Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[N12]

For all those doubting how amateurish and criminal our exchanges are, tune in yourself: http://vocaroo.com/i/s1JIOjeIjWbN

A professional criminal would never slip up, and an honest amateur would not do this. But when you combine both, you get the clusterfuck we have.

Professional amateur or honest criminal?

Well, amateur criminals.

Not to worry though, another one is ready to back him up, assuring us that they oversee themselves:

2. First off, anyone at bitfinex should be able to use bitfinex. As others have mentioned, we are all interested in an asset, but we don't have inside information into bitcoin. That being said, we don't allow any employees to game the system by front running orders, etc. As someone mentioned, we have long term positions, which may need to be adjusted, but we all trade on our own accounts, and they are monitored by the whole management team as a check and balance system. As far as my swaps, I have exactly the same information as the rest of you, I don't tinker with the production data, as I am working on integrating the new system which is not live yet.

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[Davyd05]

For all those doubting how amateurish and criminal our exchanges are, tune in yourself: http://vocaroo.com/i/s1JIOjeIjWbN

A professional criminal would never slip up, and an honest amateur would not do this. But when you combine both, you get the clusterfuck we have.

so despite him saying he doesn't actively trade it, you wanna start a witch hunt. I am sorry its not cool for him to divest or manage his wealth to an extent.

He contradicts himself by backpedaling later. He trades.

As someone else on Reddit sums it up:

"IM NOT TRADING. WELL, IVE BEEN A TRADER MY WHOLE LIFE AND I BUY WHEN IT GOES DOWN AND SELL WHEN IT GOES UP BUT YEAH IM NOT ACTIVELY TRADING, THAT WOULD BE INAPPROPRIATE."

are you going to really, discriminate the difference between actively trading on a daily basis, vs adjusting his position as the fucking asset tanks? man you're showing your inner lambchop today.

A decent attack would've just stated they shouldn't allow employees to trade @ bitfinex, and that they should manage or trade their bitcoin holdings at a different exchange. Instead we incite witch hunts.

[luckygenough56]

better to buy back my bitcoins?
will we go up soon?

not a chance

[noobtrader]

For all those doubting how amateurish and criminal our exchanges are, tune in yourself: http://vocaroo.com/i/s1JIOjeIjWbN

A professional criminal would never slip up, and an honest amateur would not do this. But when you combine both, you get the clusterfuck we have.

Professional amateur or honest criminal?

he is not a criminal yet....

[N12]

are you going to really, discriminate the difference between actively trading on a daily basis, vs adjusting his position as the fucking asset tanks? man you're showing your inner lambchop today.

Not my problem you don't know what trading is: I'm not the one discriminating between timeframes. Whether he trades on a daily basis or every couple months, he could engage in stop hunting etc., especially considering it's a platform for margin positions it's quite sensitive.

BTW, as I understand it, the context of this audio recording is that he slipped up before that on some Teamspeak channel, and the shitstorm came over him via a couple Reddit threads. So, lots of backpedaling is to be expected.

Are you telling me that such things should not be investigated, and that exchanges shouldn't publish a ruleset how they deal with such conflicts of interest? Hell, even the Micky Mouse Magic the Gathering exchange always claimed that they forbid their employees from trading there.

[ivyleague1985]

better to buy back my bitcoins?
will we go up soon?

You will get yourself hurt by asking question like this.

Many people will try to give you bold answers without any analysis. And many posters are hired by the whales to brainwash newbies like you.

Newbies should start his/her journey by reading reliable posts from reliable members. You should define your circle of trust on this forum.

[Davyd05]

are you going to really, discriminate the difference between actively trading on a daily basis, vs adjusting his position as the fucking asset tanks? man you're showing your inner lambchop today.

Not my problem you don't know what trading is: I'm not the one discriminating between timeframes.

BTW, as I understand it, the context of this audio recording is that he slipped up before that on some Teamspeak channel, and the shitstorm came over him via a couple Reddit threads. So, lots of backpedaling is to be expected.

Are you telling me that such things should not be investigated, and that exchanges shouldn't publish a ruleset how they deal with such conflicts of interest? Hell, even the Micky Mouse Magic the Gathering exchange always claimed that they forbid their employees from trading there.

I am about not trying to incite witch hunts on small bits of info in an informal teamspeak chat, but I don't doubt we need more oversight into these situations.

http://www.reddit.com/r/BitcoinMarkets/comments/2t3iz5/bitfinex_cso_phillip_g_potter_admits_to_trading/cnw41fk?context=3

Hey Guys,

This is Josh Rossi, VP of Business Development at Bitfinex, some of my initial comments were referenced below. The word "trade" has multiple meanings, and is thrown around a lot, and I just want to clarify a few points that have come up.

