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

[billyjoeallen]

BTW I am really curious about Mtgox, I see allot of people selling there, and most of the time huge sells appears and I still wonder how do they get their money off the exchange? I mean why does anyone still sell there ? or maybe there is a premium club of members that still can get money in/out fast than others ?

gox has a lower volume than Stamp yet a deeper book order comparing to Bitstamp, in my experience Bitstamp is the only exchange where I can get money in/out in a matter of a couple of days, if I send early enough during the day and having a bit of luck my deposits/withdrawals were credited the same day sometimes...

That's a damn good question. haha

There is a tier 3 of verification which allows a withdrawal up to $1 million Ithink. And since they're valuable customers I'm sure they have more priority then the $75 withdrawal.

I know about people who are stuck with $100K withdrawal for months now, so I doubt it, although the person I know was never a trader, so for sure he is not a member of any premium club, he was just a miner who mined early enough and held to the coins, I don't know waht others think, but the only case when I sold bitcoins was when I needed the cash for something and after march 2013 it was no option for me to sell at gox, even though I always used bitstamp because I live in Slovenia and things go faster... but just think about it, when you sell at today's price and than wait 4-5 months just to maybe and I insist on "maybe" get that money when Bitcoin will be worth allot more by then....I mean who does that really ? and why?


I am not jumping on accusations, But I want to ask people here if they still trade at gox? how many of you here really use gox ? and why ? mtgox data might be made up the same as huboi or okcoin... who knows... it doesn't make any sense...

I still trade there. I'm hoping to withdraw from Gox in small amounts eventually. I don't care if it takes 1-2 months as long as I get them. Then redeposting in another exchange. I don't want to take the 20-30% loss switching to other exchanges by withdrawing in BTC.

Edit: My God the Mtgox fee really sucks compared to Bitstamp.

ummm, it's 2 to 3 months and losing 30% buy transferring your coins to another exchange or losing 30% buy having your money stuck in depreciating fiat instead of BTC is the same loss. That's assuming you EVER get the funds, something I'm starting to doubt. 30% is actually a low side loss when you consider that on average bitcoin appreciate >1000%/year.

[alexeft]

Didn't anyone expect the price to fool around $1k for a while?
Why are people surprised at this?

[arepo]

Do we really need theories about "where the 800 dump came from", "where the 200 dump came from", etc.? That amount of coins is nothing! It could be any one of us.

seriously, it wasn't even a dump, it was just traders inexorably tracing a consolidation pattern. it didn't even break the main support. it is likely the first leg of a downward breakout but who wasn't expecting that?

Gox, since they turned off the exchange the moment it happened, hahaha. Didn't seem to like that drop one bit. "No! We can't fall downward through the pennant! Turn off the exchange!"

yeah that was f*ed up. it's kinda nice to see gox still goxing though, and working with bitstamp for once

[DaSheep]

Stop spreading FUD.

There was no hack or some other strange thing, it was just a huge market maker bot burning some money to clear and reshape his range of the orderbook:


This caused a spike in traffic and maybe killed the http API.
The websocket API was working all the time (60s lag though).

Very interesting.

[TERA]

Stop spreading FUD.

There was no hack or some other strange thing, it was just a huge market maker bot burning some money to clear and reshape his range of the orderbook:


This caused a spike in traffic and maybe killed the http API.
The websocket API was working all the time (60s lag though).

Very interesting.

So, these days a 700btc trade kills the mtgox api,  but back in april/may on those days with the 200,000btc volume and the 20,000btc trades - well then it was just fine?

[T.Stuart]

Stop spreading FUD.

There was no hack or some other strange thing, it was just a huge market maker bot burning some money to clear and reshape his range of the orderbook:


This caused a spike in traffic and maybe killed the http API.
The websocket API was working all the time (60s lag though).

Very interesting.

So, these days a 800btc trade kills the mtgox api,  but back in april/may on those days with the 200,000btc volume - well then it was just fine?

Please understand that the market pscyhology is changing fast - much faster than the TA will tell you alone. In fact I think being a TA expert right now is a positive hindrance because you've got all the more triangles and new moons to get out of your vision before you can see clearly.

If you realise this now TERA then you still have the chance to ride happy with your average Joe here.

[TERA]

What does TA and sentiment have to do with the mtgox API crashing?

