Bitcoin at all time high

[sonatine]

Interesting facebook post analysis:

This is how I see on what's going on: The spam bots are flooding with 0.02 orders on a slightly lower market value (constantly) to drive the ticker value down. Those who then sell for market price makes the ticker value go down further. Once the people behind the spam bots are satisfied for a new low, they stop using the spam bots and start buying. Then they repeat this procedure over and over. The best strategy is to keep calm. Do not sell. But I think that MtGox should block those spam bots accounts, and detect those who are placing 0.02 orders. Does anyone else share my analysis of the current situation?

Im not sure how accurate the particulars are but I suspect its fairly close to the bone.

[sonatine]

bitcoin-24 suffered 'engine corruption' issues; some people selling received up to 4x their stated value or extra bitcoins, other people just woke up with empty wallets.

[DJ_Chaps]

^^^ ROFL



see you at 0.

[sonatine]

i spent my morning cup of coffee cruising the reddit page and some of the bitcoin community forums; there is sooooo much going on right now and i understand so little of it, but the theme appears to be that its all terrible and the party is over.

whats most shocking to me is how many speculators stacked up while bc were in the 180-240 range apparently. lesson learned; if youre going to have a gambling problem, you better not be stupid.

[DJ_Chaps]

Altman James Heddens "It's not a fucking DDoS when everyone is trying to buy out of you goddamn crap service."

The facebook mtgox page is an absolute treasure trove right now.

TBH, it is pretty fucked up. I don't even like mtgox, but it worked for me when I bought BTC. Once I had btc I never cared about cashing them out and found mtgox to be horrible. I'm sure there are some tllted people. Good luck with cashing out $$ real quick. We'll see what happens. If mtgox goes belly up, btc would take a huge hit to the face, but it'll still be around. Thats what people don't get. Keep being cheerleaders against em though. Your only really hope is that the US totally outlaws them. Maybe UIGEA type extension. Other than that you haters can fuck off. All of us early adopters who got into bitcoins have done just fine from them so far, even if we just doubled our money. Thank you very much.

(See, this is an example of a reasonable discussion... Try it)

rofl shut up faggot. your bitcoin money tree just got chopped the fuck down, and next step is the fire pit.

[sonatine]

TBH, it is pretty fucked up. I don't even like mtgox, but it worked for me when I bought BTC. Once I had btc I never cared about cashing them out and found mtgox to be horrible. I'm sure there are some tllted people. Good luck with cashing out $$ real quick. We'll see what happens. If mtgox goes belly up, btc would take a huge hit to the face, but it'll still be around. Thats what people don't get. Keep being cheerleaders against em though. Your only really hope is that the US totally outlaws them. Maybe UIGEA type extension. Other than that you haters can fuck off. All of us early adopters who got into bitcoins have done just fine from them so far, even if we just doubled our money. Thank you very much.

(See, this is an example of a reasonable discussion... Try it)

rofl shut up faggot. your bitcoin money tree just got chopped the fuck down, and next step is the fire pit.

HAHAAH

on your bike hoser

[sonatine]

Re: My funds and BTC have just disappeared from my Gox account!
Today at 02:43:42 PM

#8
Really complicated.......

So, ive now got an entry on my account page...

2013/04/12 10:21:24 In 4.00000000 BTC 13.00600000 BTC
BTC bought: 4.00000000 BTC at £50.65750
2013/04/12 10:21:10 In 4.00000000 BTC 9.00600000 BTC
BTC bought: 4.00000000 BTC at £50.65750

Before it all went breasts up, i had £450 odd to play with as funds, with the intention of selling another 5btc, and to withdraw all accumulated GBP. Those above orders were not placed by me! They are decent entries, and i would be relatively happy with it, if i intended to trade at this time, but i wasnt, and i did not place those orders, especially as they are for the same price and for the same btc!??

So all of a sudden i saw 13btc in my funds, and £0. I jumped on it and withdrew to my personal wallet (which didnt show for hours), with the intention of trying to work it out later. I am not making the following up, nor on Silk Road meds...as i clicked Gox account tab, £5325 suddenly appeared as available GBP funds! Yes i tried to withdraw it.......alas site went down, and when returned £0 balance now showing Sad

Conclusion?.... I initially sent 10btc to Gox, sold 5 at good prices, above happened, and now have 13btc (+30%) returned to my wallet, when that was not my intention. Very weird morning.

