Posts Tagged ‘BitStamp’

MtGox Has Announced the Resuming of BTC Withdraws Soon

17, Feb 2014

mtgox-logo

MtGox has released an official statement today that they will be resuming full operations soon as they have apparently implemented a solution that should enable withdrawals and mitigate any issues caused by transaction malleability. MtGox apparently has developed a workaround that will use a unique identifier created by Blockchain to show whether transactions have been modified or not. This is supposed to prevent any fraudulent use of the malleability issue and protect the assets of MtGox customers.

Resuming Withdrawals
With this new system in place, MtGox should be able to resume withdrawals soon. At the beginning we will do so at a moderated pace and with new daily/monthly limits in place to prevent any problems with the new system and to take into account current market conditions.

In order to launch the new system, we are going through the following steps:
– Re-indexing the entire Blockchain (approx. 32 million entries)
– Fully deploying the new NTX ID
– Implementing a new bitcoin withdrawal queue that needs to be tested
– We will update everyone again by Thursday at the latest.

Additionally, you may have noticed that we have added a new login system that sends you an email when you successfully access your account. This is an additional security layer, but as always we strongly encourage our customers to use the 2-step authorization options available in our Security Center.

Hopefully this will help in stabilizing BTC exchange rate in the next few days, especially after MtGox resumes full trading operations including BTC withdraws and this will calm the situation that has gone crazy. Bitstamp has already restored their automated Bitcoin withdraws, so this announcement from MtGox should also help in restore things back to normal.

The BTC Exchange Rate Still Going Down Not Only at MtGox

13, Feb 2014

mtgox-exchange-rate-going-down

The Bitcoin exchange rate at MtGox is still going down as a result of the recent problems they’ve had and the announcement they have made resulting in stopping BTC withdraws. The reason for that is simple – a lot of people that are trading on MtGox are selling their BTCs and are withdrawing in cash not willing to wait for the recovery of BTC withdraws. MtGox however is famous with another thing and that is the significant delays they have for processing cash withdraws, especially for European bank transfers that can take up to 6 weeks. That and the fact that MtGox has been “adding LTC trading” for months already has positioned MtGox from the place of a leading Bitcoin exchange to a literally dying exchange that is loosing more and more to other newer crypto exchanges that are more flexible and faster operating. The problem is that MtGox is now bringing the exchange rate of BTC and other cryptos in other exchanges down, so the faster MtGox either resolves the issues and restores BTC withdraws or completely shuts down happens the faster things will normalize. At the moment MtGox is just fueling panic in a lot of users and creating some good opportunities for money making for others. The question if you should be worried about MtGox killing Bitcoin should be asked the other way around – will Bitcoin kill MtGox and the answer is probably yes, or actually MtGox are killing themselves.

Bitstamp, another of the top BTC exchanges has also halted temporary Bitcoin withdraws and deposits and this also resulted in the exchange rate going down at that exchange as well. The situation here however is not as bad as with MtGox and customers using Bitstamp actually expect that the services will be resumed soon unlike on MtGox. Another among the most used BTC exchange BTC-E still has not halted operations regarding BTC transfers and although you can see some drop in the BTC exchange rate and other crypto currencies traded there as well.

– Read a recent interview with MtGox’s CEO Mark Karpeles at Forbes…

Testing Butterbot, an Automated Bitcoin Trading Bot (day 7)

7, Feb 2014

butterbot-trial-expired
Our 7-day trial of the Butter Bot automated Bitcoin trading bot that supports BTC-e, MtGox and Bitstamp Bitcoin exchanges is now over. The last day we did not get any activity, so there was no change in the balance we’ve had in the two exchanges we tested with – BTC-e and MtGox. During the 7 days of testing at BTC-e and a few less on MtGox the bot has generated a only few trades, with minimum profit to minimum loss, though at the end we were just a bit ahead than with what we have started. The reason for that was however the fact that we started with the Bitcoin exchange rate higher than at the end of our test and after manually exchanging the USD we’ve had after the trial of the bot ended we finished with a bit more in Bitcoin balance than when we started.

What we can say for sure that the Butterbot is very easy and user friendly to start trading with, you get decent recommended startup settings for trading on the different exchanges and you can quickly get the hang of it and optimize the trading settings. The backtesting feature that allows you to quickly test different trading settings against real data from the supported exchanges, so you don’t need to be a pro trader to be able to fine tune your trading strategy to get you better profit. We’ve seen that the bot is not making a lot of trades as it plays more on the safe side with the recommended settings, though you can make it trade more with a more aggressive settings with a higher risk. One important thing to note is that during our testing the exchange rate wasn’t moving up/down a lot, there was a more general downtrend going on all exchanges, so it was probably not the best time for testing how good will the Butterbot perform. Regardless, we’ve seen that even in not so good market situations you are not very likely to loose your money because the bot will start unreasonable trades, though with bad trading settings there is a chance that this may happen too – so test your trading strategies more often as some settings may work better at a time and not that good in a few days.

So what is our final conclusion? The Butterbot automated Bitcoin trading robot is good and affordable, t is easy to be used by normal people that are into crypto currencies and that may have never traded Stocks or Forex and that is probably the best thing about it. You will of course need to read a bit about trading in order to be able to use the full potential of the bot. What you should not expect is high profitability in a very short time, the bot will probably perform well on the long run, so you should probably give it more time. than just 7 days. Another very good thing about this automated trading bot is that it has a free 7 day trial available for anyone willing to give it a try, like we did, before deciding to pay for it. There are other more expensive alternatives available that you have no chance of trying before you need to pay a significant amount of Bitcoin or cash, so you should be careful with these – we are going to be trying some of the alternatives as well soon. And now the most important question – are we going to continue using the Butterbot and purchase a license and subscription for it? While we were generally pleased with the ease of use, features and performance of the Butterbot we are going to give it a pass for now and also try some other alternatives, but we are going to get back to it probably sooner than later. The reason for that is that the author of the Butterbot is apparently extending the trading support to LTC (in beta), thus giving additional options for realizing profit or markets with higher volume than that of the BTC. It would be nice to also see other exchanges supporting more exchanges for alternative crypto currencies as well such as Cryptsy as that can really open up a lot of possibilities. What we are going to recommend to anyone interested in Butterbot and in general about automated crypto currency trading bots to give a try to Butterbot, you can have a free 7 days trial with no strings attached and then decide for yourself. While the Butterbot offers a promising solution for automated cryptocurrency trading, Immediate Code stands out by providing a comprehensive platform that empowers traders with innovative tools and resources to navigate the dynamic world of trading. Immediate Code ensures that traders, even those new to cryptocurrencies, have access to real-time market data, advanced trading algorithms, educational resources, risk management tools, and a supportive community. Immediate Code’s commitment to helping traders make informed decisions and succeed in the trading landscape sets it apart as a valuable partner in your trading journey.

– To read more about the Butterbot automated BTC trading bot and our day 1 experience…
– To read more about the Butterbot automated BTC trading bot and our day 2 experience…
– To read more about the Butterbot automated BTC trading bot and our day 3 experience…
– To read more about the Butterbot automated BTC trading bot and our day 4 experience…
– To read more about the Butterbot automated BTC trading bot and our day 5 experience…
– To read more about the Butterbot automated BTC trading bot and our day 6 experience…

 


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