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Author Topic: I'm leaving Bitcoin  (Read 34575 times)
zhoutong
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May 13, 2012, 01:02:13 PM
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No, this isn't related to the Bitcoinica hack. The hack just makes the choices obvious and straightforward.

I, Zhou Tong (Zhou is my surname), will discontinue all involvement in Bitcoin-related projects after the Bitcoinica incident has been fully resolved until further notice.

I always believe in Bitcoin, or simply anything that brings people financial liberty. I have heavily invested in Bitcoin (I purchased one 1,000 BTC gold coin from Casascius and will keep it for as long as I can). And I have enjoyed what I have done for the Bitcoin community.

Really, thank you for all the wonderful support. It feels great to have an experimental project become the "best thing since sliced bread", and run one of the most profitable businesses in a new economy. Bitcoinica has a total historical revenue equivalent to about 0.67% of the whole Bitcoin economy. Not even Apple can match this record in the real world economies.

The first time I read about Bitcoin was in late 2010. My first reaction was "these coins are cheap, maybe it just doesn't work". I learned about Bitcoin again in mid 2011, when the first bubble started. I bought my first Bitcoin when it fell to $8. I told all my close friends and classmates about Bitcoin, simply because I think it's a cool idea. The idea of a margin trading platform quickly went into my mind, and I started working on Bitcoinica.

I lied about the time it took to build Bitcoinica. (I said I spent one week on it.) I started on September 4, 2011 and launched on September 9, 2011. Just four and half days. In a week, trading volume passed one million dollars. I started making profits like crazy.

In November, an investor approached me to acquire Bitcoinica. Due to regulatory concerns, I agreed to the deal and signed the agreement. Bitcoinica was sold for a good price. However, since the investor is unable to arrange for a replacement team, I continued to become the sole operator until Team Intersango took over two weeks ago. The investor let me keep all profits until late January, the official handover time. After handover, he continued to offer generous salary and performance bonus every month. The investor demands his identity to be protected so I won't share more information on this.

I left school in Singapore and decided to continue my education in Australia. I made the decision because of the Internet industry, and the hacker culture. I'm a web developer and I want to become a really good one. I want to work with smart hackers and wonderful designers to change the world. Singapore isn't particularly good at this. (Obviously, US West Coast should be a better choice, but for some other reasons I didn't consider US.)

I have started working on another project (not Bitcoin-related) that is going to make a little difference on the Internet. So far I have achieved great progress and I'm pretty confident about this new venture.

My life hasn't changed much except that I became more confident after Bitcoinica's success. I realized that I have the power to make something profitable. Such kind of confidence is extremely hard to get, until you really experience a significant success. I worked on several projects before, and all of them failed eventually. I thought I was confident because I kept building new stuff and improving myself. But the real confidence comes from the success itself.

I failed at one thing though, that is generating value for the society. Bitcoinica did create a place for people to trade more efficiently and provide liquidity to the market. However, speculation is a zero-sum game (or negative-sum, strictly saying). I know there can be many justifications for Bitcoinica's value, but all of them are against my intuition and values.

With the confidence and the innate intuition to build wonderful things for a better world, I decided to move on. I didn't quit Bitcoinica because it's the only source of income that I currently have.

I know that my time is valuable and industry establishment is really important. I don't want my name to be remembered by only Bitcoiners. It's true that I believe in Bitcoin's potential, but not everyone believes. If I'm a influential person I wouldn't have to do this, but the best way to be known in the Internet industry is to build products that save people time, money and headaches.

I'm going to be a young entrepreneur that solves problems for everyone. I leave Bitcoin only because it doesn't help address my real needs. Making money isn't that important after all.

I'll be a Bitcoin lover forever, and I will come back to this forum regularly to discuss about the future that's in our own hands! I will keep the 1,000 BTC  gold coin as a lifetime investment and I'm pretty confident that it'll be the best investment ever in my life.

Bitcoin FTW!

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

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
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May 13, 2012, 01:11:19 PM
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You did a lot for Bitcoin man. I wish you best Smiley

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May 13, 2012, 01:14:28 PM
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You did create value for Bitcoin. Stability has been a real benefit.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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May 13, 2012, 01:18:23 PM
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You did create value for Bitcoin. Stability has been a real benefit.

+1

The shorting really kept the price in check. I am not sure how high we would have gone without it in our run to ~7.20, but I know we would be off far worse in the long run. Thanks for all your contributions in this community Zhou, and good luck. I wish you the best! Smiley

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May 13, 2012, 01:21:43 PM
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you did great work on bitcoinica. Im glad it worked for you and you got some money to help with your life and other ventures.
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May 13, 2012, 01:22:23 PM
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And what about the book you we're going to write on bitcoin ?

Make sure you settle all things before leaving Zhou or else people will not remember pleasantly about you, if you know what i mean.

BTCitcoin: An Idea Worth Saving - Q&A with bitcoins on rugatu.com - Check my rep
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May 13, 2012, 01:26:12 PM
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Thanks Tong. After reading your full post I was literally touched.

