ok Zhoutong, prove it to me.
OPEN UP ALL BUYING AND SHORT COVERING RIGHT NOW.
It has been opened for a few hours. Over 13,000 BTC sell orders processed. |
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When Bitcoinica customers buy Bitcoins, we will hedge on Mt. Gox to buy for them, and they will have positions.
i think this is where the problem lies. when the market goes straight up, the delay btwn when your customers buy and when you hedge on mtgox puts you into a losing position. We delay the execution of all orders by 1-2 seconds. When the orders are executed, we always have the latest price. if this were the case, you wouldn't be having reserve problems with btc and you'd let those buys and short cover orders through. if you had 10,000 in stock you'd always have 10,000 in stock with perfect execution and hedging. but you don't so there is slippage somewhere that you're NOT telling us. Our customers have leverage, and we don't have. When they buy a lot on margin, we are practically on fractional reserve on USD. When our USD reserve is depleted, we can't fulfill any more requests. It's the same if we don't have any Bitcoins for people to short sell, we will have to halt selling. |
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When Bitcoinica customers buy Bitcoins, we will hedge on Mt. Gox to buy for them, and they will have positions.
i think this is where the problem lies. when the market goes straight up, the delay btwn when your customers buy and when you hedge on mtgox puts you into a losing position. We delay the execution of all orders by 1-2 seconds. When the orders are executed, we always have the latest price. |
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Ok, in what way are the trailing stops supposed to move?
It simply traces the extreme prices. If you set a trailing stop that's $0.5 away from the current price, then at any moment, it's $0.5 away from the highest/lowest price since the start of the order, until it's triggered. |
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sure. you have thousands of bitcoins on hand but you won't sell them or allow ppl to cover b/c you THINK there are too many long positions? LOL.
Z, please correct me if I'm wrong, but I'm pretty sure the issue WAS (it's fixed now) that all the BTC were held in long positions. He can't sell BTC that belong to his users. It's also correct if you explain like this. All the coins belong to customers, not me. |
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sure. you have thousands of bitcoins on hand but you won't sell them or allow ppl to cover b/c you THINK there are too many long positions? LOL.
There are thousands of accounts on Bitcoinica, and there's one Mt. Gox account called Bitcoinica. When Bitcoinica customers buy Bitcoins, we will hedge on Mt. Gox to buy for them, and they will have positions. If we have too many Bitcoins and no USD, they can't buy more Bitcoins simply because we don't have. Bitcoinica is a brokerage, not a bucket shop. We don't sell Bitcoins to people who want to buy it. We just buy on behalf of people who want to buy. It seems that you had misunderstanding since day one. |
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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. 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... Sorry, it's only you with some terrible assumptions. I can't see any contradictions. I'm always asking myself, could be cypherdoc never understands how Bitcoinica exactly works? but i am observant. and i see problem after problem after problem. Care to point out? |
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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. 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... Sorry, it's only you with some terrible assumptions. I can't see any contradictions. I'm always asking myself, could be cypherdoc never understands how Bitcoinica exactly works? |
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A minor but constant annoyance: my browser does not remember my Bitcoinica username and password whenever my session expires (daily) and so I have to hunt for my super-secure password each time. Does anyone else experience this annoyance? What is it about my configuration or Bitcoinica's HTML that's not sticky?
I think I should remove the PJAX now. It doesn't provide much benefit but it's always causing minor troubles, including SSL redirection problems. I will look for alternatives of implementation too. Thank you for your feedback! |
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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... No, Bitcoinica has a lot of Bitcoins, and when people want to buy on Bitcoinica, the system has to hedge by buying more Bitcoins. So the system was out of USD, and we couldn't allow more buyers to buy. |
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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. 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. |
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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. |
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Hi Zhoutong, are you sending the signal to "The Manipulator"?  I'm not, but everyone knows this. So I assume that the Manipulator already knows and I just want to let traders know how serious this can be. |
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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. |
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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. |
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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. |
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Maybe Bitcoinica should just dump all the BTC they have in order to get USD, which in the process could very well trigger a panic and cause forced liquidations of everyone going long? :p
Maybe we should leave this to some speculators that want to take advantage of the long squeeze. We know how profitable this can be, but sorry, evil doesn't belong here. |
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Hi Zhoutong, I accidentally input a limit sell order by enter "4,3" instead of "4.3" to the price field but the system interpret it as "4.0" and executed immediately. I know it is my fault but there should be a better way to handle this kind of situation.
Thank you very much for your feedback. I will think about a fix soon. |
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Bitcoinica appears to be functioning again.
buying works?! Momentarily… Too many buy orders. The door shut seconds after... |
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ohhhhhhhhhhhhhhhhhhhhhhhh shit  edit: Do you have a plan for what happens if the market keeps going up like I think it will? There are limit orders from the positions of long people. So there will be more selling soon. Also, forced liquidations will still happen (but never at insane prices), but we will eat all the risk. :-( I understand that you will take all the risk of forced liquidations, but what about people that are currently short who would like to liquidate their position _before_ they get forced liquidated? Then we have to eat more risk if we allow liquidations of short positions other than forced liquidations. |
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