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Author Topic: How many of you have been Zhoutonged?  (Read 24866 times)
cypherdoc
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February 28, 2015, 11:36:01 PM
 #301

I can't believe how much energy posting i used to have when I was younger. There are so many classic quotes in this thread and such wow memories.
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cypherdoc
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February 28, 2015, 11:44:35 PM
 #302

So the little spike up to $2.50 that we just saw, did that take out a bunch of short orders? Maybe Bitcoinica caused it, since the price has now dropped back down almost to where it started 15 minutes ago.

Nah, that was someone trying to troll all the shorts. I hope none of you were liquidated and that you're hanging on.

I hope that a few of the people praying for $1 $100 BTC were liquidated. Other than that I hope everyone else was ok though. That was quite the little rally though.
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February 28, 2015, 11:50:16 PM
 #303

time to get this thread going again.

so who got Zhoutawnged today?

Note the added twang for color.
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February 28, 2015, 11:58:12 PM
 #304


LOL!  Way to go Zhoutong.  I'm rooting for you. Wink

Long live Coinjar!

Oops, wrong company.
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March 01, 2015, 12:06:47 AM
 #305

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. 

I was wrong.  It eventually stopped.
cypherdoc
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March 01, 2015, 12:51:24 AM
 #306

during the 2 mo i pounded on Zhou's ass during Oct-Nov, i kept identifying red flags everywhere. the way he had set things up was flawed from the beginning.  i pointed out problems like "slippage" with mtgox.  anytime he had to hedge an already executed customers order and got delayed due to a bad connection with mtgox i'm sure it set him up for a catastrophic loss.  i told him i could set up accts at both places and short and buy simultaneously to "frontrun" his hedging.  i could tell by his lack of response or immature responses that he was thinking about what i was saying and then he would change his algorithm suddenly.  this was a huge red flag and from that point on i knew i had him. interspersed throughout this time, small outbursts and screams would occur from customers complaining about being Zhoutonged (another term i coined) from a malfunction of his algorithm. in response he would change the algorithm yet again, apologize, say a few nice things, and reimburse customers which again is a huge red flag of someone trying to perpetuate the ponzi.  Zhou kept changing his stories and explanations.  he writes a ton but says very little.   

then there was the time when Zhou publicly came out and tried to influence the market by stating that there were no more USD reserves and that it would be a good time to sell BTC.  oh i pounded his ass good for that one and he finally apologized.  what owner of an exchange attempts to influence the market direction unless it benefitted himself in some way?  i could tell that the whipsaws and volatility were costing him and customers money yet the Zhoutonging continued.  this was his way of stripping money at customers expense.  he actually had to to stay profitable. 

and then the culmination of my efforts came from the "double ramp" (my term) from $3.50-$4.90 in a couple of minutes that i personally orchestrated.  if you'll remember that down in the dumps of those times it had become fashionable to short every ramp with leverage from Zhou as inevitably the price would turn back down and go lower. the Bears were making money like crazy doing this and were partying it up.  I had already helped turn the tide @ $2 by being over a third of that bid wall and i could see the trend had changed to upwards but the Bears didn't see it and were still shorting each ramp.  so i waited for someone else to perform the first ramp from $2.90 to $3.90 or so (fuzzy on the exact start price).  the Bears predictably came in shorting with leverage and the price came back in to $3.50.  and then i hit the BUY button with a massive order.  i'm sorry but i smiled big as the price took off up to $4.90 and the screams from the Bears was loud, clear and palpable.  there was blood everywhere.  so many ppl got Zhoutonged from that one.  see the problem with his setup was that his algo, the way it was written, was  hyperreactive to those buying spikes madly trying to hedge while buyers madly tried to buy while shorts madly tried to cover while everyone else was being Zhoutonged. it was beautiful.

in the end, nobody listened and i gave up taking criticism from everyone for attacking a 17 yo, especially from the Bears defending Zhou.  God bless them. may they rest in peace.
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March 01, 2015, 11:58:18 PM
 #307

sorry, this needs to be memorialized here:

https://www.youtube.com/watch?v=-L-FHB_-qT4
darkmind
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March 02, 2015, 12:26:30 PM
 #308

I bought on the way down. I dont have a lot of money but i am trying to build a position. I have lost hard and I am now trying to fight my way back

cypherdoc
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March 02, 2015, 05:14:09 PM
 #309

I bought on the way down. I dont have a lot of money but i am trying to build a position. I have lost hard and I am now trying to fight my way back

you don't lose until you sell.  the key is to be patient.  this is a multi-year process and more like a multi-decadal process.  having said the latter, though, i think we will see a dramatic resolution to the Bitcoin question in the next 5 years.
Aboveyourass
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March 07, 2015, 05:21:43 PM
 #310

zhoutong's CoinJar - Australia's first VC-backed Bitcoin startup
https://bitcointalk.org/index.php?topic=233356.0

zhoutong should be hunted,AGREED?
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