Boxman90 (OP)
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December 06, 2013, 07:20:30 PM |
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So, a massive GoxLoop is going on. What is GoxLoop?Gox rewinds the orderbook periodically (6 times as of now) during a massive sell event, and replays the trades that happened in the duration of one loop. Any orders placed during the GoxLoop cannot be cancelled. Any orders placed during the GoxLoop will most likely go through after Gox decides to end the GoxLoop.ITT: Theories, speculations, as to motivations for GoxLoop.My theories: - Massive market sell triggered GoxLoop so Gox can sell elsewhere while the price is still high - Gox lets the loop run for as long as it takes them to move BTC elsewhere (be it another exchange, or w/e) for their profit. Legal complications?Please also discuss whether or not this is legal, and if Gox operators could suffer legal consequences, even though this market is unregulated. Would it be legal in the EU/US to do this? ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2Fm93f60E.png&t=665&c=Ev5NujVfA3oZSQ)
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LTC: LKKy4eDWyVtSrQAJy7Qmmz61RaFY91D9yC BTC: 18fzdnCkuUNthCD8hM36UBGopFa9ij78gG
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wobber
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December 06, 2013, 07:25:27 PM |
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They should have faced some jail already. They are so incompetent it's illegal.
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If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
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Jcw188
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December 06, 2013, 07:26:55 PM |
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I think if they acted at least negligently which caused the price to go down artificially they'd be subject to a lawsuit, wouldn't they? This is just speculation.
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bitboyben
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December 06, 2013, 07:27:48 PM |
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Big dump scares the crap out of more sellers. Now more poop.
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Why did I sell at $5! Come back to me my old bitcoin! 1GjeBGS4KrxKAeEVt8d1fTnuKgpKpMmL6S If you don't like the price of BTC come back in 8 hours.
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Mirsad
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December 06, 2013, 07:30:03 PM |
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I think if they acted at least negligently which caused the price to go down artificially they'd be subject to a lawsuit, wouldn't they? This is just speculation.
It's sucks either way. I expected the price to drop much more. This looks like currency control... not good for bitcoin. Exchanges can easily manipulate the market with rollback loops.
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< 100 BTC is not worth mentioning. Poor souls will always remain poor. Don't miss the failtrain.
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GigaCoin
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Giga
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December 06, 2013, 07:30:49 PM |
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So, a massive GoxLoop is going on. What is GoxLoop?Gox rewinds the orderbook periodically (6 times as of now) during a massive sell event, and replays the trades that happened in the duration of one loop. Any orders placed during the GoxLoop cannot be cancelled. Any orders placed during the GoxLoop will most likely go through after Gox decides to end the GoxLoop.ITT: Theories, speculations, as to motivations for GoxLoop.My theories: - Massive market sell triggered GoxLoop so Gox can sell elsewhere while the price is still high - Gox lets the loop run for as long as it takes them to move BTC elsewhere (be it another exchange, or w/e) for their profit. Legal complications?Please also discuss whether or not this is legal, and if Gox operators could suffer legal consequences, even though this market is unregulated. Would it be legal in the EU/US to do this? ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2Fm93f60E.png&t=665&c=Ev5NujVfA3oZSQ) [/quoout Def something is up, I was looking at the chart and knew something wasn't right. This could be goxloop playing out Bitcoin is unregulated so def legal at this point of time
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SuperHakka
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December 06, 2013, 07:32:03 PM |
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one more reason why btc is not ready yet for the prime time.
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'First they ignore you. Then they laugh at you. Then they attack you. Then you win.' - Mohandas Gandhi "Whenever I'm about to do something, I think, 'Would an idiot do this?' and if he would, I do not do that thing." - Dwight Schrute
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Mirsad
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December 06, 2013, 07:34:00 PM |
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one more reason why btc is not ready yet for the prime time.
It's a long way... There are only a few bitcoin traders and the exchanges work like shit during high user traffic! No chance to see 1 billion bitcoin users in the near future with such crappy exchanges. Turn off trading during a crash -> looks really unprofessional.
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< 100 BTC is not worth mentioning. Poor souls will always remain poor. Don't miss the failtrain.
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SuperHakka
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December 06, 2013, 07:36:21 PM |
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i looking at this looping on btccharts, this is some funny shit going on. can you imagine if this started happening on nasdaq or nyse, lmfao
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'First they ignore you. Then they laugh at you. Then they attack you. Then you win.' - Mohandas Gandhi "Whenever I'm about to do something, I think, 'Would an idiot do this?' and if he would, I do not do that thing." - Dwight Schrute
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wobber
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December 06, 2013, 07:37:44 PM |
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Anyone willing to lobby against MtGox, with me?
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If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
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bitleif
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I'm always grumpy in the morning.
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December 06, 2013, 07:38:21 PM |
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one more reason why btc is not ready yet for the prime time.
One more reason why GOX has never been ready for prime time. I admit I've still been using them but when this correction is over I'm switching.
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GigaCoin
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Giga
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December 06, 2013, 07:39:17 PM |
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Alright I looked further into this and I'm convinced of goxloop manipulation. The sell orders are huge with full red We should be below $800 already. Very interesting and clear manipulation!
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sgbett
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December 06, 2013, 07:40:42 PM |
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i looking at this looping on btccharts, this is some funny shit going on. can you imagine if this started happening on nasdaq or nyse, lmfao
"funny shit" happens an nasdaq, nyse et al all the time, they hide it in plain sight. http://johnhcochrane.blogspot.co.uk/2012/02/weird-stuff-in-high-frequency-markets.html
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"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto*my posts are not investment advice*
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Skybits
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December 06, 2013, 07:42:36 PM |
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tried to cancel a buy order at 825 b/c i think it will go lower and every time i refresh my screen it appears as if i didn't cancel it. it hasn't hit 825 yet but goes to 829 and back to 877. And then periodically shows 502 bad gateway, could this be a hack attempt? ....either way this is Lame.
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Mirsad
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December 06, 2013, 07:44:14 PM |
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The problem is:
The same shit happend yesterday! The price dropped and I was unable to cancel my buy order @ 680 euros... Same loop.
Eithere there was an attacker testing his method or GOX itself manipulates the market.
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< 100 BTC is not worth mentioning. Poor souls will always remain poor. Don't miss the failtrain.
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GriTBitS
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December 06, 2013, 07:47:04 PM |
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i need to get that buy order in at $1 before it goes back up!!!!!!!!!!!!!!
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beaconpcguru
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Hello
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December 06, 2013, 07:54:24 PM |
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Yup this is just either plain manipulation on Gox's part or they do actually halt trades when the ongoing balance exceeds their hotwallet balance. Either way, like I always tell people you can trust in Bitcoin itself but exchanges can do anything they want. If you trade in an unregulated market then there can be no SEC violations.
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Inedible
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December 06, 2013, 07:54:49 PM |
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This will all stop as soon as Bill Murry wins Andie McDowell's heart.
Until then, we're Goxloop'd!
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If this post was useful, interesting or entertaining, then you've misunderstood.
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GriTBitS
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December 06, 2013, 07:56:08 PM |
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not sure who is putting all these sell orders in i dont see anything on the sell side
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beaconpcguru
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December 06, 2013, 07:56:28 PM |
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Though, I'm sure the price will rebound (>900) just after they manage to reset.. though I'm sure a lot of people panicked and will regret it immediately, those who are scared because they market bought during this whole scenario will come out on top once everything catches up. No worries.
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