NamelessOne (OP)
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April 10, 2013, 05:46:44 PM |
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What's it have to do with Gox? Other exchanges are ~$200
Exactly. The lag is not causing this drop.....the drop is causing the lag. The lag that starts begins a paradox like fear cycle that can keep building and building. |
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XXthetimeisnowXX
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a wolf in sheeps clothing. suckerfish
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April 10, 2013, 05:48:19 PM |
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What's it have to do with Gox? Other exchanges are ~$200
Gox leads the market with like 75% of all trade. All exchanges follow gox. Common knowledge. yep they follow gox, if you ever see an exchange that gox follows it was just coincedence back to gox in the lead |
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gizmoh
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April 10, 2013, 05:50:42 PM |
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Its 2.45 AM in japan,the hamsters at gox are sleeping,someone wake that french prick of Mark and tell him to fix his Shitty engine before we all get screwed cause of his incompetence
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rebuilder
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April 10, 2013, 06:08:52 PM |
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For all I can tell, they *have* halted trading. Or maybe it's just the lag that has ground things to a halt. Either way, all I see is a lot of sites creaking under the pressure.
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Selling out to advertisers shows you respect neither yourself nor the rest of us.
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Too many low-quality posts? Mods not keeping things clean enough? Self-moderated threads let you keep signature spammers and trolls out!
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sukiho
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April 10, 2013, 06:20:57 PM |
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this has been going on for weeks like clockwork, its not difficult to profit from it, I for one am glad they dont stop the trading
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Qoheleth
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Spurn wild goose chases. Seek that which endures.
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April 10, 2013, 06:53:41 PM |
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If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
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NamelessOne (OP)
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April 11, 2013, 02:13:16 PM |
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They did it, they've halted traded to let the lag subside. It is the only sane option at the moment if their systems can't handle it.
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evolve
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April 11, 2013, 03:23:57 PM |
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Trading is halted until 2013-04-12 02:00am UTC to allow the market to cooldown following the drop in price. Read more details on the support. Additionally trading fees will not be charged within 48 hours of trading resuming (until 2013-04-14 02:00am UTC). From MtGoxs website. Its outright price manipulation; if the price is going to fall, let it fall. |
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Qoheleth
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Spurn wild goose chases. Seek that which endures.
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April 11, 2013, 03:50:29 PM |
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Trading is halted until 2013-04-12 02:00am UTC to allow the market to cooldown following the drop in price. Read more details on the support. Additionally trading fees will not be charged within 48 hours of trading resuming (until 2013-04-14 02:00am UTC). From MtGoxs website. Its outright price manipulation; if the price is going to fall, let it fall. It's not just manipulation, it's boneheaded manipulation. BTC transfers are fast. Fiat transfers are slow, and MTGOX-USD codes can't be created anymore. So people's dry powder is locked up on a frozen exchange, but cashing out their BTC is as simple as waiting for the transfer to a secondary exchange of their choice. If they were trying to prop up the price, they picked a pretty awful way to do it! |
If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
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Manticore
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April 11, 2013, 09:58:53 PM |
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Trading is halted until 2013-04-12 02:00am UTC to allow the market to cooldown following the drop in price. Read more details on the support. Additionally trading fees will not be charged within 48 hours of trading resuming (until 2013-04-14 02:00am UTC). From MtGoxs website. Its outright price manipulation; if the price is going to fall, let it fall. It's not just manipulation, it's boneheaded manipulation. BTC transfers are fast. Fiat transfers are slow, and MTGOX-USD codes can't be created anymore. So people's dry powder is locked up on a frozen exchange, but cashing out their BTC is as simple as waiting for the transfer to a secondary exchange of their choice. If they were trying to prop up the price, they picked a pretty awful way to do it! This is how NYSE & Nasdaq do it (trading curbs, circuit breakers). Interesting that FOREX currencies don't halt. If we had drifted below yesterdays low today, we would've had another major sell-off (still could). So they halted it before it went below major psychological support because they would have lagged out anyways. We'll probably see the bot bids try to fiercely keep it up when it starts trading tonight. I'll be curious to see how they avoid a lag with the kind of volume that will coming into this.... |
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Qoheleth
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Spurn wild goose chases. Seek that which endures.
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April 11, 2013, 10:31:00 PM |
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This is how NYSE & Nasdaq do it (trading curbs, circuit breakers). Interesting that FOREX currencies don't halt. If we had drifted below yesterdays low today, we would've had another major sell-off (still could). So they halted it before it went below major psychological support because they would have lagged out anyways. We'll probably see the bot bids try to fiercely keep it up when it starts trading tonight. I'll be curious to see how they avoid a lag with the kind of volume that will coming into this....
