4 ms·

http://i.imgur.com/cGjIS9x.png http://i.imgur.com/cGjIS9x.png

by quandryfoe 14y ago

redthrowaway 14y ago
There's definitely a great deal of automated trading happening. I suspect it's less DDoS than ad-hoc HFT bots, though.
- aantthony 14y ago
  I think these are done in bursts specifically to cause lag. Nobody would bother to buy 0.1 BTC in 100 separate orders at the same price. Often the orders are cancelled anyway.
  - r-cid 14y ago
    Actually, I believe this is bitcoin washing. Its money laundering of sorts.
    - hkmurakami 14y ago
      Won't you get destroyed in fees doing this?
      - consz 14y ago
        Which is more, paying x% on 1BTC of x% a hundred times on 0.01BTC?
        niggler 14y ago
        I'm not familiar with the cost structure, but if there were a per-transaction cost then it would be: which is more, paying x% + y once on 1 BTC or paying x% + y a hundred times on 0.01 BTC? Clearly the latter is more, assuming of course that `y` is positive (and it would be a very strange market that inverted the structure)
        oscilloscope 14y ago
        On Bitfloor, you actually get up to 0.1% rebate on limit orders. From the docs: "Any order that is on the order book will receive a rebate when filled. Think of this as a negative fee (you actually get extra funds). This is done to provide an incentive for some traders to place their orders onto the order book for others to better understand market conditions."
        niggler 14y ago
        Same thing happens on the equity markets, with the difference being pocketed by the exchanges (they'll pay .29 cents per share to liquidity providers and charge .30 to liquidity takers)
        mattm 14y ago
        Mt. Gox I believe has a flat percentage fee on all trades so someone can make as many micro trades as they want and still pay the same fee as one large trade. It's pretty easy to solve by charging users who make over a certain limit of micro trades. I wonder why they haven't done this?
        pyoung 14y ago
        This actually seems like a large flaw in their fee structure. Every traditional online brokerage/trading service that I have looked at in the past has used a flat fee. This incentives individuals to reduce their number of transactions in order to limit the overall fee's paid.
danjumasule 14y ago
Dear quandryfoe My name is Danjuma Sule, one of the sons of major Gen Gumel Danjuma Sule, The late Nigeria's former minister of mines and power in the regime of the late former Nigeria's military Head of state, Gen Sanni Abacha. When my father died he left me an inheritance of 9830422.33333421 bitcoins. Unfortunately bitcoin exchanges are not yet set up in Nigerian currency and I am in need of a young techno wizard with a bank account denominated in US dollars to assist me in gaining access to my inheritance. It is on this basis I am seeking for assistance. Your percentage is negotiable. Please note; your age and profession doesn't really matter in this transaction. Waiting for your immediate response and bank account specifics. Regards, Danjuma Sule
- chm 14y ago
  Why is your name in green?
  - Mz 14y ago
    "Noob" Edit: I mean green equals new account.
  - gojomo 14y ago
    It's an 'HN Verified' account; this person has passed all identity/credit checks and may -- nay, should -- be issued convertible debt at will.
    - sgdesign 14y ago
      How can I get one of these "HN Verified" accounts? Are you the person in charge of verification I should be sending my credit card information to?
      - MacsHeadroom 14y ago
        From the same place you get 4chan gold accounts.
        14y ago

http://i.imgur.com/cGjIS9x.png http://i.imgur.com/cGjIS9x.png

redthrowaway 14y ago

There's definitely a great deal of automated trading happening. I suspect it's less DDoS than ad-hoc HFT bots, though.

aantthony 14y ago
I think these are done in bursts specifically to cause lag. Nobody would bother to buy 0.1 BTC in 100 separate orders at the same price. Often the orders are cancelled anyway.
- r-cid 14y ago
  Actually, I believe this is bitcoin washing. Its money laundering of sorts.
  - hkmurakami 14y ago
    Won't you get destroyed in fees doing this?
    - consz 14y ago
      Which is more, paying x% on 1BTC of x% a hundred times on 0.01BTC?
      - niggler 14y ago
        I'm not familiar with the cost structure, but if there were a per-transaction cost then it would be: which is more, paying x% + y once on 1 BTC or paying x% + y a hundred times on 0.01 BTC? Clearly the latter is more, assuming of course that `y` is positive (and it would be a very strange market that inverted the structure)
        oscilloscope 14y ago
        On Bitfloor, you actually get up to 0.1% rebate on limit orders. From the docs: "Any order that is on the order book will receive a rebate when filled. Think of this as a negative fee (you actually get extra funds). This is done to provide an incentive for some traders to place their orders onto the order book for others to better understand market conditions."
        niggler 14y ago
        Same thing happens on the equity markets, with the difference being pocketed by the exchanges (they'll pay .29 cents per share to liquidity providers and charge .30 to liquidity takers)
        mattm 14y ago
        Mt. Gox I believe has a flat percentage fee on all trades so someone can make as many micro trades as they want and still pay the same fee as one large trade. It's pretty easy to solve by charging users who make over a certain limit of micro trades. I wonder why they haven't done this?
        pyoung 14y ago
        This actually seems like a large flaw in their fee structure. Every traditional online brokerage/trading service that I have looked at in the past has used a flat fee. This incentives individuals to reduce their number of transactions in order to limit the overall fee's paid.

danjumasule 14y ago

Dear quandryfoe My name is Danjuma Sule, one of the sons of major Gen Gumel Danjuma Sule, The late Nigeria's former minister of mines and power in the regime of the late former Nigeria's military Head of state, Gen Sanni Abacha. When my father died he left me an inheritance of 9830422.33333421 bitcoins. Unfortunately bitcoin exchanges are not yet set up in Nigerian currency and I am in need of a young techno wizard with a bank account denominated in US dollars to assist me in gaining access to my inheritance. It is on this basis I am seeking for assistance. Your percentage is negotiable. Please note; your age and profession doesn't really matter in this transaction. Waiting for your immediate response and bank account specifics. Regards, Danjuma Sule

chm 14y ago
Why is your name in green?
- Mz 14y ago
  "Noob" Edit: I mean green equals new account.
- gojomo 14y ago
  It's an 'HN Verified' account; this person has passed all identity/credit checks and may -- nay, should -- be issued convertible debt at will.
  - sgdesign 14y ago
    How can I get one of these "HN Verified" accounts? Are you the person in charge of verification I should be sending my credit card information to?
    - MacsHeadroom 14y ago
      From the same place you get 4chan gold accounts.
      - 14y ago