Lose all your capital fast, with MatTheCat and his TA 101A!

[Torque]

The scams in Bitcoin never fail to disappoint.  Huobi kept trying to push down the market with 0 volume wash trades to try and shake out margin longs because god forbid an insider trading shorter should have to cover at a loss. There were too many buyers at $600 on Finex, so what happens?  Finex randomly takes their site down and goxes out of the blue saying they have to unwind margin trades.

Just glad I have no funds on Finex right now.

Yeah, what a perfect coincidence right? A little too perfect?

[MatTheCat]

The scams in Bitcoin never fail to disappoint.  Huobi kept trying to push down the market with 0 volume wash trades to try and shake out margin longs because god forbid an insider trading shorter should have to cover at a loss. There were too many buyers at $600 on Finex, so what happens?  Finex randomly takes their site down and goxes out of the blue saying they have to unwind margin trades.

Just glad I have no funds on Finex right now.

Have around $6K on Finex right now, which to me, is quite a lot of money to lose.

As I have said several times by now...since the Kraken thefts, my plan has been to get everything out of Bitcoin, period, and put the money somewhere else where it isn't likely to be stolen, only for the exchanges to turn around and say..."sorry about your loss pal, but tough shit, now go fuck yourself."

I really don't know how you can keep interperating these things as some scam to artificially suppress the price. This sort of thing will kill Bitcoin. My only thoughts right now is that I am kicking myself for not getting my funds out of Finex whilst the waters were still relatively calm....and when Finex reopens for business, the need to get all of my wealth away from this corrupt Wild West game will be even more pressing....provided my account still has any fiat registered to it.

If I feel like that, you can be rest assurred that plenty others, with far more to lose feel the exact same...and what about all those leveraged traders whose positions are going to be closed by Finex!? An exchange cannot fkn do that! If I was short, and Finex clsoed my position thus limiting my profits, I would be furious...if I was leveraged long, and Finex closed my position at a loss, when my plan was to remain long until my target was hit, I would be fkn furious....

Absolutely nothing about crypto and Bitcoin in particular, that make these sort of risks (i.e. risk of exchanges and/or 'hackers' dissappearing with ur funds) worthwhile. The best Bitcoin trade of 2016, would have seen an investor double his money. Impressive volatility perhaps, but no more impressive than that of Amazon stocks. Infact, I have been keeping my eye on a few stocks and many of them offer even more volatility than Bitcoin, with absolutely none of the systemic risk, nor the ver real risks of theft and/or exchange shenanigans.

Investors may have tolerated these sorts of shenanigans when there was still the potential or belief in *10+ gains, but now, there is absolutely no rational reason why investors should put up with any of this.



ya know what I think?

I think that Bitcoin doesn't have too much further to go before the whole thing blows up.

[r0ach]

I think that Bitcoin doesn't have too much further to go before the whole thing blows up.

lol, more MatTheCat fantasies about buying $1 bitcoins after Finex comes online.

[MatTheCat]

lol, more MatTheCat fantasies about buying $1 bitcoins after Finex comes online.

I don't give a fuck what Bitcoin goes to no more than I don't give a fuck what a hundred other assets that I amn't invested in go to.


My plan now for around 2 weeks, has been to get 100% (or at least 95%) out of crypto, period.

For various reasons, not least of all me being fearful of a nosedive whilst my BTC is stuck for 5-6 hours in Limbo on its way to LocalBitcoins, I have not yet gotten out of BTC....


......and now Finex has been hacked. Are my funds safe or have I been mugged by the crooks that infest BTC land once again?



ya can all keep yer fkn Bitcoin.

[r0ach]

......and now Finex has been hacked. Are my funds safe or have I been mugged by the crooks that infest BTC land once again?

Why not both

[Holliday]

ya can all keep yer fkn Bitcoin.

We do. Not on exchanges. LOL.

I know, we can't trade if we aren't on an exchange. Who the fuck cares? Trading is for suckers and insiders who rape the suckers. That seems to be obvious regardless of which market you pick. Have fun on the stock market, LMAO.

Mat, you need to become an insider so you can rape people like yourself. If you can't beat 'em, join 'em.

[Torque]

Mat, you need to become an insider so you can rape people like yourself. If you can't beat 'em, join 'em.

Agreed, I want to know how I can get a job at Finex, so I too can be privy to Bitcoin insider trading, front running, fake "exchange issues", hacks, and other such shenanigans.

[MatTheCat]

Mat, you need to become an insider so you can rape people like yourself. If you can't beat 'em, join 'em.

Agreed, I want to know how I can get a job at Finex, so I too can be privy to Bitcoin insider trading, front running, fake "exchange issues", hacks, and other such shenanigans.

Good chance that the hacks are, 'shock horror', *real*.

As indicated by my signature. A bunch of Kraken accounts got emptied on the 20th July.

Kraken's response was to blame it's customers for their computers being hacked and generally keep it hushed up as possible.......now a bunch of Finex accounts have been emptied, their response has been to shut down operations, and publically announce that they have been hacked.


Fuck Bitcoin. Only good for paedos, drug addicts, and cyber theives.........and corrupt dodgy as fuck exchanges whose customers are basically playing Russian roulette by keeping funds there.

[dumbfbrankings]

Just glad I have no funds on Finex right now.

whew, dodged a bullet there.

