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Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 30475. (Read 26711618 times)

hero member
Activity: 798
Merit: 1000
Glad to see the ButtHead, I mean, CoinBull followed through on his bet.

Not. Shocking.

Yeah, he seems to have disappeared hey.
sr. member
Activity: 280
Merit: 250
What about  repietila? Is he bull or bear now? Need to know to do the opposite he says Smiley

LOL no kidding!
newbie
Activity: 14
Merit: 0
Hi guys, just came back from holidays, how is 2014 treating you? Is this rally "legit" or a bull trap, what's the consensus in here?

What about  repietila? Is he bull or bear now? Need to know to do the opposite he says Smiley

It's a very long bull trap. Very long indeed!!!  Cheesy

Another Bitcoin bull trap...

...someday those silly bulls will learn. Wink

thoughts on what might come over the next few days?
hero member
Activity: 574
Merit: 500
It's still hard to believe that some vulnerability like this surfaced just now with mtgox's tiny volume and not back in the old days when it was the market leader and thousands of people were trading there, with the ticker constantly on fire and shooting rainbows and fireballs everywhere.

Good point.
You're right, during the march bubble the traffic was alot higher and they should be able to handle it by now...
On the other hand it's gox and they never handled anything like they should.

I don't know, it was just a theory and it makes more sense (to me) than a hack or mark switching off the exchange because someone dumped a few hundred coins. Wink


The api overloaded by an order book change by a bigger player explanation works for me, it fits well with the info at hand. But doesn't quite explain why only one person.. or 5 people were able to get 5 buys completed while the rest of the world watched and the website was down. Can it be chalked up to lag? alone I find it odd the 5 orders were all buys.
member
Activity: 112
Merit: 10
It's still hard to believe that some vulnerability like this surfaced just now with mtgox's tiny volume and not back in the old days when it was the market leader and thousands of people were trading there, with the ticker constantly on fire and shooting rainbows and fireballs everywhere.

Good point.
You're right, during the march bubble the traffic was alot higher and they should be able to handle it by now...
On the other hand it's gox and they never handled anything like they should.

I don't know, it was just a theory and it makes more sense (to me) than a hack or mark switching off the exchange because someone dumped a few hundred coins. Wink

/€dit: According to bitcoinwisdom the dump was 8000 BTC (screen shot).
legendary
Activity: 2380
Merit: 1823
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legendary
Activity: 1162
Merit: 1007
Hi guys, just came back from holidays, how is 2014 treating you? Is this rally "legit" or a bull trap, what's the consensus in here?

What about  repietila? Is he bull or bear now? Need to know to do the opposite he says Smiley

Hi Rampion, welcome back!  I was worried we had lost you (along with your insightful commentary).  Happy New Year!
hero member
Activity: 826
Merit: 508
BTW I am really curious about Mtgox, I see allot of people selling there, and most of the time huge sells appears and I still wonder how do they get their money off the exchange? I mean why does anyone still sell there ? or maybe there is a premium club of members that still can get money in/out fast than others ?

gox has a lower volume than Stamp yet a deeper book order comparing to Bitstamp, in my experience Bitstamp is the only exchange where I can get money in/out in a matter of a couple of days, if I send early enough during the day and having a bit of luck my deposits/withdrawals were credited the same day sometimes...

That's a damn good question. haha

There is a tier 3 of verification which allows a withdrawal up to $1 million Ithink. And since they're valuable customers I'm sure they have more priority then the $75 withdrawal.

I know about people who are stuck with $100K withdrawal for months now, so I doubt it, although the person I know was never a trader, so for sure he is not a member of any premium club, he was just a miner who mined early enough and held to the coins, I don't know waht others think, but the only case when I sold bitcoins was when I needed the cash for something and after march 2013 it was no option for me to sell at gox, even though I always used bitstamp because I live in Slovenia and things go faster... but just think about it, when you sell at today's price and than wait 4-5 months just to maybe and I insist on "maybe" get that money when Bitcoin will be worth allot more by then....I mean who does that really ? and why?


I am not jumping on accusations, But I want to ask people here if they still trade at gox? how many of you here really use gox ? and why ? mtgox data might be made up the same as huboi or okcoin... who knows... it doesn't make any sense...

I still trade there. I'm hoping to withdraw from Gox in small amounts eventually. I don't care if it takes 1-2 months as long as I get them. Then redeposting in another exchange. I don't want to take the 20-30% loss switching to other exchanges by withdrawing in BTC.

