Lessons from Bitcoin, Coinbase & Mt. Gox: Why being first may not mean much
Being the first to do something often counts for a lot. Whether it is Armstrong being the first to step on the moon or Karl Benz manufacturing the first automobile… public memory and perception usually fall back on the first movers. This is the case in the cryptocurrency market as well, an industry where entities […]
Bitcoin traders crippled by server overload (BitStamp), withdrawal/deposit lags (Mt. Gox), and brokers maxing out their daily buy limits (Coinbase). How does an average US speculator/investor even participate right now?
I have accounts established at Mt. Gox, BitStamp, Coinbase, and LBC.com. But it seems like every single bitcoin exchange/purchase platform is experiencing technical difficulties, banking lag, or web traffic issues. I'm hesitant to attempt to deposit USD for coins anywhere at the risk that my $5k-$10k could get trapped in limbo for days or weeks with one of these unreliable (during times of high activity) exchanges/brokers. COINBASE They've been hitting their max daily buy limit on and off as the bitcoin coaster rolls up and down. Investors are using Coinbase as a pseudo-exchange because of the poor performance of more suitable platforms, but the increased traffic has made the site unreliable for purchasing and even accessing. If you're trying to "get in" during a dip, chances are you'll either be unable to login or be hit with a "max daily limit" error. Not cool. BITSTAMP Many people here are reporting delayed deposits hitting their Bitstamp accounts. Wire transfers are taking multiple days, rather than overnight, if they arrive at all. Not to mention their website has been down on and off since last night. You can't reliably login and maintain a session, so it becomes risky to hold your USD there. What if you want to make a move and the servers crash for 3 hours? Unacceptable. MT. GOX Do we even need to mention how retarded it is to trade on Gox? I just saw a thread where someone is still waiting 7 months for their USD withdrawal. Gox is infamous at this point for not being able to pull out your American Dollars. You may be able to deposit and get some coins, but Gox prices are the highest in the land and you'll have to sell them elsewhere at very reduced value, totally slicing into your gains. Moral of the story: Stay away! LOCALBITCOINS.COM With the wild swings in the market, it's impractical to make big, fast moves when you have to drive to Starbucks to hand a guy $5k cash for some BTC. By the time you get back to your house, who knows what the market will look like. Good option for those wanting to simply get some bitcoin and hold it forever. Not an option for people looking to trade or making quick moves day-to-day. Serious Question: How are average US speculators and investors supposed to participate in the bitcoin market right now with the increased traffic crippling all of the entry points? Increased traffic from increased awareness and desire to participate should be terrific for all of us holding some coin, but when the buying platforms aren't able to handle the influx, we're stuck on the outside just watching the charts and furiously F5-ing on the login screens of our exchange of choice. Bit of a rant, I guess. Chime in with any thoughts on the current situation.
New to Bitcoin. What makes Coinbase safe? Can it not do what Mt Gox did?
Excuse my ignorance, but I've only recently taken an interest in Bitcoin. I remember reading about what happened to Mt Gox but see people suggest Coinbase all of the time. I have a wallet using Electrum and purchased some Bitcoin using Circle, and then transferred it to my Electrum wallet. What benefit does Coinbase have and what makes it secure?
[uncensored-r/CryptoCurrency] Garry Tan, early Coinbase investor: "Bitcoin had the Mt Gox hack and shutdown, Ethereum had the D...
The following post by ziscz is being replicated because the post has been openly removed. The original post can be found(in censored form) at this link: np.reddit.com/ CryptoCurrency/comments/7wnqp2 The original post's content was as follows:
[uncensored-r/CryptoCurrency] Garry Tan, Early Coinbase Investor - "Bitcoin had the Mt Gox hack and shutdown, Ethereum had the ...
The following post by painslice is being replicated because the post has been openly removed. The original post can be found(in censored form) at this link: np.reddit.com/ CryptoCurrency/comments/7worji The original post's content was as follows:
[uncensored-r/CryptoCurrency] Early Coinbase investor: - "Bitcoin had the Mt Gox hack and shutdown, Ethereum had the DAO hack. ...
The following post by Balkrish is being replicated because the post has been silently removed and some comments within it have been openly removed. The original post can be found(in censored form) at this link: np.reddit.com/ CryptoCurrency/comments/7wsobo The original post's content was as follows:
Coinbase Custody Targets $10 Billion in Institutional Funds for Bitcoin Investment - European Central Bank Considering Bitcoin Regulation - Ethereum Could Soon Launch Its First Casper Testnet - Mark Karpeles Floats Token Sale to Revive Mt Gox
preev.js expects the contents of http://preev.com/pulse/source:bitstamp,btce,localbitcoins,mtgox/unit:btc,usd to be loaded into the variable %HTTPD. Coinbase.js expects https://coinbase.com/api/v1/prices/spot_rate to be loaded into the %HTTPD variable.
