Bitcoin trading halted until 10 PM Eastern tonight

Crystallas said:
Then why didn't you do it? That's right, because you didn't use the real trade exchanges. You used past exchange data for one, and current(current at that time) for another. So when the value of one trades one hour ago, and is worth x, then compare with another trade that happened 10 minutes ago, while the item was worth z, they are not the same. Fail.

Pretty simple, a child could understand.
Click to expand...

Hey, checkout this site:

http://bitcoincharts.com/markets/

Checkout all the trades that occurred 0 minutes ago. I'm seeing Euros at 70 on one and 54.3 on another exchange. Both were traded 0 minutes ago. I'm also seeing USD's at $60/Bitcoin. So in the real world, Euros are worth more than Dollars, yet on Bitcoin exchanges, US Dollars are worth more in some cases. I WIN!!! Hahahah
 
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Everyone always has access to their bitcoins, so this is not at all analogous to banks locking people out.

The market is extremely volatile, if some exchanges want to halt trading then that is their own business.

If I had the money, I would be buying more bitcoins right now.
 
Gaddafi Duck said:
Hey, checkout this site:

http://bitcoincharts.com/markets/

Checkout all the trades that occurred 0 minutes ago. I'm seeing Euros at 70 on one and 54.3 on another exchange. Both were traded 0 minutes ago. I'm also seeing USD's at $60/Bitcoin. So in the real world, Euros are worth more than Dollars, yet on Bitcoin exchanges, US Dollars are worth more in some cases. I WIN!!! Hahahah
Click to expand...

You win?

If you don't like competing currencies then you must be a debt note banker?
 
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Gaddafi Duck said:
Hey, checkout this site:

http://bitcoincharts.com/markets/

Checkout all the trades that occurred 0 minutes ago. I'm seeing Euros at 70 on one and 54.3 on another exchange. Both were traded 0 minutes ago. I'm also seeing USD's at $60/Bitcoin. So in the real world, Euros are worth more than Dollars, yet on Bitcoin exchanges, US Dollars are worth more in some cases. I WIN!!! Hahahah
Click to expand...

Ugh, no. Because again. It is lagged trades. I know you don't want to listen to read that, but Gox has been lagged for weeks. And Gox isn't the only exchange with lag. So you get 1 value at one moment, and another at another moment. Arbitrage happens, and it happens in every exchange, but not the way you are saying it did with USD/Euro.
 
Paladin69 said:
You win?

I want to poop on competing currencies compared to FRN's too! I love the bankers...because they love me!
Click to expand...

He won, because he actually made that trade... oh wait, no he didn't. Aside from the reality of the exchanges, he lost out.
 
Crystallas said:
Ugh, no. Because again. It is lagged trades. I know you don't want to listen to read that, but Gox has been lagged for weeks. And Gox isn't the only exchange with lag. So you get 1 value at one moment, and another at another moment. Arbitrage happens, and it happens in every exchange, but not the way you are saying it did with USD/Euro.
Click to expand...

I know you don't want to listen, but I'm not quoting Mt.Gox. Look at the exchanges. Are they all lagged to where there's a 28.9% difference in Euro price? How long is this lag taking? Oh, you're making it up.

Mt.Gox has had laggy moments, but you're extrapolating that to be "Mt.Gox and the rest have been in perma-lag for weeks".

And again, I'm looking at all of the exchanges based on that market site. It looks to me like I'm either right, or you're right that every Bitcoin exchange is laggy trades...which means I'm right about how impractical Bitcoins are. Because if you put in a trade but don't know if it's going to be $70 or $170 when the dust settles, then it's ridiculous.

It's literally becoming the game in the arcade where you push the button to stop the light on the "jackpot", but you always seem to hit the "4 tickets/6 tickets" lights that are surrounding it. Ohhh well...

Either way, I'm right. FACEPALM MORE! Hahahha
 
Crystallas said:
He won, because he actually made that trade... oh wait, no he didn't. Aside from the reality of the exchanges, he lost out.
Click to expand...

No, I didn't make the trade. Because I understand how ridiculous Bitcoin is. It's speculation; I don't speculate.

Like I've been saying, there's a reason why I don't make the trade: Because the market hasn't arbitraged the divergences away. Knowing that, why would I want to get involved in that market where it's terribly inefficiently priced?
 
