Bitcoins - digital currency - Page 769 - Business, Finances and Investing Forum

The problem with mt gox had to do with a hack and transaction malleability. The latter issue has been resolved so an incident really would need either an issue with the bitcoin protocol itself (unlikely - 14.5 billion platform remains steady) or an inside job done by an exchange.

This is the main problem with people keeping funds on exchange. If little funds were kept on exchange these hacks would be barely newsworthy.

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01-10-2017 , 07:29 PM

#19202

LaPulga

centurion

Join Date: Sep 2012 Posts: 123

Quote:

Originally Posted by Zenzor

The bad: An incident is probably gonna happen eventually.

Keep your crypto off exchanges and you'll be safe from most of these

Quote

01-10-2017 , 08:15 PM

#19203

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 49,744

Quote:

Originally Posted by LaPulga

Keep your crypto off exchanges and you'll be safe from most of these

safe yes, but if a hack happens the people who hold coins on exchange will lose them and the price of bitcoin will go down, albeit likely only temporarily. there was a drop after the ******** hack, but it recovered pretty quickly.

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01-11-2017 , 01:19 AM

#19204

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

Quote:

Originally Posted by housenuts

Pretty sure Mt Gox. blamed it on the hack to try and make themselves look innocent. Karpeles had random bot accounts putting in million dollar market buy orders with funny money causing the bubble to go so high. When it crashed they had nothing to pay out with and claimed the BTC was stolen in the hack.

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01-11-2017 , 01:41 AM

#19205

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

Quote:

Originally Posted by housenuts

http://www.coindesk.com/needham-bitc...sets-approved/

Sounds like a zerohedge article. I'd like to know how they came up with an arbitrary # like $300 mil in the first week. I guess BS is the essence of pretty much every financial speculation article ever written.

Interesting to see that the big drop was on the day they delayed the ETF Jan 4th. Don't know how I hadn't made that correlation before.

Last edited by onemoretimes; 01-11-2017 at 02:00 AM.

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01-11-2017 , 02:30 AM

#19206

Dogboy714

adept

Join Date: Mar 2008 Posts: 817

Quote:

Originally Posted by zxjaexz

I just got into BTC but it looks like a potentially solid long term investment, so I'm contemplating investing 10k in BTC for the long run..(at least a year) and see how that goes. Thoughts? From what i've seen so far I personally think the US will eventually use it more and it will grow even more in China as well.

Do it. Get them on BIP-38 paper, wait 3 years. Enjoy 20-100k... :-)

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01-11-2017 , 02:57 AM

#19207

stinkypete

Carpal \'Tunnel

Join Date: Jul 2004 Posts: 15,783

Quote:

Originally Posted by onemoretimes

definitely BS. if i had to pull a number out of my bum it would be higher than that.

Quote

01-11-2017 , 08:44 AM

#19208

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 49,744

Quote:

Originally Posted by housenuts

Lol at bit finex being blocked by 2p2

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01-11-2017 , 10:29 AM

#19209

master3004

Revisionist Historian

Join Date: Mar 2010 Posts: 56,419

Rut roh

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01-11-2017 , 12:44 PM

#19210

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

Quote:

Originally Posted by master3004

Rut roh

Best way to look at it. If your accumulating for the long haul. You make a lot more on the pullbacks. Obv that's the case when accumulating anything, but I think BTC offers even more opportunity because of the high volatility.

Quote

01-11-2017 , 12:45 PM

#19211

master3004

Revisionist Historian

Join Date: Mar 2010 Posts: 56,419

Quote:

Originally Posted by onemoretimes

What percentage of bitcoin is held in China?

