Major correction to rally coming...

[Mushoz]

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.

[mjcmurfy]

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

[ineededausername]

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.

[Mushoz]

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?

[ineededausername]

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

[cypherdoc]

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?

[cypherdoc]

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!

[smickles]

hmm, "no reserve" on sells too?

[RandyFolds]

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.

[chunglam]

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?

[randomusername8236]

Bitcoinica appears to be functioning again.

[ineededausername]

Bitcoinica appears to be functioning again.

buying works?!

[zhoutong]

Bitcoinica appears to be functioning again.

buying works?!

Momentarily… Too many buy orders.

The door shut seconds after...

[trogdorjw73]

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]

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.

[cypherdoc]

Momentarily… Too many buy orders.

The door shut seconds after...

oh, this is beautiful!

[ineededausername]

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.

[mjcmurfy]

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.

[ineededausername]

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

[deltanine]

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.