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03-11-2013 , 10:04 PM

#776

VP$IP

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 6,841

They recovered very well in my opinion.

The proof is at
http://blockchain.info/

Quote

03-11-2013 , 10:27 PM

#777

Happy_Fish

Carpal \'Tunnel

Join Date: Mar 2012 Posts: 7,497

Yeah this is hardly a blip on the BTC timeline.

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03-11-2013 , 10:37 PM

#778

VP$IP

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 6,841

Playing poker now.

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03-11-2013 , 11:05 PM

#779

DickFuld

Pooh-Bah

Join Date: Sep 2007 Posts: 4,113

Quote:

Originally Posted by Happy_Fish

Yeah this is hardly a blip on the BTC timeline.

It's down over 20% in a matter of hours. That's nearly $100m in value wiped out. How do you deem this to be "hardly a blip?"

Quote

03-11-2013 , 11:11 PM

#780

Deep

grinder

Join Date: Jul 2012 Posts: 433

Definitely an event of significance in Bitcoin-land but it's correcting itself already. One thing to remember about flash crashes at Mt.Gox is that there are no normal trading hours or circuit-breaker rules like on traditional stock exchanges.

Quote

03-11-2013 , 11:14 PM

#781

sethseth

old hand

Join Date: Sep 2007 Posts: 1,342

Quote:

The original post lacked info for "regular users". Here it is:

(1) If you are a "regular user" (not a miner), the best thing is to do nothing and wait a couple hours.
(2) If you are a "regular user", upgrading, downgrading, whining, FUD, etc, will make no difference. Only miners have an incentive to do anything. Otherwise, it doesn't matter which version you are running.
(3) Regardless of who you are, your transactions are not dead, your coins are not lost. They will just temporarily be held up. If you sent a transaction within the last few hours, it may take a few more hours before it's sorted out.
(4) If you insist on processing transactions right now it's probably best to wait 30+ confirmations. It's just due diligence though ... an attacker would still need a tremendous amount of mining power, quick thinking, and a victim willing to part with a lot of BTC.
(5) By tomorrow this will be in the past and everything will appear to be normal again. If you slept through this, you'd never know that anything happend (except for the price drop).

Let me reiterate, your coins are not at risk, your transactions are not lost. It'll just take some time for the network to "iron itself out." Everything will be okay.

Nothing to see here. Move along.

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03-11-2013 , 11:40 PM

#782

Happy_Fish

Carpal \'Tunnel

Join Date: Mar 2012 Posts: 7,497

Quote:

Originally Posted by RaineTech

It's down over 20% in a matter of hours. That's nearly $100m in value wiped out. How do you deem this to be "hardly a blip?"

Because the sum of the history of the world isn't today?

When it goes back over the previous high in a week, you'll look back and say "Gee, that's a blip"

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03-11-2013 , 11:50 PM

#783

DickFuld

Pooh-Bah

Join Date: Sep 2007 Posts: 4,113

Quote:

Originally Posted by Happy_Fish

Because the sum of the history of the world isn't today?

When it goes back over the previous high in a week, you'll look back and say "Gee, that's a blip"

Yes, over the course of an infinite lifespan this will just be a blip. However any event taking place for a currency that causes a huge fluctuation of price by over 20% in a matter of hours isn't a blip when it is only a few years old. I am sure the market will recover as many people would take the opportunity to buy at the reduced price, but I'm sure some people could have made a lot of money getting trades through shorting the currency during that time. And likewise buying at such a low rate for its inevitable recovery.

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03-12-2013 , 12:26 AM

#784

cdog

veteran

Join Date: Oct 2008 Posts: 2,638

I think its a good development, .8 is "is a major release designed to improve performance and handle the increasing volume of transactions on the network."

I dont think anyone could disagree that this is a good update for the long term future of BTC. Also, it cooled the price off a bit (LTC was affected as a result also), and given the insane heater that BTC and LTC have been on, I think this probably a good thing, it allows investors to regroup and consider their holdings again. The price will stabilize and eventually go up again, but you have to be prepared for some major swings if you are in this game.

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03-12-2013 , 01:22 AM

#785

Happy_Fish

Carpal \'Tunnel

Join Date: Mar 2012 Posts: 7,497

Quote:

Originally Posted by RaineTech

So it's a blip. Thanks.

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03-12-2013 , 01:58 AM

#786

greg nice

Carpal \'Tunnel

Join Date: Aug 2004 Posts: 9,997

Quote:

Originally Posted by RaineTech

It's down over 20% in a matter of hours. That's nearly $100m in value wiped out. How do you deem this to be "hardly a blip?"

lol, "wiped out", good one

that $100m was 'created' out of thin air in the past few days anyway

$500m over the past month.

20% fluctuations are to be expected given the rampant speculation thats going on. the chart has turned parabolic which is never good for the longs

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03-12-2013 , 02:25 AM

#787

sethseth

old hand

Join Date: Sep 2007 Posts: 1,342

Quote:

Hi Seth,

We don't charge any fees for bitcoin conversion.

Regards,
James
WinPoker.com

Vig free to get your money in and out of bitcoin on Ipoker netowrk. Sweet. Now someone just needs to report on cashout times and AML documents required. Also, Ipoker isn't doing rakeback anymore.

