Topic: GoxLoop™ discussion / speculation - page 2. (Read 7150 times)
Ok so the gox loop worked for the better or for worse for the price. It seems to me that it didn't had much impact considering the price of the other exchanges that weren't on a loop.
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.
I sat there trying to cancel re-appearing orders for an hour... thankfully it did seem to stop finally, and I've been able to withdraw my bitcoins...
You withdraw your bitcoins and so do a bunch of other people who are now spooked with Gox. Those who panic sold will later panic buy into a thinner ask wall, realizing that withdrawing via bitcoin is much faster and easier than USD. This will drive the price UP.
Anti-fragility at work.
are we back in a loop this time $830-$890?
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.
I sat there trying to cancel re-appearing orders for an hour... thankfully it did seem to stop finally, and I've been able to withdraw my bitcoins...
ok time to buy again 
Triple top 
the loop is over..
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 is this a better idea than simply halting trading?Quoted. IMO, manipulation in ANY way is wrong. If it has to fall, let it fall. But if you want, just halt the trading, it is the best choice: but they can't steal if the market is closed
loop is over, just watching the madness right now, the chart is going all over the place 
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
if only all manipulation was this transparent. ...pretty funny from the big picture. I dont buy the security hack explanation. Though thats a good one.
it stopped
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.)
Gox be a goxin'!
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.)
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 is this a better idea than simply halting trading?My thoughts exactly.
It's not like the hackers could magic out the fiat without them sending it out to a bank. Just mark account transfers for manual approval over a certain limit.
Mark was on IRC (the last time this happened) and said that the loop was activated by his "security system" that goes off when someone places and huge market sell order. 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!
I can't see how this would help that situation.
If it were me making a huge sell just now I'd be pretty peeved that the whole world has now been alerted to the fact.
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 is this a better idea than simply halting trading?
Well, this is just going to stall the drop. Before the bottom was 400, now the bottom could be back to single digits, because it just made bitcoin a lot less reliable.
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?
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
The US stock and commodity exchanges break all the time. Just google "zerohedge self help" and read some of the stories. The major exchanges try to "hide" this kind of thing for better optics. Bitcoin is more transparent.
Note again that this "GoxLoop" happened around 9pm pacific time maybe a month ago. It wasn't discussed as much because most people from the US were asleep. Mark was on IRC (the last time this happened) and said that the loop was activated by his "security system" that goes off when someone places and huge market sell order. 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!
Gox really needs to step up its game -- it could raise plenty of cash to fund improvements. But this is not a conspiracy, and this is in no way unprecedented.
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