Its a buyers market. Gox delay and prices plummeting. Whose buying now?

MatTheCat

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Quote from: sgbett on February 10, 2014, 03:46:48 PM

My question, then, is whether you think Karpeles is an idiot, or an evil genius?

I'm as cynical as the next man about a lot of stuff. I'm putting this one down to circumstances though. It was a trading site for an online card game... I'm guessing the standard of code for that wasn't too high Wink

I think he just got too deep too quick. I'm a coder I wouldn't relish having to suddenly learn everything about high performance n-tier architecture because traffic to my site was increasing exponentially, and the consequences of failure suddenly becoming millions of dollars. I think he panicked and hoped for the best. A lot.

I reckon they are just a bit crap. Some have greatness thrust upon them; Karpales fumbled it Wink

Just my $0.02 though

Way in over his head, liar, opportunistic thief, and in that order.

geri

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Activity: 77

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I'm buying, more than I should, but not on Mt. Gox, I love myself too much to do that.

GigaCoin

sr. member

Activity: 308

Merit: 251

Giga

Quote from: MatTheCat on February 10, 2014, 02:27:21 PM

Quote from: GigaCoin on February 10, 2014, 02:18:02 PM

Yes there are many on BTC-e who has orders in $100-$300 range that never got filled in, it happened so fast that i think only a limited amount of people actually got to buy it at those prices before it shot up to $500+

If someone had orders at $200 that went unfulfilled, then there is no good reason at all why the price should go below this. The fact that it did, proves that these trading platforms (BTC-e and Bitfinex) are hooky, with front running facilities clearly being provided to selected parties.

True.

and indeed it didn't execute many orders at that price level, i was having a discussion earlier with some traders whom i know confirmed the same.

GigaCoin

sr. member

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Merit: 251

Giga

price on stamp has hovered around $666 for far too long, be careful!

sgbett

legendary

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Merit: 1087

Quote from: MatTheCat on February 10, 2014, 02:39:39 PM

Quote from: sgbett on February 10, 2014, 02:29:48 PM

Why is simple incompetence always blown up into nefarious conspiracy theory. Can't people just write crap code anymore?

'Crap Code' that benefits certain parties immensely at everyone else's expense?

The reason that everyone jumps to nefarious conclusions us because most of the time in the real world, such events are accompanied by nefarious deeds...

Oh c'mon, the money was just

resting in my account!

My question, then, is whether you think Karpeles is an idiot, or an evil genius?

I'm as cynical as the next man about a lot of stuff. I'm putting this one down to circumstances though. It was a trading site for an online card game... I'm guessing the standard of code for that wasn't too high Wink

I think he just got too deep too quick. I'm a coder I wouldn't relish having to suddenly learn everything about high performance n-tier architecture because traffic to my site was increasing exponentially, and the consequences of failure suddenly becoming millions of dollars. I think he panicked and hoped for the best. A lot.

I reckon they are just a bit crap. Some have greatness thrust upon them; Karpales fumbled it Wink

Just my $0.02 though

trepper

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Activity: 89

Merit: 12

Quote from: MatTheCat on February 10, 2014, 02:27:21 PM

Quote from: GigaCoin on February 10, 2014, 02:18:02 PM

Yes there are many on BTC-e who has orders in $100-$300 range that never got filled in, it happened so fast that i think only a limited amount of people actually got to buy it at those prices before it shot up to $500+

If someone had orders at $200 that went unfulfilled, then there is no good reason at all why the price should go below this. The fact that it did, proves that these trading platforms (BTC-e and Bitfinex) are hooky, with front running facilities clearly being provided to selected parties.

For example, my 90 days+ old buy order @503 on Gox has never been fullfilled this morning, but I'm sure it will tomorrow Roll Eyes

MatTheCat

hero member

Activity: 840

Merit: 1000

Quote from: sgbett on February 10, 2014, 02:29:48 PM

Why is simple incompetence always blown up into nefarious conspiracy theory. Can't people just write crap code anymore?

'Crap Code' that benefits certain parties immensely at everyone else's expense?

The reason that everyone jumps to nefarious conclusions us because most of the time in the real world, such events are accompanied by nefarious deeds...

Oh c'mon, the money was just

resting in my account!

oda.krell

legendary

Activity: 1470

Merit: 1007

Don't know if OP's question is serious, but: me, for example. Admittedly, I also sold 2 days before, at around 680/690, but who in his right mind *wouldn't* buy when there's such a nice opportunity at 530/540 :D

sgbett

legendary

Activity: 2576

Merit: 1087

Why is simple incompetence always blown up into nefarious conspiracy theory. Can't people just write crap code anymore?

MatTheCat

hero member

Activity: 840

Merit: 1000

Quote from: GigaCoin on February 10, 2014, 02:18:02 PM

Yes there are many on BTC-e who has orders in $100-$300 range that never got filled in, it happened so fast that i think only a limited amount of people actually got to buy it at those prices before it shot up to $500+

If someone had orders at $200 that went unfulfilled, then there is no good reason at all why the price should go below this. The fact that it did, proves that these trading platforms (BTC-e and Bitfinex) are hooky, with front running facilities clearly being provided to selected parties.

