The Litepresence Report on Cryptocurrency

[muh_roads]

I'm going to stop beating up on pres since people are free to do what they want. Although mentioning this RPF thread on the trollbox is a good point, Dianne.

I made the trades so I have to own up to the mistakes. The alternative is Government SEC crap and I think everyone in here has used the words pump or dump at some point, heh. I'd prefer to set the example that we can govern ourselves so I have to stick to that philosophy. No matter how much a person wants to blame another.

There were a lot of people saying "up" as well. It's a game of roulette.

I just had to jump on pres with his "I own up to nothing" schtick by bringing back some old quotes. Which is really the crux of the frustration.

Hence my silence the past few days.
Its been with a bitten lip.

dat bitten lip... It just would've been nice to know you were serious about needing the 0.25 during the lip biting.

My kingdom for a time machine continues...

[Warrior_of_Freedom]

I haven't been keeping up. You referring to Genesis Mining?

I got no idea. Someone said it was going to be illegal for them to offer their BTC services in New York or something

[Dianne]

I'm going to stop beating up on pres since people are free to do what they want. Although mentioning this RPF thread on the trollbox is a good point, Dianne.

I made the trades so I have to own up to the mistakes. The alternative is Government SEC crap and I think everyone in here has used the words pump or dump at some point, heh. I'd prefer to set the example that we can govern ourselves so I have to stick to that philosophy. No matter how much a person wants to blame another.

There were a lot of people saying "up" as well. It's a game of roulette.

I just had to jump on pres with his "I own up to nothing" schtick by bringing back some old quotes. Which is really the crux of the frustration.



dat bitten lip... It just would've been nice to know you were serious about needing the 0.25 during the lip biting.

My kingdom for a time machine continues...

Everything presence, aka litepresence says, is irrelevant to me going further. I'm happy you have made amends, but I do hold deep resentment for those who have been seduced into Ronpaulforums, only to be ripped off.

I agree, I believed him; I lost multiple times. It was my fault. I never expected corruption from a fellow RPF supporter. As I look back, until recently, this thread was the only one he posted in. This is his business, his way of supporting himself. Which is all well and good, as long as it is disclosed.

That is why I was asking RPF to make him pay for advertising space, rather than sucking in those who innocently, believe RPF is a santuary .... a place to escape, free of corruption, lies, and manipulation.

[muh_roads]

...and they haven't used stop losses correctly.

Stop losses don't save you either. Good traders get stopped out plenty of times.

[muh_roads]

Everything presence, aka litepresence says, is irrelevant to me going further. I'm happy you have made amends, but I do hold deep resentment for those who have been seduced into Ronpaulforums, only to be ripped off.

I agree, I believed him; I lost multiple times. It was my fault. I never expected corruption from a fellow RPF supporter. As I look back, until recently, this thread was the only one he posted in. This is his business, his way of supporting himself. Which is all well and good, as long as it is disclosed.

That is why I was asking RPF to make him pay for advertising space, rather than sucking in those who innocently, believe RPF is a santuary .... a place to escape, free of corruption, lies, and manipulation.

It is a sad state of affairs. I wouldn't say we've made amends. I just have to move on otherwise it is too frustrating to dwell on. Others don't share the same sentiments so I'm just going to distance myself from it all.

I got no idea. Someone said it was going to be illegal for them to offer their BTC services in New York or something

Yeah I haven't heard about any singular company dumping as a result of the licensing. Just people moving out of the area.

[amonasro]

Stop losses don't save you either. Good traders get stopped out plenty of times.

No, but there's an inherent risk of loss that one must accept while trading. You quickly learn that you are playing against your worst emotional self where your own shortcomings come out to haunt you at the worst possible moments.

One might play the blame game for awhile but at the end of the day, the responsibility and fault is one's own. Maybe you got greedy. Maybe you didn't study enough. Maybe you relied on one person too much. Maybe your good trades were luck. Maybe you're just in over your head. It's tough medicine but a required prescription in a competetive market that takes away just as quickly as it gives. Both fears are ever present and always palpable: Fear of missing out and fear of loss. One must tame these emotions in order to make the best, most logical decisions when entering and exiting positions. This includes the decision of who to listen to (or not) for advice. Pres is a talented market reader and botsmith but he's not always right and like anyone who has weathered a ruthless market, he is self-interested and not here to hold hands. Perhaps he could have made this clearer, but his standoff-ish approach with new traders was clear enough to me.

I lost over $10,000 on a bad trade a few months ago. It was my first major loss and I was mad as hell at just about everybody. I battled with all of the fears described above before simply realizing where my fault was, accepting the consequences and using it to identify weakness in my trading plan.

One poignant thing Richard Wyckoff said (whose writings I've been reading a lot of lately) is, "The market is always with us." ​Meaning there is no reason to rush into trading--there will always be future opportunities should one wish to be prepared for them.

