bitcoinica's fraud actions

[John (John K.)]

by now I have 6 customers who are dissatisfied with bitcoinica.
And don't forget, this forum is not bitcoin, this is not anonymous, dont be stupid, think before write.

Nice! resorting to implied legal threats against us for mocking you?

It's not illegal for us to disagree with you, and I don't care if you know my identity or not. I don't care how many people you have lined up who dislike bitcoinica; some may have legitimate concerns, but the arguments you've given so far do not indicate that you do.

As far as I'm concerned, you're someone who did something stupid, got burned for it, and are now trying to compensate for your stupidity by suing someone who you are unable to prove did anything wrong. People were remarking on how stupid it was before you got screwed, and people laughed at you after it happened. I'm sorry you lost money, but if you play in a high-risk environment, you have to be prepared for losses.

Nicely said.

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[fcmatt]

it seems bitcoinica website has malfunctioned, clearly malfunctioned, in the past and there are valid concerns out there.
i am just do not think the OPs is one of them. he had a chance to make a nice profit but he made the position public
and there are people here on this forum who have enough cash to buy a lot of btc to have messed with him.

[meelba]

it seems bitcoinica website has malfunctioned, clearly malfunctioned, in the past and there are valid concerns out there.
i am just do not think the OPs is one of them. he had a chance to make a nice profit but he made the position public
and there are people here on this forum who have enough cash to buy a lot of btc to have messed with him.

Bitcoinica doesn't hedge 100% possitions. This action is loss. You cant predict how much bitcoinica will hedge, if you are not bitcoinica/ friends/stuff

[copumpkin]

it seems bitcoinica website has malfunctioned, clearly malfunctioned, in the past and there are valid concerns out there.
i am just do not think the OPs is one of them. he had a chance to make a nice profit but he made the position public
and there are people here on this forum who have enough cash to buy a lot of btc to have messed with him.

Bitcoinica doesn't hedge 100% possitions. This action is loss. You cant predict how much bitcoinica will hedge, if you are not bitcoinica/ friends/stuff

Someone had enough money to move all of mtgox by $2 within a short time window around that period. You can't predict how much bitcoinica hedges, but if you move the mtgox price by $2 (up and down), you can be pretty sure a lot of leveraged positions (in both directions) are going to get fucked hard.

[meelba]

"you can be pretty sure a lot of leveraged positions (in both directions) are going to get fucked hard."

What if not enough. ask yourself would you pay 50k$-60k$-150k$ for this mistake ?
I dont think so. you would never do it until you get some insider Information.

[copumpkin]

"you can be pretty sure a lot of leveraged positions (in both directions) are going to get fucked hard."

What if not enough. ask yourself would you pay 50k$-60k$-150k$ for this mistake ?
I dont think so. you would never do it until you get some insider Information.

It wasn't just about you.

[Matthew N. Wright]

Okay, meelba, let me start off by saying

[meelba]

Okay, meelba, let me start off by saying

Bad Mr. Teacher. How is ur FPGA by BFL in Seoul ? wasnt it contraband ?

[Matthew N. Wright]

Okay, meelba, let me start off by saying

Bad Mr. Teacher. How is ur FPGA by BFL in Seoul ? wasnt it contraband ?

Aww. You're handicapped, aren't you?

Check this out.

I can do a search for my name and find 20 references to being a teacher, what I've bought in the past 10 months, and all of my businesses, even my home address! Not impressive faggot.

(Also, lol@thinking I'm a teacher still. That was sufficiently years ago now.)

Now go on about your idiotic non-lawsuit which is not happening anywhere other than your imagination.


EDIT: Back on topic:

After Zhou stole my 30k$ (trading against clients) I have succeded with my lawer on opening a criminal case against him.

Has your lawyer / teddy bear dressed in her sunday best at your imaginary tea party told you yet that in a lawsuit you need evidence? I haven't seen any yet.

Also, you're going to get a huge surprise if and when you actually do try to sue Bitcoinica. You'll find out soon enough.

[waspoza]

[John (John K.)]

Okay, meelba, let me start off by saying

Bad Mr. Teacher. How is ur FPGA by BFL in Seoul ? wasnt it contraband ?

Aww. You're handicapped, aren't you?

Check this out.

I can do a search for my name and find 20 references to being a teacher, what I've bought in the past 10 months, and all of my businesses, even my home address! Not impressive faggot.

(Also, lol@thinking I'm a teacher still. That was sufficiently years ago now.)

Now go on about your idiotic non-lawsuit which is not happening anywhere other than your imagination while I finish getting my dick sucked by another model who claimed she'd never have sex before marriage.  


EDIT: Back on topic:

After Zhou stole my 30k$ (trading against clients) I have succeded with my lawer on opening a criminal case against him.