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03-12-2013 , 02:29 AM

#788

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,538

Quote:

Originally Posted by greg nice

the chart has turned parabolic which is never good for the longs

Yes it has looked that way, however, it plunged from $49 to $33 and recovered. Does this take some of the "parabolicness" out of it? It also just plunged to 36 today and recovered. Those are significant pullbacks. I dunno how much those mean, but I feel the BTC price is slightly more stable because of them.

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03-12-2013 , 02:31 AM

#789

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,538

Quote:

Originally Posted by sethseth

Also, Ipoker isn't doing rakeback anymore.

Did this happen today?

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03-12-2013 , 02:48 AM

#790

JimAfternoon

Carpal \'Tunnel

Join Date: Mar 2011 Posts: 6,901

Not bad.

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03-12-2013 , 03:04 AM

#791

Ponies

Pooh-Bah

Join Date: Mar 2007 Posts: 3,726

Quote:

Originally Posted by sethseth

Vig free to get your money in and out of bitcoin on Ipoker netowrk. Sweet. Now someone just needs to report on cashout times and AML documents required. Also, Ipoker isn't doing rakeback anymore.

Eurosites taking bitcoins would make it a lot easier for US people to play if they went overseas. Would be even better if it makes vpn stuff more viable. I am still waiting for the US sites to start taking bitcoin. Once one starts taking bitcoins there is no doubt the others will have to follow.

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03-12-2013 , 08:08 AM

#792

mudstuffing

centurion

Join Date: Aug 2011 Posts: 154

I'm in the blip camp. There was an even larger swong in price last Tuesday, when it ran up to 49 and then ran down to 34, before recovering. Also last August we lost 1/2 the value of our coins over the course of a few days when it dropped from 14 down to 7. And that one took about a month to recover.

Obviously it's never a good thing when transactions are not being confirmed, but I am glad this is open source where the community acts to fix the issue. The miner response was swift and responsible.

I'd hate to think what would happen if we had to wait for corporate banks and guvment to fix the issue.

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03-12-2013 , 09:46 AM

#793

Glasgow Rangers

grinder

Join Date: Jan 2009 Posts: 413

Quote:

The Blockchain Not Taken

Two blockchains diverged on a yellow monday,
And sorry I could not process them both
And be one miner, long I sat
And looked down one as far as I could
To where it were discussed on bitcointalk,
Then took the other, as just as fair
And having perhaps the better claim,
Being the older 0.7 version,
Though as for that, the mining there
Had validated them really about the same,
And both that morning equally lay
In cyberspace no government had trodden black
Oh, I kept the new release for another day!
Yet knowing how transaction leads on to transaction,
I doubted if I should ever come back.
I shall be telling this with a sigh
Somewhere ages and ages hence:
two blockchains diverged in cyberspace, and I –
I mined the one less incompatible,
And that has made all the difference.
~Satoshi Frost

http://bitcoinbolt.rememberi.es/2013...ot-taken-poem/

Quote

03-12-2013 , 11:22 AM

#794

DefendTheCult

old hand

Join Date: Feb 2013 Posts: 1,934

Quote:

Originally Posted by mudstuffing

From an investing standpoint, yeah that is super sketchy when the price fluctuates so quickly. But from a poker player standpoint who is using BTC to play online, it's all about timing. If you can guy get a coin at 14, play on SWC, get on a good one and cash out the BTC when it was at 49, Jeez, look at that.

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03-12-2013 , 11:29 AM

#795

Whitelextown

adept

Join Date: Jan 2011 Posts: 864

Curious how the Bitcoin traffic is on the ipoker network? Anyone playing exclusively with Bitcoin?

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03-12-2013 , 01:26 PM

#796

DefendTheCult

old hand

Join Date: Feb 2013 Posts: 1,934

What is everyones thoughts on what happened last night? Scary stuff.

Quote

03-12-2013 , 01:33 PM

#797

RickC16

newbie

Join Date: Apr 2009 Posts: 30

Quote:

Originally Posted by sethseth

Vig free to get your money in and out of bitcoin on Ipoker netowrk. Sweet. Now someone just needs to report on cashout times and AML documents required. Also, Ipoker isn't doing rakeback anymore.

Ok, so i tried it out. Fired up the Netherlands VPN, download, create account using address details from underground dance club in Amsterdam. account created, verified email address, good to go - took me to cashier.

Sent 2 BTC, credited fast in USD, probably 1 confirmation.

Withdraw 1 BTC - it said it can be up to 72 hrs, I had it back in 8 minutes. No paperwork, no playthrough, no nothing. And price very close to current mtgox for both deposit and withdrawal calculations. Very legit so far. This skin is going to crush!

Software so much better than the btc site crap. Not quite FTP, but nice. This may be huge.

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03-12-2013 , 01:52 PM

#798

DefendTheCult

old hand

Join Date: Feb 2013 Posts: 1,934

https://bitcointalk.org/index.php?topic=152030.0

Very interesting

Quote

03-12-2013 , 02:44 PM

#799

Deep

grinder

Join Date: Jul 2012 Posts: 433

RickC16 can you give deposit/withdrawal time stamps and USD amounts?

Edit: Looking to get a better idea of costs of conversion.

Last edited by Deep; 03-12-2013 at 03:03 PM.

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03-12-2013 , 02:55 PM

#800

Whitelextown

adept

Join Date: Jan 2011 Posts: 864

Quote:

Originally Posted by Deep

RickC16 can you give deposit/withdrawal time stamps and USD amounts?

couldn't you technically get banned on iPoker site for being a US player on a VPN connection from the Netherlands.

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