Edit: My God the Mtgox fee really sucks compared to Bitstamp.
There have been opportunities where the spread has closed considerably. < 5% at some points recently I think. If the exchanges recouple to a decent extent, take the haircut, IMO. Just don't do it at a time like this.
hero member
Activity: 644
Merit: 500
One Token to Move Anything Anywhere
Hi guys, just came back from holidays, how is 2014 treating you? Is this rally "legit" or a bull trap, what's the consensus in here?

What about  repietila? Is he bull or bear now? Need to know to do the opposite he says Smiley

It's a very long bull trap. Very long indeed!!!  Cheesy
hero member
Activity: 700
Merit: 500
BTW I am really curious about Mtgox, I see allot of people selling there, and most of the time huge sells appears and I still wonder how do they get their money off the exchange? I mean why does anyone still sell there ? or maybe there is a premium club of members that still can get money in/out fast than others ?

gox has a lower volume than Stamp yet a deeper book order comparing to Bitstamp, in my experience Bitstamp is the only exchange where I can get money in/out in a matter of a couple of days, if I send early enough during the day and having a bit of luck my deposits/withdrawals were credited the same day sometimes...

That's a damn good question. haha

There is a tier 3 of verification which allows a withdrawal up to $1 million Ithink. And since they're valuable customers I'm sure they have more priority then the $75 withdrawal.

I know about people who are stuck with $100K withdrawal for months now, so I doubt it, although the person I know was never a trader, so for sure he is not a member of any premium club, he was just a miner who mined early enough and held to the coins, I don't know waht others think, but the only case when I sold bitcoins was when I needed the cash for something and after march 2013 it was no option for me to sell at gox, even though I always used bitstamp because I live in Slovenia and things go faster... but just think about it, when you sell at today's price and than wait 4-5 months just to maybe and I insist on "maybe" get that money when Bitcoin will be worth allot more by then....I mean who does that really ? and why?


I am not jumping on accusations, But I want to ask people here if they still trade at gox? how many of you here really use gox ? and why ? mtgox data might be made up the same as huboi or okcoin... who knows... it doesn't make any sense...

I still trade there. I'm hoping to withdraw from Gox in small amounts eventually. I don't care if it takes 1-2 months as long as I get them. Then redeposting in another exchange. I don't want to take the 20-30% loss switching to other exchanges by withdrawing in BTC.

Edit: My God the Mtgox fee really sucks compared to Bitstamp.

ummm, it's 2 to 3 months and losing 30% buy transferring your coins to another exchange or losing 30% buy having your money stuck in depreciating fiat instead of BTC is the same loss. That's assuming you EVER get the funds, something I'm starting to doubt. 30% is actually a low side loss when you consider that on average bitcoin appreciate >1000%/year.

When I was just starting BTC, I was all or nothing. But now I rarely go 100% into BTC. Admittedly I made a few mistakes by not. But this way I can sleep at night. Also I know this is psychological, but I still like being on the exchange with the highest USD so when we do hit the Mtgox ATH I can see it and be part of it! Rather then "Congrats to those guys on Mtgox, they hit the ATH."

Yeah, like mental illnesses are psychological. Bragging rights more important than actually getting your money? Hell, I've hit the ATH on Trade Hill, Bitoption, Bitmarket.eu and...what? they don't exist anymore? WooHOO! I had the most BTC there when they disappeared! Yeah for me!!!!!!! I win, right?

Yes and Mtgox has been around the longest and hasn't disappeared. But I'm waiting until the price is around 10-20% difference before switching.
legendary
Activity: 1148
Merit: 1018
Hi guys, just came back from holidays, how is 2014 treating you? Is this rally "legit" or a bull trap, what's the consensus in here?

What about  repietila? Is he bull or bear now? Need to know to do the opposite he says Smiley
legendary
Activity: 1106
Merit: 1007
Hide your women
BTW I am really curious about Mtgox, I see allot of people selling there, and most of the time huge sells appears and I still wonder how do they get their money off the exchange? I mean why does anyone still sell there ? or maybe there is a premium club of members that still can get money in/out fast than others ?

gox has a lower volume than Stamp yet a deeper book order comparing to Bitstamp, in my experience Bitstamp is the only exchange where I can get money in/out in a matter of a couple of days, if I send early enough during the day and having a bit of luck my deposits/withdrawals were credited the same day sometimes...

