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Mt. Gox 'throttles' trading to tame bitcoin price swings
Posted on 4/21/13 at 11:33 pm
Posted on 4/21/13 at 11:33 pm
LINK
Kinda funny how the world's first decentralized currency is at the mercy of a single, centralized exchange
Kinda funny how the world's first decentralized currency is at the mercy of a single, centralized exchange
This post was edited on 4/21/13 at 11:35 pm
2
Posted on 4/22/13 at 4:32 am to gizmoflak
Magic The Gathering does this anytime they want. If the NYSE pulled this kind of bullshite, people would go to jail.
Posted on 4/22/13 at 7:05 am to Vols&Shaft83
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.
Posted on 4/22/13 at 7:14 am to C
quote:
Gay-Bouchery
Cryptography is Gay-Botchery
Posted on 4/22/13 at 7:36 am to Vols&Shaft83
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.
Posted on 4/22/13 at 7:52 am to ZereauxSum
quote: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.
Well, in fairness, the NYSE and other major exchanges will stop trading momentarily if price swings get out of control
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.
Mt. Gox seems to be saying that they are going to manipulate the price in the same manner that a central bank would.
Posted on 4/22/13 at 7:56 am to ZereauxSum
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
Posted on 4/22/13 at 8:01 am to Poodlebrain
This sentence in the link actually made me 
.
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!!!
. 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!!!
Posted on 4/22/13 at 8:08 am to Poodlebrain
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.
Posted on 4/22/13 at 8:10 am to Vols&Shaft83
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
Posted on 4/22/13 at 8:32 am to ZereauxSum
This post was edited on 4/22/13 at 8:43 am
Posted on 4/22/13 at 8:38 am to gizmoflak
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"
Posted on 4/22/13 at 8:39 am to ZereauxSum
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 4/22/13 at 8:40 am
Posted on 4/22/13 at 8:43 am to WikiTiger
quote:Did you not notice this thread was started by one of your bitcoin fan boys?
So is this the daily bash bitcoin thread?
Posted on 4/22/13 at 8:49 am to WikiTiger
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.
Posted on 4/22/13 at 8:55 am to Vols&Shaft83
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?
Posted on 4/22/13 at 8:59 am to WikiTiger
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.
Posted on 4/22/13 at 8:59 am to Vols&Shaft83
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.
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.
Posted on 4/22/13 at 9:11 am to Vols&Shaft83
quote:
Vols&Shaft83
figured you'd find this interesting: First Insurance Policy Paid for with Bitcoin
Posted on 4/22/13 at 9:17 am to WikiTiger
Wow!! Are you saying after more than four years as a "currency" someone actually paid for something using bitcoins?!?
That IS newsworthy!!
That IS newsworthy!!
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