It should be able to handle the same volume of data interchange as it did in May regardless of sentiment, unless they have downgraded the hardware...

[Voodah]

Stop spreading FUD.

There was no hack or some other strange thing, it was just a huge market maker bot burning some money to clear and reshape his range of the orderbook:


This caused a spike in traffic and maybe killed the http API.
The websocket API was working all the time (60s lag though).

Very interesting.

That's blindly optimistic.

Truth is, whatever the reason was, we cannot have exchanges switching off on 500 sells.

That's bad and someone will end up getting burnt goxed.

[arepo]

Please understand that the market pscyhology is changing fast - much faster than the TA will tell you alone. In fact I think being a TA expert right now is a positive hindrance because you've got all the more triangles and new moons to get out of your vision before you can see clearly.

If you realise this now TERA then you still have the chance to ride happy with your average Joe here.

triangles are extremely useful and anticipatory. i suggest you learn a little more about the methods you're speaking against.

[arepo]

Stop spreading FUD.

There was no hack or some other strange thing, it was just a huge market maker bot burning some money to clear and reshape his range of the orderbook:


This caused a spike in traffic and maybe killed the http API.
The websocket API was working all the time (60s lag though).

Very interesting.

That's blindly optimistic.

Truth is, whatever the reason was, we cannot have exchanges switching off on 500 sells.

That's bad and someone will end up getting burnt goxed.

ohhhh gox has been goxing along for quite some time now.. the only option is to get out.

[spooderman]

If people were deciding to get out of gox one by one, might we not see the effect of the price rising slightly on gox and falling slightly on stamp, hence a sustained gap between the two?

Obviously, this being exactly what we do see, implies people are slowly but surly moving away from gox.

[DaSheep]

Stop spreading FUD.

There was no hack or some other strange thing, it was just a huge market maker bot burning some money to clear and reshape his range of the orderbook:


This caused a spike in traffic and maybe killed the http API.
The websocket API was working all the time (60s lag though).

Very interesting.

So, these days a 700btc trade kills the mtgox api,  but back in april/may on those days with the 200,000btc volume and the 20,000btc trades - well then it was just fine?

No.
Dumping 200k BTC = one API call.
Clearing the book, placing new orders and moving alot of orders in HFT style = ALOT of API calls.
And since you don't want other people to place orders while you're doing this, you have to be fast, really fast.
The http API is slightly faster in accepting orders, so I guess it fired a huge batch of orders in like a second, causing a DDOS of the gox webserver.

Maybe the DDOS wasn't an accident at all since it prevents "normal" traders from using the web interface.

[windjc]

Glad to see the ButtHead, I mean, CoinBull followed through on his bet.

Not. Shocking.

[TERA]

Stop spreading FUD.

There was no hack or some other strange thing, it was just a huge market maker bot burning some money to clear and reshape his range of the orderbook:


This caused a spike in traffic and maybe killed the http API.
The websocket API was working all the time (60s lag though).

Very interesting.

So, these days a 700btc trade kills the mtgox api,  but back in april/may on those days with the 200,000btc volume and the 20,000btc trades - well then it was just fine?

No.
Dumping 200k BTC = one API call.
Clearing the book, placing new orders and moving alot of orders in HFT style = ALOT of API calls.
And since you don't want other people to place orders while you're doing this, you have to be fast, really fast.
The http API is slightly faster in accepting orders, so I guess it fired a huge batch of orders in like a second, causing a DDOS of the gox webserver.

Maybe the DDOS wasn't an accident at all since it prevents "normal" traders from using the web interface.

It's still hard to believe that some vulnerability like this surfaced just now with mtgox's tiny volume and not back in the old days when it was the market leader and thousands of people were trading there, with the ticker constantly on fire and shooting rainbows and fireballs everywhere.

[virtualfaqs]

BTW I am really curious about Mtgox, I see allot of people selling there, and most of the time huge sells appears and I still wonder how do they get their money off the exchange? I mean why does anyone still sell there ? or maybe there is a premium club of members that still can get money in/out fast than others ?

gox has a lower volume than Stamp yet a deeper book order comparing to Bitstamp, in my experience Bitstamp is the only exchange where I can get money in/out in a matter of a couple of days, if I send early enough during the day and having a bit of luck my deposits/withdrawals were credited the same day sometimes...

