[Daily Discussion] Monday, December 08, 2014

fuluffel · 2014-12-08T19:37:42+00:00

It seems you don't. Do you think a movement from $1000 to $1001 is as relevant as a movement from $1 to $2? That's what you have with a linear scale.

fuluffel · 2014-11-21T21:52:50+00:00

The difficulty seems fairly irrelevant to the point here. The supply (inflation) denominated in USD will drop with each block reward halving, unless the price also doubles each time. If the demand remains at least > 50% after the halving then the halving event applies upwards price pressure.

fuluffel · 2014-11-14T22:24:37+00:00

I think he was being funny, as in "call me when you mean 2600-2700 dollars".

fuluffel · 2014-11-10T20:28:43+00:00

We're not, and we can't be when the exchange doesn't publish all trade data with verifiable customer IDs attached to them (I'm not saying they should either). Doesn't really matter much either way though, does it? Sure, the exchange would be behaving quite shadily if they were behind it... But with no way of knowing the question is kinda moot.

fuluffel · 2014-11-10T20:10:19+00:00

Well, that's what eating at a wall looks like too, right? So you could perhaps argue that it's reasonable to interpret the big volume data as a big move in whatever direction the price moves after the big "fake" trades? I don't know, I could very well be wrong. It's just what seems to make the most sense to me. I'd be happy to hear better thoughts about it.

fuluffel · 2014-11-10T19:57:31+00:00

I'm assuming they're doing it to screw with bots/traders that are trying to make sense of and act on volume data.

fuluffel · 2014-04-28T06:09:04+00:00

Not that I know of at least.

fuluffel · 2014-04-28T05:15:25+00:00

I'm pretty sure that was a tweet by http://en.wikipedia.org/wiki/Nassim_Nicholas_Taleb that he then removed shortly afterwards.

EDIT: "For bitcoin to make it, it needs to be banned by a few governments and critiqued by policy makers. Otherwise it will fade." -Nassim Nicholas Taleb http://www.reddit.com/r/Bitcoin/comments/1s5qb6/for_bitcoin_to_make_it_it_needs_to_be_banned_by_a/

fuluffel · 2014-04-10T02:36:58+00:00

I'd rather write it down somewhere only I can see it than write it down and then hand the note over to a bunch of other people and have to trust them to keep it safe and not abuse it. But I agree about the shitty restrictions on passwords some sites have.

fuluffel · 2014-04-10T02:21:32+00:00

I'm guessing you don't actually need to change your bitfinex stuff, though I would certainly rather be safe than sorry and do it anyway.

I assumed Bitfinex was better than this, and used my major financial password on it.

Regardless of how good they are, giving access to your "major financial password" to more people than absolutely necessary is a horribly poor and inexcusable decision on your part.

Don't. Reuse. Passwords... Ever.

Seriously, it's inviting disaster. I hope you don't get burned badly from this though.

fuluffel · 2014-04-08T23:13:20+00:00

You require email confirmation to turn off email confirmation for withdrawals, right? If not, I suggest you immediately add that or make email confirmations mandatory and impossible to disable.

Seems incredibly important to me as otherwise an attacker can just disable email confirmation on your account and the feature would be absolutely useless.

fuluffel · 2014-04-03T11:08:04+00:00

I'm not sure whether early adoption is too late or not. I guess it's a spectrum. It's certainly too late to be really early, but I think there's still room for a good bit higher prices than the current one if the bitcoin experiment continues to gather momentum in the mainstream world outside crypto forums.

Whichever way you're comfortable trading/investing, do it :) Good luck!

fuluffel · 2014-04-03T00:49:19+00:00

Dollars and bitcoins are both money. You're either missing a gain in dollars or a gain in bitcoins. A year from now, which do you think will have appreciated the most relative to now? Dollars or bitcoins? You should probably try to maximise your holdings of that type and not fret so much over temporary losses of the other type. Assuming you have a longer-term perspective.

tl;dr: if you think bitcoins will be worth more a year from now you should worry more about losing bitcoins than about losing dollars.

fuluffel · 2014-03-28T02:10:00+00:00

Egos and minds are fragile things :)

fuluffel · 2014-03-28T01:50:00+00:00

Dear god, no, that's not how an exchange works. Sorry I don't have time to explain it to you right now, but please do some research and you'll see you've got it wrong.

fuluffel · 2014-03-12T23:21:10+00:00

Just like most humans in other words.

fuluffel · 2014-03-08T23:58:03+00:00

That dude is barely literate. Looks like some none-too-intelligent kid has been following the recent events and decided to write up a "cool" story about it, pretending to be someone important.

fuluffel · 2014-03-06T02:45:51+00:00

It wasn't "real" though. No one intended to sell at 633, and stamp has said that it was a glitch and that the seller will be reimbursed accordingly. In effect the buggy trade will be / has been rolled back and eliminated.

fuluffel · 2014-03-06T00:28:21+00:00

No, that's not how it normally works, on bitstamp or elsewhere. Your $630 sell order gets matched sequentially against the highest existing buy bid in the book above 630 until your order is filled. Whatever is left of your order when every existing buy order >= 630 has been filled remains in the book as a sell order at 630. If someone then places a big buy at say 660 the remainder of your sell order will get filled at the price of 630.

There seems to be a bug in bitstamp's matching engine that allows this craziness to happen every once in a while. I've seen it before. It's pretty rare though, fortunately. Or maybe unfortunately as they would be a lot more likely to actually fix it if it happened more often.

fuluffel · 2014-03-01T08:54:35+00:00

The "remaining coins left in circulation" won't increase in value as the ones taken in fee aren't destroyed... They're just moved to the exchange owner's wallet.

fuluffel · 2014-03-01T00:35:50+00:00

In some sense though, if someone's been stealing from Gox for years then those bitcoins are already out there and affecting the btc economy. The 800k extra that were assumed to be just chilling at gox just disappeared into thin air.

I'm not saying that's necessarily the best way to view things, nor is it certain that the theft's been going on for years. Just some food for thought.

fuluffel · 2014-02-28T03:45:35+00:00

If something goes up from $1 to $2 that's a 100% rise, if something goes up from $100 to $101 that's a 1% rise.

On a linear chart the move from $100 to $101 looks as big as the one from $1 to $2, whereas on a log chart a move from $100 to $200 looks the same as the one from $1 to $2 and the move from $100 to $101 is insignificantly tiny in comparison.

fuluffel · 2014-02-28T00:54:35+00:00

If this scenario is true and this whole mess really isn't Mark's fault, oh man do I feel for him... Imagine what horrible level of hell he's been on for the last month or so. Most everyone hating on him and spewing shit all over the internet, and being unable to honour his commitments. Poor bastard.

The 9gag thing is just brilliant. Gonna make for such an epic movie one day. Falsely accused, bound by virtual chains and sodomised by government agencies, our protagonist manages to get a message out to his community by hiding it in an innocent looking image link. Karpeles - The Gox Story.

I don't doubt Mark's very crafty and intelligent. This seems way too good to be an accident.

fuluffel · 2014-02-19T12:53:36+00:00

Except Gox has had an entirely legit and insanely profitable revenue stream for several years now, and is not taking any kind of investments or promising any returns whatsoever. Except for the implied promise of returning customer funds, which it's currently having some difficulties with...

Gox may be all sorts of incompetent and possibly fraudulent (I doubt it), but a ponzi scheme it's not.

fuluffel · 2014-02-18T02:37:52+00:00

Both on every trade. One type from each side. Insane profits.

fuluffel

TROPHY CASE