He actually gave some good advice on the stock market rally last week, so I do have some respect for him. Too bad for him, but he chickened out on his positions a few days before. I'm too small of a player to be wasting trade fees, plus I didn't see how anything had changed, so I hung in there and made a nice profit.
if you read my blog carefully, i replaced my stock positions with additions to my TBT which did even better. I had caught the majority of the stock rally since the 10/4 bottom if you recall. and it won't be too late to add to stock positions. |
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Bitcoinica may be threatened when mtgox adds options/margin trading. That doesn't mean that will happen any time soon. MtGox is a slow moving beast. Why discourage Zhoutong when he is providing a valuable service not available elsewhere? He has clearly demonstrated (IMHO) better responsiveness and more agile development. Unless you have inside info you're not sharing, MtGox hasn't said anything about this since they posted it on their site over 6 months ago.
He's always been a hater. Probably just jealousy. typical comment from a guy who's missed a 217% ramp off the bottom that i called 2d before it happened  and you're a moderator? |
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<snip> mtgox IS the exchange and will be competing with you in the option business. you will never be able to measure up to their service.
Wait a tic... options? where? they're planning to roll them out in the near future. |
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It's important to know that currently we always have a chain of forced liquidations, because forced liquidations will push the price to trigger more forced liquidations. We will just make sure that they are fully hedged in the market and the prices are reasonable.
so how do you define "reasonable"? no offense but your business model is doomed. especially since mtgox, the major exchange, is going to be offering similar hedging options. you will always be one step behind them in reacting to volatility as they will be the HFT and you will be the retail equivalent. not to be mean but i think you're offering to reverse trades for those customers wiped out in the last ramp b/c if you don't your client base will never return and you need to keep them alive and in the game. this is going to keep happening over and over again. The point is "going to". I'm going to build breakthroughs too, and you forgot this. Bitcoinica is already using Redis to track prices, and we already have the back-end engine to process 10,000 trades per second. Who will be the first to do HFT? The business model may be doomed in the future but definitely not now. Bitcoinica has always been changing more quickly than our competitors. Also, I didn't reverse any trades that happens under $4.55. Sorry but the "reasonable" price range is only the obvious personal feeling. $4.55 is reasonable, and $4.89 is not. I'm the guy coding and I know the price is wrong, that's why I'm reversing. I don't claim profits that shouldn't be mine. then why do HFT companies pay millions of USD's every year to co-locate their computers in a room next to the NYSE? mtgox IS the exchange and will be competing with you in the option business. you will never be able to measure up to their service. |
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Merry Christmas everyone!
just gave a combination of USD, a gold coin, and a physical Bitcoin to my 3 kids.
my 16 yo commented, "this is the perfect hedge!"
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And I think it was the toothfairy who sold immediately after.
No, that was just a bot and it was very low volume. The buy took out a $30k wall at $4.0 and up to $4.10, it was over $50k in total. And it was Santa Claus. you do know that Santa Claus has alotta money right? |
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I'm with you, I called it as being a trap and I think I'll be proved right soon.
LOL! |
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why does the last address under Receive Money "not sync" until i generate another address?
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It's important to know that currently we always have a chain of forced liquidations, because forced liquidations will push the price to trigger more forced liquidations. We will just make sure that they are fully hedged in the market and the prices are reasonable.
so how do you define "reasonable"? no offense but your business model is doomed. especially since mtgox, the major exchange, is going to be offering similar hedging options. you will always be one step behind them in reacting to volatility as they will be the HFT and you will be the retail equivalent. not to be mean but i think you're offering to reverse trades for those customers wiped out in the last ramp b/c if you don't your client base will never return and you need to keep them alive and in the game. this is going to keep happening over and over again. |
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Seriously, how come he’s been so quiet now?
He payed for his internet connection with fully leveraged shorts on bitcoinica. No, I think he lost his internet connection after being liquidated in the last ramp. |
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Seriously, how come he’s been so quiet now?
because he's wrong. |
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I doubt a lot of ppl will use it from mobile. You use mobile if you are forced to, so if you use bitcoin at restaurants or shops etc... but i think that for a long time we will use btc mainly to buy online, so you can use them via a normal computer.
So, let me resume what i would like
1)A "load/open" button to load a wallet and use it as i wish
2)A "Rescan" button
3)A button to change the path of the blockchain
4)Reverse the modify from 5.0 regarding showing numbers of blocks downloaded and connections. Ok i know, you can still see them via tooltip but why hide them? Make no sense, the client has to show so few things, that there is no point in hiding them
5)What about adding some statistics? Like telling me how big is the blockchain directly from the client, also telling me the upload and download speed
these are not bad suggestions. |
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what's the name of the mobile app in the app store?
