Author

Topic: calm the fuck down everyone (Read 4170 times)

hero member
Activity: 686
Merit: 500
Shame on everything; regret nothing.
March 16, 2013, 04:39:52 PM
#43
Well, let's revisit this post with some hindsight.

If you were one of those who calmed the fuck down, you might've bought in at $36, $40, or $44.  You are now sitting on a nice profit Smiley

Congratulations.

I mine.  At $0.05/ kW/H.  Awesome exchange rates.  Yep.
hero member
Activity: 868
Merit: 1000
March 16, 2013, 04:28:10 PM
#42
Well, let's revisit this post with some hindsight.

If you were one of those who calmed the fuck down, you might've bought in at $36, $40, or $44.  You are now sitting on a nice profit Smiley

Congratulations.

LOL - I tried to figure out the bottom, but I was at about 0.5 below it. Wink And with a 9 minute time before orders got through - not easy. And who knew - perhaps the panic would've brought the price even more down, and it would've stayed down for a while..
hero member
Activity: 784
Merit: 1000
bitcoin hundred-aire
March 16, 2013, 04:26:03 PM
#41
Well, let's revisit this post with some hindsight.

If you were one of those who calmed the fuck down, you might've bought in at $36, $40, or $44.  You are now sitting on a nice profit Smiley

Congratulations.
legendary
Activity: 1904
Merit: 1002
March 12, 2013, 08:35:30 PM
#40


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

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


He doesn't understand, clearly.

You don't understand what I meant, clearly.  I had to resend a transaction that was reversed post-fork.

If you had a little more patience, it would have been reconfirmed in the new chain.  There was just a very large backlog that is still being cleared.

- The original problem of TX's building up in mempools still exists - if things get crazy, we can expect out of mem errors, and then dare not think of the consequences for the network.
- A double spend was achieved, some people argue the "mechant" should have ignored the 2nd spend or similar, but it happened.

Whilst, ppl saying all calm down, the fact that the fix did not work is awful long term, and must be addressed asap.  And a hard fork happened, is pretty terrible.

Cool story.  I have no fucking idea what it had to do with my previous comment though.
sr. member
Activity: 448
Merit: 250
March 12, 2013, 07:58:42 PM
#39


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

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


He doesn't understand, clearly.

You don't understand what I meant, clearly.  I had to resend a transaction that was reversed post-fork.

If you had a little more patience, it would have been reconfirmed in the new chain.  There was just a very large backlog that is still being cleared.

- The original problem of TX's building up in mempools still exists - if things get crazy, we can expect out of mem errors, and then dare not think of the consequences for the network.
- A double spend was achieved, some people argue the "mechant" should have ignored the 2nd spend or similar, but it happened.

Whilst, ppl saying all calm down, the fact that the fix did not work is awful long term, and must be addressed asap.  And a hard fork happened, is pretty terrible.
legendary
Activity: 1904
Merit: 1002
March 12, 2013, 07:54:35 PM
#38


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

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


He doesn't understand, clearly.

You don't understand what I meant, clearly.  I had to resend a transaction that was reversed post-fork.

If you had a little more patience, it would have been reconfirmed in the new chain.  There was just a very large backlog that is still being cleared.
legendary
Activity: 1834
Merit: 1020
March 12, 2013, 01:53:23 PM
#37


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

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


He doesn't understand, clearly.

You don't understand what I meant, clearly.  I had to resend a transaction that was reversed post-fork.
sr. member
Activity: 448
Merit: 250
March 12, 2013, 08:21:10 AM
#36
by recent more intensive adoption bitcoin started to hit some of its limits. I expect more problems in the future if bitcoin continues to get more and more new users aboard. It's still beta software and not prepared for large transaction volumes.

Intensive adoption? That is a nice way to spin satoshi dice spam.


