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Author Topic: Bitcoinica Should Be Left to Crumble - Bitcoin Community Please Read, Share View  (Read 763 times)
BitcoinicaOrNot
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January 17, 2012, 06:37:02 PM
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After looking at many posts over the past weeks and watching Bitcoinica it has become very apparent that there is no business sense or real life business knowledge or real life trading knowledge behind Bitcoinica. Everyone has used it hoping to make a quick Buck, much like playing the lottery.

As per many people wanting to know the balance sheets and liquidity of Bitcoinica it is only fair for this to be disclosed as the RED FLAGS, constantly Running out of BTC and or USD is quite ridiculous. If a thourough investigation was done in to the practices of Bitcoinica the entire community would be shocked.

The supposed business is being run by a school kid with no real life experience or proper Forex trading experience. Many Bitcoiners have fallen for it and call it Zhoutonged which simply means RIPPED OFF!

It's time to withdraw you BTC and USD and stop letting your money be controlled by an unqualified person. It will not be long before this Zhou character is old enough to be charged for FRAUD. The practises of Bitcoinica and these magical spreads are a scam, and as mentioned in many other posts this is all BS.

So community, seriously someone build a professional and fair system that is not ripping people off. Bitcoin was not intended for such type of trading, CampBX was to introduce this and Zhou had obviously read a book and thought he was an expert.

CUTTING to the CHASE Bitcoinica is just as risky as mybitcoin.com turned out to be.

ZHOU prove to the community your true business practises.

ZHOU prove that Bitcoinica has the ability to payout all monies owed to clients without being a Ponzi

ZHOU proove you are qualified and fit to run this type of business

People, please think serious about this, Bitcoinica is just spelling another disaster for Bitcoin in General. As I said if the community want's this type of system, then MtGox or
another Trusted company should be providing this service not an incompetent kid with an Ego as large as his Platforms issues!!!!
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bit-joker
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February 20, 2012, 03:27:03 PM
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Bitcoinica looks like a nice platform. It could be working like a real bank; paying X% interest for clients who keep their money in there and charging 2X% for lending.

Bitcoin should be an open platform without many regulations. Government pressured by banks could close most bitcoin "banks" making bitcoin less convenient. It would be nice to have many options to deal with bitcoin. Who's the government to tell you what to do with your money?

Bitcoin platforms could make a lot of money from commission and lending (like ANY regular bank). Bitcoinica could be one of them but you never know if Zhou might get your money and disappear. You never know if he's thinking about long term gain or making a quick-buck scheme next week or in years to come.

I'll never keep my money in those places for long. Put money inside, trade and send the funds to your wallet (just like day trading).
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February 20, 2012, 03:45:59 PM
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This is not a great way to go about things. Obviously there is a market here, and Zhoutong is the only one offering a product. I would encourage someone who is interested in such things to do a better job and take away his market share.

Maybe you OP have the talent for this type of thing? Or are you only good at seeing the faults of others?

There is no evidence Zhoutong has done anything fraudulent, perhaps you could provide some instead of making baseless accusations?
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