That's a damn good question. haha

There is a tier 3 of verification which allows a withdrawal up to $1 million Ithink. And since they're valuable customers I'm sure they have more priority then the $75 withdrawal.

I know about people who are stuck with $100K withdrawal for months now, so I doubt it, although the person I know was never a trader, so for sure he is not a member of any premium club, he was just a miner who mined early enough and held to the coins, I don't know waht others think, but the only case when I sold bitcoins was when I needed the cash for something and after march 2013 it was no option for me to sell at gox, even though I always used bitstamp because I live in Slovenia and things go faster... but just think about it, when you sell at today's price and than wait 4-5 months just to maybe and I insist on "maybe" get that money when Bitcoin will be worth allot more by then....I mean who does that really ? and why?


I am not jumping on accusations, But I want to ask people here if they still trade at gox? how many of you here really use gox ? and why ? mtgox data might be made up the same as huboi or okcoin... who knows... it doesn't make any sense...

I still trade there. I'm hoping to withdraw from Gox in small amounts eventually. I don't care if it takes 1-2 months as long as I get them. Then redeposting in another exchange. I don't want to take the 20-30% loss switching to other exchanges by withdrawing in BTC.

Edit: My God the Mtgox fee really sucks compared to Bitstamp.

ummm, it's 2 to 3 months and losing 30% buy transferring your coins to another exchange or losing 30% buy having your money stuck in depreciating fiat instead of BTC is the same loss. That's assuming you EVER get the funds, something I'm starting to doubt. 30% is actually a low side loss when you consider that on average bitcoin appreciate >1000%/year.

When I was just starting BTC, I was all or nothing. But now I rarely go 100% into BTC. Admittedly I made a few mistakes by not. But this way I can sleep at night. Also I know this is psychological, but I still like being on the exchange with the highest USD so when we do hit the Mtgox ATH I can see it and be part of it! Rather then "Congrats to those guys on Mtgox, they hit the ATH."

As more people leave Mtgox, I'll probably get my withdrawls faster.

[Voodah]

No.
Dumping 200k BTC = one API call.
Clearing the book, placing new orders and moving alot of orders in HFT style = ALOT of API calls.
And since you don't want other people to place orders while you're doing, you have to be fast, really fast.
The http API is slightly faster in accepting orders, so I guess it fired a huge batch of orders in like a second, causing a DDOS of the gox webserver.

Maybe the DDOS wasn't an accident at all since it prevents "normal" traders from using the web interface.

Normal traders using the web interface already cannot compete with api clients...  what's the point?

Why enforce what is naturally so?

I think an internal fuck up is more likely than DDOS in today's case.

If it was a DDOS, it worked out but didn't seem so advantageous today. Still, it might be a try out for a future bigger similar play..

[bassclef]

Glad to see the ButtHead, I mean, CoinBull followed through on his bet.

Not. Shocking.

Well he is on the naughty list.

[billyjoeallen]

BTW I am really curious about Mtgox, I see allot of people selling there, and most of the time huge sells appears and I still wonder how do they get their money off the exchange? I mean why does anyone still sell there ? or maybe there is a premium club of members that still can get money in/out fast than others ?

gox has a lower volume than Stamp yet a deeper book order comparing to Bitstamp, in my experience Bitstamp is the only exchange where I can get money in/out in a matter of a couple of days, if I send early enough during the day and having a bit of luck my deposits/withdrawals were credited the same day sometimes...

That's a damn good question. haha

There is a tier 3 of verification which allows a withdrawal up to $1 million Ithink. And since they're valuable customers I'm sure they have more priority then the $75 withdrawal.

I know about people who are stuck with $100K withdrawal for months now, so I doubt it, although the person I know was never a trader, so for sure he is not a member of any premium club, he was just a miner who mined early enough and held to the coins, I don't know waht others think, but the only case when I sold bitcoins was when I needed the cash for something and after march 2013 it was no option for me to sell at gox, even though I always used bitstamp because I live in Slovenia and things go faster... but just think about it, when you sell at today's price and than wait 4-5 months just to maybe and I insist on "maybe" get that money when Bitcoin will be worth allot more by then....I mean who does that really ? and why?


I am not jumping on accusations, But I want to ask people here if they still trade at gox? how many of you here really use gox ? and why ? mtgox data might be made up the same as huboi or okcoin... who knows... it doesn't make any sense...