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01-11-2017 , 01:53 PM

#19212

Nonfiction

Carpal \'Tunnel

Join Date: Aug 2006 Posts: 12,498

RIP

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01-11-2017 , 02:00 PM

#19213

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

Quote:

Originally Posted by Nonfiction

RIP

https://www.youtube.com/watch?v=lEBP...iyO001O2VACbqr

Quote

01-11-2017 , 03:15 PM

#19214

SenatorKevin

veteran

Join Date: May 2007 Posts: 2,905

China crushed Macau, guess they're going to crush BTC too.

Quote

01-11-2017 , 03:20 PM

#19215

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 49,744

China is margin calling everyone on OKCoin where they show positions publicly.

Check out @whalecalls on twitter for more info. It's a nasty game.

and some shorts...

there are more. that's just a sampling.

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01-11-2017 , 04:52 PM

#19216

NxtWrldChamp

Carpal \'Tunnel

Join Date: Feb 2008 Posts: 9,082

Are each of these options contracts for 100 bitcoins? Certainly not it seems, what is the contract size?

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01-11-2017 , 05:07 PM

#19217

EmilioChekshevez

grinder

Join Date: Aug 2014 Posts: 486

Quote:

Originally Posted by housenuts

China is margin calling everyone on OKCoin where they show positions publicly.

Check out @whalecalls on twitter for more info. It's a nasty game.

and some shorts...

there are more. that's just a sampling.

how bout this one?

long?

I bought some coins in the 780USD range hoping that previous highs during the halving last year will be solid support

Last edited by EmilioChekshevez; 01-11-2017 at 05:14 PM.

Quote

01-11-2017 , 05:28 PM

#19218

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

Quote:

Originally Posted by housenuts

China is margin calling everyone on OKCoin where they show positions publicly.

Check out @whalecalls on twitter for more info. It's a nasty game.

and some shorts...

there are more. that's just a sampling.

Why would they be liquidating short positions?

Quote

01-11-2017 , 05:48 PM

#19219

SenatorKevin

veteran

Join Date: May 2007 Posts: 2,905

Quote:

Originally Posted by onemoretimes

Why would they be liquidating short positions?

Locking in profits? BTC is down 25% from highs.

Quote

01-12-2017 , 02:59 AM

#19220

Zenzor

Pooh-Bah

Join Date: Dec 2007 Posts: 5,420

I doubt the price will recover until the "investigation" is concluded, or if it prolongs a length of time that to the markets it becomes out of sight, out of mind.

Given how the markets react to fake news out of China, real news of a 1-week probe by the PBOC into the exchanges could make a deep impact.

China's been selling coins $20-$50 below the USD since the news. I assume they're panic selling and the West is buying up cheap coins, tho could be wrong.

I've read that the price needs to stay above $500 for mining to be profitable. Can anyone confirm this?

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01-12-2017 , 03:55 AM

#19221

aggo

Carpal \'Tunnel

Join Date: Feb 2008 Posts: 10,422

Hold on to your butts.

Rumors flying rn. Mostly unsubstantiated.

Trying so hard not to spread fud.

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01-12-2017 , 04:06 AM

#19222

aggo

Carpal \'Tunnel

Join Date: Feb 2008 Posts: 10,422

Right now on houbi you cannot margin trade.

People are being asked to resubmit ids on withdrawals.

Pray that it is simply pboc intervention and nothing else. Nothing could make the pboc happier than to shut down a fraudulent Chinese exchange to prove to its people that bitcoin is dangerous or evil.

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01-12-2017 , 04:13 AM

#19223

aggo

Carpal \'Tunnel

Join Date: Feb 2008 Posts: 10,422

Also there's a guy on okcoin rn that has at minimum 1600btc position on futures @900$ avg. he pretty much has to be long after reading this:https://www.reddit.com/r/BitcoinMark...nalysis_11117/

There's no other reasonable explanation bc there is no move in open contracts on the leg down. He bought all the margin calls on the leg down.

Edit: last though: it is possible he is also just naked mega short and not hedged. That is another explanation but it's very reckless decision on his part unless he has inside info.

Last edited by aggo; 01-12-2017 at 04:28 AM.