Whatever you say, my friend. In my opinion, you are lucky that you do not have that gun with which to shoot yourself.

I'm not going to add any further to my post above, as I think I have already covered all the basic warnings. But I think you should be aware of the fact that some of the more experienced people have recently pulled their bitcoin out of bitcoinica due to certain worrying issues that they have been experiencing. Go to the speculation forum if you want to find out more -> https://bitcointalk.org/index.php?topic=55938.0

There is no such thing as easy money, except of course by parting it from those who are, shall we say, credulous? That is quite easy to do.

Conservative, impatient traders? Isn't that a bit of an oxymoron?
To me, it seems just as likely that those who are holding btc will end up pushing the price down further when they sell into a falling market.
Oh and if we rally? What do you think has been happening for the past 30+ days?

+111

Hi Greed. Thanks for your interest in the service.

BitCoinTorrentz is running on a 100mbit pipe, but the download speed will vary depending on the health of the torrent you wish to download, but typically it goes as fast as is permitted by the swarm. With regards to downloads from the server itself, I can only tell you that my own 30mbit connection is maxed out. It can be quite variable too though depending on your location (our server is located in europe) and the quality of your internet connection, so the best way to test out the speed of the service is to download a small file and check it out for yourself.

We do not specifically disallow private trackers, and as long as your tracker permits downloads from IP addresses other than that you used to log into the website, then it will work.

They are going to need those btc to buy themselves a ticket on the ark!

I agree with cypherdoc that bitcoinica is a basket case. I have been pleading with zhou for transparency for weeks, and trying to warn people about the dangers of margin trading in an anonymous marketplace. Just have a look through my posts in this thread a few weeks back. But I don't subscribe to his permabull outlook. I'm a long term bull, but a market correction is long overdue.

And what about the invisible 200,000 bitcoins that have been mined over the past couple of weeks but not yet made it onto the exchanges? They could be insane bulls, I'll grant you, but I am of the opinion that they are just being greedy. Rationality will kick in soon.

I don't use bitcoinica. I am 100% in USD right now though, as I have already mentioned a number of times, and have been discussing moving into fiat over the past couple of days. I'm not trying to sway opinion, just giving my own. I might be wrong, but all of my data was telling me to get out.

What I see is people buying without considering the implications of bitcoinica being insolvent.
I think whoever just bought those couple thousand coins is going to get burned badly.

It has only gone up 10c, or are we looking at different charts?

IMO, it has snapped back already and has overshot. It will be correcting in the other direction over the next few days/weeks.

I do not believe the price will be going up further. There is simply too much profit to be made by squeezing out the longs. The temptation to pull the trigger is ramping up and up, and the market is already seriously overbought. And even if the bulls don't decide to cash out, bitcoinica is going to have to replenish their USD balances somehow.

I could be wrong, but it is going to be interesting finding out.
I'll be staying up for another few hours. I have moved 100% into USD.

People who think the price is going up further are in for a nasty surprise!

I hate to say I told you so. Actually, no... I love it.
Get your bitcoins out of this bucket shop now, while you still can.

Yeah, I did see that part, but I would like to hear it from zhou directly.

Why is the official bitcoinica line coming via you and not bitcoinica themselves? Did you contact them about this or did you hear about it elsewhere? So is this for sure a software problem? I wonder if they are going to 'fix' it by selling a ton of btc.

The only way to fix this is involves selling a large amount of btc in order to restore bitcoinica's USD reserve.
I think that bid wall is going to get eaten up pretty soon.

The chart below is why I think any rallies in the short term are going to be abruptly corrected:



The red line shows the total bitcoin supply - a linear increase.
I have adjusted it to fit on the scale of the blue line, which represents the total supply on mtgox.

Notice the divergence of the two lines on the right, compared with left when I began recording the datapoints.
A large volume of btc is sitting out there somewhere just waiting to be sold.

Not the myans, thats for sure.

Apart from the fact that it looks like we are going to have (at best) yet another hanging man on the monthly charts by the end of the GMT day, or at worst a slide right back down. The selling pressure is ramping up, and demand has shrunk by yet another $73,000 (on top of the $150,000 a few days ago) and supply has increased by 9250 btc. Aggregate demand is only $650,000 now. The last time we were at $4.15, aggregate demand was $822,585.