iron mike python Posted December 4, 2021 Share Posted December 4, 2021 13 minutes ago, welshbairn said: I though blockchain was supposed to eliminate friction, not crash when things get a bit volatile. f**k a blockchain went down.... what one? I can't see anything about a blockchain going down in the past 24 hours 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted December 4, 2021 Share Posted December 4, 2021 1 minute ago, iron mike python said: f**k a blockchain went down.... what one? I can't see anything about a blockchain going down in the past 24 hours Maybe not crash, but I thought one of the big selling point of the technology was lightning fast transactions. If it ends up like a traffic jam on the M1 when a lot of people want to trade it's not living up to the hype. 0 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted December 4, 2021 Share Posted December 4, 2021 Maybe not crash, but I thought one of the big selling point of the technology was lightning fast transactions. If it ends up like a traffic jam on the M1 when a lot of people want to trade it's not living up to the hype.I think you need to remember that this is very new technology, it's like criticising 1980s internet for being worse than pagers. It's improving every day. 0 Quote Link to comment Share on other sites More sharing options...
Zetterlund Posted December 4, 2021 Share Posted December 4, 2021 35 minutes ago, Detournement said: Do you not think they lock small traders out so the market can be manipulated for the benefit of the whales? This would suggest they let the bigger traders in while denying access to the little fish? Bit of a stretch for me. No doubt they coin it in from the liquidations though, so it's part of their business model to see the retail traders get rekt. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted December 4, 2021 Share Posted December 4, 2021 1 minute ago, DiegoDiego said: 15 minutes ago, welshbairn said: Maybe not crash, but I thought one of the big selling point of the technology was lightning fast transactions. If it ends up like a traffic jam on the M1 when a lot of people want to trade it's not living up to the hype. I think you need to remember that this is very new technology, it's like criticising 1980s internet for being worse than pagers. It's improving every day. @Detournement 's right at the moment though isn't he, the whales can bale out in seconds while the minnows have to wait in a queue? 0 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted December 4, 2021 Share Posted December 4, 2021 [mention=74940]Detournement[/mention] 's right at the moment though isn't he, the whales can bale out in seconds while the minnows have to wait in a queue?Not on any of the exchanges I use. Orders aren't prioritised by volume. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted December 4, 2021 Share Posted December 4, 2021 5 minutes ago, Zetterlund said: This would suggest they let the bigger traders in while denying access to the little fish? Bit of a stretch for me. No doubt they coin it in from the liquidations though, so it's part of their business model to see the retail traders get rekt. Given that the majority of the trading volume is fraudulent then I don't think it's a stretch at all. 0 Quote Link to comment Share on other sites More sharing options...
gaz5 Posted December 5, 2021 Share Posted December 5, 2021 [mention=74940]Detournement[/mention] 's right at the moment though isn't he, the whales can bale out in seconds while the minnows have to wait in a queue?You're mixing things up a bit.He's right in that exchanges crash which means people can't cash out unless they already have their orders in the system. But that's just buying and selling assets, not actually using the Blockchains themselves. Think of it like trying to sell your car when the webuyanycar website has crashed. You can't sell unless your order is already on book, but doesn't make the car any slower or less of a car, just hampers your ability to sell it. Selling/Buying crypto on a CEX doesn't require using the Blockchains. I've never had an issue getting an order filled that was already placed during these events, be that a stop or, in yesterday's case, some buy orders as I'd taken some profit 2 days before.Blockchains themselves are designed to handle busy periods in a number of ways, such as raising transaction fees (like ETH) or slowing processing speeds or both. Some are better than others, but it's an issue that needs to be improved for future iterations.But these 2 issues are different things. Centralised exchanges, at best having questionable infrastructure that can't cope with buy and sell load at busy times, at worst that being intentional, has nothing to do with blockchain technology. 0 Quote Link to comment Share on other sites More sharing options...