Lol. As it is, devs are dragging their feet with the blocksize issue. And many feel that we'd need at least a year of notice before implementing a hard fork. With the current 0.7/0.8 issue, we're going to need a hard fork much sooner than that. Without SatoshiSpam dustcoin transactions, we have even LESS of an incentive to fix these problems (It is argued by many that raising the blocksize limit would help tx fees to price themselves in, making the SatoshiSpam unprofitable.)
So, personally, I'd RATHER have SatoshiSpam dustcoining the network because it gives us a reason to act sooner rather than later. If it wasn't SD it's be another website or a group of websites. So the fact that someone's doing it isn't the issue, it's the fact that doing it is profitable for various reasons. Sure, people should stop using it, and miners should delay or refuse to accept dust tx with no fees, but fixing these issues with the network is another part of the solution. Having a tiger chasing you is a really good reason to run ;-)

donator
Activity: 1722
Merit: 1036
March 12, 2013, 08:20:58 AM
#35
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 :>

I bought them. I don't regret a minute for my purchase, because there are bigger things going on. If everything goes as planned, this will take the price to around $30 enabling me and my friends to purchase 50% more bitcoins in the following weeks. I will be buying all the way down.

Ahhh....

You should never tell your actual intention. Rewrite:

Lucky that I also sold most of my coins on your advice, pal. The ramifications of this fork are immense, it is good that not many know about the real situation yet. I get to unload most of the remaining stash maybe at $30 or $25, a good price given the fact that there are no buyers left. I will be selling all the way down, it does not matter which price I get because BTC is doomed anyway.
legendary
Activity: 1176
Merit: 1010
Borsche
March 12, 2013, 08:12:39 AM
#34
Fairly simple - does not matter if the issue is completely resolved (as it is). Speculators were sitting on the fence below 50. Even a slight wind blow in a wrong direction would've mattered. So my short term direction prediction - down to $34. My speculative coins sold at 47, buy orders at 34. If suddenly bitcoin crowd does not display herd behaviour and turns bullish instead, I will be happy for how much our little market has matured and how it is much more panic-resistant than Wall street. But I doubt it.
full member
Activity: 158
Merit: 100
March 12, 2013, 06:41:34 AM
#33
The important question is not what we here think, but how tomorrow's news will affect potential new users' views and decisions.

Hey, people, he is right btw, so what are you all talking about?
donator
Activity: 668
Merit: 500
March 12, 2013, 03:24:01 AM
#32


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

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


He doesn't understand, clearly.
hero member
Activity: 756
Merit: 501
There is more to Bitcoin than bitcoins.
March 12, 2013, 12:51:00 AM
#31
The important question is not what we here think, but how tomorrow's news will affect potential new users' views and decisions.
legendary
Activity: 924
Merit: 1004
Firstbits: 1pirata
March 12, 2013, 12:44:01 AM
#30
Pipe the fuck down people!

http://www.youtube.com/watch?v=EldZB85l6bU
legendary
Activity: 2072
Merit: 1001
March 12, 2013, 12:39:32 AM
#29
by recent more intensive adoption bitcoin started to hit some of its limits. I expect more problems in the future if bitcoin continues to get more and more new users aboard. It's still beta software and not prepared for large transaction volumes.

Intensive adoption? That is a nice way to spin satoshi dice spam.
sr. member
Activity: 350
Merit: 257
Trust No One
March 12, 2013, 12:37:59 AM
#28
by recent more intensive adoption bitcoin started to hit some of its limits. I expect more problems in the future if bitcoin continues to get more and more new users aboard. It's still beta software and not prepared for large transaction volumes.
sr. member
Activity: 488
Merit: 254
The first is by definition not flawed.
March 12, 2013, 12:18:39 AM
#27
i would love to calm down - but when i woke up to the party that happend all the cheap coins where already traded
and i am therefore quite mad! So is it wrong to FUD a bit more?
hero member
Activity: 868
Merit: 1000
March 12, 2013, 12:13:47 AM
#26
I've been lucky with my bid as I'm sitting on a 15%+ paper profit.  Question now is, will the market go back to $45 or so or take another dump.  Decisions, decisions.

It is never wrong to take a profit.
legendary
Activity: 1692
Merit: 1018
March 11, 2013, 10:12:07 PM
#25
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.

I only now just read about the network fork issue.  I had the low ball bid ($37) in on the assumption someone would try wild trading swings again and by the time they start happening it's too late to place orders (MtGox chokes, Live stream dies, etc).  It's also too late to pull bids if things really turn sour.  Risky game.

