LOL! please think of a fix that will make everyone money.
Well, the best way for you to make money right now is to take advantage of the imminent long squeeze. Why do you believe there will be a long squeeze? IMO, it's the other way around: -Because you can't buy BTC on Bitcoinica, anyone who wishes to buy BTC will need to buy them on on MtGox, leading to higher prices. -Because you can't buy BTC on Bitcoinica, any bull with BTC will be LESS likely to sell because they can't re-buy them if they sell too low. I don't see your logic. If something is in short supply, its price goes up, not down. Am I missing something? no, you are not. this prolonged rise in the market has placed Zhoutong in an untenable position IMO. when you go long, he has to go short. IMO he is caught in a massive short squeeze and is desperate to get you guys to either sell or go short to provide btc liquidity so he can cover his losing positions. i think the dam has broken and his advice smacks of manipulation in the name of self preservation. when are you guys going to learn? problem after problem after problem keeps cropping up. Bitcoinica is doomed. Bitcoinica never trades against its customers. Price movements have almost no effect on my profits. However, our system couldn't process too many buy orders when our reserves were depleted. This has been fixed now because more people start selling. I don't have to cover any losing positions. It's just a precautionary procedure to ensure that we don't have any losing positions when people are trading in one direction. Same thing can happen on the selling side too. wow, how many contradictions lie within those statements and the ones before. i would stop talking if i were you... |
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I see upward momentum despite a massive amount of USD trapped in an insolvent bucket shop. This is insanely bullish.
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. no, they are going to make a fortune as the price continues up to its equilibrium fundamental price which is MUCH higher than this. are you short? 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. then you are a smart man. |
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I see upward momentum despite a massive amount of USD trapped in an insolvent bucket shop. This is insanely bullish.
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. Bitcoinica is never insolvent. We now have tens of thousands of Bitcoins, and that's it. Too many people have long positions and we couldn't fulfill any more buy orders. And now it has already been fixed. Buying and selling are normal now. that makes no sense. if you have thousands of Bitcoins, why aren't you selling to all the ppl who have complained here on the Forum of not being able to buy or cover short positions? listen up shorts who are caught not being able to cover; Zhou just said he has thousands of Bitcoins that he's not selling to you to allow you out of your shorts... |
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can everyone see that massive $236,000 @ $3.90?
soon that is going to tumble over to the right and crush all the asks. they are getting impatient.
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I see upward momentum despite a massive amount of USD trapped in an insolvent bucket shop. This is insanely bullish.
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. no, they are going to make a fortune as the price continues up to its equilibrium fundamental price which is MUCH higher than this. are you short? |
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LOL! please think of a fix that will make everyone money.
Well, the best way for you to make money right now is to take advantage of the imminent long squeeze. Why do you believe there will be a long squeeze? IMO, it's the other way around: -Because you can't buy BTC on Bitcoinica, anyone who wishes to buy BTC will need to buy them on on MtGox, leading to higher prices. -Because you can't buy BTC on Bitcoinica, any bull with BTC will be LESS likely to sell because they can't re-buy them if they sell too low. I don't see your logic. If something is in short supply, its price goes up, not down. Am I missing something? There are a lot of long positions on Bitcoinica, so anyone with the power to push the price down will cause a lot of forced liquidations, and Bitcoinica will sell at very low prices. Basically it's you sell X BTC, Bitcoinica will then sell X BTC to you at bottom price. They can always do this. How is this different from normal? Now the opportunity is huge. And it's confirmed. In normal situations, there are not that many long positions. this prolonged upward move has placed you into this untenable position. further upward movement will make it even worse. so who will step up and sell to Zhou to allow him to cover and get out of a losing position? i have lots of btc but am i going to sell to help you out? NO. you allowed everyone to sell them to me. |
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btw, Dow futures are ramping right now and the USD is plunging again. reflation is here.
hold onto your Bitcoins.
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i smell blood in the water.