Has your lawyer / teddy bear dressed in her sunday best at your imaginary tea party told you yet that in a lawsuit you need evidence? I haven't seen any yet.

Also, you're going to get a huge surprise if and when you actually do try to sue Bitcoinica. You'll find out soon enough.

Shh, you're going to spoil the fun.

[marked]

Someone had enough money to move all of mtgox by $2 within a short time window around that period. You can't predict how much bitcoinica hedges, but if you move the mtgox price by $2 (up and down), you can be pretty sure a lot of leveraged positions (in both directions) are going to get fucked hard.

It wasn't as if there wasn't notice - this thread three days beforehand in the speculation topic;

Could I drive up the Bitcoin price with a clearing purchase?
https://bitcointalk.org/index.php?topic=68120.msg793859#msg793859

anyone with that much leverage and amount should be constantly watching the forums and taking into account actions such as the above. Even if he didn't make that purchase in the end, someone did.

marked

[Omni]

Someone had enough money to move all of mtgox by $2 within a short time window around that period. You can't predict how much bitcoinica hedges, but if you move the mtgox price by $2 (up and down), you can be pretty sure a lot of leveraged positions (in both directions) are going to get fucked hard.

It wasn't as if there wasn't notice - this thread three days beforehand in the speculation topic;

Could I drive up the Bitcoin price with a clearing purchase?
https://bitcointalk.org/index.php?topic=68120.msg793859#msg793859

anyone with that much leverage and amount should be constantly watching the forums and taking into account actions such as the above. Even if he didn't make that purchase in the end, someone did.

marked

That's me

[zhoutong]

Someone had enough money to move all of mtgox by $2 within a short time window around that period. You can't predict how much bitcoinica hedges, but if you move the mtgox price by $2 (up and down), you can be pretty sure a lot of leveraged positions (in both directions) are going to get fucked hard.

It wasn't as if there wasn't notice - this thread three days beforehand in the speculation topic;

Could I drive up the Bitcoin price with a clearing purchase?
https://bitcointalk.org/index.php?topic=68120.msg793859#msg793859

anyone with that much leverage and amount should be constantly watching the forums and taking into account actions such as the above. Even if he didn't make that purchase in the end, someone did.

marked

That's me

We never advocate excessive leverage and deliberate squeeze.

Forced liquidations do not contribute to the long-term growth of the Bitcoinica platform at all. So we won't partner with anyone who is interested in squeezing other customers either.

However, we respect your freedom of trading. You're welcome to utilize Bitcoinica for your Bitcoin investments.

At the same time, we want to warn everyone with a large amount of leverage to watch out for market risks.

[Raoul Duke]

WAIT! We can sue others and make them pay for our own stupidity?!?!?  

brb, have a couple lawsuits to file...

[occulta]

I dont use bitcoinica, and never will. However, i do wonder how you made so much profit in so little time, i mean 40k in a hot wallet is pretty crazy profit right?

[proudhon]

"you can be pretty sure a lot of leveraged positions (in both directions) are going to get fucked hard."

What if not enough. ask yourself would you pay 50k$-60k$-150k$ for this mistake ?
I dont think so. you would never do it until you get some insider Information.

Wait, but didn't you post insider information - that is, your position?  That's all the information that was needed to know how to liquidate you.  Whoever did it was smart enough to complete the transaction and close their leveraged positions before posting about it, and they got your money.  Sorry bro.

[Matthew N. Wright]

"you can be pretty sure a lot of leveraged positions (in both directions) are going to get fucked hard."

What if not enough. ask yourself would you pay 50k$-60k$-150k$ for this mistake ?
I dont think so. you would never do it until you get some insider Information.

Wait, but didn't you post insider information - that is, your position?  That's all the information that was needed to know how to liquidate you.  Whoever did it was smart enough to complete the transaction and close their leveraged positions before posting about it, and they got your money.  Sorry bro.

And his lack of response is not from his teddy bear advising him to remain silent. (It's because he knows he's wrong.)

[zhoutong]

However, we respect your freedom of trading.

then remove leverage limitations

It's for protection of ourselves. We can't liquidate a 40,000 BTC position with 4% margin requirement.

If we increase the margin requirement to the likely slippage amount, then 10:1 will instantly result in margin call.

[zhoutong]

My advice: go ahead with what you're doing until you realize you're wrong.

We really want to serve our customers in the best possible way we can, but really unfortunately, fulfilling unreasonable requests isn't a sustainable measure of customer service.

Again, we make profits regardless of your profits and losses. We lose money (or potential profit) in two cases:

1. Someone is unhappy about Bitcoinica and left us.
2. We're unable to liquidate a huge position in case of market volatility and result in negative balances (which are permanent debts 90% of the time).

What we have always been doing is to reduce these situations as much as possible.

EDIT:

Generally, it's obvious that the more people making profits on Bitcoinica, the better for everyone. We're never against you.