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MrBudgens

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  1. Bitstamp are busy, as anyone who has tried to interact with them will have noticed recently. Their reddit is awash with complaints, MtGox comparisons, threats of legal action, etc. because of their unresponsiveness. I thought I'd share my experience in case anyone else is suffering the anxiety I've had over the last week. I've made a few withdrawals over the last few weeks. XRP withdrawals completed within seconds or minutes, BTC within an hour (despite the huge mempool backlog at the time) and SEPA withdrawals confirmed within 24 hours and always credited the same day. However, last Thursday evening I requested a SEPA withdrawal which stayed "in process" longer than usual. I submitted a support ticket yesterday evening, and - whether by coincidence or not - got the confirmation email at about 0900 this morning and the money arrived at the same time of day as it always does for me. Anyway, one person's experience does nothing to support or refute the idea that they are insolvent, exit-scamming, or whatever the hysterical crowd on Reddit are screaming, but I thought others might appreciate knowing that their normally rapid service is - for me at least - functioning but very, very much slower than usual (as I see they have now acknowledged in a news update that I saw when I logged in this afternoon).
  2. Dude, what's with all the yelling? Do you think that that they shouldn't use their own Twitter account to announce their own events? That they shouldn't be trying to build a little excitement around their attempt to topple a giant? I think what you are so cross about is that you read their tweets, which were pretty clearly about a conference (keywords: "Content, themes, speakers, stage"), and yet somewhere between the lines you read "We're going to the moon and we're gonna declare independence! Buy your tickets on Poloniex!"
  3. If by "test" you mean check if it can recover the address you could disconnect from the internet and use the minimalist client: https://github.com/jatchili/minimalist-ripple-client
  4. Page 75: <Schedule for commercial use> Autumn - Winter in 2017: Start of commercial use for cross-border payments Commercial use of cross-border payments between domestic financial institutions participating in “The Japan Bank Consortium” and overseas financial institutions joining Ripple’s global remittance network will be starting within the year Within FY2017: Initial launch of commercial use for domestic payments. After that: Expansion of commercial use for domestic payments
  5. It means they have won, providing they identified the right niche in the market. Ripple's success depends on this happening. The card-reader you use at the checkout is a "gateway" to the visa/mastercard system. Your bank is a "gateway" to your national currency (try buying a house with cash if you doubt this). Western Union is a "gateway" for international transfers. You, the customer, don't need to know any of the implementation details or the identity of any of the intermediary companies. All you need to do is trust the system to work. If Ripple can undercut the incumbent players anywhere in any of those markets then they have succeeded. https://ripple.com/build/gateway-guide/
  6. That's one way of looking at it. However another possibility is that this sell wall made no difference at all to anyone's decisions. Yes, Poloniex is a big market for XRP but there are others out there and if any of them moved while that sell wall stayed in place it would be quickly be eaten up by arbitrage bots. So whoever had put it up was themselves subject to greater forces. XRP is also traded against USD (or USDT) and while there is currently a strong correlation with BTC due to the all-crypto bubble/correction it does retain some independence, so the move in the XRP-BTC price could have been driven by moves in other pairs. Etc. Also I don't make trading decisions based on other individual orders. If I do look at the order book, I look at the overall picture, and even then it doesn't factor big in my decisions. I'm not big on trading, but I think anyone who is and who makes decisions based on the existence of walls will quickly be wiped out because they are too emotional. So I don't really buy it that the market moves because of these walls. On the other hand I will admit the possibility that the walls are used to exploit problems with a popular trading bot, but again I don't buy that in the long term because no-one is going to use a bot that routinely loses them money, and the bot's creator will be keenly aware of these possibilities and presumably will work hard to avoid the possibility of manipulation. So overall my view is that what you saw was just someone playing around while the market moved on its own.
  7. This is valid and useful - I forgot to mention this. Consider how this works - the only person who wins is the one who sets this up. They will have the sell orders in place ahead of time to profit from this, plus they collect the subscription fees. Everyone else involved is just part of the public market, albeit with a little prior knowledge. The price will move thanks to the action of the group, but it will move back again by an almost equivalent amount before long. However, this requires significant setup, a dedicated and gullible fan base, and cannot be repeated very often if credibility and profitability is to be maintained by the ringleader. While this is a genuine play, it is a self-limiting one, and so cannot be the source of the constant complaints of "manipulation" of a top-three market-cap coin.
  8. Hi everyone Long-time lurker, long-time holder here. But I'm sick and tired of seeing whale/polo/manipulation spam. So: anyone who has used those words in your posts, I'm calling you out. If you want to whine about whales or Poloniex manipulation, please show your working. Specifically: Whales I want to see a costed example of how you, the whale, would manipulate the market to your advantage from the beginning of the play to the cash-out. Factors that I want to see accounted for are: Market cap - by posting in this forum you are complaining about a market with a $10^10 market cap. Single-handedly moving that market will take significant resources: given that everything is public, the whales will be easy to identify by their transactions with the major exchanges. In order to move the market they are participating directly on RCL or they are using exchanges. Please identify the accounts from which their market-moving capital is originating. Market spread - At the time of posting, based on the visible orderbook, it would cost $30k to create a $0.007 spread on the Poloniex orders visible on my screen. If that were to be done (which it often is - many of us could do that in a single order), the vacuum would be filled very quickly. How do you proceed from here? Momentum - Let's say you have successfully bought enough sell orders to effect a $0.30 move in the market. How will you keep this momentum going? 60 seconds ago no-one was interested in selling at those prices; how will you now protect against profit-takers reacting to the sudden opportunity? Poloniex Your business model is taking a cut on people's trades. These trades happen in a market where several other exchanges can absorb your customer base in a matter of seconds if you cease to be efficient. The frequency of trades has been increasing steadily, but when the lights came up you weren't ready for Broadway. How do you profit from this new situation? Do you manipulate your database (by freezing trading to provoke margin calls), knowing that other exchanges are waiting for your customers? Or do you upgrade your servers to meet increased demand and keep on taking the profits from each new trade?
  9. That "serious bounty" is barely minimum wage in the UK. Also you are grotesquely underestimating the time it takes to produce a good-quality hour-long transcript. Add a zero and it is just about worth getting out of bed for.
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