As for Gox, i regard them as dangerously flawed, at best, and i will not be putting btc back in, unless they answer to the above.

Thanks for reading. I needed to write this to get the madness out of my head!

honestly this is so much worse than i thought it could get.

[sonatine]

http://www.reddit.com/r/Bitcoin/comm...re_mt_gox_ama/


apparently some *actual* programmers just showed up and absolutely eviscerating the mt gox team's architecture decisions. and its hilarious frankly.

[sonatine]

[–]WeAreMtGox[S] 20 points 1 hour ago

| When will you bring online support for the other cryptocurrencies?

We were scheduled to launch a new cryptocurrency this week, but recent events have taken precedent. We're looking at 1~2 weeks now, but it will happen.

Seriously?

In the middle of all this, they consider themselves 2 weeks away from deploying support for alternate cryptocurrency?

[SrslySirius]

Interesting facebook post analysis:

This is how I see on what's going on: The spam bots are flooding with 0.02 orders on a slightly lower market value (constantly) to drive the ticker value down. Those who then sell for market price makes the ticker value go down further. Once the people behind the spam bots are satisfied for a new low, they stop using the spam bots and start buying. Then they repeat this procedure over and over. The best strategy is to keep calm. Do not sell. But I think that MtGox should block those spam bots accounts, and detect those who are placing 0.02 orders. Does anyone else share my analysis of the current situation?

Im not sure how accurate the particulars are but I suspect its fairly close to the bone.

I posted a screenshot earlier of an obvious bot flooding the exchange with 0.001 sell orders. There's tons of that going on, and the fact that it's been allowed to persist for so long is just one example of MtGox's shocking incompetence. Maybe I'm naive, but I really am shocked at how badly MtGox has been shitting the bed these last few days. The bots, the constant outages, and especially the statements they've been making indicate that they have no idea what they're doing. You would think with all the money they're swimming in they could hire some people to get a handle on this shit.

I saw some IRC logs of the admins denying that they were being DDoSed at the time, and that they were just doing some (unannounced) maintenence. Then a few minutes later admitting that yes it's another DDoS. lol

This morning they finally said they'd get around to doing something about the bots. lol

Yeah, the party's over. I expressed some concern ITT a few weeks ago that one website is handling 80% of the exchanges, but I never would have guessed it would happen quite this way. Obviously the BTC community shares blame for putting all their eggs in that basket.

[DJ_Chaps]

Is there anywhere I can watch a LVL II for this to see order flow?

[sonatine]

Interesting facebook post analysis:

This is how I see on what's going on: The spam bots are flooding with 0.02 orders on a slightly lower market value (constantly) to drive the ticker value down. Those who then sell for market price makes the ticker value go down further. Once the people behind the spam bots are satisfied for a new low, they stop using the spam bots and start buying. Then they repeat this procedure over and over. The best strategy is to keep calm. Do not sell. But I think that MtGox should block those spam bots accounts, and detect those who are placing 0.02 orders. Does anyone else share my analysis of the current situation?

Im not sure how accurate the particulars are but I suspect its fairly close to the bone.

I posted a screenshot earlier of an obvious bot flooding the exchange with 0.001 sell orders. There's tons of that going on, and the fact that it's been allowed to persist for so long is just one example of MtGox's shocking incompetence. Maybe I'm naive, but I really am shocked at how badly MtGox has been shitting the bed these last few days. The bots, the constant outages, and especially the statements they've been making indicate that they have no idea what they're doing. You would think with all the money they're swimming in they could hire some people to get a handle on this shit.

I saw some IRC logs of the admins denying that they were being DDoSed at the time, and that they were just doing some (unannounced) maintenence. Then a few minutes later admitting that yes it's another DDoS. lol

This morning they finally said they'd get around to doing something about the bots. lol

Yeah, the party's over. I expressed some concern ITT a few weeks ago that one website is handling 80% of the exchanges, but I never would have guessed it would happen quite this way. Obviously the BTC community shares blame for putting all their eggs in that basket.

