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Topic: calm the fuck down everyone - page 2. (Read 4135 times)

mccorvic

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Quote from: fcmatt on March 11, 2013, 11:01:46 PM

Quote from: Herodes on March 11, 2013, 10:59:53 PM

Quote from: NamelessOne on March 11, 2013, 10:32:11 PM

There is also the issue of it NOT breaking through 50 and people panicing from that. This 'bug' issue only became public after the price started dropping, thus making the drop more severe. The combo isn't fun, but I think it would have been going down to some degree a anyway.

The issue was most likely communicated to certain community members before it was made public, so that these could stand first in the que to sell out to secure profits if needed.

Well, that just means if you were on irc or not. At least one moderator sold before it became news here. He knew it was best to log onto gox before coming here and telling the chumps.

Conspiracy theories! I love 'em!

fcmatt

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Quote from: Herodes on March 11, 2013, 10:59:53 PM

Quote from: NamelessOne on March 11, 2013, 10:32:11 PM

There is also the issue of it NOT breaking through 50 and people panicing from that. This 'bug' issue only became public after the price started dropping, thus making the drop more severe. The combo isn't fun, but I think it would have been going down to some degree a anyway.

The issue was most likely communicated to certain community members before it was made public, so that these could stand first in the que to sell out to secure profits if needed.

Well, that just means if you were on irc or not. At least one moderator sold before it became news here. He knew it was best to log onto gox before coming here and telling the chumps. Why does that sound so familiar? Heh. Read the news about wall st and banks eh?

Herodes

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Quote from: NamelessOne on March 11, 2013, 10:32:11 PM

There is also the issue of it NOT breaking through 50 and people panicing from that. This 'bug' issue only became public after the price started dropping, thus making the drop more severe. The combo isn't fun, but I think it would have been going down to some degree a anyway.

The issue was most likely communicated to certain community members before it was made public, so that these could stand first in the que to sell out to secure profits if needed.

CurbsideProphet

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Quote from: Cluster2k on March 11, 2013, 10:54:17 PM

In anticipation of someone trying last week's dumping shenigans once again, I placed a low ball bid ($10 below market value) and have just seen my order fulfilled. Surprised me a little. Still, I expect to make a healthy profit once sanity resumes.

I had an old low ball bid fill too. Actually I would have pulled it if I had the chance but whatever, too late now. Maybe me not knowing about this fork until it was too late will turn out to be a good thing.

Cluster2k

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In anticipation of someone trying last week's dumping shenigans once again, I placed a low ball bid ($10 below market value) and have just seen my order fulfilled. Surprised me a little. Still, I expect to make a healthy profit once sanity resumes.

chiropteran

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Quote from: fcmatt on March 11, 2013, 10:42:12 PM

what about the block rewards for the mined blocks that are now going to be defunct? does that count as lost money?

What about them? No, it's not lost money. Mining pools have mined orphanned blocks sicne the start, which appear to be winners but don't actually reward any coins. It's part of the game and the cost of doing business, a block reward isn't even counted until 120 confirmations- at average of 10 minutes per confirmation that is 20 hours.

Translation: there have been exactly ZERO rewards for mined blocks that may be affected by this problem.

the joint

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Quote from: chiropteran on March 11, 2013, 10:39:34 PM

Quote from: the joint on March 11, 2013, 10:37:20 PM

It's not just downtime. It's a clusterfuck due to all transactions that will inevitably be reversed. I guarantee you a bunch of people lose a lot of money from this.

Fortunately for me, I was able to sell some LTC at .0115 BTC Cheesy

Cheesy

No transactions are being reversed at all. Where are you getting this false information from?

I didn't mean a rollback.

str4wm4n

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Technomage

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The only ones who will actually lose bitcoins over this are the miners mining the wrong chain. It's highly likely that for everyone else, everything will be okay in a few hours. The value of bitcoins took a hit though, how big of a hit, remains to be seen.

Piper67

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Quote from: chiropteran on March 11, 2013, 10:39:34 PM

Quote from: the joint on March 11, 2013, 10:37:20 PM

It's not just downtime. It's a clusterfuck due to all transactions that will inevitably be reversed. I guarantee you a bunch of people lose a lot of money from this.

