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meelba
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January 17, 2012, 10:39:59 PM
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January 17, 2012, 10:44:33 PM
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nice work!

I had my BUY bids sitting at 5.05 and I only got partially filled even though the Bitcoinica ask price was under 5.00 for a little while.  I'll leave it there but there's no point in chasing it at 5.63

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January 17, 2012, 11:07:46 PM
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So you guys are causing this wild fluctuation I'm seeing today?  Good work.
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January 17, 2012, 11:11:00 PM
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So you are in large part to blame for the crash. 17k bitcoin leveraged 10:1 = 170k on the market = crash

Your a leech on the bitcoin economy and I hope you get liquidated.
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January 17, 2012, 11:12:38 PM
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So you are in large part to blame for the crash. 17k bitcoin leveraged 10:1 = 170k on the market = crash

Your a leech on the bitcoin economy and I hope you get liquidated.

Force liquidated or not at some point he's going to be buying those coins back.

All shorting does, with leverage or not, is allow individuals to sell before they buy instead of the normal buying before selling.

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January 17, 2012, 11:13:57 PM
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I have been waiting to buy large amounts of bitcoins < 5.50.  Now I have my chance. 

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copumpkin
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January 17, 2012, 11:14:38 PM
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So you are in large part to blame for the crash. 17k bitcoin leveraged 10:1 = 170k on the market = crash

Your a leech on the bitcoin economy and I hope you get liquidated.

Uh, he actually has $13k in "real money" in there, not 17k bitcoins. And wow, that's some strong language. Care to explain how it's leeching?
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January 17, 2012, 11:17:28 PM
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So you are in large part to blame for the crash. 17k bitcoin leveraged 10:1 = 170k on the market = crash

Your a leech on the bitcoin economy and I hope you get liquidated.

Uh, he actually has $13k in "real money" in there, not 17k bitcoins. And wow, that's some strong language. Care to explain how it's leeching?

The most amazing thing is even I could have done this and plenty of other people easily could have too.  $13k isn't that much money to risk to profitably cause this kind of market trauma.  This guy did it, he made a lot of cash, and the entire bitcoin community and project is worse off for it.  Well done.
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January 17, 2012, 11:19:51 PM
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So you are in large part to blame for the crash. 17k bitcoin leveraged 10:1 = 170k on the market = crash

Your a leech on the bitcoin economy and I hope you get liquidated.

Uh, he actually has $13k in "real money" in there, not 17k bitcoins. And wow, that's some strong language. Care to explain how it's leeching?

The most amazing thing is even I could have done this and plenty of other people easily could have too.  $13k isn't that much money to front to profitably cause this kind of market trauma.  This guy did it, he made a lot of cash, and the entire bitcoin community and project is worse off for it.  Well done.

He really didn't "do it" himself. I know someone whose bitcoinica short was significantly larger than this and who made even more than this guy, and his orders had almost no visible effect on mtgox. I'd imagine it was several people like this who led to bitcoinica finally passing the trades through to mtgox, plus probably some people trading directly on mtgox.
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January 17, 2012, 11:20:37 PM
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So you are in large part to blame for the crash. 17k bitcoin leveraged 10:1 = 170k on the market = crash

Your a leech on the bitcoin economy and I hope you get liquidated.

Uh, he actually has $13k in "real money" in there, not 17k bitcoins. And wow, that's some strong language. Care to explain how it's leeching?


Look at the order its 17k BTC. Unless I am understanding it incorrectly bitcoinica only operates in BTC so that 17k is that. When you go to close your position the the profit or loss on the right is multiplied by your leverage. He is leeching because he is just doing this to make money (steal money from bitcoin users). I would disagree however if he took this money and reinvested as bitcoin but something tells me that this user is not that type of a person.
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January 17, 2012, 11:22:33 PM
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So you are in large part to blame for the crash. 17k bitcoin leveraged 10:1 = 170k on the market = crash

Your a leech on the bitcoin economy and I hope you get liquidated.

Uh, he actually has $13k in "real money" in there, not 17k bitcoins. And wow, that's some strong language. Care to explain how it's leeching?


Look at the order its 17k BTC. Unless I am understanding it incorrectly bitcoinica only operates in BTC so that 17k is that. When you go to close your position the the profit or loss on the right is multiplied by your leverage. He is leeching because he is just doing this to make money (steal money from bitcoin users). I would disagree however if he took this money and reinvested as bitcoin but something tells me that this user is not that type of a person.

With all due respect, I don't think you quite understand how it works.
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January 17, 2012, 11:24:21 PM
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So you are in large part to blame for the crash. 17k bitcoin leveraged 10:1 = 170k on the market = crash

Your a leech on the bitcoin economy and I hope you get liquidated.

Uh, he actually has $13k in "real money" in there, not 17k bitcoins. And wow, that's some strong language. Care to explain how it's leeching?


