By the way, in my opinion what he did should be called market manipulation and is criminal.
I though Zhou did a pretty good job with Bitcoinica, up until that point. I don't think I'll ever use it after that. Not that there was a high chance I would have used it anyway.
Someone in his position should not be saying some of the things that were said, whether it was obvious to the market or not.
I apologize for the words that shouldn't come from the mouth of a broker. I was too angry (or maybe excited) dealing with the flood of non-sense and unreasonable arguments. Really, it was beyond my logical control.
Please do not take it as a market recommendation. I just wanted to tell everyone that I was not going to take advantage of the possibility, and anyone who did would be out of my responsibility.
you know what? i'm tired of being nice to you just b/c you're a 17 yo kid. f*ck you prick!
i've rooted out several valid problems with the way Bitcoinica functions. while i had to do some catching up with exactly how your service works b/c its so opaque, it turns out that most of my suspicions are real.
and i would posit that NO ONE around here knew that your service could freeze up like this and prevent shorts and longs from covering or buying due to a red flag
event. too bad your short clients will have to be liquidated. its either you or them who will take losses Zhou. who will you choose?
the fact that you're constantly having to "revise" your algorithm is testament to this. the fact that i was able to jam your algorithm as up to 4.95 10d ago is fact, not fiction.
you need to keep your mouth shut.
I really appreciate your feedback. However, all the problems you pointed out had already been pointed out by someone else.
All in all, just a few issues in recent month:
- Transparency (pointed out by mjcmurfy, I already released the hedging volume data, and continue improving.)
- The spike algorithm (pointed out by phantomcircuit with solid data support. I reversed all wrong trades and apologized to affected customers. Fixed the issue in 3 days. Plus I released a nice chart to show all history prices to be fully transparent. You pointed out this problem after everything has been fixed.)
- Can't close position problem (pointed out by some customers, and further suggested by Mushoz. Fully fixed, plus some nice little features.)
- My "recommendation" (I regret saying that, and I'm really sorry.)
I feel sad that you felt that I was disrespectful to you. But really, there's almost no value to repeat others' valuable feedback and turn them to negative comments like angry complaints without being a customer at all. And removing all the repeating issues that you brought up, you had these original things to tell me:
- Bitcoinica's business model is doomed.
- Short selling is harmful.
- cypherdoc never used Bitcoinica before.
- Bitcoin leverage trading is like speculative derivative paper tower.
- Bitcoinica is always losing money!
These don't help me at all. We're a community that makes everyone better off. We need creative solutions and innovative ideas, not superficial complaints. Bitcoinica is a proven viable business and we have attracted a lot of interest from investor-like people. Bitcoinica believes in free market spirit and economic liberalization. Bitcoinica aims to push up the web-based development standard and professionalism of the whole community.
No disrespect here. I'm always listening. You just have to make sure what you said actually made a difference rather than merely making someone upset.