OMG, you're back! |
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most ppl are interested in the total USD amount required to get to each point along the mountain from the current price level.
also current price should be centered.
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i think this is a good idea. i would be willing to contribute resources from my business.
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Let me get this correct... So when the price spiked up and people were trading on Mt.Gox at $4.5, Zhoutong's genius matching algorithm put the buy price at a $1 spread and force liquidate people's position at $4.9  ??  So when all these forced buy bitcoins are actually bought in Mt.Gox market at any price around $4.1-4.5, the all difference goes into Bitcoinica's pocket? I've been Zhoutonged good!!! Can you send an email to support@bitcoinica.com about this? We'd like to compensate you on this. While it's true that our algorithm sets the price by balancing and predicting the benefit and the risk, after all the trading, there's no point of predicting, and we can clearly see that the prediction was wrong. So we are perfectly okay to refund you the "unexpected profit" we made from you. I hope this explanation makes sense. to be honest, i don't see any explanation as to why or how you determined "unexpected profits". If we liquidated the customer's assets at $4.50 but we charged the customer $4.90 for it, I would say $0.35-$0.39 should be the unexpected profit. On the other hand, if the customer's assets shouldn't be liquidated at the price of $4.50 instead of $4.90, the better solution is to reverse it. how did your algorithm make this mistake? |
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Let me get this correct... So when the price spiked up and people were trading on Mt.Gox at $4.5, Zhoutong's genius matching algorithm put the buy price at a $1 spread and force liquidate people's position at $4.9 ?? So when all these forced buy bitcoins are actually bought in Mt.Gox market at any price around $4.1-4.5, the all difference goes into Bitcoinica's pocket? I've been Zhoutonged good!!! Can you send an email to support@bitcoinica.com about this? We'd like to compensate you on this. While it's true that our algorithm sets the price by balancing and predicting the benefit and the risk, after all the trading, there's no point of predicting, and we can clearly see that the prediction was wrong. So we are perfectly okay to refund you the "unexpected profit" we made from you. I hope this explanation makes sense. to be honest, i don't see any explanation as to why or how you determined "unexpected profits". |
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Let me get this correct... So when the price spiked up and people were trading on Mt.Gox at $4.5, Zhoutong's genius matching algorithm put the buy price at a $1 spread and force liquidate people's position at $4.9 ?? So when all these forced buy bitcoins are actually bought in Mt.Gox market at any price around $4.1-4.5, the all difference goes into Bitcoinica's pocket? I've been Zhoutonged good!!! Can you send an email to support@bitcoinica.com about this? We'd like to compensate you on this. While it's true that our algorithm sets the price by balancing and predicting the benefit and the risk, after all the trading, there's no point of predicting, and we can clearly see that the prediction was wrong. So we are perfectly okay to refund you the "unexpected profit" we made from you. I hope this explanation makes sense. come one come all, Zhoutong proposes to refund you all? |
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i will tell you honestly the joint, after this thread i will probably ignore any future offerings (services,products,etc) from you if such may come to light. simply because of such a huge deal you've made over rules disagreement in a stupid game
the 1 btc is a gift, not a loan, enjoy it.
this is exactly the problem he is creating for himself that he can't see. people like the joint focus only on technicalities and ignore social customs or grace. and we wonder why our society faces such challenges. |
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Nothing like a poor loser starting a new thread. Old_engineer, started the contest, someone said "what time zone" rather early on, and he said "GMT". GMT is the standard time zone in many things because it is the standard. You know, the way that Central time is referred commonly listed as "UTC - 06:00" just to explicitly show what time zone it is? And of course UTC is the replacement of GMT ( http://en.wikipedia.org/wiki/Coordinated_Universal_Time). Why would anyone use GMT as the standard? Because it is. When you're dealing with a global environment, what else would you use? Anyway, you lost out on 5BTC because you got in early on a free contest, never corrected your vote (basically because you had a lucky guess), and now you're whining about it. Welcome to the Internet. All of that is irrelevant since I cast my guess before GMT was even mentioned. As a result, I never viewed the thread again until yesterday. So, I was completely made unaware of this rule. Hence, the game was played under different rules by different players. Isn't Universal Time the default? OMG, is this how you all live your lives? Do you all walk around living your lives according to GMT or universal time or whatever? Jesus Christ, this isn't hard to understand. I live in Illinois, so I made a guess based upon my time zone. When my friend asks me "hey, what time are we going to dinner?" I don't know about you but I always make sure to ask him, "You mean, Illinois time or Japan time?" the real point is you shouldn't be complaining about a simple game all done in fun. Old Engineer was donating his 5 BTC just to give all you guys something to do. i did the same thing just last week AND i had to make some clarifications in the rules fortunately only 3 or 4 comments in. cut your losses now. |
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