Bitcoin Forum
December 08, 2016, 08:10:21 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: The Dreaded Double **  (Read 1612 times)
cypherdoc
Legendary
*
Offline Offline

Activity: 1764



View Profile
January 18, 2012, 01:45:26 AM
 #1

i think the attack on Bitcoinica has begun. 

this type of volatility can't be good for Zhou.  at least not for his customers who are being liquidated.  no players; no money.

why hasn't he come forward to tell us what's going on?
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Eveofwar
Sr. Member
****
Offline Offline

Activity: 406


View Profile
January 18, 2012, 01:45:52 AM
 #2

What 'attack' ?
ineededausername
Hero Member
*****
Offline Offline

Activity: 784


bitcoin hundred-aire


View Profile
January 18, 2012, 01:47:09 AM
 #3

what a joke..

(BFL)^2 < 0
ArsenShnurkov
Legendary
*
Offline Offline

Activity: 1386



View Profile
January 18, 2012, 01:48:09 AM
 #4

double ** is when bitcoinica cant connect to mtgox api

I think, that Z should provide clear indication of connection problems (date, time and resolution status)

Might be he should implement service level agreements with mtgox,
automated link testing on different levels of network model,
and so on
zhoutong
VIP
Hero Member
*
Offline Offline

Activity: 490


View Profile WWW
January 18, 2012, 01:48:29 AM
 #5

i think the attack on Bitcoinica has begun. 

this type of volatility can't be good for Zhou.  at least not for his customers who are being liquidated.  no players; no money.

why hasn't he come forward to tell us what's going on?

Nothing is going on. The system handles everything perfectly (including your spamming orders).

The asterisk is due to Mt. Gox API unstability, if you place order it still should get executed in 15 seconds AT MOST.

I wonder why anyone would associate market volatility with Bitcoinica system instability. Why can't we build something better than Mt. Gox?

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
zhoutong
VIP
Hero Member
*
Offline Offline

Activity: 490


View Profile WWW
January 18, 2012, 01:49:35 AM
 #6

double ** is when bitcoinica cant connect to mtgox api

I think, that Z should provide clear indication of connection problems (date, time and resolution status)

It's intermittent. Usually it doesn't last more than 15 seconds. You can just place orders and you will be fine.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
SlaveInDebt
Hero Member
*****
Offline Offline

Activity: 702


Your Minion


View Profile
January 18, 2012, 01:49:40 AM
 #7

double ** is when bitcoinica cant connect to mtgox api

I think, that Z should provide clear indication of connection problems (date, time and resolution status)

As if anything will come of it.

double ** is when bitcoinica cant connect to mtgox api

I think, that Z should provide clear indication of connection problems (date, time and resolution status)

It's intermittent. Usually it doesn't last more than 15 seconds. You can just place orders and you will be fine.

Speak of the devil. Now burn GOX!


"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain
cypherdoc
Legendary
*
Offline Offline

Activity: 1764



View Profile
January 18, 2012, 01:49:45 AM
 #8

What 'attack' ?

i put forward a hypothesis a few weeks ago about how some big players would try to exploit the deficiencies in the Bitcoinica model which i think have become more apparent today.

if you can create a lot of volatility and * events, i think it will cost Zhou money in the end since any acct losses cost him money.  for sure, it is costing his customers who are now starting to walk away. 

no players; no fees.
SkRRJyTC
Legendary
*
Offline Offline

Activity: 966


View Profile
January 18, 2012, 01:51:00 AM
 #9

15 seconds AT MOST.

The * has been on one side or the other EASILY 66% of the time over the LAST 2 DAYS.
ArsenShnurkov
Legendary
*
Offline Offline

Activity: 1386



View Profile
January 18, 2012, 01:51:07 AM
 #10

Why can't we build something better than Mt. Gox?

We already done that - we use DarkExchange on I2P
zhoutong
VIP
Hero Member
*
Offline Offline

Activity: 490


View Profile WWW
January 18, 2012, 01:52:06 AM
 #11

15 seconds AT MOST.

The * has been on one side or the other EASILY 66% of the time over the LAST 2 DAYS.

That's because of reserve problems, not connection.

We're considering getting short-term loans when this is happening, but it will take a while before we solve the compliance problems.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
Eveofwar
Sr. Member
****
Offline Offline

Activity: 406


View Profile
January 18, 2012, 01:52:43 AM
 #12

What 'attack' ?

i put forward a hypothesis a few weeks ago about how some big players would try to exploit the deficiencies in the Bitcoinica model which i think have become more apparent today.

if you can create a lot of volatility and * events, i think it will cost Zhou money in the end since any acct losses cost him money.  for sure, it is costing his customers who are now starting to walk away. 

no players; no fees.