Despite all distrusts and controversies among some people, you still did a great job. I believe that Bitcoinica actually reduced the price volatility instead of increasing it, I also in my whole heart believe that Bitcoinica is much much more than just a place for people to speculate. You devoted a lot to the community and deserve appreciation.

Please do make us know your next big project whenever it is out, even it is not Bitcoin-related. I wish you success in person, not just as a Bitcoiner. Smiley

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May 13, 2012, 01:27:56 PM
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I hope this post just means that Zhou's Bitcointalk.org account has been hacked.

Please don't leave us!

http://www.bitcoinstore.com More than 500,000 products available for Bitcoin only!

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May 13, 2012, 01:29:40 PM
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you can't leave Bitcoin Wink


Good luck kicking Facebook's ass!   ;p
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May 13, 2012, 01:38:32 PM
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Ok, I will tell you how it will be Smiley

During next 20 years you will be building Facebooks 2, Instagrams 3, Friendfinders 4 etc... All these projects will fail miserably... One day you will sit down and tell to yourself - "Oh my God, how stupid I was when I was 19 years old... I had everything - money, name, new technology and I blew it off for some stupid startups that next year nobody remembers of..."

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May 13, 2012, 01:42:38 PM
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the best way to be known in the Internet industry is to build products that save people time, money and headaches.

I leave Bitcoin only because it doesn't help address my real needs.

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who have eyes to see, and don't see, who have ears to hear, and don't hear

zhoutong
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May 13, 2012, 01:45:07 PM
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And what about the book you we're going to write on bitcoin ?

Make sure you settle all things before leaving Zhou or else people will not remember pleasantly about you, if you know what i mean.

Sure. I will work together with the rest of Bitcoinica team and make sure everyone is satisfied. This post is just my honest thought from my heart, not something meant to deny responsibility.

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

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
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May 13, 2012, 01:47:25 PM
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Quote
I have started working on another project (not Bitcoin-related) that is going to make a little difference on the Internet. So far I have achieved great progress and I'm pretty confident about this new venture.

That's what Satoshi said.

Seriously though. Good luck with your studies. Yeah, finance is not something to spend your life on when you're young. There are many problems in the world that need solutions. Find and develop your talents. You've already proven to yourself that one person can make a difference.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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May 13, 2012, 01:48:14 PM
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Ok, I will tell you how it will be Smiley

During next 20 years you will be building Facebooks 2, Instagrams 3, Friendfinders 4 etc... All these projects will fail miserably... One day you will sit down and tell to yourself - "Oh my God, how stupid I was when I was 19 years old... I had everything - money, name, new technology and I blew it off for some stupid startups that next year nobody remembers of..."

Or he will build something never appeared before, something that will eventually make all of us be able to live 200 years and drive flying cars. Or he will come back and contribute more to Bitcoin after one year or two.

zhoutong
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May 13, 2012, 01:49:39 PM
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Ok, I will tell you how it will be Smiley

During next 20 years you will be building Facebooks 2, Instagrams 3, Friendfinders 4 etc... All these projects will fail miserably... One day you will sit down and tell to yourself - "Oh my God, how stupid I was when I was 19 years old... I had everything - money, name, new technology and I blew it off for some stupid startups that next year nobody remembers of..."

I think passion is the most important thing. I was very passionate about Bitcoin trading and that's why I achieved whatever I wanted.

To be honest, I believe that I was making easy money. Bitcoin economy is really a gold mine. But I find it not very challenging and exciting.

If I'm in my 30s, I wouldn't choose to leave. But I'm young. I want to experience something else that I'm passionate about, and possibly do something good for the world.

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

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
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May 13, 2012, 01:50:53 PM
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Dude! dont go man! you really have done such good stuff Cry

your a really smart kid and I wish you all the best. But come on man stick around. I know there are pricks on this forum that are just haters and call everything a scam but dont listen to them.  

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May 13, 2012, 01:51:09 PM
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You did create value for Bitcoin. Stability has been a real benefit.

+1

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May 13, 2012, 01:57:06 PM
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If zhoutong want to leave, good for him... Whatever he wants to do, may it be successful!

His heart is in the right place!

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May 13, 2012, 02:04:26 PM
 #19

Good luck-- I share your view that coming up with better ways of playing zero-sum games is not the way to make the world a better place.

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May 13, 2012, 02:04:30 PM
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And what about the book you we're going to write on bitcoin ?

Make sure you settle all things before leaving Zhou or else people will not remember pleasantly about you, if you know what i mean.

Sure. I will work together with the rest of Bitcoinica team and make sure everyone is satisfied. This post is just my honest thought from my heart, not something meant to deny responsibility.

I apologize for doubting you and filing the legal complaint against your service a while ago. All the good karma to you dude, i'm sure you will need it like the rest of us.

BTCitcoin: An Idea Worth Saving - Q&A with bitcoins on rugatu.com - Check my rep
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