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Author Topic: Major correction to rally coming...  (Read 10166 times)
Mushoz
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December 29, 2011, 12:14:51 AM
 #121

Repost:
https://bitcointalk.org/index.php?topic=55931.0
Official Bitcoinica statement: they aren't actually out of funds, and the problem will be fixed in a couple of hours.  

Why is the official bitcoinica line coming via you and not bitcoinica themselves? Did you contact them about this or did you hear about it elsewhere? So is this for sure a software problem? I wonder if they are going to 'fix' it by selling a ton of btc.

Well, the statement says they aren't actually out of money, so they shouldn't have to sell BTC.

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mjcmurfy
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December 29, 2011, 12:15:48 AM
 #122

Yeah, I did see that part, but I would like to hear it from zhou directly.

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December 29, 2011, 12:16:13 AM
 #123

Repost:
https://bitcointalk.org/index.php?topic=55931.0
Official Bitcoinica statement: they aren't actually out of funds, and the problem will be fixed in a couple of hours.  

Why is the official bitcoinica line coming via you and not bitcoinica themselves? Did you contact them about this or did you hear about it elsewhere? So is this for sure a software problem? I wonder if they are going to 'fix' it by selling a ton of btc.

Well, the statement says they aren't actually out of money, so they shouldn't have to sell BTC.

I've contacted Jon (COO).  He has promised to alert Zhou when he wakes up and says the problem should be fixed within a couple of hours.  If you want, I can get Jon to post here.

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Mushoz
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December 29, 2011, 12:18:10 AM
 #124

Repost:
https://bitcointalk.org/index.php?topic=55931.0
Official Bitcoinica statement: they aren't actually out of funds, and the problem will be fixed in a couple of hours.  

Why is the official bitcoinica line coming via you and not bitcoinica themselves? Did you contact them about this or did you hear about it elsewhere? So is this for sure a software problem? I wonder if they are going to 'fix' it by selling a ton of btc.

Well, the statement says they aren't actually out of money, so they shouldn't have to sell BTC.

I've contacted Jon (COO).  He has promised to alert Zhou when he wakes up and says the problem should be fixed within a couple of hours.  If you want, I can get Jon to post here.

How are they going to handle people losing money on shorts they can't liquidate?

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December 29, 2011, 12:22:19 AM
 #125

For further inquiries, please contact Jon yourselves.  He will be more than happy to respond to questions and comments related to this incident.

jon@bitcoinica.com

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December 29, 2011, 12:33:58 AM
 #126

The only way to fix this is involves selling a large amount of btc in order to restore bitcoinica's USD reserve.
I think that bid wall is going to get eaten up pretty soon.

sounds like to me the only "selling" will come from "shorting" into the bid walls.  who's crazy enough to do that right now?
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December 29, 2011, 12:36:21 AM
 #127

Repost:
https://bitcointalk.org/index.php?topic=55931.0
Official Bitcoinica statement: they aren't actually out of funds, and the problem will be fixed in a couple of hours.  

Why is the official bitcoinica line coming via you and not bitcoinica themselves? Did you contact them about this or did you hear about it elsewhere? So is this for sure a software problem? I wonder if they are going to 'fix' it by selling a ton of btc.

Well, the statement says they aren't actually out of money, so they shouldn't have to sell BTC.

I've contacted Jon (COO).  He has promised to alert Zhou when he wakes up and says the problem should be fixed within a couple of hours.  If you want, I can get Jon to post here.

see, this is the problem with running a bucket shop with one 17 yo kid.  even if he's the most brilliant 17 yo around his algorithm apparently isn't as automated as he'd like us to believe.  in the meantime, the market is running away from him and the shorts.

expect to be Zhoutawnged!
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December 29, 2011, 12:44:17 AM
 #128

hmm, "no reserve" on sells too?

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December 29, 2011, 12:49:03 AM
 #129

Repost:
https://bitcointalk.org/index.php?topic=55931.0
Official Bitcoinica statement: they aren't actually out of funds, and the problem will be fixed in a couple of hours.  

Why is the official bitcoinica line coming via you and not bitcoinica themselves?

I imagine they have bigger fish to fry right now than dicking around on the forums.

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chunglam
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December 29, 2011, 01:19:46 AM
 #130

Does anyone know what exactly mean by "No Reserve"? Can't buy or sell, or this is the Zhoutong's way to stabilize Bitcoin market? Angry
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December 29, 2011, 01:49:17 AM
 #131

Bitcoinica appears to be functioning again.
ineededausername
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December 29, 2011, 01:49:58 AM
 #132

Bitcoinica appears to be functioning again.

buying works?!

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zhoutong
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December 29, 2011, 02:06:40 AM
 #133

Bitcoinica appears to be functioning again.

buying works?!

Momentarily… Too many buy orders.

The door shut seconds after...

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trogdorjw73
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December 29, 2011, 02:08:19 AM
 #134

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

zhoutong
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December 29, 2011, 02:13:03 AM
 #135

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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cypherdoc
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December 29, 2011, 02:15:33 AM
 #136



Momentarily… Too many buy orders.

The door shut seconds after...

oh, this is beautiful!
ineededausername
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December 29, 2011, 02:16:55 AM
 #137



Momentarily… Too many buy orders.

The door shut seconds after...

oh, this is beautiful!

time for a run on the illegal loan entity bank thing.

(BFL)^2 < 0
mjcmurfy
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December 29, 2011, 03:31:44 AM
 #138

I hate to say I told you so. Actually, no... I love it.
Get your bitcoins out of this bucket shop now, while you still can.

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December 29, 2011, 03:48:39 AM
 #139

I'm going to tentatively say that we might see something interesting at 8 PM EST.  Don't be disappointed if this doesn't play out the way I expect it to, but something might happen.

Today's been an interesting day... I swear I didn't have insider knowledge xD

(BFL)^2 < 0
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December 29, 2011, 03:56:53 AM
 #140

I'm going to tentatively say that we might see something interesting at 8 PM EST.  Don't be disappointed if this doesn't play out the way I expect it to, but something might happen.

Today's been an interesting day... I swear I didn't have insider knowledge xD

Good call.

Freedom is a state of mind, and then Bitcoin comes along.....
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