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Author Topic: So is Bitcoinica to blame for all these dramatic selloffs today?  (Read 865 times)
CombustibleLemon
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I’m gonna invent a combustible lemon!!!


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January 09, 2012, 09:12:27 PM
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The big selloffs seem to be occurring during this fee free time period for Bitcoinica.

I'm thinking a few people decided to dip their toes into Bitcoinica because of the no fee thing, and then got force liquidated on a small market drop while they were playing with 10:1 leverage.  This could have created several unfortunate snowball effects in a row.

I understand that correlation is not causation but this seems too good an explanation.

Could this be right?  Or am I not understanding something about Bitcoinica. 

When life gives you lemons, don’t make lemonade. Make life take the lemons back! Get mad! I don’t want your damn lemons, what the hell am I supposed to do with these? Demand to see life’s manager! Make life rue the day it thought it could give Cave Johnson lemons! Do you know who I am? I’m the man who’s gonna burn your house down! With the lemons! I’m gonna get my engineers to invent a combustible lemon that burns your house down!
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StewartJ
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January 09, 2012, 09:24:18 PM
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If it's Bitcoinica causing all these cheap Bitcoins at < $6.20, send them my thanks !
sgbett
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January 09, 2012, 09:29:42 PM
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It's no small coincidence that Iran was in the news today. It must be that.

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Cluster2k
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January 09, 2012, 10:10:49 PM
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I saw the Bitconica announcement posted on Bitcointalk after the volatility started, not before. Unless a lot of users suddenly signed on, fed their accounts and then proceeded to lose it all I would suggest new Bitcoinica users were not at fault.

Having said that, playing with Bitcoinica is kinda like playing with nitroglycerin.  It's great fun, but has a tendency to blow up at random moments even in careful hands.  I'm happy to stay away from the Bitconica casino and use my own money for trading.

Do not send bitcoins to me: 16b8s7pBJ9rUmsExNW25qD5VUqVqRPZuXu
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cypherdoc
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January 09, 2012, 10:24:04 PM
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Gold is not doing well.  Bitcoin anyone?
StewartJ
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January 09, 2012, 10:43:13 PM
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Gold is not doing well.  Bitcoin anyone?

Keep on stacking that Digital.

(Still trying to figure out how to get 100 ounces of silver inside my thumb drive)
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