Fortunately for me, I was able to sell some LTC at .0115 BTC Cheesy

Cheesy

No transactions are being reversed at all. Where are you getting this false information from?

He isn't getting it, he's spreading it.

fcmatt

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Quote from: chiropteran on March 11, 2013, 10:39:34 PM

Quote from: the joint on March 11, 2013, 10:37:20 PM

It's not just downtime. It's a clusterfuck due to all transactions that will inevitably be reversed. I guarantee you a bunch of people lose a lot of money from this.

Fortunately for me, I was able to sell some LTC at .0115 BTC Cheesy

Cheesy

No transactions are being reversed at all. Where are you getting this false information from?

what about the block rewards for the mined blocks that are now going to be defunct? does that count as lost money?
sometimes developers need to step back and think things through.. and they cannot do that while furiously typing on irc.
it will happen when they lie down in bed and think.

chiropteran

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Quote from: the joint on March 11, 2013, 10:37:20 PM

It's not just downtime. It's a clusterfuck due to all transactions that will inevitably be reversed. I guarantee you a bunch of people lose a lot of money from this.

Fortunately for me, I was able to sell some LTC at .0115 BTC Cheesy

Cheesy

No transactions are being reversed at all. Where are you getting this false information from?

Nemesis

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Activity: 462

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Quote from: ineededausername on March 11, 2013, 10:33:59 PM

Quote from: byronbb on March 11, 2013, 10:33:15 PM

confidence in the whole network. Bad in technical sense, very bad in psychological sense.

see, there's the problem. this whole thing is based on emotions.

Its not emotions dumbass.

What the fck dont you understand ? chanting and throwing tantrum for price keep increasing everyday? still has no fcking clue thats not a sustainable ecomony.

The price of BTC is based on confidences ppl give to it. Now thats not gonna be the same confident level.

the joint

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Quote from: notme on March 11, 2013, 10:35:17 PM

Quote from: the joint on March 11, 2013, 10:34:01 PM

Quote from: John (John K.) on March 11, 2013, 10:25:43 PM

Quote from: ineededausername on March 11, 2013, 10:24:16 PM

I was panicking a few minutes ago but asked around. The issue will be over in a few hours, and any crash will be momentary. Only 11 blocks or so were affected and it'll all be over very quickly. By tomorrow morning, we are back to business as usual.

Maybe we see a temporary dip, but that'll resolve eventually, because this issue is not really a big deal except for now. We don't see many hard forks and I'm sure the devs will be much more cautious in the future after this has happened.

This. Seriously, I'm just kicking myself for not having any standby cash in MTGOX.

I'm kicking myself for not having funds in BTC-e!

By the way, I see this as a huge, enormous, unbelievably fucking huge deal. This is completely different from a scam or a hack, this is an "accident" that just froze the whole fucking economy.

To demonstrate why this is a huge fucking deal, consider yourself in two scenarios:

1) You are a Bitcoin "Big Dog" holding onto >10,000 BTC and you see, "URGENT: Chain fork" on your client. When the network reorganizes itself, how do you respond?

2) You are a wealthy investor and trader. You've heard about this Bitcoin thing and are amazed at its performance over the past few years, and you've become excited upon hearing that soon, exchanges such as CoinLab will allow you to purchase BTC in very large chunks and store them securely (i.e. safe from hacks/theft, etc.). But, after hearing about the recent Bitcoin fork, how confident would you be in the safety of your future investment?

Bitcoin will still have far less downtime than fiat banks.

It's not just downtime. It's a clusterfuck due to all transactions that will inevitably be reversed. I guarantee you a bunch of people lose a lot of money from this.

Fortunately for me, I was able to sell some LTC at .0115 BTC Cheesy

Cheesy

notme

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Quote from: the joint on March 11, 2013, 10:34:01 PM

Quote from: John (John K.) on March 11, 2013, 10:25:43 PM

Quote from: ineededausername on March 11, 2013, 10:24:16 PM

I was panicking a few minutes ago but asked around. The issue will be over in a few hours, and any crash will be momentary. Only 11 blocks or so were affected and it'll all be over very quickly. By tomorrow morning, we are back to business as usual.

