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Messages - lil_jay890

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1096
Technical Support / Re: How to vote by slate
« on: January 25, 2015, 08:16:10 pm »
So if I want to use both Xeroc's slate and a few of my own delegate choices not on his slate, should I still select "Vote as My Delegates Recommended"?  Or should I select "Vote All"?

1097
General Discussion / Re: Litecoin up 30% today, Coinbase adding Litecoin tomorrow?
« on: January 25, 2015, 07:54:08 pm »
Quote from: nomoreheroes7 on January 25, 2015, 06:48:35 pm
I'm pretty sure the whole Coinbase announcement thingy has pretty much nothing to do with litecoin. It will have something to do with bitcoin, hence the bitcoin flag on the moon.

I imagine the litecoin rise is a hell of a lot simpler -- it got oversold after many weeks of downtrend and now some big players are ready for a pump. Traders gonna trade.

This I'm sure is the most accurate.  Bear market bounces (short squeezes) are especially viscous and get bulls to buy in out of fear of being left behind.  This then allows the sellers to keep unloading at elevated levels and the bear market resumes.

My guess is litecoin is back at .006 btc by the end of feb.

1098
General Discussion / Re: The New Consensus: Bitshares' response to DecentralizedEconomics criticisms
« on: January 24, 2015, 02:39:42 am »
Quote from: liondani on January 23, 2015, 12:25:38 am
Quote from: bytemaster on January 22, 2015, 10:00:55 pm
Many developers would take "equity" in place of salary (ie, not contribute to sell pressure) but if you cannot offer them equity then they will go work someplace else and support BitShares part time if at all.

This statement (if true) disappoints me ...  :(
So all (or the majority) of the Dev's are motivated because of money/equity only? Is anybody motivated for the great vision behind bitshares?
Is anybody motivated to dedicate himself in the name of freedom, in the name of liberty or whatever? So you say we are depended from the bitcoin success (or not) and not by our self?
I really don't want to believe that in case that our market cap decrease to much (whatever the reason is) we will loose the support of all of our Dev's...
Sorry but I have imagined it a little bit different ... and I still (want to) believe, I can keep dreaming ...



If bts falls to 10mil market cap we will see how many people are actually here for the vision.....

1099
General Discussion / Re: Proposal---Delegates inspectors group
« on: January 23, 2015, 05:41:29 pm »
You say this is for inspectors.  What exactly will you be inspecting?  and what criteria will you be inspecting against?  It sounds like you are just going to be sending an email to each delegate to publish a progress report.  Why does this need a paid delegate position?

1100
General Discussion / Re: Proposal---Delegates inspectors group
« on: January 23, 2015, 05:15:20 pm »
So you would be like a ratings agency?  Seems like you would have a lot of power over who is elected and who isn't...

1101
Stakeholder Proposals / Re: [Delegate proposal] martin-38ptswarrior-raum
« on: January 22, 2015, 04:23:38 pm »
I like it... I'm voting for you

1102
General Discussion / Re: Up 10% against btc.
« on: January 21, 2015, 04:37:58 pm »
Quote from: theoretical on January 21, 2015, 04:27:53 pm
Apparently I suck at reading the markets.  I shorted the heck out of BitUSD when BTS was at something like 10,000 satoshis, which turned out to be about our all-time high.  Not long before the balances unlocked, I bought a ton of BitUSD because I was expecting us to take a beating -- I think it was ~50M new BTS were unleashed? -- but we rose instead.  Aaaagh!

Fortunately I took the opportunity to short to myself at 0%, so I'm not entirely long BitUSD and I did realize some of the gains.

Markets love to unload bulls at the bottom and bears at the top... It doesn't leave the station for the moon until it has unloaded as many bulls at the bottom as it possibly can.  It's pure frustration for 90% of people.

When we do get a sustained uptrend it will be fierce and the pullbacks will be very shallow.  It won't allow a lot of people who sold to get back.  It's the nature of all markets.  The best example now is to look at the current USD rally... super shallow pullbacks.

1103
General Discussion / Re: Some thought by currency traders on BTC and the Swiss abandoning the Euro Peg
« on: January 17, 2015, 03:26:50 pm »
Quote from: Akado on January 16, 2015, 10:43:52 pm
what consequences could this have to other countries in Europe? Any particular concern people should have for Greece, Portugal, etc?

The swiss did this because it was getting ridiculous how much money they were spending to maintain the peg. With draghi doing qe soon it was only going to cost more to attempt to maintain it.

The problem is that the euro banks have unknown exposure to the swiss. An event like this can cause insolvency, particularly for already troubled Greek and Portuguese banks.

I have know doubt that the ecb rides to the rescue and bails them out, but the debt weight is starting to become as unsustainable as maintaining the Eur/chf peg.  Once this is realized, the moves we will see in markets will make the swiss move look like nothing...

1104
General Discussion / Re: swiss bank move was what we waited for... its here
« on: January 17, 2015, 04:13:02 am »
Quote from: monsterer on January 16, 2015, 11:02:31 pm
Quote from: speedy on January 16, 2015, 05:58:01 pm
I dont see how fx traders would ever be interested in BitShares. The leverage is non-existent (its opposite of leveraged).

The main driving reason for leverage is that the basic unit of trade in forex is the lot, which is $100,000 - slightly prohibitive for the casual trader. So leverage lets them bet more reasonable amount of money. However, with bitshares there is no such barrier to entry, so arguably bitshares could be suitable for disenfranchised forex traders, once the other markets and liquidity become workable.

