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Author Topic: * The starfish is upon us *  (Read 3295 times)
NamelessOne
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February 07, 2012, 07:23:11 PM
 #21

It appears so
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ineededausername
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February 07, 2012, 07:36:30 PM
 #22

I guess most of you didn't really follow the events on Bitcoinica since the "big squeeze". The starfish appears more often for a reason - Zhou slightly changed the way it works after the incident. Before that, starfish would show up only when Bitcoinica was totally out of reserves and one couldn't even liquidate his positions or withdraw USD. It was changed since then so when Bitcoinica's reserves are depleting, they halt trading in certain direction to maintain their reserves for liquidations and withdrawals. That's why we see the star more often even though it's not "dangerous" as much as it was before.

Okay, maybe it's time to buy back in.

I like your avatar... it seems to capture the mood of the market quite well. Tongue

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NamelessOne
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February 07, 2012, 07:38:11 PM
 #23

I guess most of you didn't really follow the events on Bitcoinica since the "big squeeze". The starfish appears more often for a reason - Zhou slightly changed the way it works after the incident. Before that, starfish would show up only when Bitcoinica was totally out of reserves and one couldn't even liquidate his positions or withdraw USD. It was changed since then so when Bitcoinica's reserves are depleting, they halt trading in certain direction to maintain their reserves for liquidations and withdrawals. That's why we see the star more often even though it's not "dangerous" as much as it was before.

Okay, maybe it's time to buy back in.

I like your avatar... it seems to capture the mood of the market quite well. Tongue

His avatars are amazing, they never cease to entertain me.
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February 07, 2012, 08:02:52 PM
 #24

I guess most of you didn't really follow the events on Bitcoinica since the "big squeeze". The starfish appears more often for a reason - Zhou slightly changed the way it works after the incident. Before that, starfish would show up only when Bitcoinica was totally out of reserves and one couldn't even liquidate his positions or withdraw USD. It was changed since then so when Bitcoinica's reserves are depleting, they halt trading in certain direction to maintain their reserves for liquidations and withdrawals. That's why we see the star more often even though it's not "dangerous" as much as it was before.

Okay, maybe it's time to buy back in.

"don't b scurred"

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zby
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February 07, 2012, 08:17:46 PM
 #25

I guess most of you didn't really follow the events on Bitcoinica since the "big squeeze". The starfish appears more often for a reason - Zhou slightly changed the way it works after the incident. Before that, starfish would show up only when Bitcoinica was totally out of reserves and one couldn't even liquidate his positions or withdraw USD. It was changed since then so when Bitcoinica's reserves are depleting, they halt trading in certain direction to maintain their reserves for liquidations and withdrawals. That's why we see the star more often even though it's not "dangerous" as much as it was before.
Did you try to withdraw recently?  For me it was as impossible as before - I don't think Zhou has any special reserves for withdrawals now.  As for reserves for liquidations of shorts - this was implemented long time before the "big squeeze".  More probable for me is that people started withdrawing from bitcoinica - because they cannot use the funds there anyway.
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February 07, 2012, 08:20:02 PM
 #26

I guess most of you didn't really follow the events on Bitcoinica since the "big squeeze". The starfish appears more often for a reason - Zhou slightly changed the way it works after the incident. Before that, starfish would show up only when Bitcoinica was totally out of reserves and one couldn't even liquidate his positions or withdraw USD. It was changed since then so when Bitcoinica's reserves are depleting, they halt trading in certain direction to maintain their reserves for liquidations and withdrawals. That's why we see the star more often even though it's not "dangerous" as much as it was before.

Okay, maybe it's time to buy back in.

i told ya' it's meaningless Smiley
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February 07, 2012, 09:35:31 PM
 #27

I guess most of you didn't really follow the events on Bitcoinica since the "big squeeze". The starfish appears more often for a reason - Zhou slightly changed the way it works after the incident. Before that, starfish would show up only when Bitcoinica was totally out of reserves and one couldn't even liquidate his positions or withdraw USD. It was changed since then so when Bitcoinica's reserves are depleting, they halt trading in certain direction to maintain their reserves for liquidations and withdrawals. That's why we see the star more often even though it's not "dangerous" as much as it was before.
+1

This is a good thing in some ways, for one it makes Bitcoin price more stable. It's not as easy for a "Bitcoinica bubble" to form. Price going up will me more legit from now on. Rallies will be smaller but on the other hand, long squeezes are not as devastating so it stabilizes the situation both ways.