%CURRENTBTC is always the current price of bitcoin from coinbase. It will never be in mBTC.
%BTCUNITS is set to BTC by default, but if it is set to mBTC, the script will output %CURRENTPRICE in mBTC.
%CURRENTPRICE is the current price, which may or may not be in mBTC depending on the value of %BTCUNITS.
Preev.js gets data from many more sources so it produces many more variables.
%BTCUNITS is set to BTC by default, but if it is set to mBTC, the script will output all below variables in mBTC.
%BITSTAMP_BTC is the current price of BTC/mBTC on Bitstamp.
%BITSTAMP_VOL is the current trade volume of BTC/mBTC on Bitstamp.
%BTCE_BTC is the current price of BTC/mBTC on BTC-E.
%BTCE_VOL is the current trade volume of BTC/mBTC on BTC-E.
%LOCALBITCOINS_BTC is the current price of BTC/mBTC on LocalBitcoins.
%LOCALBITCOINS_VOL is the current trade volume of BTC/mBTC on LocalBitcoins.
%MTGOX_BTC is the current price of BTC/mBTC on Mt. Gox.
%MTGOX_VOL is the current trade volume of BTC/mBTC on Mt. Gox.
Ideas for application Some current ways that I'm using these scripts on my Android device:
Using a profile/task combination that sends me a notification if the price of Bitcoin is below/above a certain amounts
Is it possible to trade in bitcoin completely outside your own computer? e.g. only using a trading account (mt gox, coinbase, etc) Or do you have to have the client running on your own computer with your own wallet?
Bitcoin Lessons from Bitcoin, Coinbase & Mt. Gox: Why being first may not mean much. Published. 3 months ago. on. July 12, 2020. By. Jibin Mathew George. Source: Pixabay. Share; Tweet; Being the first to do something often counts for a lot. Whether it is Armstrong being the first to step on the moon or Karl Benz manufacturing the first automobile… public memory and perception usually fall ... A joint statement was also issued by Blockhain.info, Coinbase, Kraken, Bitstamp, BTC China, and Cirlce—six leaders of the Bitcoin industry—denouncing MtGox for their action. Advertisement “This tragic violation of the trust of users of MtGox was the result of one’s company actions and does not reflect the resilience or value of bitcoin and the digital currency industry,” the ... Bitcoin-Börse Coinbase und BlockFi bereiten sich auf den Börsengang (IPO) vor; Hedgefonds kaufen MtGox Bitcoin Forderungen. Corinna Brandau 14. Februar 2017 Bitcoin, Börse, Neuigkeiten Leave a comment. teilen ; teilen ; twittern ; teilen ; spenden ; Seit mehr als drei Jahren warten MtGox Gläubiger, dass sie wenigstens ein paar ihrer verlorenen Bitcoins zurückbekommen. Aber es ist noch ... One difference is that Coinbase doesn't keep a balance of USD (or other fiat) in your account, only bitcoins. The other major difference is that Coinbase has not (AFAIK) shown any signs of incompetence or malice jeopardizing your bitcoins stored there (these signs, I hear, were around for a long time before Mt.Gox finally died). 16,000 bitcoins (an amount worth about $141 million) tied to the now-defunct bitcoin exchange Mt Gox were moved on Thursday. According to CryptoGround, which monitors Mt Gox’s remaining wallets ...
Coinbase Standard? -- No OKPay for MtGox -- Roseanne Barr Supports Bitcoin! (#029)
Was Mt. Gox partially responsible for the recent #Bitcoin sell-off? Kraken acquires Crypto Facilities, Facebook x Chainspace, SEC solicitation notice, Coinba... My Travel & Cooking YouTube Channel - https://www.youtube.com/channel/UCvPemSKBukSLEtklQmHj5gg Bitcute - https://www.bitchute.com/channel/josearteaga/ Use ... We fared pretty well overnight, but this morning I saw an alarming piece of news- the Mt. Gox trustee has started consolidating BTC in a wallet address, of an amount of 16k BTC, or about $140 ... This video is unavailable. Watch Queue Queue. Watch Queue Queue Vienna, Austria -- I'm the Let Wall Street Pay for the Restoration of Main Street Bill -- Here are Today's MadBits: 1.) Coinbase Leads Charge In Bitcoin's Co...