There is no point in trading forex without leverage... the average moves per day are 50-60 pips, or $0.0050.  For most trading pairs thats $50-$60 max daily movement per lot traded.  I don't think traders will ever come to bitshares to trade forex.  The main reason is that the USD becomes on universal currency with bitUSD and there is no point for people to speculate on interest rate changes or QE announcements when they can just use the USD as a base of trade.

1105
General Discussion / Re: swiss bank move was what we waited for... its here
« on: January 16, 2015, 08:19:32 pm »
Quote from: delulo on January 16, 2015, 07:30:21 pm
Quote from: lil_jay890 on January 16, 2015, 07:24:42 pm
Many brokers did weather this storm fine though... Alpari and FXCM are rumoured to have been trading there own book, meaning that they didn't match clients with other clients.  They took the opposite sides of their clients long CHF trades predicting that the swiss national bank would keep the peg.  They bet wrong and now they are up sh*t creek without a paddle.

Do you have any proof or source for this? We could make a good PR story with this... "let the machines / a decentralized open source based network do the order matching"...

No proof yet but I bet we get some over the next few weeks.  It's not illegal, but definitely doesn't give centralized brokers a good name.  Especially since FXCM and Alpare were considered top teir brokers.

1106
General Discussion / Re: swiss bank move was what we waited for... its here
« on: January 16, 2015, 07:24:42 pm »
Depends on their terms of service... The client is usually technically on the hook for the loss, but good luck collecting even 25% of what was lost.  This brankrupted more than brokers.

The move was massive for any market and especially massive for forex... stop orders were jumped and filled at much lower prices that basically destroyed most traders who had open short CHF positions.

Many brokers did weather this storm fine though... Alpari and FXCM are rumoured to have been trading there own book, meaning that they didn't match clients with other clients.  They took the opposite sides of their clients long CHF trades predicting that the swiss national bank would keep the peg.  They bet wrong and now they are up sh*t creek without a paddle.

1107
General Discussion / Some thought by currency traders on BTC and the Swiss abandoning the Euro Peg
« on: January 15, 2015, 03:51:04 pm »
http://traderspodcast.com/episode325/

They mention how bitcoin is going to be accumulated down here by the large investors... Rob isn't a big crypto pom pom cheerleader, he's the kind of person open to the idea of cyrpto but doesn't have a ton of knowledge on it.

Also the talk about the Swiss national bank abandoning the Euro peg is interesting as well.

1108
General Discussion / Re: BM, please put your wallet well, other things aside
« on: January 14, 2015, 08:39:07 pm »
Quote from: btswildpig on January 14, 2015, 03:01:16 pm
Quote from: lil_jay890 on January 14, 2015, 02:57:04 pm
Ahh so this is what a 6 year bull market has given us... Over leverage and a Margin Call

If you have big investors, they are most likely not just invested in BTS.  They probably have several other investments as well.  Since many chinese investments are collatorized by hard assets such as copper and iron ore, the absolute crushing of these commodities is causing margin calls and forcing your "big investors" to cover their positions.

This is causing them to be forced to scale back on other more exotic investments such as bitcoin, and bts... The crushing of bitcoin is forcing margin calls and bts is being sold to cover those calls.  This is much bigger than crypto and is going to hurt many people, not just the over-leveraged.

During times like these its easy to point and say that if we had better tech people would be flocking to us for safety.  That is just not true because what is happening is a flight to safety by major investors.  The crypto world is not yet big enough to provide them that safety so they have to cash out.

P.S.  There is a roadmap on github for whats being done.  Were on track to have everyting up and running around mid february... That's your timeline

Really ? copper and iron  ?
Those guys would think crypto currency is a joke ........   For the pity market depth (even Bitcoin's market depth is a joke for them ) .
No one is selling their BTS to cover their copper and iron , at least not the famous ones I've been talking to .

From Coindesk today:

"The Wall Street Journal's tech columnist, Christopher Mims, was quick to link the effect of recent events elsewhere in the financial world and the price decline.

This morning there was panic selling in copper-linked stocks, the Ruble and Bitcoin. The connection is obvious.

— Christopher Mims (@mims) January 14, 2015"

1109
General Discussion / Re: BM, please put your wallet well, other things aside
« on: January 14, 2015, 02:57:04 pm »
Ahh so this is what a 6 year bull market has given us... Over leverage and a Margin Call

If you have big investors, they are most likely not just invested in BTS.  They probably have several other investments as well.  Since many chinese investments are collatorized by hard assets such as copper and iron ore, the absolute crushing of these commodities is causing margin calls and forcing your "big investors" to cover their positions.

This is causing them to be forced to scale back on other more exotic investments such as bitcoin, and bts... The crushing of bitcoin is forcing margin calls and bts is being sold to cover those calls.  This is much bigger than crypto and is going to hurt many people, not just the over-leveraged.

During times like these its easy to point and say that if we had better tech people would be flocking to us for safety.  That is just not true because what is happening is a flight to safety by major investors.  The crypto world is not yet big enough to provide them that safety so they have to cash out.

P.S.  There is a roadmap on github for whats being done.  Were on track to have everyting up and running around mid february... That's your timeline

1110
General Discussion / Re: BM, please put your wallet well, other things aside
« on: January 14, 2015, 12:32:41 pm »
Anyone who thinks this decline is bm's fault is being incredibly naive... I can guarantee you that even if we had a working wallet, gateways and were at 1.0 we would still be getting smoked because of bitcoin selling.  The only way we can pull away from the black hole of selling that is bitcoin is for marketing to explain how we are different. PR trumps tech when irrationality takes over investors.

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