Elwar (OP)
Legendary
Offline
Activity: 3598
Merit: 2386
Viva Ut Vivas
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 04:37:00 PM |
|
When Bitcoinica opened its doors, $/BTC was at $8. Within a few months and with more adoption of its use the price plunged to $2/BTC. The price leveled out at around $4-5 before Bitcoinica died.
There are a lot of people who want to make a profit with Bitcoin and are currently doing so by buying and holding. But would another shorting site like Bitcoinica produce a drop in price as people try to profit from the price going down?
|
First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin.
|
|
|
Piper67
Legendary
Offline
Activity: 1106
Merit: 1001
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 04:41:12 PM |
|
When Bitcoinica opened its doors, $/BTC was at $8. Within a few months and with more adoption of its use the price plunged to $2/BTC. The price leveled out at around $4-5 before Bitcoinica died.
There are a lot of people who want to make a profit with Bitcoin and are currently doing so by buying and holding. But would another shorting site like Bitcoinica produce a drop in price as people try to profit from the price going down?
I doubt it. It's all in the timing of the thing. Bitcoinica contributed to crashing the market because it allowed for shorting when there was a distinct downward trend in the exchange rate due to the MtGox hack and the theft of a huge amount of BTC. Today, those shorting would find themselves in deep debt very quickly, and I don't see who'd stand to win much by dumping the necessary amounts to bring down the market to justify it. If you have that kind of money, right now, it makes much more sense to go long BTC than short.
|
|
|
|
humanitee
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 04:42:04 PM |
|
BitFinx is the new Bitcoinica and has been operating for quite some time.
So, no.
|
| | | Fast, Secure, and Fully
Decentralized Trading | BACKED BY: ─────────────────────────
| BINANCE ─────── LAB | & | █████████████████████████████████ █ ███ █▀ ▀█ ███▀▀▀▀▀████████ ████▀▀███▀ █ █ █████ ▄▄▄▄▄ █ ▀ █ ███ █ ██ █▄ ▀█ ██ █ ▄███ ██████ ███ █████ █ ██ ███ █ ████ ████ ▄ ███ █▄ ▄█▄ ▄█▄ ▀ ████▄ ▄█ ██ ██ ████████████████████████████████████████ |
|
|
| Whitepaper Medium Reddit
|
|
|
|
speeder
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 04:44:15 PM |
|
BitFinx is the new Bitcoinica and has been operating for quite some time.
So, no.
I don't even found it on google... And never heard of it before...
|
|
|
|
Blazr
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 04:46:58 PM |
|
BitFinx is the new Bitcoinica and has been operating for quite some time.
So, no.
BitFinex uses the Bitcoinica source code...soo....yeah...
|
|
|
|
humanitee
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 04:48:31 PM |
|
BitFinx is the new Bitcoinica and has been operating for quite some time.
So, no.
BitFinex uses the Bitcoinica source code...soo....yeah... Haha, holy shit I did not know this. Did he buy it from zhou or did zhou dump the code?
|
| | | Fast, Secure, and Fully
Decentralized Trading | BACKED BY: ─────────────────────────
| BINANCE ─────── LAB | & | █████████████████████████████████ █ ███ █▀ ▀█ ███▀▀▀▀▀████████ ████▀▀███▀ █ █ █████ ▄▄▄▄▄ █ ▀ █ ███ █ ██ █▄ ▀█ ██ █ ▄███ ██████ ███ █████ █ ██ ███ █ ████ ████ ▄ ███ █▄ ▄█▄ ▄█▄ ▀ ████▄ ▄█ ██ ██ ████████████████████████████████████████ |
|
|
| Whitepaper Medium Reddit
|
|
|
|
notme
Legendary
Offline
Activity: 1904
Merit: 1002
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 04:52:06 PM |
|
BitFinx is the new Bitcoinica and has been operating for quite some time.
So, no.
BitFinex uses the Bitcoinica source code...soo....yeah... Haha, holy shit I did not know this. Did he buy it from zhou or did zhou dump the code? Code dump
|
|
|
|
humanitee
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 06:43:44 PM |
|
My mistake. Thanks for the correction.
|
| | | Fast, Secure, and Fully
Decentralized Trading | BACKED BY: ─────────────────────────
| BINANCE ─────── LAB | & | █████████████████████████████████ █ ███ █▀ ▀█ ███▀▀▀▀▀████████ ████▀▀███▀ █ █ █████ ▄▄▄▄▄ █ ▀ █ ███ █ ██ █▄ ▀█ ██ █ ▄███ ██████ ███ █████ █ ██ ███ █ ████ ████ ▄ ███ █▄ ▄█▄ ▄█▄ ▀ ████▄ ▄█ ██ ██ ████████████████████████████████████████ |
|
|
| Whitepaper Medium Reddit
|
|
|
|
byronbb
Legendary
Offline
Activity: 1414
Merit: 1000
HODL OR DIE
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 07:46:23 PM |
|
I would just love if there were options trading for BTC!
http://mpex.co/
|
|
|
|
piramida
Legendary
Offline
Activity: 1176
Merit: 1010
Borsche
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 07:52:17 PM |
|
yeah, right ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) best idea in the world. totally user-friendly. totally not ran by a jackass ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) could disappear any day when he's not having fun anymore.
|
i am satoshi
|
|
|
Elwar (OP)
Legendary
Offline
Activity: 3598
Merit: 2386
Viva Ut Vivas
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 09:20:40 PM |
|
BitFinx is the new Bitcoinica and has been operating for quite some time.
