Wall Observer - MtGoxUSD wall movement tracker

[deathcode]

Nice support at $230.

Loving the lag Mt Gox really loving it...

It's a chance to buy

[1714224132]

1714224132

[1714224132]

1714224132

[elux]

It's a chance to buy

{"result":"success","return":{"lag":1117805451,"lag_secs":1117.805451,"lag_text":"18 minutes"}}

[mccorvic]

Gox, I know you love being greedy idiots and all, but it's time to hit the pause button to let your crappy server catch up to itself.

[samson]

Nice support at $230.

Loving the lag Mt Gox really loving it...

It's one broken system.

Trading should be suspended while all orders are processed once the lag hits some pre determined number of seconds.

Once it catches up if a pre defined movement in price of say 20% either way has happened during the lag processing some kind of timeout should be initiated.

[ManBearPig]

I think this sums up the market and my brain at the moment.

[humanitee]

I think this sums up the market and my brain at the moment.

Looks like a lucif chart 

[qwk]

I think this sums up the market and my brain at the moment.

Reminds me of:

[mestar]

The stable price is where the value created by bitcoin network is equal to the costs of running the whole network. And at least one of those two is dependent on bitcoin price.  So just try to estimate those two numbers and compare them.

That is just not true. Search your feelings and you know it. Is the price of 100 dollar bill same as the cost of printing one? No it is not and it is same with Bitcoin.

Can you be more specific at what exactly is not true.

The cost of running the network is not dependent on the cost of creating early bitcoins.  Those were very cheap.  The cost is dependent on the current market price.

That myth is debunked here:

https://en.bitcoin.it/wiki/Myths#The_value_of_bitcoins_are_based_on_how_much_electricity_and_computing_power_it_takes_to_mine_them

Ah, yes, but I didn't say that.  

I said that the cost of running the network is dependent on the market price. Let me draw it for you:

(electricity to generate)  --->  bitcoin value           NOT THIS ONE

bitcon price --->  cost of running the network       THIS ONE


See, those two are not the same statements.  Your link is debunking the fist one, quite correctly.  I said the second one.

From the link:

"In fact the causality is the reverse of that (this applies to the labor theory of value in general). The cost to mine bitcoins is based on how much they are worth. If bitcoins go up in value, more people will mine (because mining is profitable), thus difficulty will go up, thus the cost of mining will go up. The inverse happens if bitcoins go down in value. These effects balance out to cause mining to always cost an amount proportional to the value of bitcoins it produces."


The "cost to mine" is probably a major part of cost of running the whole network.

[DougTanner]

Still 15 minutes lag 

[ManBearPig]

I think this sums up the market and my brain at the moment.

Reminds me of:

Yeah Kandinsky is a fan of mine :p

[deepceleron]

The forum is barely surviving, with connection errors coming up someone trying another DDOS + manipulation?

BTW, you just lost 12% of your BTC wealth in 4 hours (+ whatever the mystery bids are from 20 minutes ago).

[DougTanner]

Just broke $230, still lagging like fuck.

Also these forums are under DDOS, shall we move this thread to /r/Bitcoin 

[humanitee]

China @ $287, lol.

[mestar]

[Surpbitcoin]

222, wtf? 

[Richy_T]

Those weak hands keep sneaking back in.

[ElectricMucus]

[essem]

Gox is to blame for this, make no mistake

[Richy_T]

Mtgox trading engine lag: 1103.79s

That's nearly 20 minutes!!!

[mrbitbank]

Don't worry its just a correction, most likley miners offloading coins some profit takers, worried newbies the one thing we have all learnt is that dips are a buying opportunity because next week we are heading for $300-$350