deathcode (OP)
Copper Member
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Activity: 1428
Merit: 253
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April 04, 2013, 05:32:42 PM |
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After a few crazy days ($101 to $147 in 24hrs and back to $110) we can see a little bit of stability. I wouldn't mind the price to linger in the 120's-130's for a few weeks!  Knowing the recent events that cause MTGox to go down and with lags going crazy (10minutes or above) Please answer the questions in the poll |
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SomeWhere
Member
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Activity: 71
Merit: 10
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April 04, 2013, 05:38:00 PM |
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Why would the stability of Bitcoins depend on exchanges at all in the future?
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myrkul
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April 04, 2013, 05:52:10 PM |
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Why would the stability of Bitcoins depend on exchanges at all in the future?
Why wouldn't it? it's been proven twice that when MTGox was down or lagging like crazy, bitcoin went down due to panic sell off... Or is it the other way around? |
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cbeast
Donator
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Activity: 1736
Merit: 1014
Let's talk governance, lipstick, and pigs.
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April 04, 2013, 06:01:09 PM |
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We need a closed exchange open only to brokers to eliminate day trading.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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alexeft
Legendary
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Activity: 854
Merit: 1000
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April 04, 2013, 06:02:30 PM |
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I think bitcoin is too young to be stable at all. Stability will come with time. |
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Dr3AM$cAp3
Member
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Activity: 80
Merit: 10
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April 04, 2013, 06:09:19 PM |
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Will bitcoin ATMs help any? Or will that just raise familiarity/awareness/availability and decrease stability for a while? http://money.cnn.com/2013/04/04/investing/bitcoin-atms/I thought day trading and speculators added stability to the market. Apologizing for my ignorance, I'm new to this and kinda young.... |
New to the game, too much to learn.
Smiley OD, sarcasm implied.
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myrkul
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April 04, 2013, 06:09:46 PM |
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Why would the stability of Bitcoins depend on exchanges at all in the future?
Why wouldn't it? it's been proven twice that when MTGox was down or lagging like crazy, bitcoin went down due to panic sell off... Or is it the other way around? You don't read announcements uh? But did panic selling bring it down, or did it going down cause panic selling? I'd hardly believe that a temporary outage - even of the biggest exchange - would cause people to freak out and try and sell... but it's a well known fact that high volume will drag Gox under. |
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Dr3AM$cAp3
Member
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Activity: 80
Merit: 10
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April 04, 2013, 06:11:45 PM |
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I'm still not breathing; bought in at 138.  |
New to the game, too much to learn.
Smiley OD, sarcasm implied.
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myrkul
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April 04, 2013, 06:14:52 PM |
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I'm still not breathing; bought in at 138. Relax, you're not the first to buy in at or near a short-term peak. Long term, you'll be fine. |
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Dr3AM$cAp3
Member
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Activity: 80
Merit: 10
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April 04, 2013, 06:18:49 PM |
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I'm still not breathing; bought in at 138. Relax, you're not the first to buy in at or near a short-term peak. Long term, you'll be fine. Why, thanks. That actually did make me feel better.  But I will only breathe a little bit. |
New to the game, too much to learn.
Smiley OD, sarcasm implied.
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mobodick
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April 04, 2013, 06:23:01 PM |
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Why would the stability of Bitcoins depend on exchanges at all in the future?
Why wouldn't it? it's been proven twice that when MTGox was down or lagging like crazy, bitcoin went down due to panic sell off... But then again when any new mining tech comes out the price soars which makes Gox lag... So the actual cause of the instabilities is the reckless introduction of new mining hardware. |
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myrkul
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April 04, 2013, 06:31:32 PM |
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DoS attacks are the cause. Did you read the MTGox statement? I must have missed the most recent one, but DoS attacks against Gox are nothing new. They are under heavy DoS attacks all the time. The exchange goes down, people panic sell, other try to buy cheap coins = high volume, lag, and more panic selling... That's kinda my point, They're under DoS all the time. This means that it probably wouldn't take much increased volume to tip it over. The kind of increased volume that results from a panic sell.... |
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MikeH
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April 04, 2013, 06:52:31 PM |
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my vote is less exchanges, not more - you'll see smaller swings but of course mt gox needs fixing.
