Wall Observer - MtGoxUSD wall movement tracker

[NamelessOne]

True! So far I only really find 1.5 mins tolerable, lol. But often it will die down by itself when it hovers around that range. So maybe 5 minutes max, hehe.

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[ManBearPig]

It's a joy to change Bids, Asks and Cancels and they work instantly!

Just like the real world

[rpietila]

Check

[rpietila]

Noo... am I the first one to write here? 

[Jaques]

Noo... am I the first one to write here? 

yep, me second after the page-"cool off" ...

[NamelessOne]

Noo... am I the first one to write here? 

Finally back up.

[gizmoh]

DDOSSER expect panic on forum unavailability..meh he must be so desperate!!

[rpietila]

DDOSSER expect panic on forum unavailability..meh he must be so desperate!!

Why is price not rising after forum is back up? 

[Richy_T]

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.

I can see some issues with this. It would introduce another single point of failure so it would be good to have more than one. However, there would be little point DDOS these servers since they only deal with exchange of fiat to crypto-fiat and with multiple exchanges now more feasible, which is where the price can be manipulated, they become less of a target.

[Richy_T]

Yes, I'm hopeful also. I was very happy yesterday to see just how effective the brief trade halting cooldowns worked. I'd been saying it for days, 'halt trading briefly, let the lag die down and restart trading' but we all had to see it in action before knowing whether it would be affective or not. The tapered/staggered cooldowns worked wonderfully. 5-10 mins lag is the max we should ever see in my opinion, they should implement an auto cooldown feature if they aren't watching their market 24/7. We can all live with brief 10 minute breaks to fix the blind trading spiral lag, it is helpful for all, and is far different from the 12 hours that pissed everyone off.

There are other, perhaps better ways to do it. You could throttle orders, limit orders to a narrower window r, my favorite, pay someone a few $$$ to fix the damn algorithm. It has to be doing something really dumb in there like comparing every new order against every existing order or something.

[cdb000]

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.

I can see some issues with this. It would introduce another single point of failure so it would be good to have more than one. However, there would be little point DDOS these servers since they only deal with exchange of fiat to crypto-fiat and with multiple exchanges now more feasible, which is where the price can be manipulated, they become less of a target.

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.

[NamelessOne]

Yes, I'm hopeful also. I was very happy yesterday to see just how effective the brief trade halting cooldowns worked. I'd been saying it for days, 'halt trading briefly, let the lag die down and restart trading' but we all had to see it in action before knowing whether it would be affective or not. The tapered/staggered cooldowns worked wonderfully. 5-10 mins lag is the max we should ever see in my opinion, they should implement an auto cooldown feature if they aren't watching their market 24/7. We can all live with brief 10 minute breaks to fix the blind trading spiral lag, it is helpful for all, and is far different from the 12 hours that pissed everyone off.

There are other, perhaps better ways to do it. You could throttle orders, limit orders to a narrower window r, my favorite, pay someone a few $$$ to fix the damn algorithm. It has to be doing something really dumb in there like comparing every new order against every existing order or something.

Oh for sure, I agree, in my other posts I have been saying that this needs to be a temporary solution. But until they have a real solution, like those that you've mentioned, it is irresponsible to let lag fly up to 50 minutes and hover there for 4 hours like they did yesterday. When the finally started the cooldown killed the lag in 10 minutes.

[samson]

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.

I can see some issues with this. It would introduce another single point of failure so it would be good to have more than one. However, there would be little point DDOS these servers since they only deal with exchange of fiat to crypto-fiat and with multiple exchanges now more feasible, which is where the price can be manipulated, they become less of a target.

This is an idea that pops up occasionally in the alternate cryptocurrencies sub forum : Pegged currencies.

Apparently there's all sorts of problems with them.

I think someone needs to form a company, launch a new blockchain and supporting network for processing transactions then limit the minting of new pegged coins to the value of deposits minus a processing fee.

Then they could be moved around freely via a client like Bitcoin and withdrew to a bank account on demand.

In effect you would be creating a bank that handled deposit accounts.

If such a company was launched in a region where the regulations on financial transfers are not so stringent something like this would be really useful.

It would be centrally controlled and not a regular crypto currency but the important thing would be to put infrastructure in place to process large quantities of transfers into and out of the system in a timely manner and avoid as much of this AML bullshit as possible.

Why people need to go through laborious AML procedures is beyond me. If you're transferring money from your own bank account it's already in the system and already logged and tracked by your own government anyway. I could undersand AML regulations for suitcases full of cash but for a bank wire from your own account it doesn't seem to make too much sense.

[nagnagnag2]

Check

You are always welcome to send me your checks! 

[Richy_T]

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.

[ManBearPig]

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?

[kiko]

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?

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.

[ManBearPig]

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?

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

[BitcoinAshley]

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.

[kiko]

$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.