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Pruden
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December 06, 2013, 07:57:40 PM |
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I speculate that it will go down from 875 to around 830. Right now it is on wave (b), it is that 0.1BTC buy order at 840. then down again on heavy volume.
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MarCoin
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Activity: 54
Merit: 0
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December 06, 2013, 08:04:28 PM |
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That's what i'm seeing on my platform (21:00 GMT+1). Bars data (high, low, open, close) are built with the MTGox realtime streaming data received by my service's server http://i.snag.gy/2ubzf.jpg |
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GigaCoin
Sr. Member
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Activity: 308
Merit: 251
Giga
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December 06, 2013, 08:04:34 PM |
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If this is not proof enough i don't know what is  |
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pand70
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December 06, 2013, 08:05:25 PM |
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Finally someone explaining the gox loop. Thank you.
Btw i can't see the loop in bitcoinwisdom although i had it in 1m.
Actually it is just now that i can see the first itteration. Probably i 'm lagging badly.
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bitleif
Sr. Member
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Activity: 351
Merit: 250
I'm always grumpy in the morning.
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December 06, 2013, 08:06:18 PM |
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It was already explained in another thread, it's a security measure (of rather dubious quality) they put in for when price is falling too fast. This is the kind of "solution" that makes software engineers around the world scream out in agony.
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Mirsad
Full Member
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Activity: 140
Merit: 100
Bitcoin - love & hate
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December 06, 2013, 08:07:32 PM |
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It was already explained in another thread, it's a security measure (of rather dubious quality) they put in for when price is falling too fast. This is the kind of "solution" that makes software engineers around the world scream out in agony.
It's also called market manipulation and in every regulated market strictly forbidden. Bitcoin allows anything. |
< 100 BTC is not worth mentioning. Poor souls will always remain poor. Don't miss the failtrain.
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Peter R
Legendary
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Activity: 1162
Merit: 1007
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December 06, 2013, 08:08:01 PM |
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The US stock and commodity exchanges break all the time. Just google "zerohedge self help" and read some of the stories. The major exchanges try to "hide" this kind of thing for better optics. Bitcoin is more transparent. Note again that this "GoxLoop" happened around 9pm pacific time maybe a month ago. It wasn't discussed as much because most people from the US were asleep. Mark was on IRC (the last time this happened) and said that the loop was activated by his "security system" that goes off when someone places and huge market sell order. The reason for his weird "security system" is to prevent a repeat of what happened several years ago when someone hacked the site and faked a market sell all the way down to zero! Gox really needs to step up its game -- it could raise plenty of cash to fund improvements. But this is not a conspiracy, and this is in no way unprecedented. |
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Inedible
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December 06, 2013, 08:08:28 PM |
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It was already explained in another thread, it's a security measure (of rather dubious quality) they put in for when price is falling too fast. This is the kind of "solution" that makes software engineers around the world scream out in agony.
How does this solve the price falling too fast? |
If this post was useful, interesting or entertaining, then you've misunderstood.
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accord01
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December 06, 2013, 08:09:46 PM |
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Well, this is just going to stall the drop. Before the bottom was 400, now the bottom could be back to single digits, because it just made bitcoin a lot less reliable.
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NorbyTheGeek
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December 06, 2013, 08:10:29 PM |
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It was already explained in another thread, it's a security measure (of rather dubious quality) they put in for when price is falling too fast. This is the kind of "solution" that makes software engineers around the world scream out in agony.
How is this a better idea than simply halting trading? |
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Inedible
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December 06, 2013, 08:10:35 PM |
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Mark was on IRC (the last time this happened) and said that the loop was activated by his "security system" that goes off when someone places and huge market sell order. The reason for his weird "security system" is to prevent a repeat of what happened several years ago when someone hacked the site and faked a market sell all the way down to zero!
I can't see how this would help that situation. If it were me making a huge sell just now I'd be pretty peeved that the whole world has now been alerted to the fact. |
If this post was useful, interesting or entertaining, then you've misunderstood.
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Inedible
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December 06, 2013, 08:11:53 PM |
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It was already explained in another thread, it's a security measure (of rather dubious quality) they put in for when price is falling too fast. This is the kind of "solution" that makes software engineers around the world scream out in agony.
How is this a better idea than simply halting trading? My thoughts exactly. It's not like the hackers could magic out the fiat without them sending it out to a bank. Just mark account transfers for manual approval over a certain limit. |
If this post was useful, interesting or entertaining, then you've misunderstood.
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Peter R
Legendary
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Activity: 1162
Merit: 1007
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December 06, 2013, 08:12:33 PM |
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It was already explained in another thread, it's a security measure (of rather dubious quality) they put in for when price is falling too fast. This is the kind of "solution" that makes software engineers around the world scream out in agony.
How does this solve the price falling too fast? It is a bandaid that Mark implemented to avoid a repeat of the hack a few years ago when someone faked a market sell all the way to zero (cleaned out the order book). It is not designed to prevent the price from "falling too fast." (I am not condoning this "security system" BTW, just trying to get the facts straight.) |
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Oldminer
Legendary
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Activity: 1022
Merit: 1001
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December 06, 2013, 08:13:27 PM |
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Gox be a goxin'!
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NorbyTheGeek
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December 06, 2013, 08:15:07 PM |
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It was already explained in another thread, it's a security measure (of rather dubious quality) they put in for when price is falling too fast. This is the kind of "solution" that makes software engineers around the world scream out in agony.
How does this solve the price falling too fast? It is a bandaid that Mark implemented to avoid a repeat of the hack a few years ago when someone faked a market sell all the way to zero (cleaned out the order book). It is not designed to prevent the price from "falling too fast." (I am not condoning this "security system" BTW, just trying to get the facts straight.) Seems like a dumb idea to create more confusion by replaying trades instead of just giving folks a message: "Trading temporarily halted due to a possible security issue." |
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Skybits
Newbie
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Activity: 12
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December 06, 2013, 08:16:41 PM |
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it stopped
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pbody
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December 06, 2013, 08:17:03 PM |
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if only all manipulation was this transparent. ...pretty funny from the big picture. I dont buy the security hack explanation. Though thats a good one. |
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GigaCoin
Sr. Member
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Activity: 308
Merit: 251
Giga
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December 06, 2013, 08:18:12 PM |
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loop is over, just watching the madness right now, the chart is going all over the place  |
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MarCoin
Newbie
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Activity: 54
Merit: 0
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December 06, 2013, 08:19:10 PM |
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It was already explained in another thread, it's a security measure (of rather dubious quality) they put in for when price is falling too fast. This is the kind of "solution" that makes software engineers around the world scream out in agony.
How is this a better idea than simply halting trading? Quoted. IMO, manipulation in ANY way is wrong. If it has to fall, let it fall. But if you want, just halt the trading, it is the best choice: but they can't steal if the market is closed  |
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EasyQuest
Full Member
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Activity: 198
Merit: 100
Brony Bitcoin, Litecoin Miner
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December 06, 2013, 08:19:47 PM |
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the loop is over..
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