That's a damn good question. haha

There is a tier 3 of verification which allows a withdrawal up to $1 million Ithink. And since they're valuable customers I'm sure they have more priority then the $75 withdrawal.

I know about people who are stuck with $100K withdrawal for months now, so I doubt it, although the person I know was never a trader, so for sure he is not a member of any premium club, he was just a miner who mined early enough and held to the coins, I don't know waht others think, but the only case when I sold bitcoins was when I needed the cash for something and after march 2013 it was no option for me to sell at gox, even though I always used bitstamp because I live in Slovenia and things go faster... but just think about it, when you sell at today's price and than wait 4-5 months just to maybe and I insist on "maybe" get that money when Bitcoin will be worth allot more by then....I mean who does that really ? and why?


I am not jumping on accusations, But I want to ask people here if they still trade at gox? how many of you here really use gox ? and why ? mtgox data might be made up the same as huboi or okcoin... who knows... it doesn't make any sense...

I still trade there. I'm hoping to withdraw from Gox in small amounts eventually. I don't care if it takes 1-2 months as long as I get them. Then redeposting in another exchange. I don't want to take the 20-30% loss switching to other exchanges by withdrawing in BTC.

Edit: My God the Mtgox fee really sucks compared to Bitstamp.

ummm, it's 2 to 3 months and losing 30% buy transferring your coins to another exchange or losing 30% buy having your money stuck in depreciating fiat instead of BTC is the same loss. That's assuming you EVER get the funds, something I'm starting to doubt. 30% is actually a low side loss when you consider that on average bitcoin appreciate >1000%/year.

When I was just starting BTC, I was all or nothing. But now I rarely go 100% into BTC. Admittedly I made a few mistakes by not. But this way I can sleep at night. Also I know this is psychological, but I still like being on the exchange with the highest USD so when we do hit the Mtgox ATH I can see it and be part of it! Rather then "Congrats to those guys on Mtgox, they hit the ATH."

Yeah, like mental illnesses are psychological. Bragging rights more important than actually getting your money? Hell, I've hit the ATH on Trade Hill, Bitoption, Bitmarket.eu and...what? they don't exist anymore? WooHOO! I had the most BTC there when they disappeared! Yeah for me!!!!!!! I win, right?
hero member
Activity: 924
Merit: 1000
Glad to see the ButtHead, I mean, CoinBull followed through on his bet.

Not. Shocking.

Well he is on the naughty list.
sr. member
Activity: 266
Merit: 250
No.
Dumping 200k BTC = one API call.
Clearing the book, placing new orders and moving alot of orders in HFT style = ALOT of API calls.
And since you don't want other people to place orders while you're doing, you have to be fast, really fast.
The http API is slightly faster in accepting orders, so I guess it fired a huge batch of orders in like a second, causing a DDOS of the gox webserver.

Maybe the DDOS wasn't an accident at all since it prevents "normal" traders from using the web interface.

Normal traders using the web interface already cannot compete with api clients...  what's the point?

Why enforce what is naturally so?

I think an internal fuck up is more likely than DDOS in today's case.

If it was a DDOS, it worked out but didn't seem so advantageous today. Still, it might be a try out for a future bigger similar play..
hero member
Activity: 700
Merit: 500
BTW I am really curious about Mtgox, I see allot of people selling there, and most of the time huge sells appears and I still wonder how do they get their money off the exchange? I mean why does anyone still sell there ? or maybe there is a premium club of members that still can get money in/out fast than others ?

gox has a lower volume than Stamp yet a deeper book order comparing to Bitstamp, in my experience Bitstamp is the only exchange where I can get money in/out in a matter of a couple of days, if I send early enough during the day and having a bit of luck my deposits/withdrawals were credited the same day sometimes...

That's a damn good question. haha

There is a tier 3 of verification which allows a withdrawal up to $1 million Ithink. And since they're valuable customers I'm sure they have more priority then the $75 withdrawal.

I know about people who are stuck with $100K withdrawal for months now, so I doubt it, although the person I know was never a trader, so for sure he is not a member of any premium club, he was just a miner who mined early enough and held to the coins, I don't know waht others think, but the only case when I sold bitcoins was when I needed the cash for something and after march 2013 it was no option for me to sell at gox, even though I always used bitstamp because I live in Slovenia and things go faster... but just think about it, when you sell at today's price and than wait 4-5 months just to maybe and I insist on "maybe" get that money when Bitcoin will be worth allot more by then....I mean who does that really ? and why?


I am not jumping on accusations, But I want to ask people here if they still trade at gox? how many of you here really use gox ? and why ? mtgox data might be made up the same as huboi or okcoin... who knows... it doesn't make any sense...

I still trade there. I'm hoping to withdraw from Gox in small amounts eventually. I don't care if it takes 1-2 months as long as I get them. Then redeposting in another exchange. I don't want to take the 20-30% loss switching to other exchanges by withdrawing in BTC.

Edit: My God the Mtgox fee really sucks compared to Bitstamp.

ummm, it's 2 to 3 months and losing 30% buy transferring your coins to another exchange or losing 30% buy having your money stuck in depreciating fiat instead of BTC is the same loss. That's assuming you EVER get the funds, something I'm starting to doubt. 30% is actually a low side loss when you consider that on average bitcoin appreciate >1000%/year.

When I was just starting BTC, I was all or nothing. But now I rarely go 100% into BTC. Admittedly I made a few mistakes by not. But this way I can sleep at night. Also I know this is psychological, but I still like being on the exchange with the highest USD so when we do hit the Mtgox ATH I can see it and be part of it! Rather then "Congrats to those guys on Mtgox, they hit the ATH."

As more people leave Mtgox, I'll probably get my withdrawls faster. Smiley
hero member
Activity: 728
Merit: 500
Stop spreading FUD.

There was no hack or some other strange thing, it was just a huge market maker bot burning some money to clear and reshape his range of the orderbook:


This caused a spike in traffic and maybe killed the http API.
The websocket API was working all the time (60s lag though).

Very interesting.
So, these days a 700btc trade kills the mtgox api,  but back in april/may on those days with the 200,000btc volume and the 20,000btc trades - well then it was just fine?

No.
Dumping 200k BTC = one API call.
Clearing the book, placing new orders and moving alot of orders in HFT style = ALOT of API calls.
And since you don't want other people to place orders while you're doing this, you have to be fast, really fast.
The http API is slightly faster in accepting orders, so I guess it fired a huge batch of orders in like a second, causing a DDOS of the gox webserver.

Maybe the DDOS wasn't an accident at all since it prevents "normal" traders from using the web interface.
It's still hard to believe that some vulnerability like this surfaced just now with mtgox's tiny volume and not back in the old days when it was the market leader and thousands of people were trading there, with the ticker constantly on fire and shooting rainbows and fireballs everywhere.
legendary
Activity: 2156
Merit: 1070
Glad to see the ButtHead, I mean, CoinBull followed through on his bet.

Not. Shocking.
member
Activity: 112
Merit: 10
Stop spreading FUD.

There was no hack or some other strange thing, it was just a huge market maker bot burning some money to clear and reshape his range of the orderbook:


This caused a spike in traffic and maybe killed the http API.
The websocket API was working all the time (60s lag though).

Very interesting.
So, these days a 700btc trade kills the mtgox api,  but back in april/may on those days with the 200,000btc volume and the 20,000btc trades - well then it was just fine?

No.
Dumping 200k BTC = one API call.
Clearing the book, placing new orders and moving alot of orders in HFT style = ALOT of API calls.
And since you don't want other people to place orders while you're doing this, you have to be fast, really fast.
The http API is slightly faster in accepting orders, so I guess it fired a huge batch of orders in like a second, causing a DDOS of the gox webserver.

Maybe the DDOS wasn't an accident at all since it prevents "normal" traders from using the web interface.
legendary
Activity: 1680
Merit: 1045
If people were deciding to get out of gox one by one, might we not see the effect of the price rising slightly on gox and falling slightly on stamp, hence a sustained gap between the two?

Obviously, this being exactly what we do see, implies people are slowly but surly moving away from gox.
sr. member
Activity: 448
Merit: 250
this statement is false
Stop spreading FUD.

There was no hack or some other strange thing, it was just a huge market maker bot burning some money to clear and reshape his range of the orderbook:


This caused a spike in traffic and maybe killed the http API.
The websocket API was working all the time (60s lag though).

Very interesting.

That's blindly optimistic.

Truth is, whatever the reason was, we cannot have exchanges switching off on 500 sells.

That's bad and someone will end up getting burnt goxed.

ohhhh gox has been goxing along for quite some time now.. the only option is to get out.
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