I've been lucky with my bid as I'm sitting on a 15%+ paper profit.  Question now is, will the market go back to $45 or so or take another dump.  Decisions, decisions.
legendary
Activity: 2072
Merit: 1001
March 11, 2013, 10:03:54 PM
#24
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 :>

Here ya go. In thus very thread. Ugh. He aint a moderator. My bad. So conspiracy game on then!
hero member
Activity: 518
Merit: 500
March 11, 2013, 10:02:39 PM
#23
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!
legendary
Activity: 2072
Merit: 1001
March 11, 2013, 10:01:46 PM
#22
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?
hero member
Activity: 868
Merit: 1000
March 11, 2013, 09:59:53 PM
#21
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.
hero member
Activity: 672
Merit: 500
March 11, 2013, 09:59:00 PM
#20
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.
legendary
Activity: 1692
Merit: 1018
March 11, 2013, 09:54:17 PM
#19
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.

sr. member
Activity: 348
Merit: 250
March 11, 2013, 09:51:26 PM
#18

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.
legendary
Activity: 1834
Merit: 1020
March 11, 2013, 09:48:56 PM
#17


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

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



I didn't mean a rollback.
legendary
Activity: 1611
Merit: 1001
March 11, 2013, 09:44:56 PM
#16
legendary
Activity: 2184
Merit: 1056
Affordable Physical Bitcoins - Denarium.com
March 11, 2013, 09:44:29 PM
#15
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.
legendary
Activity: 1106
Merit: 1001
March 11, 2013, 09:43:16 PM
#14


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

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



He isn't getting it, he's spreading it.
legendary
Activity: 2072
Merit: 1001
March 11, 2013, 09:42:12 PM
#13


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

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.
sr. member
Activity: 348
Merit: 250
March 11, 2013, 09:39:34 PM
#12


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

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

sr. member
Activity: 462
Merit: 250
March 11, 2013, 09:37:29 PM
#11
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.
legendary
Activity: 1834
Merit: 1020
March 11, 2013, 09:37:20 PM
#10
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
legendary
Activity: 1904
Merit: 1002
March 11, 2013, 09:35:17 PM
#9
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.
legendary
Activity: 2184
Merit: 1056
Affordable Physical Bitcoins - Denarium.com
March 11, 2013, 09:34:08 PM
#8
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 :>
legendary
Activity: 1834
Merit: 1020
March 11, 2013, 09:34:01 PM
#7
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?
hero member
Activity: 784
Merit: 1000
bitcoin hundred-aire
March 11, 2013, 09:33:59 PM
#6
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.
legendary
Activity: 1414
Merit: 1000
HODL OR DIE
March 11, 2013, 09:33:15 PM
#5
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.
legendary
Activity: 840
Merit: 1000
March 11, 2013, 09:32:11 PM
#4
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.
legendary
Activity: 1106
Merit: 1001
March 11, 2013, 09:30:36 PM
#3
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.

Yup. Virtex went all the way down to 35! I could've made a killing.
legendary
Activity: 1288
Merit: 1227
Away on an extended break
March 11, 2013, 09:25:43 PM
#2
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.


The original post lacked info for "regular users".  Here it is:

(1) If you are a "regular user" (not a miner), the best thing is to do nothing and wait a couple hours.  Upgrading, downgrading, whining, FUD, etc, will make no difference.
(2) If you are a "regular user", you don't need to upgrade downgrade or anything.  Just chill out
(3) Regardless of who you are, your transactions are not dead, your coins are not lost.  They will just temporarily be held up.  If you sent a transaction within the last few hours, it may take a few more hours before it's sorted out.
(4) If you insist on processing transactions right now it's probably best to wait 20+ confirmations.  It's just due diligence though ... an attacker would still need a tremendous amount of mining power, quick thinking, and a victim willing to part with a lot of BTC.
(5) By tomorrow this will be in the past and everything will appear to be normal again.  If you slept through this, you'd never know that anything happend (except for the price drop).

Let me reiterate, your coins are not at risk, your transactions are not lost.  It'll just take some time for the network to "iron itself out."  Everything will be okay.
hero member
Activity: 784
Merit: 1000
bitcoin hundred-aire
March 11, 2013, 09:24:16 PM
#1
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.
Jump to: