Bitcoin Forum

Given recent events, what do you think lies in store for this brave if perhaps foolhardy effort?

do i hear a n00b crying?

LOL, aren't you just precious? Only small-brained teenage dipshits use the term noob, much less spell it n00b. I suppose I should add a poll choice just for the mentally 12 and under and set. That would be 31337, wouldn't it kiddies?

he is crying!

Sigmund Freud could cite you for providing such a clear example on your part of what he termed "projection". Are you a n00b, duhboy, or just born yesterday?

Never?

Why it should implode? Especially now that it is having huge success?

The fact that you cannot long what you want on them doesn't means they are "broken". It's like saying your internet connection is broken because you are limited in speed and you cannot download faster. Or the hard disk is broken because it only allow you to put 2TB of data on them (it's a 2TB one of course)

You obviously speak from a rich set of metaphors built from a broad life experience. I am awed by your attempt at reasoning. Awed.

Never mind that such an act by a licensed broker-dealer in the U.S. or U.K. could result in shutdown by the relevant regulatory agency. Of course, from the viewpoint of an investor in Bitcoinica it could certainly be construed as a technical act of bankruptcy, which would give them some out.

I don't know what the equivalent legal requirements would be in Singapore, would the operators of Bitcoinica be caned if they couldn't pay off the right officials?

Here's my question for Bitcoinica


Hypothetical: the majority (let's say 90%) of bitcoinica users are long in the market (buying) and are leveraged close to the max (let's say 4 to 1).

From where do the currency funds come to fill those leveraged orders?

Same hypothetical question for large HEAVILY LEVERAGED sell orders that come from the majority of bitcoinica members?

Could you clarify that you do indeed have deep pockets with lots of money and bitcoins to fund these scenarios?
If you don't, then what mechanisms are in place so the market can't leverage past the point of no more funds?

If there are no mechanism and limited funds then the only other option would be for a fractional reserve exchange,
in that case it would be an ethical choice to clarify it to your users.

What does this mean for bitcoinica's users if there are no mechanisms and limited funds?
It means that at some point the leveraged buys or sells do no influence the market the same as a 1:1 buy or sell.
Leveraged buys and sells would merely be "placing your bets" on what way the market will go without really participating.

I would really appreciate if you could address all this.

Somebody got liquidated.  Don't forget to take leverage into account when making your decisions, more leverage isn't always better. 

I don't know what the equivalent legal requirements would be in Singapore, would the operators of Bitcoinica be caned if they couldn't pay off the right officials?

We can be a half bucket shop and half brokerage, but obviously that's not the right way.

Either way will result in criticisms, but I did the best I can do, and the right thing.

Why did you repost this exchange without actually responding to the questions? Everyone always claims to do their best and to have done the "right thing". Claiming best effort doesn't establish the adequacy of effort in the eyes of others, and whatever you may have meant by the "right thing" remains completely undefined. For example, not getting your nuts cut off as a warning from a loan shark could be very right for you, but the outcome one way or the other might be of little interest to anyone else.

Are you running any of this by your lawyer before you publish it? You might at least get some guidance in avoiding inadvertently digging your operation even deeper into a credibility hole than it already is.

For example, not getting your nuts cut off as a warning from a loan shark could be very right for you, but the outcome one way or the other might be of little interest to anyone else.

LOL, aren't you just precious? Only small-brained teenage dipshits use the term noob, much less spell it n00b. I suppose I should add a poll choice just for the mentally 12 and under and set. That would be 31337, wouldn't it kiddies?

its 1337, you n00b

There I am testing the monkeys again, we have a winner. I thought only small-brained teenage dipshits would seriously care. Thanks for speaking up for the concerns of older cases of arrested development such as yourself.

You obviously speak from a rich set of metaphors built from a broad life experience. I am awed by your attempt at reasoning. Awed.

Never mind that such an act by a licensed broker-dealer in the U.S. or U.K. could result in shutdown by the relevant regulatory agency. Of course, from the viewpoint of an investor in Bitcoinica it could certainly be construed as a technical act of bankruptcy, which would give them some out.

I don't know what the equivalent legal requirements would be in Singapore, would the operators of Bitcoinica be caned if they couldn't pay off the right officials?

You seem to be confused as to what and whom you are dealing with. This is a BITCOIN forum...you aren't going to find many people to back your demand for regulation and government nannies to protect your pocketbook.

What is the point of this thread? Do you want to be cool and troll the hell out of Zhoutong like cypherdoc? Cause you aren't very good at it...

If you don't like it, make a better one. No one gives a flying fuck what you think, our only concern is what you do.

I think ppl are learning alot from the pointed questions i'm asking, the exploits i'm proposing, and the liquidations i caused from that 3.5 to 3.9 ramp i executed 12 d or so ago.

if thats trolling, the continuous stream of updates (aka changes in the rules) being produced by Zhou don't support your accusation.

You must be new here.

True. So far it's just like driving by a serious auto accident, as you approach you can see from the rising smoke and flames that the carnage must be terrible, but you still end up taking a good long look as you pass by. In this case it's not so bad, as it's only another flaming clown car in the internet circus.

It will be interesting to see the total number of responses to the poll question once a day or so has passed. Was bitcoin a bigger deal a few months back? So far it looks like it is going the "death by a thousand idiots" route, only that thousand is probably more like a few dozens, tops.

Some of the press coverage creates the impression that bitcoin aspires to be some kind of serious alternative or business vehicle. To date the best business idea I've run across on this forum is bringing Mexican style kidnapping for profit to the U.S., and you sure don't need bitcoins to pursue that.

You seem to be confused as to what and whom you are dealing with. This is a BITCOIN forum...you aren't going to find many people to back your demand for regulation and government nannies to protect your pocketbook.

What is the point of this thread? Do you want to be cool and troll the hell out of Zhoutong like cypherdoc? Cause you aren't very good at it...

If you don't like it, make a better one. No one gives a flying fuck what you think, our only concern is what you do.

I'm beginning to think the average age on this thread is about 10

I'm beginning to think the average age on this thread is about 10

You really said "back your demand for regulation and government nannies to protect your pocketbook". You really said that.

Thanks for the image of a fat, clueless white man bringing his favorite bogeyman along so he can have an opponent with which to show everyone his shadow boxing prowess. Look at 'em jiggle boys, he's a tough one!

There I am testing the monkeys again, we have a winner. I thought only small-brained teenage dipshits would seriously care. Thanks for speaking up for the concerns of older cases of arrested development such as yourself.

I don't get it.

Also, fat jokes? Seriously? Odds are that despite my morbid obesity, I could rip both your arms off your torso...unless you are up several stairs. Then I can't get to you...but if I could...

You don't get it? You are more of a dumbass that I thought. Think hard about what I actually said or didn't say, and then see if your straw man, or in your case more likely a blowup doll, wants to argue reactionary politics with you.

It's been a long time since I boxed in the military and it's not like I would bother anyway, blowing your head off would work just fine. It's something I got a lot of practice at, I'm quite sure I still remember how. I know - how are you with a knife? I collected ears back in the day and took some scalps as well to commemorate the customs of my ancestors. Slowly skinning your bloated carcass alive would really bring back some fond memories of field interrogations I performed. Man, I had the touch, everyone said so, I used to get a lot of special requests from my associates. I'm sure it would be just like riding a bicycle, one never forgets.

Cool story bro. I see you like Apocalypse Now. I thought that was a good film as well.

So far it's just like driving by a serious auto accident

Some of the press coverage creates the impression that bitcoin aspires to be some kind of serious alternative or business vehicle.

Do threads ever get closed here?

Before my time old man. Central America offered plenty of work for private contractors back in the 80s. By the time Desert Storm came around, my reserve status was standby.

So you were a murderer for hire? Cool story bro. I see you like Rambo. I also enjoyed that film.

