Bitcoins are officially donkdown

[monsterj]

Using forex BTC-e

This debacle started around $470
The low was $370

$100 x (Fibonacci) .382 = $38.20


$370 + $38.20 fib retracement = $408.20 GTFO so I can sleep number.

Sold $409.50 (average) - $387.60 (entry) = $21.90 profit 5%

You often can't get filled until it gets interesting for traders. It was getting close to $411

I have no clue what's next so I just used fib numbers.

If it gets past $411 it can run some more. Kinda nice 5min chart. Maybe $420. But you might grow old waiting.


Interesting to think about:
Wider bitcoin adoption from retailers has meant that bitcoin is constantly being exchanged for traditional fiat currencies as soon as a transaction takes place.

This dump was the result of Bitcoin losing $450 support. That was a huge number everyone was watching for a long time.

It may test $450 again. Good luck. Take a while IMO.

Hope you weren't in WillieMc!

The 5 min chart is nice, but what about the 1 min!?!?! ZOMG HEAD AND SHOULDERS SELLLLLLL!

Keep your idiotic chart shit to yourself.

[Sanlmar]

A historical record of trades as displayed on a chart does not provide any useful information?

I am curious about your bias against pattern traders Monsterj.

It must be nice to be on salary but do you resent not being able profit from the risk the traders take? .

Is being a market maker frustrating cause you gotta take positions you personally wouldn't take? You are some kind of mercenary that gets killed for performing a public service by his own employer? Is it no win for the MM?

It's cool to have a market maker here and you should post more.

What is your day like for instance....

[monsterj]

A historical record of trades as displayed on a chart does not provide any useful information?

I am curious about your bias against pattern traders Monsterj.

It must be nice to be on salary but do you resent not being able profit from the risk the traders take? .

Is being a market maker frustrating cause you gotta take positions you personally wouldn't take? You are some kind of mercenary that gets killed for performing a public service by his own employer? Is it no win for the MM?

It's cool to have a market maker here and you should post more.

What is your day like for instance....

The bias is that I don't see how it can ever be profitable. I know people make money off it, but I just don't see the EV.

I trade WTI crude on CME.

The jist of the day :

1) Get to work at 6a
2) Turn on computers
3) Look what traded overnight
4) Look at the current market(volatility) compared to what it was when I left.
5) Look at my current position, 99% of the time go home with a delta neutral and vega neutral position, but the delta_V and vega_V moves my position frequently. What that means to the lay person, is that I have a ton of large positions, but they are hedged, so price movements don't effect anything, only volatility movements can hurt/help me. But it can hurt in a hurry if you aren't monitoring 24/7.
6) I will try to pick people off that have resting orders in the market and "leg" into really advantageous spread positions, the best situation is when I have moved into a long options position and there are resting bids in the market that are above where I thought they would be. I sell it to these guys, and get back to vega neutral and lock in a winner from where I went home with.
7) I mass quote all the front three months, and wait for people to make a trade with me. This is usually always good, but sometimes, it is because someone knows something early, and I immediately take a huge loss before I can hedge the trade.
8) Idiot brokers annoy me with phone calls all day. I maybe trade with them once every 3 days or so. I don't like trading for size, and broker call around trades are always for 'size', i.e. more than 100 options. For example they ask me what is my market on the X(nov) straddle, I quote them 780-820, and I get filled paying 780 on a 50 lot of straddles. This means I just bought 50 calls and 50 puts for a total of 780 ticks per straddle. In dollar terms that is 780*10*50 or $390,000 dollars. It seems like a ton of money, but I literally flip millions of dollars worth of options and futures in a day to hopefully make 3-5K a day. I keep very little of that money, as the cost of business is REALLY high.
9) I pull all my mass quote orders if any global event happens(Syrian, president Obama fake getting killed, North Korea launches missles, Tsunamis, etc), and pick off the resting market option orders(bids or offers). This is where market makers make the most money, as we see the whole market compared to retail and banks, who are much limited in scope. I can leg into a spread that is literally worth thousands of dollars because the market gets disjointed so quickly.
10) I go home at 4:15, and am exhausted. I check the WTI futures on CME group on an hourly basis until I go to bed. My trading partner and I switch dates to wake up on an hourly basis, because if shit hits the fan, we gotta be in the office.

[tony bagadonuts]

The 5 min chart is nice, but what about the 1 min!?!?! ZOMG HEAD AND SHOULDERS SELLLLLLL!

Keep your idiotic chart shit to yourself.

Terrible

[Sanlmar]

If BTC-e $387 I guess I am in.

Give it a good rinse.

I could do without it but feel compelled.

Fuck, it's comin' FTP

$405 tappin $400. Ping ping ping

But not on Monday, definitely not on Monday. 'Course, three minutes to Wapner. I'm definitely not wearing my underwear.

[limitles]

If BTC-e $387 I guess I am in.

Give it a good rinse.

I could do without it but feel compelled.

Fuck, it's comin' FTP

$405 tappin $400. Ping ping ping

But not on Monday, definitely not on Monday. 'Course, three minutes to Wapner. I'm definitely not wearing my underwear.