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February 07, 2012, 11:32:38 PM
 #28

I guess most of you didn't really follow the events on Bitcoinica since the "big squeeze". The starfish appears more often for a reason - Zhou slightly changed the way it works after the incident. Before that, starfish would show up only when Bitcoinica was totally out of reserves and one couldn't even liquidate his positions or withdraw USD. It was changed since then so when Bitcoinica's reserves are depleting, they halt trading in certain direction to maintain their reserves for liquidations and withdrawals. That's why we see the star more often even though it's not "dangerous" as much as it was before.
Did you try to withdraw recently?  For me it was as impossible as before - I don't think Zhou has any special reserves for withdrawals now.  As for reserves for liquidations of shorts - this was implemented long time before the "big squeeze".  More probable for me is that people started withdrawing from bitcoinica - because they cannot use the funds there anyway.

This is what im talking about.. everyone thinks its heresay, its STILL a problem..

The liquidity is a joke.. its not existent, hes too busy funding the big boys to manipulate us to mind us lil folk..

I withdrew USD as MtGox coupon twice today from Bitcoinica with no problem.  I drew down my position to where there's 0 margin and all profit.  No problems.  Easy as pie.  I don't understand why everyone doesn't use it.

10% off at CampBX for LIFE:  https://campbx.com/main.php?r=C9a5izBQ5vq  ----  Authorized BitVoucher MEGA reseller (& BTC donations appreciated):  https://bitvoucher.co/affl/1HkvK8o8WWDpCTSQGnek7DH9gT1LWeV5s3/
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Qoheleth
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February 07, 2012, 11:49:05 PM
 #29

I guess most of you didn't really follow the events on Bitcoinica since the "big squeeze". The starfish appears more often for a reason - Zhou slightly changed the way it works after the incident. Before that, starfish would show up only when Bitcoinica was totally out of reserves and one couldn't even liquidate his positions or withdraw USD. It was changed since then so when Bitcoinica's reserves are depleting, they halt trading in certain direction to maintain their reserves for liquidations and withdrawals. That's why we see the star more often even though it's not "dangerous" as much as it was before.
Wait wait wait.

Why would a margin broker use their reserves for liquidations and withdrawls? Reserves are for materializing positions; if a person is liquidating or withdrawing their money, it's the money in their account.

Or are you saying Bitcoinica used to mix reserves and client assets?

If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the culture of naive fools and conmen, the former convinced that BTC is a magic box that will turn them into millionaires, and the latter arriving by the busload to devour them.
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February 08, 2012, 02:36:19 AM
 #30

Wait wait wait.

Why would a margin broker use their reserves for liquidations and withdrawls? Reserves are for materializing positions; if a person is liquidating or withdrawing their money, it's the money in their account.

Or are you saying Bitcoinica used to mix reserves and client assets?
There's been no word of bitcoinica storing assets anywhere other than their Mt. Gox account.  I suppose they could have some bitcoins offline, or have some USD elsewhere, but I doubt it.

At one point, traders with short positions couldn't close out their shorts because there was no USD in the bitcoinica MtGox account to buy back btc, but now Zhou keeps at least some USD reserves so people can close their shorts.  I think that was around November IIRC, many months after going public with the system.  Oversight?  Nah...

Seems that there's a large enough market demand for leveraged trading that people continue to use Zhou's rinky-dink system for a lack of alternatives.  Any real entrant would see a flood of users; then again, the whole bitcoin economy lacks maturity.  Magic the gathering exchange?  Really?

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February 08, 2012, 04:29:10 AM
 #31

Any real entrant would see a flood of users; then again, the whole bitcoin economy lacks maturity.  Magic the gathering exchange?  Really?

I tend to agree. But I have to wonder, what is stopping a "real entrant"? If there is money to be made, a flood of users as you say, why isn't anyone stepping up to the plate? Fear? Legal issues? Or is it because the whole Bitcoin economy lacks maturity? I mean that seems like yet another chicken and egg problem. No "real entrant" will enter, adding maturity to the market, because the market is immature! Ha.

It seems like a "real entrant" could solidify his future in the market, and the market itself, simply by entering.

Or do we just have to wait for the current solutions to mature to the point where we no longer need "real entrants"?
Makes me wish I had a week to burn and a quarter grand to convert into reserve.

If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the culture of naive fools and conmen, the former convinced that BTC is a magic box that will turn them into millionaires, and the latter arriving by the busload to devour them.
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February 08, 2012, 08:08:17 AM
 #32

I guess most of you didn't really follow the events on Bitcoinica since the "big squeeze". The starfish appears more often for a reason - Zhou slightly changed the way it works after the incident. Before that, starfish would show up only when Bitcoinica was totally out of reserves and one couldn't even liquidate his positions or withdraw USD. It was changed since then so when Bitcoinica's reserves are depleting, they halt trading in certain direction to maintain their reserves for liquidations and withdrawals. That's why we see the star more often even though it's not "dangerous" as much as it was before.
Did you try to withdraw recently?  For me it was as impossible as before - I don't think Zhou has any special reserves for withdrawals now.  As for reserves for liquidations of shorts - this was implemented long time before the "big squeeze".  More probable for me is that people started withdrawing from bitcoinica - because they cannot use the funds there anyway.

