Which sane merchant would want to receive such a volatile commodity in return for his goods and services? Are people around here forgetting that merchants aren't being merchants just for fun, it's their fking bread and butter and we better have stable prices if we want them to trust Bitcoin not to fk them over out of their bread and butter.
I strongly believe that what happened this weekend had everything to do with lack of transparency and information required to make good decisions on what to charge and what to pay for Bitcoins. We are big enough, it's time we end these shenanigans and switch to an exchange more transparent. I know I have.
Topic: mtgox might just kill Bitcoin's chances of success - page 3. (Read 11054 times)
dayfall, (everybody) spending a portion is the only way to guarantee the remaining ones have value.
I will seriously consider using Tradehill instead of MtGox. I have never understood the point of "Dark pools." (I have no BTC yet). I don't like the referral system Tradehill uses. I am considering using a random referral number.
I will seriously consider using Tradehill instead of MtGox. I have never understood the point of "Dark pools." (I have no BTC yet). I don't like the referral system Tradehill uses. I am considering using a random referral number.
As for me, I put in orders, watch the market, cancel, make new orders, repeat... If you were to watch my orders you likely wouldn't learn my future trading price, that is to say when I finally decide to make a trade. I bet data beyond .75/1.75 range means very little.
But, whatever caused the fiasco this weekend had made me not want to buy nor sell using bitcoins. I am right now putting away all my coins. I plan to only keep half of what I mine for spending. (which isn't much) The rest goes into my secure wallet.
I am glad to have gotten the chance to buy at $12 but this is just crazy.
But, whatever caused the fiasco this weekend had made me not want to buy nor sell using bitcoins. I am right now putting away all my coins. I plan to only keep half of what I mine for spending. (which isn't much) The rest goes into my secure wallet.
I am glad to have gotten the chance to buy at $12 but this is just crazy.
heres my website with depth of recent trades
usd depth
http://bitklein.com/usdtrade.php
btc depth
http://bitklein.com/bctrade.php
usd depth
http://bitklein.com/usdtrade.php
btc depth
http://bitklein.com/bctrade.php
mtgox going down with mysql errors and saying nothing about it except to 7 people on IRC is reason enough to pull all your money out.
Drawing charts is one thing, providing the full depth table with all the orders no matter the volume is another. Right now mtgox does not give out the full depth table, even via the API.
People can't be expected to make good decisions with incomplete information, all they can do is make educated guesses at best which eventually lead to mistakes and when mistakes clump up we get a crash which then hurts Bitcoin's credibility.
Transparency is the only way to success, so please, find a different exchange that has full transparency.
People can't be expected to make good decisions with incomplete information, all they can do is make educated guesses at best which eventually lead to mistakes and when mistakes clump up we get a crash which then hurts Bitcoin's credibility.
Transparency is the only way to success, so please, find a different exchange that has full transparency.
So who's the clown on TradeHill that's asking $999.99 for his two bitcoins?
He's ruined their plots!
I was totally with you on the need for stability, how can you price an item in BTC when the value fluctuates so wildly? But I don't understand how seeing the data from the lowballers or the starry-eyed/disruptive miners impacts the true value of the BTC. I don't know if you're wanting the API for Mt. Gox to show that info, or if it does now, but that doesn't seem relevant to the value of the currency. Dark pools... maybe. Then again, I'm no financial guy, either, it could be easy to change my mind, perhaps. I mostly just wanted to talk about the guy screwing up the chart at TradeHill with his $999.99 ask price!
He's ruined their plots!
I was totally with you on the need for stability, how can you price an item in BTC when the value fluctuates so wildly? But I don't understand how seeing the data from the lowballers or the starry-eyed/disruptive miners impacts the true value of the BTC. I don't know if you're wanting the API for Mt. Gox to show that info, or if it does now, but that doesn't seem relevant to the value of the currency. Dark pools... maybe. Then again, I'm no financial guy, either, it could be easy to change my mind, perhaps. I mostly just wanted to talk about the guy screwing up the chart at TradeHill with his $999.99 ask price!
I think we need more quality exchanges, Mt.Gox is good and well but no monopoly is a good thing ... there are enormous money in exchanges obviously, why nobody else creates kickass exchange I can not understand ... I'm trying the TradeHill, we'll see if it lives up to the challenge. In the meantime it's better to diversify ...
Lots of issues, for sure. will these issues be worked out? or more correctly asked, can these issues be worked out? 
They will be worked when more people spend their Bitcoins on products and services so that the actual economy is larger than the speculative economy.Wrong. We will first have to have stability before we can have more products and services offered for Bitcoins. This kind of was my whole point in the OP.
For this to happen market needs transparency.
In the past 48hours we had: trades: 28,004 for 346,324.23btc or $5,920,117.86usd
Whoever thinks we still need to grow to achieve stability is kidding themselves. I've experienced way smaller and stable markets in online games where pure supply and demand ruled and it all had to do with full transparency of all the trades.
We don't need to grow, we just need all the information available so everyone can make better decisions.
Oh and again, I'm not asking mtgox to change how they do business, I'm asking you, their clients to reconsider and switch to a different exchange, one that reveals all the available information, like tradehill for example does.
Lots of issues, for sure. will these issues be worked out? or more correctly asked, can these issues be worked out?
They will be worked when more people spend their Bitcoins on products and services so that the actual economy is larger than the speculative economy. Agreed the exchanges and lack of transparency are major setbacks to the progress of BTC. I would also say that having a floating value is a killer for BTC to actually be used as a medium of exchange. The fluctuation is way too insane, something like 5,000% more volatile than the USD. A currency cannot be this volatile, its not functional. As a specualtion vehicle, the volitility is a decapitator, and as a storage of wealth highly risky at best. Lots of issues, for sure. will these issues be worked out? or more correctly asked, can these issues be worked out?
Volatility will go down with adoption. Having two big exchanges is a big step in this direction.
Agreed the exchanges and lack of transparency are major setbacks to the progress of BTC. I would also say that having a floating value is a killer for BTC to actually be used as a medium of exchange. The fluctuation is way too insane, something like 5,000% more volatile than the USD. A currency cannot be this volatile, its not functional. As a specualtion vehicle, the volitility is a decapitator, and as a storage of wealth highly risky at best. Lots of issues, for sure. will these issues be worked out? or more correctly asked, can these issues be worked out?
You saw yesterday what happens when someone puts up an open sell order...
that was because the BUY side wasn't revealed.
I think you're correct. Full information is needed in order to proceed acordingly.
Anyway, I think that the price will eventually reach a stable growth, which should be somewhat proportional with difficulty increases, in order to keep miners producing and the market stable.
Anyway, I think that the price will eventually reach a stable growth, which should be somewhat proportional with difficulty increases, in order to keep miners producing and the market stable.
This is like blaming the mirror for your face.
No. It's like a girl blaming a crooked mirror for messing up her make-up i.e. completely justified.
This is like blaming the mirror for your face.
MAKE AN TRANSPARENT EXCHANGE
You saw yesterday what happens when someone puts up an open sell order...Also I didn't see any mention of dark pools on Tradehill so far, try them maybe.
dark pools favor the rich, because an order has to be above a certain level to be a dark pool order. solution? MAKE AN TRANSPARENT EXCHANGE
SOMEBODY DO IT, K?
SOMEBODY DO IT, K?
Volatility is a given when it's young.
This is the proper response to every Bitcoin rally / crash thread in existence!
Bitcoin is going to be highly volatile for a long time no mater what exchage is used.
Hear, hear!
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