Topic: GoxLoop™ discussion / speculation (Read 7220 times)
It's api lag, not more.
It was already explained in another thread, it's a security measure (of rather dubious quality) they put in for when price is falling too fast. This is the kind of "solution" that makes software engineers around the world scream out in agony.
How does this solve the price falling too fast?
It is a bandaid that Mark implemented to avoid a repeat of the hack a few years ago when someone faked a market sell all the way to zero (cleaned out the order book). It is not designed to prevent the price from "falling too fast."
(I am not condoning this "security system" BTW, just trying to get the facts straight.)
how does one fake a market sell?
it does not seem possible to me
i looking at this looping on btccharts, this is some funny shit going on. can you imagine if this started happening on nasdaq or nyse, lmfao
yeah. holy sh*t!
this is the first time i see it (goxloop), obviously something isn't right. probably a software bug on MtGox's side. they should stop being lazy and fix it.
Can anyone remember any loop when the price went up really fast?
If this really is a security measure it only needs to be on the down-side since BTC withdrawals are instantaneous and irreversible while fiat withdrawals take at least a day (time for Mark to wake up and notice) and can sometimes be clawed back. Blocking all BTC withdrawals from all accounts is an alternative, but that REALLY freaks people out, so I can understand why he'd be reluctant to do that.
I still think that "looping" instead of halting is completely bonkers.
While I agree with what you say, I should point out that mtgox BTC withdraws are not instant...
It takes days sometimes (longer than fiat transfers typically take).
I know many people that are pleased with all this loop thing because they think that helped the price not to collapse completely.
I don't think that it made any difference. I mean those who are going to panic they 'll panic sooner or later.
I don't think that it made any difference. I mean those who are going to panic they 'll panic sooner or later.
I cannot understand why anyone still uses GOX.
Can anyone remember any loop when the price went up really fast?
If this really is a security measure it only needs to be on the down-side since BTC withdrawals are instantaneous and irreversible while fiat withdrawals take at least a day (time for Mark to wake up and notice) and can sometimes be clawed back. Blocking all BTC withdrawals from all accounts is an alternative, but that REALLY freaks people out, so I can understand why he'd be reluctant to do that.
I still think that "looping" instead of halting is completely bonkers.
The reason for his weird "security system" is to prevent a repeat of what happened several years ago when someone hacked the site and faked a market sell all the way down to zero!
Yes, but why on earth would he report fake volume instead of simply halting the market?
Makes zero sense.
So, a massive GoxLoop is going on.
I really wish, for the sake of BTC's credibility, they would not do this. Or urgently fix whatever bug has been causing this to happen occasionally for the last year or more.
These charts get posted on zerohedge, and they scream "manipulated market" to people. Even if there is an innocent explanation.
Bitcoin is unregulated so def legal at this point of time
The precedent from the Shavers case says otherwise. They could probably nab Karples for securities fraud, as this is something he is explicitly expected NOT to do.
Anyone willing to lobby against MtGox, with me?
Yes. Don't use gox anymore. Done.
Maybe stop using Gox?
It seemed like the price got stuck at Gox for a while and threw all the other markets into a tizzy. Isn't part of the problem ppl can't get money and btc out of Gox?
What imbeciles. They're going to watch their market share evaporate.
Why anyone still uses them at this point is beyond my comprehension anyway. After the April crash, I was done.
This is interesting to say at least...didn't know this was possible (legality aside!)
Can anyone remember any loop when the price went up really fast?
i looking at this looping on btccharts, this is some funny shit going on. can you imagine if this started happening on nasdaq or nyse, lmfao
"funny shit" happens an nasdaq, nyse et al all the time, they hide it in plain sight.
http://johnhcochrane.blogspot.co.uk/2012/02/weird-stuff-in-high-frequency-markets.html
this is an excellent documentary about high frequency trading: http://www.youtube.com/watch?v=GEAGdwHXfLQ
some totally unexplained flash crashes happened because these algos operate in complex systems.
This will all stop as soon as Bill Murry wins Andie McDowell's heart.
Until then, we're Goxloop'd!
Until then, we're Goxloop'd!
baahahahahha
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