justusranvier
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Activity: 1400
Merit: 1009
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August 17, 2014, 06:21:43 AM |
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Not exactly.
Smells like manipulation to me.
Coinbase can't even "provide exact price quotes right now"?
LMFAO This isn't new. When they originally started the service, they'd have a site-wide daily buying limit and as soon as it was hit nobody could enter new buy orders. It got particularly bad during the spring of last year, so much so that people would create bots that you could run that would retry your order very 10 seconds until it finally went through. I think it was last summer sometime they changed the system so that if they ran out of coins they could guarantee a price on (presumably, this would have been when they ran out of USD on Bitstamp to buy coins with) that you'd get the opportunity to buy but without a guaranteed exchange rate. |
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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Threebits
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Activity: 75
Merit: 10
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August 17, 2014, 06:23:04 AM |
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Does it mean Coinbase itself is an exchange, and now they are using out their btc stock? Everyone is buying btc and no one selling?
if so, how do they know there will surely be some btc selling at Coinbase before next open on 01.40am Aug 22?
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lyth0s
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Activity: 1260
Merit: 1000
World Class Cryptonaire
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August 17, 2014, 06:23:23 AM |
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Whoa, Coinbase is sold out.. "Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on Friday Aug 22, 2014 at 01:49AM EDT after your funds have arrived. read more
Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.
Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Friday Aug 22, 2014 at 01:40AM EDT." That's bullish right ?!?!? Not exactly. Smells like manipulation to me. Coinbase can't even "provide exact price quotes right now"? LMFAO Isn't this very strange? I thought coinbase could always buy at exchanges to cover their btc stock. They can't? Why? How do they cover their btc stock? It's called front running. They can't sell to you right now, cause they are buying for themselves. Then they sell to you later - at a higher price, of course. I'm able to buy on coinbase just fine right now if I wished. Troll post? |
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2dogs
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Activity: 1267
Merit: 1000
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August 17, 2014, 06:25:16 AM |
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Not exactly.
Smells like manipulation to me.
Coinbase can't even "provide exact price quotes right now"?
LMFAO This isn't new. When they originally started the service, they'd have a site-wide daily buying limit and as soon as it was hit nobody could enter new buy orders. It got particularly bad during the spring of last year, so much so that people would create bots that you could run that would retry your order very 10 seconds until it finally went through. I think it was last summer sometime they changed the system so that if they ran out of coins they could guarantee a price on (presumably, this would have been when they ran out of USD on Bitstamp to buy coins with) that you'd get the opportunity to buy but without a guaranteed exchange rate. Not exactly a free market, is it? |
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lyth0s
Legendary
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Activity: 1260
Merit: 1000
World Class Cryptonaire
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August 17, 2014, 06:27:54 AM |
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Wow I lied. Apparently the phone app will let you try to purchase them all the way up until you confirm it and then it says it can't go through. I logged onto the web client and......  Bullish  |
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JorgeStolfi
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August 17, 2014, 06:37:43 AM |
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On résiste à l'invasion des armées; on ne résiste pas à l'invasion des idées.
That was before they invented television and Google and the takedown notice... |
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5cMXezpBtm
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August 17, 2014, 06:48:46 AM |
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Whoa, Coinbase is sold out.. "Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on Friday Aug 22, 2014 at 01:49AM EDT after your funds have arrived. read more
Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.
Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Friday Aug 22, 2014 at 01:40AM EDT." That's bullish right ?!?!? When I google for 'coinbase "provide exact price quotes right now"' I get this result from 2013-11-22: https://news.ycombinator.com/item?id=6756307and this from 2013-04-11: http://bitcoin.stackexchange.com/questions/9590/coinbase-com-buying-queueSo is the situation now like 2013-11-22 ? Ah, another result is from 2014-07-14 ... http://arbitragebot.com/coinbase-exceeded-their-own-buy-limit/ |
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JorgeStolfi
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August 17, 2014, 06:51:25 AM |
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Consider a place that sells bitcoins "off the shelf" and runs out of BTC. If they expect the price to fall several percentage points "soon", it is better for them to turn clients away than to buy more BTC to replenish their stock.
Conversely, if they have a stock of BTC and expect the price to rise significantly "soon", they will be tempted to tell their customers that their stock ran out.
So, if those reports of (BTC sellers running out of stock) are true, which explanation will be the true one?
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shmadz
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Activity: 1512
Merit: 1000
@theshmadz
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August 17, 2014, 06:54:09 AM |
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On résiste à l'invasion des armées; on ne résiste pas à l'invasion des idées.
That was before they invented television and Google and the takedown notice... Also before Satoshi invented the internet of money... Sorry Stolfi, you missed the bus. |
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Schickeria
Member
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Activity: 84
Merit: 10
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August 17, 2014, 06:56:42 AM |
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Heck, I'm a perma-bull as are others but I take the downs with good humor and understanding.
Mentioning the word "down" and implying "possible" or "understanding", disqualifies you to be a permabull. Sorry, you are a long term bull, not a permabull. Bullishness (and bearishness) is about the future. Ups and downs are historical facts. There's no use crying over spilled milk but some want to wear sack cloth and ashes and flagellate themselves about it. (Though you are correct in that I am more of a long term bull. I tend to be a short term bull also though) Well, I think this board (or this thread) is implying a very exaggerated impression of the market-reality. For sure, there are these extreme types of bulls and bears but at large the market is not black and white, there is a lot of grey and varying. Fortunately, as would not like to live in a world with only two extremes. |
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Newbie1022
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August 17, 2014, 06:57:13 AM |
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Whoa, Coinbase is sold out.. "Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on Friday Aug 22, 2014 at 01:49AM EDT after your funds have arrived. read more
Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.
Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Friday Aug 22, 2014 at 01:40AM EDT." That's bullish right ?!?!? When I google for 'coinbase "provide exact price quotes right now"' I get this result from 2013-11-22: https://news.ycombinator.com/item?id=6756307and this from 2013-04-11: http://bitcoin.stackexchange.com/questions/9590/coinbase-com-buying-queueSo is the situation now like 2013-11-22 ? Ah, another result is from 2014-07-14 ... http://arbitragebot.com/coinbase-exceeded-their-own-buy-limit/This cannot be bullish. Who would buy coins in the middle of an up and down market for the price several days in advance? Moreover, even if you are a bull and think the price will be higher in several days... who would pay that higher price in several days. If anything, I think this will depress buying for a few days. |
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shmadz
Legendary
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Activity: 1512
Merit: 1000
@theshmadz
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August 17, 2014, 06:57:21 AM |
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Consider a place that sells bitcoins "off the shelf" and runs out of BTC. If they expect the price to fall several percentage points "soon", it is better for them to turn clients away than to buy more BTC to replenish their stock.
Conversely, if they have a stock of BTC and expect the price to rise significantly "soon", they will be tempted to tell their customers that their stock ran out.
So, if those reports of (BTC sellers running out of stock) are true, which explanation will be the true one?
Have you seen the research on bankless ATM's? I think you spend too much time focusing on problems rather than solutions. |
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edwardspitz
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August 17, 2014, 06:57:26 AM |
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It's over. 6 hours of lower highs and lower lows. And volume is picking up in China.  |
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ChartBuddy
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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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August 17, 2014, 06:59:37 AM |
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Newbie1022
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August 17, 2014, 07:00:44 AM |
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It's over. 6 hours of lower highs and lower lows. And volume is picking up in China. This. I changed my position to short at about 514 a few hours ago when we crossed trend lines... I am kicking myself for not doing it sooner. We have more to drop. Also, buying pressure will be depressed because of Coinbase and leverage pressure will be depressed because the change of policy of Bitfinex soon to go into effect. In a nutshell... more blood, guys. Wish it wasn't so. It was nice while the party lasted. P.S. -- Don't take my trading advice on face value. I am a Newbie. I've done ok the past few days, but am a couple percentage points down. I am a pretty smart fellar, but I am still learning the ropes a bit. |
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lyth0s
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Activity: 1260
Merit: 1000
World Class Cryptonaire
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August 17, 2014, 07:03:24 AM |
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A little market manipulation and lower than the ATH bitcoin prices for 9 months and suddenly everyone is a bear. I for one see how bitcoin is much more useful than the USD and I consider bitcoin to be in its infancy still (in terms of physical store useability). You should all calm down and enjoy the bumpy ride to the moon.
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Torque
Legendary
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Activity: 3556
Merit: 5041
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August 17, 2014, 07:05:05 AM |
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Wow, all the screaming that "the bottom is in!", "we'll never see $500 again!", and now we are already heading quickly back down again to $500. Don't believe the hype.
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shmadz
Legendary
Offline
Activity: 1512
Merit: 1000
@theshmadz
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August 17, 2014, 07:13:32 AM |
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It's over. 6 hours of lower highs and lower lows. And volume is picking up in China. This. I changed my position to short at about 514 a few hours ago when we crossed trend lines... I am kicking myself for not doing it sooner. We have more to drop. Also, buying pressure will be depressed because of Coinbase and leverage pressure will be depressed because the change of policy of Bitfinex soon to go into effect. In a nutshell... more blood, guys. Wish it wasn't so. It was nice while the party lasted. P.S. -- Don't take my trading advice on face value. I am a Newbie. I've done ok the past few days, but am a couple percentage points down. I am a pretty smart fellar, but I am still learning the ropes a bit. Trading bitcoin is as hard as you make it. (Not commenting on you personally, just laying this out there for anyone looking for advice.) either buy and hold, -- or try to consistently sell high and buy low... the former strategy has done quite well over the last three years, the latter one... has mixed results |
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Newbie1022
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August 17, 2014, 07:16:29 AM |
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Extremely, extremely, extremely run for the hills type of bearish news. First, there were a lot of buys because there was a lot of volume and volatility... there was action on both sides of the tape and with Coinbase as a middleman that leaves them dry (and anyways, that is historic, now... it's already priced in). Second, it means NOBODY will be buying from Coinbase all week -- a major purveyor of coins to the Average Joe. Why? Well, because the market is extremely volatile right now and you don't know where the hell the price will be (but assuming even in a worst case scenario there is a recovery by then that price would be HIGHER than it is today... you wouldn't do it). It's God awful news. I don't know how the hell anybody could read it as positive news. I am certain I am being a bit hyperbolic, but yea... not good. |
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