With NYSE and Nasdaq, if they close down you have to go over-the-counter, and more importantly you keep control of both relevant assets so you can still make your trades. If I wanted to sell right now with the coins I have on Mt. Gox, I could do it by going to another exchange. If I wanted to buy right now with the fiat I have on Mt. Gox, I can't do it because my money can't leave Mt. Gox in any reasonable amount of time. That's the fundamental difference, to me. |
If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
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Manticore
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April 11, 2013, 10:39:45 PM |
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With NYSE and Nasdaq, if they close down you have to go over-the-counter, and more importantly you keep control of both relevant assets so you can still make your trades.
If I wanted to sell right now with the coins I have on Mt. Gox, I could do it by going to another exchange.
If I wanted to buy right now with the fiat I have on Mt. Gox, I can't do it because my money can't leave Mt. Gox in any reasonable amount of time.
That's the fundamental difference, to me.
Yes, I agree with that. I think they were more worried about losing their entire business model if Bitcoin took another major dive and then they lagged out again. |
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NamelessOne (OP)
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April 11, 2013, 10:46:17 PM |
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They actually picked the worst possible moment to do it. After huge downward volume it had petered out for a long while and started to get some decent buying volume and an earnest climb up. And then bam freeze the market looking like it is on the verge of a crash. I also only think halting the trading should be temporary, like minutes, 10-15 minutes to kill lag and then let trading continue. 12 hours is a whole different ballgame.
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ex-trader
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April 11, 2013, 10:58:25 PM |
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This is how NYSE & Nasdaq do it (trading curbs, circuit breakers). Interesting that FOREX currencies don't halt.
Circuit breakers only work when an asset is only traded on that individual exchange i.e. all trading halts and people pause for thought, in case it was sparked by an error. In the case of assets traded on multiple exchanges or OTC there can be no halt in trading, it just carries on trading elsewhere and people on one exchange watch powerlessly. Anyone asking for a single exchange to halt trading a multi-exchange traded asset (ie gold/forex/bitcoin) is not thinking it through. |
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Manticore
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April 12, 2013, 04:03:05 AM |
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This is how NYSE & Nasdaq do it (trading curbs, circuit breakers). Interesting that FOREX currencies don't halt.
Circuit breakers only work when an asset is only traded on that individual exchange i.e. all trading halts and people pause for thought, in case it was sparked by an error. In the case of assets traded on multiple exchanges or OTC there can be no halt in trading, it just carries on trading elsewhere and people on one exchange watch powerlessly. Anyone asking for a single exchange to halt trading a multi-exchange traded asset (ie gold/forex/bitcoin) is not thinking it through. Good points. But you also must realize that ADRs are traded on multiple exchanges as well. So when the NYSE/Nasdaq shut down, many stocks are trading on other exchanges. And....ADRs have different trading hours anyways, so they trade sort of independently. Volume on Gox makes it an almost defacto single exchange. |
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Wuji
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April 12, 2013, 04:04:35 AM |
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Bye Mt. Gox and thanks for all the fish but we are not friends anymore. New exchange here I come.
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Manticore
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April 12, 2013, 04:04:59 AM |
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This is how NYSE & Nasdaq do it (trading curbs, circuit breakers). Interesting that FOREX currencies don't halt.
Circuit breakers only work when an asset is only traded on that individual exchange i.e. all trading halts and people pause for thought, in case it was sparked by an error. In the case of assets traded on multiple exchanges or OTC there can be no halt in trading, it just carries on trading elsewhere and people on one exchange watch powerlessly. Anyone asking for a single exchange to halt trading a multi-exchange traded asset (ie gold/forex/bitcoin) is not thinking it through. But yes, FOREX doesn't have circuit breakers for obvious reasons. Are you a former futures/commodities/FOREX trader? I know the space. |
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ex-trader
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April 12, 2013, 01:14:54 PM |
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Are you a former futures/commodities/FOREX trader? I know the space.
I worked for one of the biggest Wall Street firms and others. I don't want to name markets or firms, but I did deals in FX/equity/rate derivatives and others. |
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donjoe
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April 12, 2013, 01:21:22 PM |
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Bye Mt. Gox and thanks for all the fish but we are not friends anymore. New exchange here I come. This. If you want something decentralized properly you have to decentralize it yourself. |
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Manticore
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April 13, 2013, 01:33:48 PM |
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Are you a former futures/commodities/FOREX trader? I know the space.
I worked for one of the biggest Wall Street firms and others. I don't want to name markets or firms, but I did deals in FX/equity/rate derivatives and others. I still have many friends who work for the usual suspects on Wall Street. I am now working in an offshore financial center. I have experience in managed futures, equities, forex, private equity. I am not a professional trader, although I dabble in equities. I agree, they really shouldn't have circuit breakers. I was beginning to think that this lag was a half-hearted attempt at trading curbs during sell-offs. No, I think they simply have a very bad platform that gets jammed up by bot trades.....probably much less nefarious than I had originally thought. My interest in BTC is that it is non-correlated (if ever anything was). The systematic risk makes it a very tough sell.....a non-starter really. The liquidity isn't quite there yet but I guess that will come. They really need infrastructure......separate the exchange and the brokerages IMO. Or, get a real firm involved. |
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