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IMO, it has snapped back already and has overshot. It will be correcting in the other direction over the next few days.
not until the carnage has occurred... |
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i've told you what i think has happened. in a small, immature market, the short selling Zhou provided has caused a long term unnatural suppression of the price over the past several months.
now we're seeing market fundamentals snap back in a vicious way. lotsa ppl are going to get hurt...
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LOL! please think of a fix that will make everyone money.
Well, the best way for you to make money right now is to take advantage of the imminent long squeeze. Why do you believe there will be a long squeeze? IMO, it's the other way around: -Because you can't buy BTC on Bitcoinica, anyone who wishes to buy BTC will need to buy them on on MtGox, leading to higher prices. -Because you can't buy BTC on Bitcoinica, any bull with BTC will be LESS likely to sell because they can't re-buy them if they sell too low. I don't see your logic. If something is in short supply, its price goes up, not down. Am I missing something? There are a lot of long positions on Bitcoinica, so anyone with the power to push the price down will cause a lot of forced liquidations, and Bitcoinica will sell at very low prices. Basically it's you sell X BTC, Bitcoinica will then sell X BTC to you at bottom price. They can always do this. How is this different from normal? Now the opportunity is huge. And it's confirmed. In normal situations, there are not that many long positions. unfortunately, this is the first time i've seen a character flaw in Zhou. a market maker like him should NEVER be talking like this. the only reason he is IMO, is b/c he's trapped. |
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LOL! please think of a fix that will make everyone money.
Well, the best way for you to make money right now is to take advantage of the imminent long squeeze. Why do you believe there will be a long squeeze? IMO, it's the other way around: -Because you can't buy BTC on Bitcoinica, anyone who wishes to buy BTC will need to buy them on on MtGox, leading to higher prices. -Because you can't buy BTC on Bitcoinica, any bull with BTC will be LESS likely to sell because they can't re-buy them if they sell too low. I don't see your logic. If something is in short supply, its price goes up, not down. Am I missing something? no, you are not. this prolonged rise in the market has placed Zhoutong in an untenable position IMO. when you go long, he has to go short. IMO he is caught in a massive short squeeze and is desperate to get you guys to either sell or go short to provide btc liquidity so he can cover his losing positions. i think the dam has broken and his advice smacks of manipulation in the name of self preservation. when are you guys going to learn? problem after problem after problem keeps cropping up. Bitcoinica is doomed. |
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LOL! please think of a fix that will make everyone money.
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Momentarily… Too many buy orders.
The door shut seconds after...
oh, this is beautiful! |
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is piuk still charging a 1% fee? i don't see it listed anywhere on his site.
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Yubikeys are worthless ATM for protecting bitcoins since you can withdraw via the API and the API still allows un/password authentication. Just FYI. MtGox needs to suck it up and break compatibility with old code instead of allowing this glaring hole to exist.
can u explain this a bit more and its implications for us non API Yubikey users? |
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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. Well, the statement says they aren't actually out of money, so they shouldn't have to sell BTC. I've contacted Jon (COO). He has promised to alert Zhou when he wakes up and says the problem should be fixed within a couple of hours. If you want, I can get Jon to post here. see, this is the problem with running a bucket shop with one 17 yo kid. even if he's the most brilliant 17 yo around his algorithm apparently isn't as automated as he'd like us to believe. in the meantime, the market is running away from him and the shorts. expect to be Zhoutawnged! |
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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.
sounds like to me the only "selling" will come from "shorting" into the bid walls. who's crazy enough to do that right now? |
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Is it just me, or can't I buy more Bitcoins on Bitcoinica to go long with? It says "No Reserve" when I place an order. Are so many people long that it actually drained their Mtgox account completely from all their USD? :p  Pretty Bullish sign isn't it? If that's the case, it indicates bullishness among bitcoinica users, but it is a tempting opportunity for anyone with the funds to try and squeeze those longs. What the hell. A friend of mine can't even liquidate his short because of the "no reserve" error. Sucks being stuck with a short if you think the market is going to go up... Are you kidding me? |
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