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gizmoflak
Georgetown Fan
Member since May 2007
8915 posts

Mt. Gox 'throttles' trading to tame bitcoin price swings


LINK


Kinda funny how the world's first decentralized currency is at the mercy of a single, centralized exchange



This post was edited on 4/21 at 11:35 pm



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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
8709 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


Magic The Gathering does this anytime they want. If the NYSE pulled this kind of bullshite, people would go to jail.





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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
20332 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


quote:

Mt. Gox has put in place elastic "throttles" that will allow some small trades but automatically limit the trades depending on the needs of its trading engine, Gay-Bouchery said.


It's a crypto thing. You luddites just wouldn't understand.






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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
8709 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


quote:

Gay-Bouchery


Cryptography is Gay-Botchery






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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
7202 posts
 Online 

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


quote:

If the NYSE pulled this kind of bullshite, people would go to jail.


Well, in fairness, the NYSE and other major exchanges will stop trading momentarily if price swings get out of control, but I think this is different. Mt. Gox seems to be saying that they are going to manipulate the price in the same manner that a central bank would.






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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
14384 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


quote:

Well, in fairness, the NYSE and other major exchanges will stop trading momentarily if price swings get out of control
The NYSE and other exchanges trade more than one security. They do not stop trading unless the entire market moves too dramatically in one direction.

quote:

Mt. Gox seems to be saying that they are going to manipulate the price in the same manner that a central bank would.
When your revenue is based on a percentage of the trade value you have a vested interest in seeing trading stop when the price declines dramatically.






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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
8709 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


And if the major exchanges halt trading, they don't claim a bogus attack "DDOS" to justify it. That seems to be Magic The Gathering's MO





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
76135 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


This sentence in the link actually made me .
quote:

Mt. Gox, is in a continuing battle with miscreants trying to manipulate the price of the virtual currency.

Who do they think is attracted to btc but "miscreants"? It's the drug dealers, kiddie porn purveyors and tax cheats who flock to bitcoin.

I'm shocked..SHOCKED I TELL YOU, that bitcoin owners would try to do something most people consider illegal!!!






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ZereauxSum
LSU Fan
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Member since Nov 2008
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re: Mt. Gox 'throttles' trading to tame bitcoin price swings


quote:

When your revenue is based on a percentage of the trade value you have a vested interest in seeing trading stop when the price declines dramatically


That's a very good point.






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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
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re: Mt. Gox 'throttles' trading to tame bitcoin price swings


quote:

And if the major exchanges halt trading, they don't claim a bogus attack "DDOS" to justify it.


Also a very good point.

Just trying to add some commentary until Wiki gets here






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
20332 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings





This post was edited on 4/22 at 8:43 am


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Lsut81
USA Fan
Member since Jun 2005
61439 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


quote:

Mt. Gox 'throttles' trading to tame bitcoin price swings


I don't feel like reading the link, but by Throttle, they are going to control when you can or cannot exchange your bit coins???


If so, I thought the great thing about them was that you could do whatever with them, whenever you so pleased... There were no "bank holidays"






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


quote:

Just trying to add some commentary until Wiki gets here


So is this the daily bash bitcoin thread?



Funny thing about MtGox....if they do nothing and get taken offline by attacks, y'all will rip into them and attempt to use it as a means to denigrate bitcoin.

If they do something to mitigate the effects of the attacks, y'all will rip into them and attempt to use it as a means to denigrate bitcoin.


So I don't know why my presence is needed in this thread. Looks like y'all have it handled.



This post was edited on 4/22 at 8:40 am


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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
76135 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


quote:

So is this the daily bash bitcoin thread?

Did you not notice this thread was started by one of your bitcoin fan boys?






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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
8709 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


quote:

Funny thing about MtGox....if they do nothing and get taken offline by attacks, y'all will rip into them and attempt to use it as a means to denigrate bitcoin.

If they do something to mitigate the effects of the attacks, y'all will rip into them and attempt to use it as a means to denigrate bitcoin.



I would make the argument that Mt.Gox has not been a victim of any "attacks" and is manipulating the price of bitcoin at their own will.






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


quote:

I would make the argument that Mt.Gox has not been a victim of any "attacks" and is manipulating the price of bitcoin at their own will.


OK.

Your boyfriend laughs at conspiracy theorists on the poli board all the time. Will he laugh at you too?






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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
8709 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


quote:

OK.

Your boyfriend laughs at conspiracy theorists on the poli board all the time. Will he laugh at you too?


This is hardly a conspiracy theory, stupid investors become victims of fraud all the time.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
76135 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


The bitcoin owners on btc-e even discuss when MtGox will shut down to drive the price down.

On Saturday there were numerous posts on their board (when the price of btc was approaching $120) that it was time to get out because MtGox would be shutting down soon to drive the price back down.

Sure enough, the next day, yesterday, MtGox was down for about 5 hours. No explanation given. The price dropped down to the low $90's. Then MtGox opened back up.

It's like a roulette wheel in a casino except some players aren't betting on the wheel, they are betting on what bets will be placed on the wheel.






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


quote:

Vols&Shaft83


figured you'd find this interesting: First Insurance Policy Paid for with Bitcoin






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
76135 posts

re: Mt. Gox 'throttles' trading to tame bitcoin price swings


Wow!! Are you saying after more than four years as a "currency" someone actually paid for something using bitcoins?!?

That IS newsworthy!!






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