimed and what it would take to prevent any legal action (repayment of claims presumably).
I, for example, would definitely first seek an amicable settlement of the matter and only then get serious about legal action.
+1 From my cursory reading of the pastebin, it seems that everyone was acting in good faith to try to get money back to customers in a reasonable way. Seems the biggest problem was that there was simply no leadership so the whole claims process turned into a "decision by committee" disaster. |
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I love your liquidity rebate pricing model but I wonder if it has any negative impact on trading volume?
Scalp traders would most likely use market orders instead of limit orders, might this put them at a disadvantage?
Considering that even their taker fees are lower than most other exchanges, I doubt if this is an issue. ETA: Personally, the only reason I haven't started trading there yet is the lack of Dwolla support. |
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