Post
Topic
Board Project Development
Re: ICBIT Derivatives Market (USD/BTC futures trading) - LIVE
by
picobit
on 19/11/2012, 09:10:00 UTC
You were caught scamming. Your sorry attempts to avoid that discussion by making ciuciu-esque attacks won't save you, you'll just end up with egg on your face on top of the original problem of having been caught scamming.

No.  You saw behavior that you find consistent with scamming.  Others saw otherwise - at least your proof is far from convincing.  It may be convincing what you saw, but certainly not what has been posted here or on the blog.

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This is quite different from the scamsite behavior, wherein customer can see his account, can see the volume move, can see other orders for "other customers" being executed but his orders are ignored. Repeatedly. For the obvious reason that if the scamsite allowed actual customers to place orders in that magical interval it wouldn't be able to fix absurd prices. Duh.

I am an actual customer.  I have been able to place orders during these manipulation incidents.  And yes, I have also been in situations where I have not been able to place orders for a minute or so while other people obviously were.  But since absolutely nothing interesting happened during those times, I assume it was some kind of network problem.

If Fireball was behind these manipulations, why would he have undone them by an extra clearing one of the first times it happened?   I lost a significant amount due to a manipulation, but instead of liquidating my position (although I was below the limit for a margin call), a second clearing occurred "due to high volatility" half an hour or an hour later.  You can probably still find the announcement in the Twitter feed.  Fireball quickly stopped doing this, probably he realised that this kind of ad-hoc manual interventions are not a good idea. 

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Isn't it fascinating how the big bad evil mean and mysterious manipulator suddenly got scared and left cause Mr. P wrote something on his blog? Isn't it grand how caught in between the rock of the article and the hard place of everyone being able to verify it for themselves the next day Fireball suddenly fixed the "exchange"? Tsk tsk.

That is indeed one interpretation.  Another one is that more and more people (including me) were trying to get a profit from the predictable manipulations, and the same day the spot market price moved against the manipulator.  In combination, this made it too expensive to continue manipulating the market - the manipulator lost a lot that evening!  Of course it did not help him that the clearing was delayed due to maintenance - whether that maintenance was real or just Fireball's excuse for thwarting him.

I'm concerned with rude spam by MPOE-PR (https://bitcointalk.org/index.php?topic=102333.0 ).
Other related people (smickles) are behaving quite good, and we had useful discussions over support email.

I will consult with [Tycho] about further actions.

Don't bother, the moderators will not do anything.  MPOE is entitled to her opinions, and is entitled to post them here.  We are entitled to disagree (and the shrill tone of her posts certainly don't help, even if her points were valid - which they might be!)

It would be very bad indeed if the moderators started censoring people calling a scam - even if they appear to be wrong!!!