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myrkul
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April 04, 2013, 06:54:38 PM |
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DoS attacks are the cause. Did you read the MTGox statement? I must have missed the most recent one, but DoS attacks against Gox are nothing new. They are under heavy DoS attacks all the time. The exchange goes down, people panic sell, other try to buy cheap coins = high volume, lag, and more panic selling... That's kinda my point, They're under DoS all the time. This means that it probably wouldn't take much increased volume to tip it over. The kind of increased volume that results from a panic sell.... Not all DoS attacks are the same. some are bigger, some smaller, some are uncoordinated, some are successful and some aren't OK, let me ask you this: If your exchange experienced a brief outage, your next action as soon as it comes back online is to: A) Sell all your bitcoins; B) Buy as many as you can with your available fiat; or C) Do nothing. If anything, the DoS caused a delay in the web interface, causing sell and buy orders to be executed automatically before they could be modified. Thus, when the exchange came back, the price had already moved as much as it was going to. |
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BTCLuke
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April 04, 2013, 07:12:34 PM |
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My answer is decentralized exchanges. A peer-to-peer decentralized exchange, like bitcoin.
How to make this work? I have no idea. One of the awesome coders here will have to figure that nightmare out...
However, if Bitcoin is the answer to our monetary problems today, then a P2P exchange is clearly the answer to our centralized exchange problem.
...Just like Bittorrent is the answer to our restricted information problems.
...Just like Mesh Networking will be the answer to our Centralized ISP problem.
...Just like DEFCAD Search will be the answer to our restricted products problem.
I believe that the answer to every major problem facing us today, in all walks of life from medicine to economics to space exploration, is always to make a Peer-to-peer solution and those who care about the problem will indeed solve it.
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Luke Parker
Bank Abolitionist
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mobodick
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April 04, 2013, 07:15:09 PM |
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Why would the stability of Bitcoins depend on exchanges at all in the future?
Why wouldn't it? it's been proven twice that when MTGox was down or lagging like crazy, bitcoin went down due to panic sell off... But then again when any new mining tech comes out the price soars which makes Gox lag... So the actual cause of the instabilities is the reckless introduction of new mining hardware. do not confuse an instability in the exchange with the introduction of new mining hardware. They are not related. That at the most will create instability of a different nature. The one we experienced yesterday was due to DoS attacks. I think those panic sell offs are a sign of how small the market still is. Most of the recent sell offs (and there were quite a few) were not related to attacks at all. Almost all of the recent action in bitcoinland is related to ASICs being so much faster at mining than older hardware. That includes the price rise and DOS attacks, but also the rise in interest and the stream of new users. Just saying... |
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MatTheCat
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April 04, 2013, 07:16:35 PM |
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Or is it the other way around?
Hey man! Don't question deathcode's wishful thinking/paradigms/pseudo knowledge! If you do, then it is because you are an idiot that knows nothing about Bitcoin! Instead, you should just accept the reassurances of the most arrogant pig headed clown on the whole forum (with a nose made perfect for being punched, may I add). If he says everything is just fine, then everything is just fine! Understand? |
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myrkul
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April 04, 2013, 07:28:40 PM |
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...the most arrogant pig headed clown on the whole forum...
He'll have to work for that title. There are some pretty arrogant, pig-headed clowns who occasionally troll the Politics subforum. I think I've chased the worst of them off, though. So, you may be right, he might be the most arrogant, pig-headed clown left on the forum, but I doubt even that. |
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Dr3AM$cAp3
Member
Offline
Activity: 80
Merit: 10
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April 04, 2013, 07:40:35 PM |
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My answer is decentralized exchanges. A peer-to-peer decentralized exchange, like bitcoin.
How to make this work? I have no idea. One of the awesome coders here will have to figure that nightmare out...
However, if Bitcoin is the answer to our monetary problems today, then a P2P exchange is clearly the answer to our centralized exchange problem.
...Just like Bittorrent is the answer to our restricted information problems.
...Just like Mesh Networking will be the answer to our Centralized ISP problem.
...Just like DEFCAD Search will be the answer to our restricted products problem.
I believe that the answer to every major problem facing us today, in all walks of life from medicine to economics to space exploration, is always to make a Peer-to-peer solution and those who care about the problem will indeed solve it.
+1 for a lovely post. Can anyone +1 on this forum? I cannot. Here's an imaginary canary then. Enjoy! |
New to the game, too much to learn.
Smiley OD, sarcasm implied.
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