Look at the order its 17k BTC. Unless I am understanding it incorrectly bitcoinica only operates in BTC so that 17k is that. When you go to close your position the the profit or loss on the right is multiplied by your leverage. He is leeching because he is just doing this to make money (steal money from bitcoin users). I would disagree however if he took this money and reinvested as bitcoin but something tells me that this user is not that type of a person.

With all due respect, I don't think you quite understand how it works.

Well then it worked incorrectly when i tried it with the $0.70 worth of codes Zhoutong gave the other day. I tried both short and long and this is exactly how it worked when I did it (profit/loss multiplied by leverage)
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January 17, 2012, 11:26:17 PM
 #13

I wouldn't blame the people who made this happen, it's just as much if not more the fault of the people who lost their money going long leveraged at Bitcoinica because of the Good Wife episode. The sharks simply took advantage of this and profited. I hope people learn from this and understand that it doesn't require a fortune to do this in the Bitcoin market. This will always be possible in the future, be very careful when doing anything leveraged.

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January 17, 2012, 11:27:15 PM
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Orders seem to be crossing over.

I've had open orders to buy on Bitcoinica at 5.75 and 5.70.  They have been sitting there for about 10 minutes.

the 5.70 buy filled, and the 5.75 did NOT fill.  WTF Zhou?  why are orders crossing over my bids?


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copumpkin
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January 17, 2012, 11:29:31 PM
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So you are in large part to blame for the crash. 17k bitcoin leveraged 10:1 = 170k on the market = crash

Your a leech on the bitcoin economy and I hope you get liquidated.

Uh, he actually has $13k in "real money" in there, not 17k bitcoins. And wow, that's some strong language. Care to explain how it's leeching?


Look at the order its 17k BTC. Unless I am understanding it incorrectly bitcoinica only operates in BTC so that 17k is that. When you go to close your position the the profit or loss on the right is multiplied by your leverage. He is leeching because he is just doing this to make money (steal money from bitcoin users). I would disagree however if he took this money and reinvested as bitcoin but something tells me that this user is not that type of a person.

With all due respect, I don't think you quite understand how it works.

Well then it worked incorrectly when i tried it with the $0.70 worth of codes Zhoutong gave the other day. I tried both short and long and this is exactly how it worked when I did it (profit/loss multiplied by leverage)

You probably just misunderstood it then. It's never behaved like that.
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January 17, 2012, 11:32:43 PM
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I wouldn't blame the people who made this happen, it's just as much if not more the fault of the people who lost their money going long leveraged at Bitcoinica because of the Good Wife episode. The sharks simply took advantage of this and profited. I hope people learn from this and understand that it doesn't require a fortune to do this in the Bitcoin market. This will always be possible in the future, be very careful when doing anything leveraged.

This still could very well have been Zhoutong himself. I don't agree with doing anything leveraged, especially when there the books where it is being done are closed except to one person. I think people have way too much trust in a 17 year old.
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January 17, 2012, 11:35:33 PM
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I think introducing leverage at this point in the life of bitcoin is/was a very bad idea.
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January 17, 2012, 11:36:24 PM
 #18

I wouldn't blame the people who made this happen, it's just as much if not more the fault of the people who lost their money going long leveraged at Bitcoinica because of the Good Wife episode. The sharks simply took advantage of this and profited. I hope people learn from this and understand that it doesn't require a fortune to do this in the Bitcoin market. This will always be possible in the future, be very careful when doing anything leveraged.

Bitcoinica is turning me back into a long-term bear.  The fact that this will always be possible with bitcoinica is a good reason not to trust bitcoin as a good medium of exchange or store of value.  Newcomers to bitcoin should understand this, and I think if they do, they probably won't jump in.
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January 17, 2012, 11:37:49 PM
 #19

I think introducing leverage at this point in the life of bitcoin is/was a very bad idea.

+1.  I think the community managed to overcome the hacking and insecurity that plagued the project's infrastructure, I don't know how this hurdle can be overcome.
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January 17, 2012, 11:39:39 PM
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I wouldn't blame the people who made this happen, it's just as much if not more the fault of the people who lost their money going long leveraged at Bitcoinica because of the Good Wife episode. The sharks simply took advantage of this and profited. I hope people learn from this and understand that it doesn't require a fortune to do this in the Bitcoin market. This will always be possible in the future, be very careful when doing anything leveraged.

Bitcoinica is turning me back into a long-term bear.  The fact that this will always be possible with bitcoinica is a good reason not to trust bitcoin as a good medium of exchange or store of value.  Newcomers to bitcoin should understand this, and I think if they do, they probably won't jump in.

Yes, but the same thing is possible in reverse by squeezing shorts. The * is at the sell side now. By your logic, you should be neither bear nor bull, and be just in fiat and leave Bitcoin alone completely.

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