Bitcoin Forum

http://bittalk.tv/?p=105

Matthew has done an interview with the creator of Bitcoinica. Insightful watch.

Bitcoinica made by a 17year old!?

wow that's amazing

Good interview. This guy seems very smart.

Good job, Zhou Tong!

Holy crap. THIS is why Bitcoin will take over the world.

Correction: more like 17 years old taking over the world!  wowwwwwwww!

What happens when school starts back up?

hey, who else has enough time on their hands to do such a project in at timely manner?
wait till he gets married and see how much time he has for sitting in front of a PC ignoring his wife! ;-)

School already started. I'm still here replying your posts and pushing updates. :-)

Time management is crucial. Many of my past projects failed because of this. But I have learned the lessons.

You are the one running a site on your home connection right?

Lessons learned indeed.

Maybe I'm confused about your statement above, but Bitcoinica has been stated to be running on Amazon AWS servers not on some home connection.

• Name   Amazon.com, Inc.
• Handle   AMAZO-4
• Street   Amazon Web Services, Elastic Compute Cloud, EC2  1200 12th Avenue South
• City   Seattle

Certainly doesn't look like a home connection to me...

Are you just making silly claims without research, or did I miss something?

.... wow.  nice site.  I signed up and deposited a few bitcoins to test out the site..  simple, fast, professional.  I put a limit order in, we will see how it goes.

I have not traded on Bitcoinica. If any information I post below is wrong, please correct me.

Another exchange is always good for competition. However, Bitcoinica seems to be set up more like a Forex trading operation whereas most other BTC are setup more as stock exchanges. What are the differences?

Most BTC Exchanges vs Bitcoinica

1) agency trading (majority of BTC trading) vs principal trading
2) commission charged vs no commission
3) no leverage allowed (majority of BTC trading) vs leverage allowed
4) client orders can change the inside market vs client orders can not change the inside market
5) your order can't be traded through vs your order can be traded through without a fill

I think the differences in 1, 2 and 3 are apparent to most traders but 4 and 5 may not be. For example of #4, suppose both Bitcoinica and Mt Gox have a current inside market is 5.40 to 5.50 and you put in an order to buy 10 BTC at $5.41 on Mt Gox, the inside market at Mt Gox will change to 5.41 to 5.50. If you place the same order to buy 10 BTC at $5.41 on Bitcoinica, the inside market would remain 5.40 to 5.50.

For an example of #5 differences, if you place an order to Buy 10 BTC at $5.41 on Mt Gox, BTC can not trade below $5.41 unless your order is completely filled. On Bitcoinica, your order could remain unfilled even as BTC trades at $5.40, $5.39, $5.38 and perhaps lower on Bitcoinica. You will only be due a fill on Bitcoinica when the ask price reaches your buy limit.

Just some differences to keep in mind when you choose where to trade.

EuSouBitcoin, Bitcoinica is not an exchange. But you are right that people should be careful because leverage + Bitcoin trading is a risky convination.

Watched it.  I must say that the questions from Matthew were decent and the pace was favorable compared to certain other hosts.   If the Q&A was not scripted, great job Matthew L. 'clown of the earth' Wright and Zhou Tong.  If it was scripted, good job anyway.  Maybe I'll fiddle with the Bitcoinica at some point (assuming I can do so using API's.)

The kid has serious game!

Extremely resourceful, more a seasoned entrepreneur than a kid.

Yet another 17 year old to add to the army; any sources for this?