GigaCoin

sr. member

Activity: 308

Merit: 251

Giga

Quote from: MatTheCat on February 10, 2014, 12:08:23 PM

Quote from: j3steven on February 10, 2014, 10:58:28 AM

You had to have a bot to get in on the sub-$200 coins, they went instantly with people who had automated orders on them. With that said, there was about a 5-10 minute window I saw on both Coinbase and BTC-E where it was 450-550ish. I told myself if i saw 600 I would buy a little, and I got a small amount at 560 around 5am EST

It would be interesting to hear if anyone had ultra low BTC-e orders that never got filled. I have been the victim of prices dipping below my buy in orders and somehow not getting them filled before it shoots away back up. That would be on Bitfinex.

If there was front running bots involved, then here is one of your culprits:

Quote from: Bobsurplus on February 10, 2014, 10:29:48 AM

[I woke up with over 200 BTC more than I had when I was asleep]

Hey Bobshite, don't fancy showing us a screenshot of your buy in do ya?

Yes there are many on BTC-e who has orders in $100-$300 range that never got filled in, it happened so fast that i think only a limited amount of people actually got to buy it at those prices before it shot up to $500+

MatTheCat

hero member

Activity: 840

Merit: 1000

Quote from: j3steven on February 10, 2014, 10:58:28 AM

You had to have a bot to get in on the sub-$200 coins, they went instantly with people who had automated orders on them. With that said, there was about a 5-10 minute window I saw on both Coinbase and BTC-E where it was 450-550ish. I told myself if i saw 600 I would buy a little, and I got a small amount at 560 around 5am EST

It would be interesting to hear if anyone had ultra low BTC-e orders that never got filled. I have been the victim of prices dipping below my buy in orders and somehow not getting them filled before it shoots away back up. That would be on Bitfinex.

If there was front running bots involved, then here is one of your culprits:

Quote from: Bobsurplus on February 10, 2014, 10:29:48 AM

[I woke up with over 200 BTC more than I had when I was asleep]

Hey Bobshite, don't fancy showing us a screenshot of your buy in do ya?

j3steven

member

Activity: 112

Merit: 10

Quote from: coinpharmer on February 10, 2014, 10:47:07 AM

Quote from: bitcoinsrus on February 10, 2014, 05:53:57 AM

"MtGox will resume bitcoin withdrawals to outside wallets once the issue outlined above has been properly addressed in a manner that will best serve our customers."

The prices (on bitstamp) are going down. Who is buying now or who is waiting for it to plummet more?
------
sub 600 reached

poll is broken due to being about mtgox. im sad i missed this epic buying chance at sub 200 prices, but may still buy a 650 coin. my reasons for not being too eager for 650/coin is that Im already heavy in btc. ill pick up part of a coin today atleast though and more if it dips again

You had to have a bot to get in on the sub-$200 coins, they went instantly with people who had automated orders on them. With that said, there was about a 5-10 minute window I saw on both Coinbase and BTC-E where it was 450-550ish. I told myself if i saw 600 I would buy a little, and I got a small amount at 560 around 5am EST

coinpharmer

member

Activity: 84

Merit: 10

Quote from: bitcoinsrus on February 10, 2014, 05:53:57 AM

"MtGox will resume bitcoin withdrawals to outside wallets once the issue outlined above has been properly addressed in a manner that will best serve our customers."

The prices (on bitstamp) are going down. Who is buying now or who is waiting for it to plummet more?
------
sub 600 reached

poll is broken due to being about mtgox. im sad i missed this epic buying chance at sub 200 prices, but may still buy a 650 coin. my reasons for not being too eager for 650/coin is that Im already heavy in btc. ill pick up part of a coin today atleast though and more if it dips again

paulifa123

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Activity: 65

Merit: 10

Quote from: MatTheCat on February 10, 2014, 08:55:58 AM

Quote from: bitcoinsrus on February 10, 2014, 05:53:57 AM

If Gox resumes withdrawals, then it will die on the very same day. Gox is facing a death sentence, all it can do is delay the inevitable which may or may not be a useful tactic for the crooks operating Gox.

You know what Mat, I think you're wrong, I've observed just how dumb some people really are, I'd bet if/when they resume withdrawals, people will still use them Shocked

Bobsurplus

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Activity: 1008

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Making money since I was in the womb! @emc2whale

Quote from: MatTheCat on February 10, 2014, 10:21:19 AM

Quote from: Bobsurplus on February 10, 2014, 10:08:57 AM

I woke up with 226 more btc this morning then I had when I went to bed last night. I'm HODLING.

Of course you did.

And of course you did not!

jamesb777

jr. member

Activity: 49

Merit: 3

I think at this point there's more chance of losing money than making it..

MatTheCat

hero member

Activity: 840

Merit: 1000

Quote from: Bobsurplus on February 10, 2014, 10:08:57 AM

I woke up with 226 more btc this morning then I had when I went to bed last night. I'm HODLING.

Of course you did.

warpio

member

Activity: 110

Merit: 10

I think if you have fiat available, and you can afford losing it in the event that BTC ultimately fails and goes to $0, then it's always a good idea to spread out that available fiat into small buy orders at random intervals. so like at every $10 drop you buy a trivial amount of bitcoins with your available fiat. As long as events like this keep happening, where people panic even though BTC is still fundamentally still working perfectly, you can just relax and forget about it.

Bobsurplus

legendary

Activity: 1008

Merit: 1000

Making money since I was in the womb! @emc2whale

I woke up with 226 more btc this morning then I had when I went to bed last night. I'm HODLING.

Topic: Its a buyers market. Gox delay and prices plummeting. Whose buying now? (Read 2589 times)