Welp, bought more at $600.  Dollar cost averaging saves the day.

[MatTheCat]

Downside bearish AB=CD harmonic hit:



If I was still interested in Bitcoin, and handn't had my Kraken account emptied and/or I had access to my Finex account (which may or may not be emptied), I might consider going long BTC for a bit here.



Happy Halving Pump Everyone!

[chesthing]

Trying to buy  $10k of btc on Coinbase and their site is down FUCK!!!!!

[r0ach]

whew, dodged a bullet there.

random propaganda

Your jewish propaganda post was linking buys and sells i did 2 months ago.  I've obviously not gone AFK and done 0 trading since then.

[MatTheCat]

Your jewish propaganda post was linking buys and sells i did 2 months ago.  I've obviously not gone AFK and done 0 trading since then.

Hey r0ach...

following on from our little discussion about BTC, TA, and the 61.8% retrace trade target:

[chesthing]

Crypto exchanges suck fucking ASS.

[marcus_of_augustus]

Crypto exchanges suck fucking ASS.

not really, blockchain crypto is inherently nasty for centralised services to deal with, it's part of the design ... people are just fucking stupid and don't listen or observe the history thus far that has demonstrated this every time.

[r0ach]

This is what I believe happened on BitFinex:

https://steemit.com/news/@r0achtheunsavory/bitfinex-is-lying-about-the-hack-and-i-can-tell-you-exactly-what-likely-happened

[adamstgBit]

This is what I believe happened on BitFinex:

https://steemit.com/news/@r0achtheunsavory/bitfinex-is-lying-about-the-hack-and-i-can-tell-you-exactly-what-likely-happened

if the shorts hes pointing to are indeed bitfinex naked shorting there own exchange, and it shows up on a third party chart site then surely bitfinex will have logs of these trades and who did them

i dont think i believe this guy's story.

and i dont believe anything posted on steem, people have a huge incentive to post anything that they think will get upvoted a lot.

[Wind_FURY]

This is what I believe happened on BitFinex:

https://steemit.com/news/@r0achtheunsavory/bitfinex-is-lying-about-the-hack-and-i-can-tell-you-exactly-what-likely-happened

Is this true?

"Another obvious reason they've been insolvent for a long time is, a guy I know from one of the trading channels I'm in (Expanse dev - not franko, the other one) tried to make a 100 BTC withdrawal from Finex like five days ago and what happened? Finex canceled his withdrawal, gave him some bogus excuse, put his account on hold, and refused to let him take funds out."

An exchange has no right to hold a person's BTC if he wants to withdraw it. I am wondering what the excuse BitFinex gave is?

[r0ach]

This is what I believe happened on BitFinex:

https://steemit.com/news/@r0achtheunsavory/bitfinex-is-lying-about-the-hack-and-i-can-tell-you-exactly-what-likely-happened

if the shorts hes pointing to are indeed bitfinex naked shorting there own exchange, and it shows up on a third party chart site then surely bitfinex will have logs of these trades and who did them

i dont think i believe this guy's story.

and i dont believe anything posted on steem, people have a huge incentive to post anything that they think will get upvoted a lot.

Ask MatTheCat if he believes Finex trades on their own exchange or not.  It's an unregulated market.  They can prison rape you however they want, with the exception of random bullshit having to do with handling fiat funds.

[MatTheCat]

An exchange has no right to hold a person's BTC if he wants to withdraw it. I am wondering what the excuse BitFinex gave is?

At the end of the day...these exchanges can and will do what the fuck they want. They are not regulated by any finanical authority and therefore the only laws which keep them in check, are those pertaining to fraud, and that 'fraud', must first be proven, and for those with back end access to an exchange, I would bet there are a great many ways by which the tracks of in-house nefarious activity can be covered up.

Traders are taking a huge risk depositing money with any BTC exchange, anywhere.

I realised this after my account got emptied on Kraken, who probably got hacked themselves, but to the tune of a much lower amount, and so passed the loss onto their customers by selectively emptying 'unprotected' accounts. Was on holiday when this happened, but my plan always was to withdraw everything I have on BTC exchanges, and keep away for good.....but for various reasons, I never actually got around to doing so.......and now this.

I know that worse things have happened in Bitcoin and Bitcoin has continued to live on, but this is just another large chunk of timber on the funeral pyre. If Finex goes down and takes my USD with it (I had USD on Finex, not BTC, which is the on thing giving me hope right now), then that will probably be the blow that prevents me from ever entrusting money with any trading exchange, ever again. If Finex reopens for business sometime next week, or the week after that, then I shall promptly withdraw all that I have, cash out, and then get the fuck out of BTC once and for all. Even if I was a crack trader (and plenty evidence in here suggesting that I am not), BTC is overall offering no better trade opportunities than many Stocks, including the likes of Amazon. There is absolutley no good reason at all why a trader should have to risk funds on unregulated Bitcoin exchanges.

Bitcoin is not going to take over the world, it is going to die a slow drawn out death, amongst a cesspit of exchange corruption, hacks, and thefts, as the Chinese miners with their massive energy rebates, who cannot make ends meet at $500 (or less) Bitcoin, slowly start to throw in the towel and switch off their farms, bringing the network to grinding halt, with 24 hour transaction confirmations becoming standard.......