I usually double up on the oldest darkest pair I have.......just sayin.

[sonatine]

Nothing new being said here for anyone paying attention but its nice to see coverage going mainstream:

As a small business owner, a very easy way to lose the trust of others is to not give them the things you promised when they handed you money. Another way is to take that money and waste it on craziness. These men did both, ArsTechnica reports.


Feds say Bitcoin miner maker Butterfly Labs ran “systematic deception” [Updated]
In new civil suit, FTC alleges BFL spent millions on massages, guns, and more.
Read on arstechnica.​com
Two years ago, Sonny Vleisides (right) introduced himself to the BitcoinTalk.org message board, explaining away some dodgy run-ins with law enforcement surrounding a gambling site he previously worked for. It looked like an attempt to come clean by a man who needed to earn the community's trust regarding his new venture: Butterfly Labs, a company that manufactured high-end computer equipment. He ended his post with optimism:

The bitcoin community and it's success are important to me and my past isn't a threat to it or to the BFL corporation. I hope you can see that.
It seemed to work: "I'm satisfied," read the first reply. Vleisides and partner Nasser Ghoseiri (left) went on to become some of the most hated actors in Bitcoin world, earning Kansas-based BFL a notoriously unscrupulous and scammy reputation, even in a fledgling finance sector that's no stranger to unscrupulousness. Years of customer anger are now a federal lawsuit, says ArsTechnica:


Bitcoin Kingpin Admits Everyone's Money Is Gone
Japan-based Mt.Gox CEO Mark Karpeles--who may or may not be Chris Farley reanimated with the soul…
Read more
"The FTC alleges that one corporate defendant and three individual defendants have taken in over $50 million by operating a scheme that required consumers to pre-pay for machines that would allow consumers to 'mine' for Bitcoins, a new virtual currency," the complaint states. "Defendants either never delivered these machines or delivered them so late that they became obsolete."
If they weren't shipping out Bitcoin mining gear, what were they doing with all the money they made? According to complaint documents, they were spending it on themselves:

Bitcoin Mining Company Screwed Customers and Bought Guns Instead
EXPAND

The FTC alleges Butterfly Labs' operators took customers for up to $50 million, which will buy you quite a few saunas. The FTC is now seeking to seize Butterfly's assets while the faltering company tells Ars "The government wants to shut Butterfly Labs down, and we are not going away without a fight to vindicate bitcoin, our company, and our employees."

[Sanlmar]

FWIW

They pile drived BTC to $450 for a sweet $70 move on big volume.

Bitcoin is whack.

[BCR]

$357

why the slow bleed off?

[sonatine]

$357

why the slow bleed off?

[abrown83]

Nothing new being said here for anyone paying attention but its nice to see coverage going mainstream:

As a small business owner, a very easy way to lose the trust of others is to not give them the things you promised when they handed you money. Another way is to take that money and waste it on craziness. These men did both, ArsTechnica reports.


Feds say Bitcoin miner maker Butterfly Labs ran “systematic deception” [Updated]
In new civil suit, FTC alleges BFL spent millions on massages, guns, and more.
Read on arstechnica.​com
Two years ago, Sonny Vleisides (right) introduced himself to the BitcoinTalk.org message board, explaining away some dodgy run-ins with law enforcement surrounding a gambling site he previously worked for. It looked like an attempt to come clean by a man who needed to earn the community's trust regarding his new venture: Butterfly Labs, a company that manufactured high-end computer equipment. He ended his post with optimism:

The bitcoin community and it's success are important to me and my past isn't a threat to it or to the BFL corporation. I hope you can see that.
It seemed to work: "I'm satisfied," read the first reply. Vleisides and partner Nasser Ghoseiri (left) went on to become some of the most hated actors in Bitcoin world, earning Kansas-based BFL a notoriously unscrupulous and scammy reputation, even in a fledgling finance sector that's no stranger to unscrupulousness. Years of customer anger are now a federal lawsuit, says ArsTechnica:


Bitcoin Kingpin Admits Everyone's Money Is Gone
Japan-based Mt.Gox CEO Mark Karpeles--who may or may not be Chris Farley reanimated with the soul…
Read more
"The FTC alleges that one corporate defendant and three individual defendants have taken in over $50 million by operating a scheme that required consumers to pre-pay for machines that would allow consumers to 'mine' for Bitcoins, a new virtual currency," the complaint states. "Defendants either never delivered these machines or delivered them so late that they became obsolete."
If they weren't shipping out Bitcoin mining gear, what were they doing with all the money they made? According to complaint documents, they were spending it on themselves:

Bitcoin Mining Company Screwed Customers and Bought Guns Instead
EXPAND

The FTC alleges Butterfly Labs' operators took customers for up to $50 million, which will buy you quite a few saunas. The FTC is now seeking to seize Butterfly's assets while the faltering company tells Ars "The government wants to shut Butterfly Labs down, and we are not going away without a fight to vindicate bitcoin, our company, and our employees."

Didn't Micon lose 10Gs on a bet related to this?

Turns out he was right all along and they were scammers.