So, no.
BitFinex uses the Bitcoinica source code...soo....yeah... Looks pretty decent. I will definitely check it out when I get home.
|
First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin.
|
|
|
Blazr
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 09:25:08 PM |
|
Looks pretty decent. I will definitely check it out when I get home.
Maybe my sarcasm meter is faulty, but just in case it isn't, that probably isn't such a good idea seeing as many people have critisized the security of the Bitcoinica source code. BitFinex say they have got they're own developers to patch all the vulnerabilities, but if they're work is as bad as the new user interface, then I'm not sure it's wise to touch this thing with a 10-foot pole.
|
|
|
|
rebuilder
Legendary
Offline
Activity: 1615
Merit: 1000
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 09:59:15 PM |
|
yeah, right ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) best idea in the world. totally user-friendly. totally not ran by a jackass ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) could disappear any day when he's not having fun anymore. Setting aside the trust issues, the Bitcoinica experiment didn't exactly do much to convince me making gambling trading on margin easy for everyone leads to the best results.
|
Selling out to advertisers shows you respect neither yourself nor the rest of us. --------------------------------------------------------------- Too many low-quality posts? Mods not keeping things clean enough? Self-moderated threads let you keep signature spammers and trolls out!
|
|
|
myself
Legendary
Offline
Activity: 938
Merit: 1000
chaos is fun...…damental :)
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 10:42:10 PM |
|
|
Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
|
|
|
Elwar (OP)
Legendary
Offline
Activity: 3598
Merit: 2386
Viva Ut Vivas
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2013, 11:16:31 PM |
|
Looks pretty decent. I will definitely check it out when I get home.
Maybe my sarcasm meter is faulty, but just in case it isn't, that probably isn't such a good idea seeing as many people have critisized the security of the Bitcoinica source code. BitFinex say they have got they're own developers to patch all the vulnerabilities, but if they're work is as bad as the new user interface, then I'm not sure it's wise to touch this thing with a 10-foot pole. Since I cannot view it at work I was going to check it out at home. From the reading I did on here I like the idea of being able to loan BTC and trade on margin. But I do tread carefully as I was burned by Bitcoinica. Though I was fortunate to get most of my BTC out a few weeks before it went away. And I had a sinking suspicion that those running Bitcoinica were behind the "manipulator" factor (the few large trades I did on a 10:1 margin were swung in the complete opposite direction just enough to kick me off my limit before swinging back to where the market was pushing).
|
First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin.
|
|
|
nrd525
Legendary
Offline
Activity: 1868
Merit: 1023
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 05, 2013, 01:10:47 AM |
|
Bitfinex looks very different from Bitcoinica. Some of the code might be reused, but the site has very different functionality. Also they say they rewrote the code.
|
Digital Gold for Gamblers and True Believers
|
|
|
oakpacific
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 05, 2013, 01:36:24 AM |
|
No, the price meltdown could be attributed to two reasons:
1.The price was already quite low, so a bunch of manipulators could corner the market, and the low liquidity led to high volatility, which caused more panic.
2. There were still some early adopters who obtained a ridiculous amount of bitcoins at ridiculously low prices around.
Regarding the Bitfinex/Bitcoinica security issue: bitcoin itself is really simple to secure(as in "nearly 100% secure"), you just need to follow a certain procedure, there is no rocket science here.
|
|
|
|
Ichthyo
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 05, 2013, 01:49:48 AM |
|
Bitfinex looks very different from Bitcoinica. Some of the code might be reused, but the site has very different functionality. Also they say they rewrote the code.
I watched the evolution of Bitfinex right from start (disclaimer: not affiliated with the platform in any way). Initially, the similarities to Bitcoinica were striking. Then they reworked the site step by step and added and tweaked functionality. Especially the feature that on Bitfinex you use loans provided by other users (instead of just getting magically some leverage, as on Bitcoinica) was prompted by the user's constant worries about it being a "Bucket shop". Now, after this disruptive change it is pretty much transparent for every trade where the leverage comes from. Another side effect of that change was that the "magical" spread we knew from Bitcoinica was abandoned completely. Now you get just the actual market spread on Mt.Gox, plus the (slightly reduced) Mt.Gox fees, plus you have explicitly to pay for your leverage on a dynamic lending market. Bottom line is, it is not easier to make profit there (you still have to try hard and need a bit of luck and good timing), but at least now you can always see without doubt why you didn't make profit. Regarding the possibilities to short: just look at the rates achieved for USD loans (needed to go long) and compare them to the rates achieved for BTC loans (needed to go short): Right now, no one really has much incentive to go short, since shorting just didn't pay off in the last months (which is reflected in the way higher demand for USD loans) Regarding security, I'd say: yes, it is a new service. Thus use play money. It is a centralised entity and any web service can be compromised. But, please recall that Bitcoinica was not ruined by a technical vulnerability, nor was Bitcoinica ruined by an unsound financial construction. Bitcoinica was ruined by classical human mismanagement, the inability to grow a company in a healthy way, to organise a teamwork, the inability to conduct a business transaction for ownership transferral, the inability to speak with one voice, inability to communicate with customers effectively, so basically the inability to run a real company beyond a one-man show.
|
|
|
|
|