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Author Topic: Bitcoinica now out of both, BTC and USD  (Read 2271 times)
notme
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January 17, 2012, 08:57:55 PM
 #21

It's important because it affects the level of liquidity in the Bitcoinica pseudo-market. Just as problems with deposits/withdrawals and account access has effected the liquidity of the exchanges. And it's not going to get better until Z can operate his own exchange.

The redflags I'm talking about are momentary and don't affect trading this much. Also, I was referring to accusations that something is seriously wrong on Bitcoinica side, when that might not be the case.

That being said I hate the No Reserve redflags, because they cripple rallies Smiley.

If the rallies weren't overleveraged that wouldn't be the case.

https://www.bitcoin.org/bitcoin.pdf
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Bigpiggy01
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January 17, 2012, 09:45:52 PM
 #22

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You have to admit there is some friction between Bitcoinica and Gox that probably would not be there on a native exchange. The way things are set up now there are too many points of failure. As things stand I do not have confidence in my ability to reasonably, accurately characterize my risk on Bitcoinica.

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February 16, 2012, 01:12:45 AM
 #23

You have to admit there is some friction between Bitcoinica and Gox that probably would not be there on a native exchange. The way things are set up now there are too many points of failure. As things stand I do not have confidence in my ability to reasonably, accurately characterize my risk on Bitcoinica.

Today being an excellent case-in-point. If everyone wants to short leveraged, Bitcoinica has to use its reserves to counter the leverage and always makes sure the shorters lose. It HAS to bet against its own customers, which is why we see these large swings. If you look at BTC days destroyed, it seems like an old miner could be manipulating Bitcoinica itself by continually flushing it of its reserves.

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notme
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February 16, 2012, 01:25:53 AM
 #24

You have to admit there is some friction between Bitcoinica and Gox that probably would not be there on a native exchange. The way things are set up now there are too many points of failure. As things stand I do not have confidence in my ability to reasonably, accurately characterize my risk on Bitcoinica.

Today being an excellent case-in-point. If everyone wants to short leveraged, Bitcoinica has to use its reserves to counter the leverage and always makes sure the shorters lose. It HAS to bet against its own customers, which is why we see these large swings. If you look at BTC days destroyed, it seems like an old miner could be manipulating Bitcoinica itself by continually flushing it of its reserves.

I'm pretty sure you don't understand how Bitcoinica works.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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sgbett
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February 16, 2012, 01:31:06 AM
 #25

You have to admit there is some friction between Bitcoinica and Gox that probably would not be there on a native exchange. The way things are set up now there are too many points of failure. As things stand I do not have confidence in my ability to reasonably, accurately characterize my risk on Bitcoinica.

Today being an excellent case-in-point. If everyone wants to short leveraged, Bitcoinica has to use its reserves to counter the leverage and always makes sure the shorters lose. It HAS to bet against its own customers, which is why we see these large swings. If you look at BTC days destroyed, it seems like an old miner could be manipulating Bitcoinica itself by continually flushing it of its reserves.

no. it uses reserves until it has none, then it puts a starfish there, because there is no html entity for a fish.

http://haschinabannedbitcoin.com
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