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

[Walsoraj]

bitcoin is so weird.

[Miz4r]

bitcoin is so weird.

LOL. Please tell us when the next crash to single digits will be please.

[Walsoraj]

bitcoin is so weird.

LOL. Please tell us when the next crash to single digits will be please.

I think we are in correction mode atm. Prob to 170-ish. Then I re-evaluate. Single digits might have to wait a week.

[samson]

No coins have been moving in or out of Gox due to their Bitcoin nodes being offline

They're reloading the blockchain but it's 47,000 blocks behind so it's going to take some time.

Some snippets from IRC - lots of crap between these comments has been removed but you can see what's happening :

[21:52] <@MagicalTux> [23:51:41] <samfisher> so MagicalTux, what about my withdrawal request? <- all our bitcoin nodes were taken down due to an error with our hosting provider, some of the servers will be taken back up soon
[21:53] <@MagicalTux> soon = within a few dozen minutes
[22:31] <@MagicalTux> re-downloading missing part of blockchain
[22:31] <@MagicalTux> new txs will appear as blockchain updates
[22:33] <@MagicalTux> samson_: downloading new blocks as fast as bitcoind can
[22:34] <samson_> How far behind is it ?
[22:47] <@MagicalTux> right now: "blocks" : 217510,


So a lot of coins will hit gox in a very short period of time today when it eventually catches up.

[Richy_T]

HOLY MOLY!!!

i just woke up to this

 

180 by friday? Almost correct

It was still friday somewhere.

[theonewhowaskazu]

They're reloading the blockchain but it's 47,000 blocks behind so it's going to take some time.

Oh my god. Really?

/facepalm

[justusranvier]

[22:33] <@MagicalTux> samson_: downloading new blocks as fast as bitcoind can

Services needing high uptime should really look at switching to one of the alternate implementations (Bits of Proof or btcd).

The Satoshi client is a prototype, not an engineered final product.

[prophetx]

They're reloading the blockchain but it's 47,000 blocks behind so it's going to take some time.

Oh my god. Really?

/facepalm

the gox strikes again!

[notme]

[22:33] <@MagicalTux> samson_: downloading new blocks as fast as bitcoind can

Services needing high uptime should really look at switching to one of the alternate implementations (Bits of Proof or btcd).

The Satoshi client is a prototype, not an engineered final product.

They should also have several fallbacks.  They already generate and sign the transactions with their own code, so they just need to broadcast it.  Any client can do that.

Perhaps when the coins become available the asks might fill in a bit on the various exchanges.

[strawbs]

No coins have been moving in or out of Gox due to their Bitcoin nodes being offline

They're reloading the blockchain but it's 47,000 blocks behind so it's going to take some time.

Some snippets from IRC - lots of crap between these comments has been removed but you can see what's happening :

[21:52] <@MagicalTux> [23:51:41] <samfisher> so MagicalTux, what about my withdrawal request? <- all our bitcoin nodes were taken down due to an error with our hosting provider, some of the servers will be taken back up soon
[21:53] <@MagicalTux> soon = within a few dozen minutes
[22:31] <@MagicalTux> re-downloading missing part of blockchain
[22:31] <@MagicalTux> new txs will appear as blockchain updates
[22:33] <@MagicalTux> samson_: downloading new blocks as fast as bitcoind can
[22:34] <samson_> How far behind is it ?
[22:47] <@MagicalTux> right now: "blocks" : 217510,


So a lot of coins will hit gox in a very short period of time today when it eventually catches up.

Or a lot of coins could leave Gox, no?  I mean, why would anyone want to be depositing coins with Gox when there is little chance of withdrawing USD from there?

[theonewhowaskazu]

They're reloading the blockchain but it's 47,000 blocks behind so it's going to take some time.

Oh my god. Really?

/facepalm

the gox strikes again!

Seriously, they're running a professional bitcoin exchange, and all this time, they're using Bitcoin QT? WTF?

[NamelessOne]

No coins have been moving in or out of Gox due to their Bitcoin nodes being offline

They're reloading the blockchain but it's 47,000 blocks behind so it's going to take some time.

Some snippets from IRC - lots of crap between these comments has been removed but you can see what's happening :

[21:52] <@MagicalTux> [23:51:41] <samfisher> so MagicalTux, what about my withdrawal request? <- all our bitcoin nodes were taken down due to an error with our hosting provider, some of the servers will be taken back up soon
[21:53] <@MagicalTux> soon = within a few dozen minutes
[22:31] <@MagicalTux> re-downloading missing part of blockchain
[22:31] <@MagicalTux> new txs will appear as blockchain updates
[22:33] <@MagicalTux> samson_: downloading new blocks as fast as bitcoind can
[22:34] <samson_> How far behind is it ?
[22:47] <@MagicalTux> right now: "blocks" : 217510,


So a lot of coins will hit gox in a very short period of time today when it eventually catches up.