[presence]

What ever he paid for his "supporting membership status"

It was a personal gift from Bryan actually.

[muh_roads]

Meaning there is no reason to rush into trading--there will always be future opportunities should one wish to be prepared for them.

I disagree with this 110% as it relates to bitcoin. It's not a silly little cut & paste stock. Collecting as much of the 21m supply is a race against the clock. And that is why mistakes are so painful because these levels won't last forever.

If I felt we would just bounce between 200-300 for eternity then trading would be a lot easier. You never know when some crazy news piece comes out that sends it to 450-500.

[PaulConventionWV]

Stop losses don't save you either. Good traders get stopped out plenty of times.

Stop losses save you if you know how to use them. That's why I bite my lip every time I hear Dianne is making a trade.

[amonasro]

I disagree with this 110% as it relates to bitcoin. It's not a silly little cut & paste stock. Collecting as much of the 21m supply is a race against the clock. And that is why mistakes are so painful because these levels won't last forever.

If I felt we would just bounce between 200-300 for eternity then trading would be a lot easier. You never know when some crazy news piece comes out that sends it to 450-500.

Oh I agree, I'd like to have as many as possible bought as cheaply as possible. But if you're trading to get there you have to be careful about the psychological factors that can get you into trouble, and that means taking a break sometimes.

I'm looking at the 200 day MA as support. Will it hold?

[Dianne]

Stop losses save you if you know how to use them. That's why I bite my lip every time I hear Dianne is making a trade.

LOL, you're not the only one.

[Crashland]

If you want to save yourself the psychological trauma, just buy and HODL. Unless you are the best of the best at trading (which you probably aren't even if you have had a good streak), you'll end up getting burnt in the long run if you keep moving things around.

[Warrior_of_Freedom]

BTC went down 3 more dollars!

[presence]

Nasty price action this evening.

Bitcoin XT fork hit BBC news.

166 BTC at bitfinex after massive dumping

LTCBTC held true

PPCBTC and NMCBTC both tanked hard

DRKBTC went moon while DRKUSD still took losses.

[amonasro]

Well, my account took a hit. The good news is that this should result in some nice volatility going forward.

[muh_roads]

whaleclub ppl are saying alphapoint software on bitfinex glitched again and cleaned house on margin calls.

[presence]

Honeybadger Freeware sold capitulation 288 and is now holding BTC in despair at 269 since ma2 crossed under ma90.

Honeybadger Pro sold capitulation 284.9 and is now still in USD.
Mode is 2 "Capitulation" ; the last dragon was green dragon; its not a "typical" red dragon (yet)... but resistance is below ma150 in a state of capitulation... therefore begin 5 day panic hodl USD and make trade decisions as if it really is a red dragon; set mode 3 "Red Dragon".

[presence]

whaleclub ppl are saying alphapoint software on bitfinex glitched again and cleaned house on margin calls.

oh happy

I could see that. I watched the whole thing on 1m charts. It was absurd and it looked like the orderbooks weren't following the charts at all.

Most of the other exchanges held in the 220's through the whole finex event.

[muh_roads]

Well, my account took a hit. The good news is that this should result in some nice volatility going forward.

We may be down but at least we aren't cleaned out on coins like so many others. People that play leverage really like that ball torture.

[muh_roads]

oh happy

I could see that. I watched the whole thing on 1m charts. It was absurd and it looked like the orderbooks weren't following the charts at all.

Most of the other exchanges held in the 220's through the whole finex event.

That looks like a double-bottom on the 1w

[amonasro]

We may be down but at least we aren't cleaned out on coins like so many others. People that play leverage really like that ball torture.

Admittedly I was leveraged and had to close a position at a loss. BFX's engine gets stupid slow when this happens as it simply cannot keep up with the cascading margin calls.

Hopefully we double bottom out here in a similar pattern of the January crash.

[presence]

Bitcoin could split in debate over currency's future

• 18 August 2015
  
• From the section Technology

Bitcoin miners are in disagreement over which software to use A row over changing the software that produces bitcoins could split the virtual currency, core developers say.
Bitcoin XT, a new version, is currently being recommended by the currency's chief scientist, Gavin Andresen.
And its developer, Mike Hearn, says its adoption essential to ensure the currency can cope with growing demand.
But some, including a large number of bitcoin miners in China, are resisting XT because of how it might affect control over the currency.
Bitcoin's blockchain - a digital ledger of all transactions made with the currency - is currently made up of 1MB blocks.
Bitcoin XT would enable these blocks to grow to 8MB.
But this would mean XT was no longer compatible with existing Bitcoin software, creating, its detractors say, two separate currencies and eroding trust in both.
Mr Hearn told the BBC the Bitcoin community's reaction to the release of the XT software at the weekend had been mixed, but there were some encouraging signs.
"We've gone from zero people running the software to 10% of the network in 72 hours, which is really good," he said
Consensus on consensus