    The bio information that was linked to is based on an old bio that was incorrectly written on the tether.to beta site. Phil was managing a fund that was invested in cryptocurrencies, but ceased day to day trading activities upon starting his role at Bitfinex, which roughly coincided with the fall of Mt Gox.

    The entire management team monitors our personal accounts, in order to prevent abuse, and we all act as checks and balances on each other. The idea that someone who works in Bitcoin shouldn't be able to own or adjust his position in bitcoin is silly. Bitcoin is not a publicly traded company, it is an asset. Any orders Phil may have placed would have been limit orders, and subject to the rest of the management teams monitoring. To be very clear, Phil has not been actively trading since joining the team at Bitfinex. That being said, and given the volatility of bitcoin, it is necessary to adjust one's exposure. We spend a lot of time trying to build the best exchange, and we definitely do hold and are bullish on bitcoin. There is a difference between a "trade" in the sense of being a day trader or actively trading positions, and executing a limit order, which is basically a passive buy or a sell of the asset in question.

    We have become the number one USD exchange, specifically, because we have made it our top priority to provide a fair and even playing field. We engage with our clients and the community and try to be as transparent as possible. We hold ourselves, and each other to the highest ethical standards.

Basically, we are very excited about the future of cryptocurrencies, and are honored that we can be a part of the core infrastructure. We are in it for the long haul, Bitfinex has been around for quite a while. We have consistently proven that we will not sell out our future for a quick buck now.

If enough people share your displeasure they best change their policy, otherwise as always in the bitcoin world user beware.

[freebit13]

I think the bitcoin community needs to learn about business ethics because it sucks currently... greed will do that.

[N12]

If you want my opinion, to me there's no doubt that for anyone who doesn't use margin or stop loss orders on Bitfinex, he will be fine and won't suffer from any possible inside trading because Bitfinex doesn't exist in a vacuum and follows other exchanges.

I don't want any witch hunts and I will delete any sensitive info should anyone dox him. I've no interest in making it about one person, rather I wish to make it about the whole Bitcoin exchange "industry".

[qwk]

I think the bitcoin community needs to learn about business ethics because it sucks currently... greed will do that.

Bitcoin is finance, right?

Business ethics in finance?

[NotLambchop]

...The word "trade" has multiple meanings...

 http://scholarship.kentlaw.iit.edu/cgi/viewcontent.cgi?article=3457&context=cklawreview

[mrkavasaki]

do you think we will see double digits soon?

[LFC_Bitcoin]

do you think we will see double digits soon?

Never again

[Davyd05]

If you want my opinion, to me there's no doubt that for anyone who doesn't use margin or stop loss orders on Bitfinex, he will be fine and won't suffer from any possible inside trading because Bitfinex doesn't exist in a vacuum and follows other exchanges.

I don't want any witch hunts and I will delete any sensitive info should anyone dox him. I've no interest in making it about one person, rather I wish to make it about the whole Bitcoin exchange "industry".

Sounds 100% necessary for healthy growth.

[ChartBuddy]

Bitfinex

Bitstamp

Explanation

[ivyleague1985]

If you want my opinion, to me there's no doubt that for anyone who doesn't use margin or stop loss orders on Bitfinex, he will be fine and won't suffer from any possible inside trading because Bitfinex doesn't exist in a vacuum and follows other exchanges.

I don't want any witch hunts and I will delete any sensitive info should anyone dox him. I've no interest in making it about one person, rather I wish to make it about the whole Bitcoin exchange "industry".

Exactly, the industry needs more self-esteem to avoid such things from happening. We heard all sorts of rumors, articles about Chinese exchanges doing the insider trading. It is almost an open secret to everyone.

Many show evidences that Chinese exchange owners "got rich quick" by insider trading. Indeed, the "zero fee" policy doesn't reduce their profits, but increase it. Why? Because more accounts are opened, and more valuable information are collected to facilitate their own trading schemes.

The really bad thing about Mt. Gox is that MK and willy bot set a bad idol for all the other exchanges that they will mimic this strategy without little to zero shame. The only difference is that Willy bot pumps but Chinese bots dump.

[luckygenough56]

do you think we will see double digits soon?

yes

[freebit13]

Just because a lot of people do something, doesn't make it right... that's one of the simplest logical fallacies... appeal to common practice.

[Fatman3001]

So, when is this zit around the $210 mark going to pop?

[Dilla]

So, when is this zit around the $210 mark going to pop?

Maybe a typical weekend dump?