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Author Topic: Wall Observer - MtGoxUSD wall movement tracker  (Read 1652156 times)
Richy_T
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April 14, 2013, 05:26:36 PM
 #22961

Nice idea, but I think that whoever converts crypto-fiat to plain-fiat will get government-regulated to hell and back. Having said which, to trade nontrivial amounts on Gox we have to submit ID etc. so maybe we would put up with it, or enough of us would to make it work enough to allow lots of exchanges.

True. But this is likely to happen with exchanges in any case. Probably sooner rather than later. The biggest problem with Bitcoin at the moment is, ironically, fiat. If we can reduce the contact area to as small as possible, it should reduce the drag on the Bitcoin economy.

Perhaps this could be quite easy to do with existing infrastructure even. Consider, you buy a $10 walmart gift card and mail it (or have it delivered to) moneyman X. Moneyman X scratches off the silver panel, verifies that the balance is what is claimed then signs a piece of XML which states that you have deposited $10. The exchanges, after working out they can trust moneyman X credit your account with $ as appropriate. When it comes time to cash out, the exchange informs moneyman X and he pays to the appropriate party (it appears to be much easier to get money out of accounts than in) either in gift cards, check, bank transfer whatever. Of course, moneyman X will be subject to financial regulation but he takes a cut sufficient to make that worthwhile and because he isn't dealing with foreign money or weird new cryptocurrencies, he might possibly have an easier time of things.

Of course, things get a little more complicated if you have moneymen Y and Z in play also but not overly so I would think.

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ManBearPig
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April 14, 2013, 05:42:29 PM
 #22962



1% variance in the last hour, steady but low volume, 5K wall at $5 above, 5K wall at $5 below.

Well this is cosy isn't it? Smiley

I tweet crypto nonsense: https://twitter.com/DunningKruger_
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April 14, 2013, 05:52:20 PM
 #22963



1% variance in the last hour, steady but low volume, 5K wall at $5 above, 5K wall at $5 below.

Well this is cosy isn't it? Smiley
Didn't you hear? $100 is the new $5. Those were the days. I think it would be so great for bitcoin if we could just hold steady for a few months. I don't really even care at what price.
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April 14, 2013, 05:55:15 PM
 #22964


1% variance in the last hour, steady but low volume, 5K wall at $5 above, 5K wall at $5 below.

Well this is cosy isn't it? Smiley
Didn't you hear? $100 is the new $5. Those were the days. I think it would be so great for bitcoin if we could just hold steady for a few months. I don't really even care at what price.

That would be nice, but I think that would send the new money to sleep!

Back to the mean of 1.8% daily growth would be sustainable yet 'sexy' enough to keep 'em coming Wink

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April 14, 2013, 06:02:50 PM
 #22965

We can wax on all we want about "what bitcoin needs" and "what would be healthy for bitcoin" but the fact of the matter is - with the current interest in and demand for bitcoins being what it is, staying as low as $100 for any considerable length of time is downright impossible.



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April 14, 2013, 06:04:27 PM
 #22966

$100 seems to be being defended with market orders, nothing much to be gained following the bid/ask walls right now. Who knows how much money this guy has to burn.
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April 14, 2013, 06:07:49 PM
 #22967

$100 seems to be being defended with market orders, nothing much to be gained following the bid/ask walls right now. Who knows how much money this guy has to burn.

Points to thread name.

Just, you know, trying to keep us on track Smiley

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ElectricMucus
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April 14, 2013, 06:09:38 PM
 #22968



looks familiar?

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
chrsjrcj
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April 14, 2013, 06:16:07 PM
 #22969

MtGox is closing for 8 days?  Roll Eyes


Though, on second thought, that's not entirely a bad thing.
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April 14, 2013, 06:26:17 PM
 #22970

MtGox is closing for 8 days?  Roll Eyes


Though, on second thought, that's not entirely a bad thing.

Well in retrospect is makes the "hack" story shine in a whole new light.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
molecular
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April 14, 2013, 06:33:40 PM
 #22971

Perhaps what we need instead of exchanges that accept fiat (which is the big problem), have crypto-dollars (and other currencies). Similar to Bitcoin, these would be redeemable directly for dollars on a 1-1 basis (like Gox vouchers possibly?) . These would allow exchanges to be set-up without having to worry about having to process fiat and allow some decent competition between the exchanges.

you might want to look into ripple.

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elux
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April 14, 2013, 07:30:24 PM
 #22972



fingerpaint
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April 14, 2013, 07:39:24 PM
 #22973

DUMP!!!
GreekGeek
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April 14, 2013, 07:43:08 PM
 #22974

sell sell sell
I want my coins back!

retirement fund : 1NBM5DM317RfWsHXKUfPUDtba2scavpPoB
ManBearPig
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April 14, 2013, 07:44:25 PM
 #22975



I guess that's what a small sell-off likes look with sub-second lag.

Panic! Oh wait.

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molecular
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April 14, 2013, 07:46:40 PM
 #22976





thanks for these updates.

can someone explain why the bid sum went down drastically quite a while before the drop with price being stable and even rising?

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ElectricMucus
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April 14, 2013, 08:00:06 PM
 #22977

can someone explain why the bid sum went down drastically quite a while before the drop with price being stable and even rising?


Nagle wasn't here yet.  Cheesy

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
GreekGeek
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April 14, 2013, 08:06:12 PM
 #22978

MtGox is closing for 8 days?  Roll Eyes


Though, on second thought, that's not entirely a bad thing.

Well in retrospect is makes the "hack" story shine in a whole new light.

where did you hear that?

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ElectricMucus
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April 14, 2013, 08:08:53 PM
 #22979

MtGox is closing for 8 days?  Roll Eyes


Though, on second thought, that's not entirely a bad thing.

Well in retrospect is makes the "hack" story shine in a whole new light.

where did you hear that?

I came up with it myself. But it isn't that hard to follow imo.
Wild speculative, but still possible.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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April 14, 2013, 08:10:45 PM
 #22980

can someone explain why the bid sum went down drastically quite a while before the drop with price being stable and even rising?

MtGox allowed cancelling active orders, but no placement of new orders during the 12hr "market cooldown".

Great idea! (Ten points for trying, minus several million for good thinking.)

Predictably, buyers scrambled to cancel their bids, while sellers mostly stayed put.

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