He trusts random strangers on the internet, who are operating an unregulated exchange. WTF. Crimea river, and call it de Nile.
I lost coins in the Gox insolvency. You don't see me whinging about it.
I lost coins in the Gox insolvency. You don't see me whinging about it.
Might be obvious to some all the sort of little underhand tricks that go on and perhaps a wiser trader would just consider to be part of the game but I would wager that there are plenty small time traders out there thinking to themselves; "I can read these charts, I can take advantage of the small swings in a consolidating market" only for the fact of the matter to be is that if you get enough little fishes all getting the same 'smart' ideas at once, then whales with access to exchange inside information (or perhaps without) are very adept at pushing the market in the very opposite direction of where the little fishes would otherwise have determined that it went. There is some market analogy about small traders being the plankton that keeps the whales fed or something like that.
People should know that when trading on exchanges such as Bitfinex and from what I have seen of the peculiar and erratic behaviour in their charts (when compared with Stamp), the likes of Huobi and BTC-e are just the same, the odds of success are stacked much more against their favour than they might otherwise believe from simply doing a spot of TA and weighing up how all the indicators look and then making a decision. I know that many seasoned traders take a certain degree of exchange corruption as a given and perhaps going by your comments you might include yourself in that. However, if you lost BTC and/or Fiat on Gox, then I can safely say in all my green naivety, that losing BTC on Gox is something that I would never have done. As soon as the fiat withdrawal issues became clear, I would have been off that exchange in a shot. I know this because I extolled my brother to get his funds away from Gox for weeks before the exchange collapsed, finally succeeding in getting him to take a 8% or so haircut by getting BTC out of Gox and cashing out on Bitstamp.