I still trade there. I'm hoping to withdraw from Gox in small amounts eventually. I don't care if it takes 1-2 months as long as I get them. Then redeposting in another exchange. I don't want to take the 20-30% loss switching to other exchanges by withdrawing in BTC.

Edit: My God the Mtgox fee really sucks compared to Bitstamp.

ummm, it's 2 to 3 months and losing 30% buy transferring your coins to another exchange or losing 30% buy having your money stuck in depreciating fiat instead of BTC is the same loss. That's assuming you EVER get the funds, something I'm starting to doubt. 30% is actually a low side loss when you consider that on average bitcoin appreciate >1000%/year.

When I was just starting BTC, I was all or nothing. But now I rarely go 100% into BTC. Admittedly I made a few mistakes by not. But this way I can sleep at night. Also I know this is psychological, but I still like being on the exchange with the highest USD so when we do hit the Mtgox ATH I can see it and be part of it! Rather then "Congrats to those guys on Mtgox, they hit the ATH."

Yeah, like mental illnesses are psychological. Bragging rights more important than actually getting your money? Hell, I've hit the ATH on Trade Hill, Bitoption, Bitmarket.eu and...what? they don't exist anymore? WooHOO! I had the most BTC there when they disappeared! Yeah for me!!!!!!! I win, right?

[Rampion]

Hi guys, just came back from holidays, how is 2014 treating you? Is this rally "legit" or a bull trap, what's the consensus in here?

What about  repietila? Is he bull or bear now? Need to know to do the opposite he says

[virtualfaqs]

BTW I am really curious about Mtgox, I see allot of people selling there, and most of the time huge sells appears and I still wonder how do they get their money off the exchange? I mean why does anyone still sell there ? or maybe there is a premium club of members that still can get money in/out fast than others ?

gox has a lower volume than Stamp yet a deeper book order comparing to Bitstamp, in my experience Bitstamp is the only exchange where I can get money in/out in a matter of a couple of days, if I send early enough during the day and having a bit of luck my deposits/withdrawals were credited the same day sometimes...

That's a damn good question. haha

There is a tier 3 of verification which allows a withdrawal up to $1 million Ithink. And since they're valuable customers I'm sure they have more priority then the $75 withdrawal.

I know about people who are stuck with $100K withdrawal for months now, so I doubt it, although the person I know was never a trader, so for sure he is not a member of any premium club, he was just a miner who mined early enough and held to the coins, I don't know waht others think, but the only case when I sold bitcoins was when I needed the cash for something and after march 2013 it was no option for me to sell at gox, even though I always used bitstamp because I live in Slovenia and things go faster... but just think about it, when you sell at today's price and than wait 4-5 months just to maybe and I insist on "maybe" get that money when Bitcoin will be worth allot more by then....I mean who does that really ? and why?


I am not jumping on accusations, But I want to ask people here if they still trade at gox? how many of you here really use gox ? and why ? mtgox data might be made up the same as huboi or okcoin... who knows... it doesn't make any sense...

I still trade there. I'm hoping to withdraw from Gox in small amounts eventually. I don't care if it takes 1-2 months as long as I get them. Then redeposting in another exchange. I don't want to take the 20-30% loss switching to other exchanges by withdrawing in BTC.

Edit: My God the Mtgox fee really sucks compared to Bitstamp.

ummm, it's 2 to 3 months and losing 30% buy transferring your coins to another exchange or losing 30% buy having your money stuck in depreciating fiat instead of BTC is the same loss. That's assuming you EVER get the funds, something I'm starting to doubt. 30% is actually a low side loss when you consider that on average bitcoin appreciate >1000%/year.

When I was just starting BTC, I was all or nothing. But now I rarely go 100% into BTC. Admittedly I made a few mistakes by not. But this way I can sleep at night. Also I know this is psychological, but I still like being on the exchange with the highest USD so when we do hit the Mtgox ATH I can see it and be part of it! Rather then "Congrats to those guys on Mtgox, they hit the ATH."

Yeah, like mental illnesses are psychological. Bragging rights more important than actually getting your money? Hell, I've hit the ATH on Trade Hill, Bitoption, Bitmarket.eu and...what? they don't exist anymore? WooHOO! I had the most BTC there when they disappeared! Yeah for me!!!!!!! I win, right?

Yes and Mtgox has been around the longest and hasn't disappeared. But I'm waiting until the price is around 10-20% difference before switching.