Re: "TheInternet" Bot - Doing Something with Trades - How long? What happens after?
I woudn't say they're shit, it just depends on your perspective. I think there's enough profit potential in the exchanges that I created my bot. That would imply I don't think they are shit. I have to hold inventory of bitcoin and USD, so I'm unfortunately forced to be a speculator when I don't want to, but I've accepted that risk for now.
The TL;DR version would be that I'm astounded at the level of trust this forum has with the major exchanges. They just assume they'll do the right thing in the face of tremendous temptation. I mentioned frontrunning in my last post, but MtGox could fix price at it suits them and the rest of the exchanges would follow. That makes frontrunning look mild. They could also come up with clever ways to have market-mulligans by rolling back trades
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If anything is shit, it's the mentality of this forum. That you're a hater if you question the exchanges or point out obvious flaws. I want bitcoin to work as much as the next guy, but that doesn't mean I'm just going to ignore obvious hurdles and opportunities for unethical behavior. As they say, absolute power corrupts absolutely, and right now MtGox has that type of power until some other exchange can draw a large share of the market.
The TL;DR version would be that I'm astounded at the level of trust this forum has with the major exchanges. They just assume they'll do the right thing in the face of tremendous temptation. I mentioned frontrunning in my last post, but MtGox could fix price at it suits them and the rest of the exchanges would follow. That makes frontrunning look mild. They could also come up with clever ways to have market-mulligans by rolling back trades
.If anything is shit, it's the mentality of this forum. That you're a hater if you question the exchanges or point out obvious flaws. I want bitcoin to work as much as the next guy, but that doesn't mean I'm just going to ignore obvious hurdles and opportunities for unethical behavior. As they say, absolute power corrupts absolutely, and right now MtGox has that type of power until some other exchange can draw a large share of the market.
Son, you have to realize that most of the people here are mouth-breathers who found a vehicle for their impotent societal frustrations. They basically lack the critical thinking ability to understand why the bitcoin exchanges are HILARIOUSLY corrupt ON PRINCIPAL and certainly are not in their best interests to use. Especially Gox.
The majority of the market is miners selling to speculators. The miners don't care about the trustworthiness of the exchanges because they're just convenient BTC to USD machines. The speculators are generally just amateur day-traders who aren't intelligent or affluent enough to play in a real market like FOREX, and will use whatever is available to then, trustworthy or not.
And the zealots that foresee a glorious future for bitcoin? Well, generally cult members lack the cognitive capacity to understand their plight, despite the protestations of those around them.