Petar said:
Everyone always has access to their bitcoins, so this is not at all analogous to banks locking people out.

The market is extremely volatile, if some exchanges want to halt trading then that is their own business.

If I had the money, I would be buying more bitcoins right now.
Click to expand...

Volatile is right:)
 
Gaddafi Duck said:
I know you don't want to listen, but I'm not quoting Mt.Gox. Look at the exchanges. Are they all lagged to where there's a 28.9% difference in Euro price? How long is this lag taking? Oh, you're making it up.

Mt.Gox has had laggy moments, but you're extrapolating that to be "Mt.Gox and the rest have been in perma-lag for weeks".

And again, I'm looking at all of the exchanges based on that market site. It looks to me like I'm either right, or you're right that every Bitcoin exchange is laggy trades...which means I'm right about how impractical Bitcoins are. Because if you put in a trade but don't know if it's going to be $70 or $170 when the dust settles, then it's ridiculous.

It's literally becoming the game in the arcade where you push the button to stop the light on the "jackpot", but you always seem to hit the "4 tickets/6 tickets" lights that are surrounding it. Ohhh well...

Either way, I'm right. FACEPALM MORE! Hahahha
Click to expand...

Then what are you waiting for. Make some money. You win when you make money.
 
Paladin69 said:
You win?

If you don't like competing currencies then you must be a debt note banker?
Click to expand...

I love how you're so obtuse you can't discern an attack on a failed attempt at a "currency" from an attack on Hayek's arguments supporting the idea of denationalizing the money supply.
 
Gaddafi Duck said:
No, I didn't make the trade. Because I understand how ridiculous Bitcoin is. It's speculation; I don't speculate.

Like I've been saying, there's a reason why I don't make the trade: Because the market hasn't arbitraged the divergences away. Knowing that, why would I want to get involved in that market where it's terribly inefficiently priced?
Click to expand...

Oh. So which one is it then?

You don't trade one at the same time as the other. You need to trade 3 times to make a USD to Euro exchange, and transfer funds twice. You need to trade quite a bit to cover the transactions, and you have to have perfect timing that even the bots can not do. But apparently, in your mind, this is all possible in theory(to take advantage of the USD:Euro rates), which makes it a reality.
 
The best way to destroy a competing currency is to create digital dollars, buy up bitcoin like they do with bond purchases, then cease buying operations and sell hard into the market. Crash and burn it. It is an easy operation to those who are tasked with defending the premier digital keystroke money. Hell, they don't even have to "mine" their worthless keystroke money.

If I had command of a monopoly dollar program this is what I would do. Saves getting legislation and gets the job done.
 
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Crystallas said:
Oh. So which one is it then?

You don't trade one at the same time as the other. You need to trade 3 times to make a USD to Euro exchange, and transfer funds twice. You need to trade quite a bit to cover the transactions, and you have to have perfect timing that even the bots can not do. But apparently, in your mind, this is all possible in theory(to take advantage of the USD:Euro rates), which makes it a reality.
Click to expand...

You just don't get it, which proves my point all along :)

I can't believe I bothered debating this with you as long as I did, considering you came back with THAT. Oh my...
 
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awake said:
The best way to destroy a competing currency is to print dollars, buy up bitcoin like bond purchases, then cease buying operations and sell hard into the market. Crash and burn it. It is an easy operation to those who are tasked with defending the premier digital keystroke money.
Click to expand...

Except there isn't enough BTC to go around to do that. Otherwise the current BTC richest on Forbes would not be the richest. Those values would be much higher. And if the values were tremendously higher, then that would mean more than 11 million exist and most wouldn't care to begin with.
 
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Oh, and just to prove Crystallas is making stuff up by implying there's some perma-lag on these exchanges...checkout the 24 hour prices on these exchanges:

http://bitcoincharts.com/markets/currency/USD.html

I would hope the trades aren't lagged more than a day. If they are, checkout the weekly highs and weekly lows and compare.

Oh, I guess I am right after all! The "lag" argument is way overblown. The "lag" is called Mt.Gox shutting down its exchange until tonight, and the smaller players are all over the place with Bitcoin valuations.
 
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