Good to hear, I was watching this closely, had some coins I wanted off the exchange also. Thanks for posting this.  

[OmegaNemesis28]

How long does it take to withdraw from mtgox to USD these days? I hear its mixed between a month or 2.

[theonewhowaskazu]

No coins have been moving in or out of Gox due to their Bitcoin nodes being offline

They're reloading the blockchain but it's 47,000 blocks behind so it's going to take some time.

Some snippets from IRC - lots of crap between these comments has been removed but you can see what's happening :

[21:52] <@MagicalTux> [23:51:41] <samfisher> so MagicalTux, what about my withdrawal request? <- all our bitcoin nodes were taken down due to an error with our hosting provider, some of the servers will be taken back up soon
[21:53] <@MagicalTux> soon = within a few dozen minutes
[22:31] <@MagicalTux> re-downloading missing part of blockchain
[22:31] <@MagicalTux> new txs will appear as blockchain updates
[22:33] <@MagicalTux> samson_: downloading new blocks as fast as bitcoind can
[22:34] <samson_> How far behind is it ?
[22:47] <@MagicalTux> right now: "blocks" : 217510,


So a lot of coins will hit gox in a very short period of time today when it eventually catches up.

Or a lot of coins could leave Gox, no?

They've already left gox.

See, that would effectively mean all of the withdraw transactions are "pending." The BTC were debited from user's accounts, just not actually sent on the blockchain to the user's wallets.

To me, this is more bearish for Bitstamp than Gox, considering how likely a fair number of those pending coins were intended to be sold on Bitstamp for people wanting out of BTC.

[justusranvier]

They should also have several fallbacks.  They already generate and sign the transactions with their own code, so they just need to broadcast it.  Any client can do that.

These alternate implementations do things like separate the blockchain management from the network communication from the wallet.

It means you can do things set up clustering on the various pieces for better performance and load balancing.

You know, grown-up software stuff.

[hazek]

 

Wow, which site/service is this? Looks awesome.

http://trading.i286.org/

Thx.

[molecular]

This is what is known as "The Grind".

can you explain this expression? I can only find baseball and movie references.

Step 5

http://www.ehow.com/how_8232426_process-black-bear-meat.html

lol. thanks!

[notme]

They should also have several fallbacks.  They already generate and sign the transactions with their own code, so they just need to broadcast it.  Any client can do that.

These alternate implementations do things like separate the blockchain management from the network communication from the wallet.

It means you can do things set up clustering on the various pieces for better performance and load balancing.

You know, grown-up software stuff.

I understand that.  I'm just saying that all they need is the network communication code to be able to broadcast the withdrawal transactions, and they should have redundancy in their setup in case a bug is triggered in one client or a server goes down.  Also, I doubt they are using bitcoin-qt... I'm not sure where kazu got that from.

[molecular]

They're reloading the blockchain but it's 47,000 blocks behind so it's going to take some time.

Oh my god. Really?

/facepalm

the gox strikes again!

Seriously, they're running a professional bitcoin exchange, and all this time, they're using Bitcoin QT? WTF?

tbh: there is a case to be made for using bitcoind. It's tried and true, community-reviewed and in widespread use. Emergency patch availability should be quite high, a broad developer base exists.

[justusranvier]

I'm just saying that all they need is the network communication code to be able to broadcast the withdrawal transactions, and they should have redundancy in their setup in case a bug is triggered in one client or a server goes down.  Also, I doubt they are using bitcoin-qt... I'm not sure where kazu got that from.

Their problem is that their wallet and their blockchain database and their network code are all in one package, so they can't generate transactions because they don't know which outputs they have to spend.

Once those three things get separated it become a lot easier. If you've still got a working blockchain database, and you are keeping track of which outputs you've spend and which you haven't, then you can generate the transaction manually and use the pushtx feature on blockchain.info to broadcast it if need be.

there is a case to be made for using bitcoind. It's tried and true, community-reviewed and in widespread use.

It's a proof of concept, the kind you need to start with in order to rapidly develop a new application, but it's architecturally unsuitable for production use. As the Bitcoin ecosystem grows up, companies will be forced to migrate to something better suited to their use case.