But many are unhappy the core development team at Bitcoin is currently in disagreement over whether Bitcoin XT is right for the future of the currency.
A pool of large Chinese mining groups, for example, have said they will not adopt the software unless it is unanimously adopted by the core team.
Mr Hearn said he had decided to force the issue in order to overcome the stalemate.
"If you look at the guys working on the Bitcoin core, they talk about consensus all the time - but if you ask them what they really mean, they can't tell you," he said.
"There is no consensus about what consensus means."
Mr Hearn acknowledged, however, the reduced control developers had under XT would mean they would have to split the currency a second time if they were unhappy with future decisions.
"If we go off the rails and do things that aren't in the best interests of the community, then the solution is fork it again," he said.
Dr Vili Lehdonvirta, at the Oxford Internet Institute, said the adoption of Bitcoin XT would mean "the community has much fewer guarantees of being listened to".
"Those algorithms are made by humans and whoever writes them gets to have power over the system," he told the BBC.
Dr Lehdonvirta added increasing block size could potentially make Bitcoin less accessible.
"Downloading the whole blockchain is already such an effort that most people choose not to run Bitcoin on their computers," he said.
"This would put Bitcoin on a trajectory where that problem is exaggerated."


http://www.bbc.com/news/technology-33974826

[muh_roads]

Here is the thing about XT. If this was 2012 it would've just been implemented with little fuss. Just as how multi-sig was implemented easily. Right now there are just too many stupid people panicking because nobody is explaining to them what happens to their coins. The answer is everything will be fine.

If XT eventually does take over and mine a block bigger than 1MB, the fork happens but everyones money is still fine. XT & Core share the same private and public keys. If you send on an invalid chain, the other chain will still have your amount.

You just upgrade the wallet software.

This is really such a non-issue to me. I've spoken with technical guys like Armory and they just have no concern.

[muh_roads]

Admittedly I was leveraged and had to close a position at a loss. BFX's engine gets stupid slow when this happens as it simply cannot keep up with the cascading margin calls.

Hopefully we double bottom out here in a similar pattern of the January crash.

$#@!, sorry to hear that.

somebody at bitfinex is getting fired for this I'm sure. a guy named pgp from bitfinex is explaining $#@! on whaleclub. if you got screwed because of glitching, u might get something refunded. i came into the room too late to really understand what they're saying here.

[Dianne]

DO NOT BELIEVE ONE WORD OUT OF PRESENCE MOUTH !!!! I warn you guys now, that he has already admitted he is a troll for paying clients. PLEASE ... disregard anything presence says. Don't experience losses many of us have suffered. Please spread it through btc-e as well. I feel as though there is a rapist in my home, and it is presence.

Disregard and ignore anything presence aka litepresence has to say. He will screw you in a heartbeat .... He will steal from you, your mamma, your children ... He is out for litepresence only. A Troll.

[FSP-Rebel]

Happy hour for coinage, glad I didn't buy silver with my wad the other day and saved it for good times up in here.

[amonasro]

$#@!, sorry to hear that.

somebody at bitfinex is getting fired for this I'm sure. a guy named pgp from bitfinex is explaining $#@! on whaleclub. if you got screwed because of glitching, u might get something refunded. i came into the room too late to really understand what they're saying here.

TBH I had a more difficult time closing my position during the LTC flash crash. Their engine is simply too slow and balances show up funky while it struggles to keep up with the volume--definitely some bugs in there. I managed to transfer all of my coins out and the system still showed me with a negative dollar balance. Crazy. I might try OKcoin as the have a more sophisticated stop orders (basically a trigger price for a limit order) and a neat iceberg TWAP system. Plus you don't have to keep so many coins on exchange to trade a large position.

[Warrior_of_Freedom]

IT'S BITCOINGEDDON!

[dannno]

DO NOT BELIEVE ONE WORD OUT OF PRESENCE MOUTH !!!! I warn you guys now, that he has already admitted he is a troll for paying clients. PLEASE ... disregard anything presence says. Don't experience losses many of us have suffered. Please spread it through btc-e as well. I feel as though there is a rapist in my home, and it is presence.

Disregard and ignore anything presence aka litepresence has to say. He will screw you in a heartbeat .... He will steal from you, your mamma, your children ... He is out for litepresence only. A Troll.

Didn't he just come on here the other day warning us in big scary letters about the fork, people complained that he was scare mongering then BBC published the story and it crashed?

I kinda wish I'd sold some of my coin, I could buy it back cheaper now.

[Warrior_of_Freedom]

Didn't he just come on here the other day warning us in big scary letters about the fork, people complained that he was scare mongering then BBC published the story and it crashed?

I kinda wish I'd sold some of my coin, I could buy it back cheaper now.