DeeTillEhDeh Posted December 5, 2021 Share Posted December 5, 2021 You're mixing things up a bit.He's right in that exchanges crash which means people can't cash out unless they already have their orders in the system. But that's just buying and selling assets, not actually using the Blockchains themselves. Think of it like trying to sell your car when the webuyanycar website has crashed. You can't sell unless your order is already on book, but doesn't make the car any slower or less of a car, just hampers your ability to sell it. Selling/Buying crypto on a CEX doesn't require using the Blockchains. I've never had an issue getting an order filled that was already placed during these events, be that a stop or, in yesterday's case, some buy orders as I'd taken some profit 2 days before.Blockchains themselves are designed to handle busy periods in a number of ways, such as raising transaction fees (like ETH) or slowing processing speeds or both. Some are better than others, but it's an issue that needs to be improved for future iterations.But these 2 issues are different things. Centralised exchanges, at best having questionable infrastructure that can't cope with buy and sell load at busy times, at worst that being intentional, has nothing to do with blockchain technology. Do you want some Northern Rock shares?It's the same with any commodity - if the market for it crashes and it doesn't bounce back you're still left with a pile of worthless shit.At some point there will be individuals badly burnt dealing in crypto just as there has been on the financial markets.A commodity is only worth something when it is sold. 0 Quote Link to comment Share on other sites More sharing options...
gaz5 Posted December 5, 2021 Share Posted December 5, 2021 Do you want some Northern Rock shares?It's the same with any commodity - if the market for it crashes and it doesn't bounce back you're still left with a pile of worthless shit.At some point there will be individuals badly burnt dealing in crypto just as there has been on the financial markets.A commodity is only worth something when it is sold.In other news, water is wet.You seem to be arguing a completely different point to the one I was answering, but carry on if it makes you feel better. 0 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted December 5, 2021 Share Posted December 5, 2021 Do you want some Northern Rock shares?It's the same with any commodity - if the market for it crashes and it doesn't bounce back you're still left with a pile of worthless shit.At some point there will be individuals badly burnt dealing in crypto just as there has been on the financial markets.A commodity is only worth something when it is sold.Exactly, so why is this repeatedly used as a stick to beat crypto by people who invest in traditional markets or start their own businesses or buy to let or whatever?Everybody in crypto knows this already. It's like me constantly reminding you there's a chance Dundee could go down this season: tiresome, unhelpful and a waste of everyone's time. 0 Quote Link to comment Share on other sites More sharing options...
DeeTillEhDeh Posted December 5, 2021 Share Posted December 5, 2021 In other news, water is wet.You seem to be arguing a completely different point to the one I was answering, but carry on if it makes you feel better.More a dig at H_B.I thought you'd realise that from the NR reference.[emoji16] 0 Quote Link to comment Share on other sites More sharing options...
gaz5 Posted December 5, 2021 Share Posted December 5, 2021 More a dig at H_B.I thought you'd realise that from the NR reference.[emoji16]I did not and humbly apologize. [emoji1787] 0 Quote Link to comment Share on other sites More sharing options...
Satoshi Posted December 5, 2021 Share Posted December 5, 2021 Important to emphasize pretty much all assets took a haircut this week (I'm down on ETFs, crypto and cash through spiking inflation). All part of the game, no way to avoid it. I bought quite a bit at the first dip, perils of living in the East Metahero proving to be an unlikely saviour (at more research the project looks a bit shit but is my best performing asset this week). Bought Jasmy, Convex and more Eth at the dip. Spell and Mina haven't gone quite so well. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted December 9, 2021 Share Posted December 9, 2021 Tether didn't bother showing up to the Congressional hearing they were subpoena'd for. 0 Quote Link to comment Share on other sites More sharing options...
gaz5 Posted December 9, 2021 Share Posted December 9, 2021 Tether didn't bother showing up to the Congressional hearing they were subpoena'd for. Yeah, wasn't a huge surprise but part of me hoped they would at least show face. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted December 9, 2021 Share Posted December 9, 2021 2 minutes ago, gaz5 said: Yeah, wasn't a huge surprise but part of me hoped they would at least show face. It would have been pure comedy. This Giancarlo Devasini guy is going to have books written about him. 0 Quote Link to comment Share on other sites More sharing options...
gaz5 Posted December 9, 2021 Share Posted December 9, 2021 It would have been pure comedy. This Giancarlo Devasini guy is going to have books written about him. Quite possibly. [emoji846]I did find it quite funny that they printed another $1billion USDT on they day they were supposed to show up. Top trolling.We don't agree on much, but when I cash out on this run I won't be holding Tether. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted December 9, 2021 Share Posted December 9, 2021 4 minutes ago, gaz5 said: Quite possibly. I did find it quite funny that they printed another $1billion USDT on they day they were supposed to show up. Top trolling. We don't agree on much, but when I cash out on this run I won't be holding Tether. That's definitely a wise decision. On Tether they have printed $3 billion in the past week. Any attempt to explain that to Congress would have been off the charts funny. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted December 10, 2021 Share Posted December 10, 2021 Just another market ripe for exploitation. Football fans spending millions on club crypto-tokens 0 Quote Link to comment Share on other sites More sharing options...
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