I feel a quote pyramid coming on.

I'm in.

714: I think we've found your hero.
http://www.cbsnews.com/8301-201_162-57351021/suspect-in-mt-rainier-shooting-found-dead-in-snow/

What do you mean you're in? I don't fully understand that statement. Can you clarify for me?

Well, see, it was a commentary on the state of politics in the middle east. 'I'm' represents western influence and 'in' symbolizes the juxtaposition between it and local muslim culture. A veritable powderkeg of deep thought, really.

You know...this might just all be over you head, faggot. I was killing babies in Panama and making necklaces out of their severed limbs -all while not catching Noriega- when you were still in diapers.

Contrary to your opinion of me sir, I am neither a homosexual nor interested in warfare. I am however interested in alpaca socks. Not socks made out of alpaca fur mind you, actual full-sized alpacas I can stick my feet in and have them walk for me.

AHHHH OKAY, thank you so much for the succinct clarification.  I was under the EMBARRASSING assumption that you ACTUALLY meant socks that ALPACAS WEAR, for when their fur is just not enough to protect from the elements.

That is just plain absurd, sir. Alpacas would never wear socks without shoes. I can see how my clarification was necessary but now I feel that further clarification is necessary based on your assumptions.

I personally have never seen an alpaca, and therefore doubt their veracity.

I personally have never seen an alpaca, and therefore doubt their veracity.

I doubt the existence of someone who assumes that because they haven't seen any alpacas, alpacas are liars.
Whatever it is alpacas lie about, they're probably too good at it for you to tell just by looking at them anyway.

oh.. and pyramids are evil.

..yet inevitable.

I've found a new respect for the both of you. I call it a new found respect.

Don't worry, you're safe.

This thread is a mess.

Perhaps this is a signal that people continue loving/hating Bitcoinica with no more comments?

Comments/Questions are taking place elsewhere.  You seem to be ignoring those threads for this silly pyramid game.

Silly pyramid game, indeed.

The poll should have included a choice like "Doesn't Matter/Don't Care" ;)

LOL, aren't you just precious? Only small-brained teenage dipshits use the term noob, much less spell it n00b. I suppose I should add a poll choice just for the mentally 12 and under and set. That would be 31337, wouldn't it kiddies?

N00b is crying confirmed.

714 schooled all you fools.

This is from the perspective of a guy whose buttcheeks actually see the light of day on a regular basis.

714 schooled all you fools.

This is from the perspective of a guy whose buttcheeks actually see the light of day on a regular basis.

Reading your posts, I had a suspicion you were 714. Something about the style. Intelligent, worldly, cynical. While that may or may not be the case, here you are, bumping one of his threads. Again, I wish there was a way I could bet on this stuff. I guess it would be a difficult bet to verify though.

I wouldn't call it paranoia, you simply remind me of him.

Someone set us up the bomb! Need more poll updates! All your Bitcoins are belong to us! ;D

Someone set us up the bomb! Need more poll updates! All your Bitcoins are belong to us! ;D

- Likely we will either shut down the platform or re-develop entirely (which will take months instead of days).

This poll just goes to show that...I see history repeating itself with BS&T/PPT.....many on the other poll think its the greatest thing too.

 ;) Dont listen to me...listen to pirate and make your own decision.

After all the hacks it blows my mind that so many people are still willing to trust so much value with relatively unknown 3rd parties.

After all the hacks it blows my mind that so many people are still willing to trust so much value with relatively unknown 3rd parties.

Why would it implode?  Why are you spreading FUD?  Did you get short squeezed?

do i hear a n00b crying?

im perfectly capable of dealing with losses. i had a stop order. but i kind of expected that i would have access to my money.

and no im not whining, i have accepted my loss(but it would still be a great to have them back), because of the fuck up they made, and i hope that the community will never ever trust them again.

it is my right to be angry of their incompetence.

But to be fair, I doubt the OP saw THIS kind of implosion coming (ie caused by hacks).