Yes, I did withdraw 1k BTC yesterday, it was "pending approval" for a while but eventually it went through.
Also, I remember precisely that during the squeeze people had trouble with liquidating their positions, and after it they fixed that (Zhou announced this somewhere).
zby
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February 08, 2012, 09:40:14 AM
 #33

I guess most of you didn't really follow the events on Bitcoinica since the "big squeeze". The starfish appears more often for a reason - Zhou slightly changed the way it works after the incident. Before that, starfish would show up only when Bitcoinica was totally out of reserves and one couldn't even liquidate his positions or withdraw USD. It was changed since then so when Bitcoinica's reserves are depleting, they halt trading in certain direction to maintain their reserves for liquidations and withdrawals. That's why we see the star more often even though it's not "dangerous" as much as it was before.
Did you try to withdraw recently?  For me it was as impossible as before - I don't think Zhou has any special reserves for withdrawals now.  As for reserves for liquidations of shorts - this was implemented long time before the "big squeeze".  More probable for me is that people started withdrawing from bitcoinica - because they cannot use the funds there anyway.

This is what im talking about.. everyone thinks its heresay, its STILL a problem..

The liquidity is a joke.. its not existent, hes too busy funding the big boys to manipulate us to mind us lil folk..

I withdrew USD as MtGox coupon twice today from Bitcoinica with no problem.  I drew down my position to where there's 0 margin and all profit.  No problems.  Easy as pie.  I don't understand why everyone doesn't use it.

I did try that - it was hanging in 'pending approval' state for a few days - before I resigned and exchanged it to BTC.  When exactly did you do your withdrawal?  Maybe there are times when they approve them quickly.
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February 08, 2012, 10:46:02 AM
 #34

I guess most of you didn't really follow the events on Bitcoinica since the "big squeeze". The starfish appears more often for a reason - Zhou slightly changed the way it works after the incident. Before that, starfish would show up only when Bitcoinica was totally out of reserves and one couldn't even liquidate his positions or withdraw USD. It was changed since then so when Bitcoinica's reserves are depleting, they halt trading in certain direction to maintain their reserves for liquidations and withdrawals. That's why we see the star more often even though it's not "dangerous" as much as it was before.
Did you try to withdraw recently?  For me it was as impossible as before - I don't think Zhou has any special reserves for withdrawals now.  As for reserves for liquidations of shorts - this was implemented long time before the "big squeeze".  More probable for me is that people started withdrawing from bitcoinica - because they cannot use the funds there anyway.

This is what im talking about.. everyone thinks its heresay, its STILL a problem..

The liquidity is a joke.. its not existent, hes too busy funding the big boys to manipulate us to mind us lil folk..

I withdrew USD as MtGox coupon twice today from Bitcoinica with no problem.  I drew down my position to where there's 0 margin and all profit.  No problems.  Easy as pie.  I don't understand why everyone doesn't use it.

I did try that - it was hanging in 'pending approval' state for a few days - before I resigned and exchanged it to BTC.  When exactly did you do your withdrawal?  Maybe there are times when they approve them quickly.
After 2 days of waiting, I cancelled a $900 withdrawal and successfully (and immediately) processed three $300 withdrawals.  So there's some coding weirdness going on somewhere in there. (this was a few weeks ago, I don't know the situation now).
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February 08, 2012, 10:50:22 AM
 #35

I can confirm what zby said. When I withdrew a minor sum of BTC as well as USD (both MtGox codes), the USD got processed instantly while the Bitcoins took a while. This was while it showed * on buy, though and a few weeks ago as well.

"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
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February 08, 2012, 03:26:03 PM
 #36

So we are back to where we were.


"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
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February 08, 2012, 03:59:59 PM
 #37

So we are back to where we were.

How could we not be?  Nothing has magically created more reserves for Bitcoinica.

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February 08, 2012, 04:17:26 PM
 #38

So we are back to where we were.

How could we not be?  Nothing has magically created more reserves for Bitcoinica.

Well - the sell to 5.3 could be a liquidation on bitcoinica - this would free some funds there.  But then it is also possible that the rally to 5.85 was fueled by those freed funds.
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February 14, 2012, 04:59:26 AM
 #39

no more mr starfish
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