Bitcoinica

[cypherdoc]

So, because Bitcoin is vulnerable due to low market cap and illiquidity we need more leverage, derivatives and anything but a real market?

Oh, derivatives would be so much fun.  You could bet on the possibility of other people losing money.  Like someone once said, it's like taking out fire insurance on your neighbour's house.  It couldn't possibly be in your best interest to throw a few lit matches their way...

I mentioned before that playing with leverage in bitcoins was a tool for the '1%ers'.  Someone just screwed a whole lot of people over.  Some won, many more lost.  Bitcoin is worse for wear.  Merchants wanting to use bitcoins aren't exactly flocking towards a commodity that can lose 20% of its value within minutes while the market is locked and participants can't sell.

finally someone agrees with me.

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[Crypt_Current]

It's more of personal trading behaviors.

I agree that we should take more responsibility in making Bitcoin a better currency, so we will take several actions in the following days to minimize our negative market impact during volatile times.

But generally, I disagree with your statement. Bitcoinica didn't start the spikes, someone else did. Bitcoin is very financially vulnerable at the moment and we need more options for traders to build a strong financial system.

Yes, there are those who like the gambling and others who prefer investing. And the people with the appropriate funds also are quite fond of tricking your system to enrich themselves.

Thanks for acknowledging that.

So, because Bitcoin is vulnerable due to low market cap and illiquidity we need more leverage, derivatives and anything but a real market?

Bitcoinica is pushing the exchanges to do better. We didn't even have a partnership with Mt. Gox. So we are totally open in terms of exchange options.

Maybe offer to buy Gox out?

[cypherdoc]

It's more of personal trading behaviors.

I agree that we should take more responsibility in making Bitcoin a better currency, so we will take several actions in the following days to minimize our negative market impact during volatile times.

But generally, I disagree with your statement. Bitcoinica didn't start the spikes, someone else did. Bitcoin is very financially vulnerable at the moment and we need more options for traders to build a strong financial system.

Yes, there are those who like the gambling and others who prefer investing. And the people with the appropriate funds also are quite fond of tricking your system to enrich themselves.

Thanks for acknowledging that.

So, because Bitcoin is vulnerable due to low market cap and illiquidity we need more leverage, derivatives and anything but a real market?

Bitcoinica is pushing the exchanges to do better. We didn't even have a partnership with Mt. Gox. So we are totally open in terms of exchange options.

Maybe offer to buy Gox out?

perhaps Gox is not the problem here?

[SkRRJyTC]

It's more of personal trading behaviors.

I agree that we should take more responsibility in making Bitcoin a better currency, so we will take several actions in the following days to minimize our negative market impact during volatile times.

But generally, I disagree with your statement. Bitcoinica didn't start the spikes, someone else did. Bitcoin is very financially vulnerable at the moment and we need more options for traders to build a strong financial system.

Yes, there are those who like the gambling and others who prefer investing. And the people with the appropriate funds also are quite fond of tricking your system to enrich themselves.

Thanks for acknowledging that.

So, because Bitcoin is vulnerable due to low market cap and illiquidity we need more leverage, derivatives and anything but a real market?

Bitcoinica is pushing the exchanges to do better. We didn't even have a partnership with Mt. Gox. So we are totally open in terms of exchange options.

Maybe offer to buy Gox out?

They dont have enough money to let me buy with the leverage options they give me...

[dryden]

Zhou, 1 thing I would suggest for your site:  lots and lots and LOTS of clear documentation. When I trade on TD Ameritrade I have a whole exhaustive documentation section that breaks down the fees and math into plain english that real people can understand. When you're a business making money, it's sort of incumbent on you to help your users understand what's going on.  

[cypherdoc]

Zhou, 1 thing I would suggest for your site:  lots and lots and LOTS of clear documentation. When I trade on TD Ameritrade I have a whole exhaustive documentation section that breaks down the fees and math into plain english that real people can understand. When you're a business making money, it's sort of incumbent on you to help your users understand what's going on.  

forget it; ain't gonna happen.

[SkRRJyTC]

Zhou, 1 thing I would suggest for your site:  lots and lots and LOTS of clear documentation. When I trade on TD Ameritrade I have a whole exhaustive documentation section that breaks down the fees and math into plain english that real people can understand. When you're a business making money, it's sort of incumbent on you to help your users understand what's going on.  

+9001

[Crypt_Current]

Zhou, 1 thing I would suggest for your site:  lots and lots and LOTS of clear documentation. When I trade on TD Ameritrade I have a whole exhaustive documentation section that breaks down the fees and math into plain english that real people can understand. When you're a business making money, it's sort of incumbent on you to help your users understand what's going on.  

I could even provide this for insanely cheap.  I have a lot of free time and don't wish to spend it all on school work  

[zhoutong]

Zhou, 1 thing I would suggest for your site:  lots and lots and LOTS of clear documentation. When I trade on TD Ameritrade I have a whole exhaustive documentation section that breaks down the fees and math into plain english that real people can understand. When you're a business making money, it's sort of incumbent on you to help your users understand what's going on.  

+1

Gonna hire someone to do it.

Any one interested? PM me with your Skype.

[zhoutong]

Zhou, 1 thing I would suggest for your site:  lots and lots and LOTS of clear documentation. When I trade on TD Ameritrade I have a whole exhaustive documentation section that breaks down the fees and math into plain english that real people can understand. When you're a business making money, it's sort of incumbent on you to help your users understand what's going on.  

I could even provide this for insanely cheap.  I have a lot of free time and don't wish to spend it all on school work  

LOL. I missed this just now.

PM me with you Skype name please.

[Crypt_Current]

Zhou, 1 thing I would suggest for your site:  lots and lots and LOTS of clear documentation. When I trade on TD Ameritrade I have a whole exhaustive documentation section that breaks down the fees and math into plain english that real people can understand. When you're a business making money, it's sort of incumbent on you to help your users understand what's going on.  

I could even provide this for insanely cheap.  I have a lot of free time and don't wish to spend it all on school work  

just buy skype premium (now they got a promo) set a room invite 5/6 ppl ask them to pay you on btc and explain stuff

I've already been answering questions about Bitcoinica for a few people via PM here... I have kindly asked for donations for my detailed explanations, but have received none :-(

I'd be more than happy to write up official documentation for Bitcoinica.

[gewure]

Wow, you guys who got zhoutonged today are being really bitter.  I have been making money all day on Bitcoinica.  Learn how to trade.

well, it happens to everybody: loses. try cutting them.
today i have been lucky and made some $ and btc on bitcoinica, but not always. trading gets pretty hard if the spreads are that high. both on mtgox and bitcoinica. also the exchange prices are not ballanced within all markets good.

[byronbb]

Then don't trade when spreads are wide and buy/sell depth is a shallow pond. This is just pure gambling. I can't believe people are whining about losing after leveraging long at 6.x to 7 when the buy side was nearly non existent and the sell side a mountain and then they are convinced its zhous fault when someone runs a trivial squeeze and they lose their $100.

[N12]

Why did you people not listen?

[N12]

Who listened?

[dopamine]

This is a healthy correction nothing more, without volatility then whats the point of trading BTC. without leverage we would not be able to get this much volume...