Ah gotcha, thanks for the clarification.

Makes sense...force liquidations -> no new players =]
Blitz­
Moderator
Legendary
*
Offline Offline

Activity: 1596


"Cut Your Loose"


View Profile
January 18, 2012, 01:53:00 AM
 #13

for sure, it is costing his customers who are now starting to walk away. 
I would seriously hope they are.

Anyone leaving more than a bit of lunch money on Bitcoinica after all that’s happened is either filthy rich or insane.

I think I can now agree with you that Bitcoinica has harmed Bitcoin as a whole, and is continuing to do so. It’s turning this thing into a pyramid scheme.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
zhoutong
VIP
Hero Member
*
Offline Offline

Activity: 490


View Profile WWW
January 18, 2012, 01:53:05 AM
 #14

Why can't we build something better than Mt. Gox?

We already done that - we use DarkExchange on I2P

I mean, OP assumes that Bitcoinica is a buggy system like Mt. Gox. And it's entirely possible that Bitcoinica hasn't been affected in this crash at all, systematically and financially.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
cypherdoc
Legendary
*
Offline Offline

Activity: 1764



View Profile
January 18, 2012, 01:54:11 AM
 #15

Why can't we build something better than Mt. Gox?

We already done that - we use DarkExchange on I2P

I mean, OP assumes that Bitcoinica is a buggy system like Mt. Gox. And it's entirely possible that Bitcoinica hasn't been affected in this crash at all, systematically and financially.

then why do u need the short term loans?
zhoutong
VIP
Hero Member
*
Offline Offline

Activity: 490


View Profile WWW
January 18, 2012, 01:54:32 AM
 #16

for sure, it is costing his customers who are now starting to walk away. 
I would seriously hope they are.

Anyone leaving more than a bit of lunch money on Bitcoinica after all that’s happened is either filthy rich or insane.

I think I can now agree with you that Bitcoinica has harmed Bitcoin as a whole, and is continuing to do so. It’s turning this thing into a pyramid scheme.

Our biggest clients who trade on 2.5:1 leverage have been fine.

We will re-consider our 5:1 and 10:1 options soon.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
cypherdoc
Legendary
*
Offline Offline

Activity: 1764



View Profile
January 18, 2012, 01:55:43 AM
 #17

for sure, it is costing his customers who are now starting to walk away.  
I would seriously hope they are.

Anyone leaving more than a bit of lunch money on Bitcoinica after all that’s happened is either filthy rich or insane.

I think I can now agree with you that Bitcoinica has harmed Bitcoin as a whole, and is continuing to do so. It’s turning this thing into a pyramid scheme.

Our biggest clients who trade on 2.5:1 leverage have been fine.

We will re-consider our 5:1 and 10:1 options soon.

i would hope so; for the sake of the community.
zhoutong
VIP
Hero Member
*
Offline Offline

Activity: 490


View Profile WWW
January 18, 2012, 01:56:07 AM
 #18

Why can't we build something better than Mt. Gox?

We already done that - we use DarkExchange on I2P

I mean, OP assumes that Bitcoinica is a buggy system like Mt. Gox. And it's entirely possible that Bitcoinica hasn't been affected in this crash at all, systematically and financially.

then why do u need the short term loans?

Because we don't have reserves for some heavily leveraged users. We are absolutely solvent throughout the crash, and we made some small profits from the huge volume.

This has nothing to do with the crash. We had the asterisk since two days ago.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
zhoutong
VIP
Hero Member
*
Offline Offline

Activity: 490


View Profile WWW
January 18, 2012, 01:56:48 AM
 #19

bah and i was wondering when you go to 50:1 .....

When Bitcoin is at least $1000, I think 50:1 will be possible.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
SkRRJyTC
Legendary
*
Offline Offline

Activity: 966


View Profile
January 18, 2012, 01:57:46 AM
 #20

15 seconds AT MOST.

The * has been on one side or the other EASILY 66% of the time over the LAST 2 DAYS.

That's because of reserve problems, not connection.

We're considering getting short-term loans when this is happening, but it will take a while before we solve the compliance problems.

Why do you have reserve problems?  Why are you not making tons of money?

Hearing plans for loans is good but they shouldnt be necessary.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!