You’re right, that shouldn’t be the problem with my position, sorry. Anyone else experienced this bug yet? Was just upset because this would be a disaster if I had a bigger sum and couldn’t liquidate it. I know why I left it at the small test amount now.  |
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Err, this sounds like a bug, not like he's out of USD. It also sounds like you're overreacting.
He’s been out of USD for a few days now, as evidenced by the * on BUY (you can’t buy any Bitcoins because they are out of USD). |
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I just checked on my old long position (buying some BTC on margin) on Bitcoinica with the few bits I do have there and wanted to liquidate, but I got this error message:
"Unknown action
The action 'show' could not be found for PositionsController"
Nvm, looks like it is just a technical bug. Still would suck if I had a big position now and wanted to liquidate, however.
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well, i'm taking the strategy of heading out to other popular sites to post about Bitcoin. signed into SBRforum.com (Sportsbooks), made some bullish statements and woke up today being banned forever from the site. interesting...
Because this is the strategy of pump and dumpers. |
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Nagle? The price dipped below the MA recently!
Please report back and explain this "end game" we are seeing, thanks.
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i was about to make some flippant comment but i'm glad i took a moment longer to think about what you posted.
you're right. just look at the COMEX or LBMA in gold futures. the billions that flow through those exchanges alone each day are comparable to most currencies and really are just gambling sites on the price of gold/silver.
there's no economy there. just speculation on future price.
its quite conceivable that Bitcoinica represents a baby version of this.
There’s no gold economy either, even less so than with Bitcoin. I fully agree with OP btw, you put in words what I felt about Bitcoinica. It’s hilarious people are actually enjoying losing their money for the thrills. |
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It is still possible to game this by creating multiple accounts and doing a coordinated trade.
Bitcoinica is doomed.
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Wait, where is FlipPro?
Don’t Nagle on us, bro!
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It's more of personal trading behaviors.
I agree that we should take more responsibility in making Bitcoin a better currency, so we will take several actions in the following days to minimize our negative market impact during volatile times.
But generally, I disagree with your statement. Bitcoinica didn't start the spikes, someone else did. Bitcoin is very financially vulnerable at the moment and we need more options for traders to build a strong financial system.
Yes, there are those who like the gambling and others who prefer investing. And the people with the appropriate funds also are quite fond of tricking your system to enrich themselves. Thanks for acknowledging that. So, because Bitcoin is vulnerable due to low market cap and illiquidity we need more leverage, derivatives and anything but a real market? |
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for sure, it is costing his customers who are now starting to walk away.
I would seriously hope they are. Anyone leaving more than a bit of lunch money on Bitcoinica after all that’s happened is either filthy rich or insane. I think I can now agree with you that Bitcoinica has harmed Bitcoin as a whole, and is continuing to do so. It’s turning this thing into a pyramid scheme. |
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Wow, you guys who got zhoutonged today are being really bitter. I have been making money all day on Bitcoinica. Learn how to gamble.
Fixed. |
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Stop using it.
Buy Bitcoins with your own fucking money. Save them. Trade if the market goes crazy in a direction.
This is the contender for the future global high quality store of value. Not a pyramid scheme.
Or is it?
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none of this shit would have happened if it weren't for your dumbfucks fucking around with bitcoinica.
Some never learn from debt. THIS. Once I was seriously considering buying Bitcoins with all my BTC as margin on Bitcoinica at ~3.5, but I decided against it exactly because of this BS. (Though I tested it with a few BTC, I should get them out soon before this shit implodes). Bitcoin is already a risky enough bet, wanting to leverage it is absolutely insane unless you have extremely high certainty of imminent price movement. |
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i seriously doubt there are any ppl making any money with this volatility and illiquidity on the exchanges.
Oh, zhoutong most certainly is! The bank always wins! |
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HAHAHAHAHAHAHAHAHA OH THE IRONY  |
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Hell, I’m almost enclined to believe this has to be a concerted effort by some entities who dislike Bitcoin. It’s incredible how there is always a huge problem leading to wide and severe trust issues with Bitcoin.
I'm interested in this theory. Did you have the same opinion of the people making the trades that increased BTCUSD from under $3 to $7? Are you opposed to people developing miners that are more efficient, use GPUs or FPGAs, or can consolidate their processing power into pools? These all create more liquidity and volatility in the market, the same as leverage. Did you think the run up from < $1 to > $10 was healthy? (I will leave alone the one-time push to $30, unless you wish to include it.) The whole of the BTC economy is less than the most "real world" currency. Of course it's going to be volatile. I'm not sure what to say regarding your conspiracy theories. If I have a formula such as 1) dislike btc, 2) apply basic trading tools to exchange BTC and fiat, and 3a) Crush bitcoin or 3b) Profit! Which branch do you find more likely? I’m against leverage with Bitcoin because it is nonsensical to use margin on a highly volatile asset, though it will sort itself out because the gamblers will keep giving their money to zhoutong. I think the spring/summer runup was justified to a certain point because the community did quickly expand at the time and the huge growth is still visible now. ~500-700% growth from April’s 1 USD is quite possible, yes. What I meant to say is that it’s weird that Bitcoin is plagued non-stop with such fiascos, and in my opinion at the very least the MtGox incident wasn’t profit-oriented. We know that the attacker allocated himself all Bitcoins on MtGox via admin account, then sold them all off, creating the crash to $0.01. He couldn’t withdraw all his cash due to the limit. I don’t think a profit-seeking hacker would plan that badly. It’s also way easier, quicker and safer to withdraw the Bitcoins. IMO the perpetrator was more interested in creating charts like this one: http://blog.asymptotic.co.uk/wp-content/uploads/2011/07/Bitcoin_crash_2011-06-19.pngThen followed a myriad of scams and hacks like MyBitcoin, several exchanges, allinvain etc. which undermined trust and further damaged Bitcoin’s reputation. |
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I think introducing leverage at this point in the life of bitcoin is/was a very bad idea.
+1. I think the community managed to overcome the hacking and insecurity that plagued the project's infrastructure, I don't know how this hurdle can be overcome. Hell, I’m almost enclined to believe this has to be a concerted effort by some entities who dislike Bitcoin. It’s incredible how there is always a huge problem leading to wide and severe trust issues with Bitcoin. |
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So you are in large part to blame for the crash. 17k bitcoin leveraged 10:1 = 170k on the market = crash
Your a leech on the bitcoin economy and I hope you get liquidated.
Uh, he actually has $13k in "real money" in there, not 17k bitcoins. And wow, that's some strong language. Care to explain how it's leeching? The most amazing thing is even I could have done this and plenty of other people easily could have too. $13k isn't that much money to risk to profitably cause this kind of market trauma. This guy did it, he made a lot of cash, and the entire bitcoin community and project is worse off for it. Well done. I couldn’t agree more with you, proudhon. We have to remember that Bitcoinica only exists because people apparently have a demand for giving zhoutong all their money because they are trading a highly volatile asset with high leverage and killed by the spikes. I cannot comprehend the stupidity people are displaying, and that’s after a ~95% decline in value over 6 months – might have thought people would learn some caution. |
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