Nod, the one theme I keep seeing people come back to is "bro the bots have effectively destroyed the fabric of this currency" and the reply from Mt Gox, each and every time, is "bro .01 bc is a lot of money to some people we cant just raise the transaction limits", which to me says loud and clear they are looking to take their per-transaction skim first and foremost and everything else is a distant second priority.

Also hilarious is their decision to announce a 24 hour suspension of said transaction fees, only to mysteriously break down and be unable to perform transactions for the bulk of that time, all the while decrying the "80mb DDoS" that no one is willing to provide any sort of proof of or details on.

When asked who was behind it, they seriously responded "Oh we are pretty sure we know but we cant tell you or that person might take steps to evade punishment".

Mt Gox give not a fuck about any of this drama and are already rich and thats the extent of their concerns.

[sonatine]

Worst.

AMA.

Ever.

[DJ_Chaps]

Is there anywhere I can watch a LVL II for this to see order flow?

Google is my friend.


http://bitcoin.clarkmoody.com/

[SrslySirius]

Yesterday, Coinsetter, a brand new forex for Bitcoin announced that it had raised $500,000 in seed capital. The New-York based startup seeks to bring to market advanced trading options that don’t exist in the current BTC market.

The Bitcoin exchange market is already fairly well fitted with numerous exchanges including the extremely popular MtGox, which in the past held over 80% of all bitcoin transactions. Since this is the case, any new forex site would have to show some sort of niche before it could potentially make any headway in this already crowded market.

Probably seemed like a good idea for a startup last week.

[SrslySirius]

Then again... if MtGox manages to not completely destroy this thing, and reliable exchanges start putting a dent in their market share, maybe there's a small ray of hope for bitcoin yet.

[sonatine]

The one thing we didnt really touch on so far when discussing the future of bitcoin, that I wasnt even aware of until i started checking the reddit and forums, is the absolutely shocking volume of people who have lost their asses on bitcoins already.

There are already lawsuits, a lot of them actually.

But in the last 72 hours, real average joe type people are just totally and proper fucked.

- people who bought too high and couldnt cash out due to tech issues
- people who were paid in bitcoins and couldnt cash out due to tech issues
- people with money and/or bitcoins whose wallets just flat out vaporized due to tech issues

There is a small army of folks out there who have lost months and months of savings.

I do not see how anyone half way legit is going to touch bitcoins in the face of those realities.

[adamantium]

Then again... if MtGox manages to not completely destroy this thing, and reliable exchanges start putting a dent in their market share, maybe there's a small ray of hope for bitcoin yet.

Really? really?

Some pimplefaced geek invented some viritual coins and you are crying for a nasdaqish reliable place to trade them? yea thats gonna happen.
Also do you really think governments will/would do nothing about this currency suited for criminal activties?

coins are doomed one way or the other

[adamantium]

The one thing we didnt really touch on so far when discussing the future of bitcoin, that I wasnt even aware of until i started checking the reddit and forums, is the absolutely shocking volume of people who have lost their asses on bitcoins already.

There are already lawsuits, a lot of them actually.

But in the last 72 hours, real average joe type people are just totally and proper fucked.

- people who bought too high and couldnt cash out due to tech issues
- people who were paid in bitcoins and couldnt cash out due to tech issues
- people with money and/or bitcoins whose wallets just flat out vaporized due to tech issues

There is a small army of folks out there who have lost months and months of savings.

I do not see how anyone half way legit is going to touch bitcoins in the face of those realities.

Lawsuits as in Juan suing Micon?

[SrslySirius]

Then again... if MtGox manages to not completely destroy this thing, and reliable exchanges start putting a dent in their market share, maybe there's a small ray of hope for bitcoin yet.

Really? really?

Some pimplefaced geek invented some viritual coins and you are crying for a nasdaqish reliable place to trade them? yea thats gonna happen.
Also do you really think governments will/would do nothing about this currency suited for criminal activties?

I know English isn't your native language, so I'll forgive you for completely misinterpreting what I said.