GG Micon

[Sanlmar]

$357

why the slow bleed off?

If only you could sell @ $357 right now.

BTC Bitstamp $297. (Daily low $275). Huge volume. Who & why? No news & no clue.

I love this:
Fake Chinese Bitcoins Crash Bitcoin Market

Cliffs:
* Chinese Exchanges charge no fees - while every other worldwide exchange charges fees.
* trading volumes at these exchanges are so staggeringly large, pointing to mass market manipulation
* According to Forbes Chinese accounting fraud is so commonplace that it is considered standard to cheat.

http://bitcoinpricelive.com/chinese-...-crash-market/

[zealanddonk]

Nothing new being said here for anyone paying attention but its nice to see coverage going mainstream:

As a small business owner, a very easy way to lose the trust of others is to not give them the things you promised when they handed you money. Another way is to take that money and waste it on craziness. These men did both, ArsTechnica reports.


Feds say Bitcoin miner maker Butterfly Labs ran “systematic deception” [Updated]
In new civil suit, FTC alleges BFL spent millions on massages, guns, and more.
Read on arstechnica.​com
Two years ago, Sonny Vleisides (right) introduced himself to the BitcoinTalk.org message board, explaining away some dodgy run-ins with law enforcement surrounding a gambling site he previously worked for. It looked like an attempt to come clean by a man who needed to earn the community's trust regarding his new venture: Butterfly Labs, a company that manufactured high-end computer equipment. He ended his post with optimism:

The bitcoin community and it's success are important to me and my past isn't a threat to it or to the BFL corporation. I hope you can see that.
It seemed to work: "I'm satisfied," read the first reply. Vleisides and partner Nasser Ghoseiri (left) went on to become some of the most hated actors in Bitcoin world, earning Kansas-based BFL a notoriously unscrupulous and scammy reputation, even in a fledgling finance sector that's no stranger to unscrupulousness. Years of customer anger are now a federal lawsuit, says ArsTechnica:


Bitcoin Kingpin Admits Everyone's Money Is Gone
Japan-based Mt.Gox CEO Mark Karpeles--who may or may not be Chris Farley reanimated with the soul…
Read more
"The FTC alleges that one corporate defendant and three individual defendants have taken in over $50 million by operating a scheme that required consumers to pre-pay for machines that would allow consumers to 'mine' for Bitcoins, a new virtual currency," the complaint states. "Defendants either never delivered these machines or delivered them so late that they became obsolete."
If they weren't shipping out Bitcoin mining gear, what were they doing with all the money they made? According to complaint documents, they were spending it on themselves:

Bitcoin Mining Company Screwed Customers and Bought Guns Instead
EXPAND

The FTC alleges Butterfly Labs' operators took customers for up to $50 million, which will buy you quite a few saunas. The FTC is now seeking to seize Butterfly's assets while the faltering company tells Ars "The government wants to shut Butterfly Labs down, and we are not going away without a fight to vindicate bitcoin, our company, and our employees."

Didn't Micon lose 10Gs on a bet related to this?

Turns out he was right all along and they were scammers.

GG Micon

I'm pretty sure the actual bet was more to do with if the machines existed and sent out within a timeframe which at least one of them was. He hella slowpaid that bet as well. Someone likened it to Micon betting "Apple do not make phones" and posting it from an iphone.

[Kuntmissioner]

He hella slowpaid that bet as well.

Wasn't escrowed?

[DRK Star]

did I miss "throwback thursday"?

http://bitcoinpricelive.com/bitcoin-...coin-to-10000/

5 Reasons the Winklevoss Bitcoin ETF will send Bitcoin to 10,000+
13 Sep, 2014 | 7 comments

[Crowe Diddly]

He hella slowpaid that bet as well.

Wasn't escrowed?

as far as I remember, it was escrowed, but both sides had to verify the results and consent to the release before the escrow-er would ship the funds, or something like that. Micon dragged his feet on the "investigation" when it was clear already that a bunch of units were shipped and functioning within spec, or whatever the terms were. The bet was gonna get paid off no matter what, but micon certainly didn't help the process go quickly.

[zealanddonk]

Wasn't escrowed?

as far as I remember, it was escrowed, but both sides had to verify the results and consent to the release before the escrow-er would ship the funds, or something like that. Micon dragged his feet on the "investigation" when it was clear already that a bunch of units were shipped and functioning within spec, or whatever the terms were. The bet was gonna get paid off no matter what, but micon certainly didn't help the process go quickly.

That sounds like the way I remember it. I called it slowpay because micon did dickaround with agreeing that he had lost.

[sonatine]

obv waiting for ppu to drop before he paid.

[tyde]

obv waiting for ppu to drop before he paid.

from a distance, and purely speculative view aka the cheap seats

looks like Bitcoin is on the way out and losing steam fast

[sonatine]

obv waiting for ppu to drop before he paid.

from a distance, and purely speculative view aka the cheap seats

looks like Bitcoin is on the way out and losing steam fast

im not sure if it will ever vanish entirely but i think sooner than anyone wants to admit, we are going to see this shit selling at around 80 cents per coin.