Maybe we see a temporary dip, but that'll resolve eventually, because this issue is not really a big deal except for now. We don't see many hard forks and I'm sure the devs will be much more cautious in the future after this has happened.

This. Seriously, I'm just kicking myself for not having any standby cash in MTGOX.

I'm kicking myself for not having funds in BTC-e!

By the way, I see this as a huge, enormous, unbelievably fucking huge deal. This is completely different from a scam or a hack, this is an "accident" that just froze the whole fucking economy.

To demonstrate why this is a huge fucking deal, consider yourself in two scenarios:

1) You are a Bitcoin "Big Dog" holding onto >10,000 BTC and you see, "URGENT: Chain fork" on your client. When the network reorganizes itself, how do you respond?

2) You are a wealthy investor and trader. You've heard about this Bitcoin thing and are amazed at its performance over the past few years, and you've become excited upon hearing that soon, exchanges such as CoinLab will allow you to purchase BTC in very large chunks and store them securely (i.e. safe from hacks/theft, etc.). But, after hearing about the recent Bitcoin fork, how confident would you be in the safety of your future investment?

Bitcoin will still have far less downtime than fiat banks.

Technomage

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This was 100% from the issue at hand. I personally sold everything I had on Gox before it really went public. It was going on in IRC for half an hour before it was anywhere else. The dumps are 100% because of the technical malfunction.

The market will be oversold soon though so look for cheap coins tomorrow :>

the joint

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Quote from: John (John K.) on March 11, 2013, 10:25:43 PM

Quote from: ineededausername on March 11, 2013, 10:24:16 PM

I was panicking a few minutes ago but asked around. The issue will be over in a few hours, and any crash will be momentary. Only 11 blocks or so were affected and it'll all be over very quickly. By tomorrow morning, we are back to business as usual.

Maybe we see a temporary dip, but that'll resolve eventually, because this issue is not really a big deal except for now. We don't see many hard forks and I'm sure the devs will be much more cautious in the future after this has happened.

This. Seriously, I'm just kicking myself for not having any standby cash in MTGOX.

I'm kicking myself for not having funds in BTC-e!

By the way, I see this as a huge, enormous, unbelievably fucking huge deal. This is completely different from a scam or a hack, this is an "accident" that just froze the whole fucking economy.

To demonstrate why this is a huge fucking deal, consider yourself in two scenarios:

1) You are a Bitcoin "Big Dog" holding onto >10,000 BTC and you see, "URGENT: Chain fork" on your client. When the network reorganizes itself, how do you respond?

2) You are a wealthy investor and trader. You've heard about this Bitcoin thing and are amazed at its performance over the past few years, and you've become excited upon hearing that soon, exchanges such as CoinLab will allow you to purchase BTC in very large chunks and store them securely (i.e. safe from hacks/theft, etc.). But, after hearing about the recent Bitcoin fork, how confident would you be in the safety of your future investment?

ineededausername

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bitcoin hundred-aire

Quote from: byronbb on March 11, 2013, 10:33:15 PM

confidence in the whole network. Bad in technical sense, very bad in psychological sense.

see, there's the problem. this whole thing is based on emotions.

byronbb

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HODL OR DIE

Quote from: ineededausername on March 11, 2013, 10:24:16 PM

I was panicking a few minutes ago but asked around. The issue will be over in a few hours, and any crash will be momentary. Only 11 blocks or so were affected and it'll all be over very quickly. By tomorrow morning, we are back to business as usual.

Maybe we see a temporary dip, but that'll resolve eventually, because this issue is not really a big deal except for now. We don't see many hard forks and I'm sure the devs will be much more cautious in the future after this has happened.

Mehhhhh bad bad news. This shakes confidence in the whole network. Bad in technical sense, very bad in psychological sense. Cheap coins for those willing to STILL BELIEVE.

NamelessOne

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There is also the issue of it NOT breaking through 50 and people panicing from that. This 'bug' issue only became public after the price started dropping, thus making the drop more severe. The combo isn't fun, but I think it would have been going down to some degree a anyway.

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