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Author Topic: So is Bitcoinica to blame for all these dramatic selloffs today?  (Read 944 times)
CombustibleLemon
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January 09, 2012, 09:12:27 PM
 #1

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
 #2

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
 #3

It's no small coincidence that Iran was in the news today. It must be that.

http://haschinabannedbitcoin.com
"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
Cluster2k
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January 09, 2012, 10:10:49 PM
 #4

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.


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cypherdoc
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January 09, 2012, 10:24:04 PM
 #5

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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