Topic: I'm leaving Bitcoin - page 16. (Read 56560 times)

Zhou, What is your current relationship with the Bitcoinica business? Have you already said your good byes?
It's in a complete PR Fiasco right now and you have always been their PR man.

It needs a splash page ASAP.
Your announcements need to be sent out by email! not just here on the forum.
And a blog spot with at least daily updates (can be brief).

Please address this issue. Thanks.

Excuse me while I run away screaming.

I stopped watching your video after 2 minutes when I heard "borrowing the stock increases the supply of the stock".
This video falls in the same fallacy as so many academic papers sponsored by brokerage firms or investment banks trying to prove against common sense that shorting has no effect on volatility (for the more conservative papers).
Its sheer propaganda. Plus all this is considering stock trading (unknown future supply of stock) while bitcoin is in limited supply.

If bitcoin margin trading reduces  instantaneous volatility it's because it's attracting more volume, only of speculative trade: you then get major swings that are referred to as "market crashes" because the real trade is just not there. It's like squeezing a coil.

yes,and i think this was the reason why somebody hack bitcoinica twice

If short selling has one major effect it is precisely that of reducing volatilty. Go and learn some basics from Khan Academy: http://www.youtube.com/watch?v=zAkMhEqWFF0

It's even entertaining. On the upside, I will enjoy the next (and b/c of stability long-overdue) bitcoin bubble, which will now definetely come back to us to sell my coins for $10 or more. The interest payment provided something really useful for all bitcoiners. In my wallet I receive no interest whatsoever and it can be hacked, too.

@ Tong Zhou - I think you are an honest person, please help as much as you can to get our bitcoins back from bitcoinica. Had 101 coins there!

After this is done, go to school and enjoy life. I doubt though you will come back with something more successful than bitcoinica. You already are famous. It isn't zero-sum, and people losing money in trading/gambling do at their own responsibilty. If one reason for you to leave is thinking they shouldn't lose money because it isn't good for society (i.e. all your customers as a whole), you should be aware that you are judging them and at the same time 'robbing' them of their liberty. So, this what a business is all about: You end up with money that isn't yours. Technically, this is what most/if not all businesses are and have to be -stealing. Morally, you could have used that money wisely to give back to the community. For things you consider important and things people urgently need. Perhaps this responsibilty would have been a bit much? :-)

For those who are stuck because of the Bitcoinica hack:

I am willing to pay for shares/bonds of major GLBSE mining operations with Diablo Mining Company shares to help offset the losses of Bitcoinica users.

https://bitcointalksearch.org/topic/m.901042

Do you sincerely believe the relative price stability we are experiencing since mid february (about the same time as the Tradehill shut down) has something to do with bitcoinica margin trading feature ?

I'm gonna miss getting zhoutonged....not, hehehe.

@1: A wise man said "I'm all in on bitcoin with all I have and all I can borrow" to claim weeks later he has nothing in bitcoins anymore. I suggest you claim the latter at some point, too or at least move your coins once so you can claim it easily. At 100$/BTC taxes might trouble you. At 1000$/BTC weird people (I heard you can hire them for bitcoin) will find a way to make you send them a little tip

@2: When should we try to get a vaporware award for them?

Anyone that wishes to continue the discussion about "Zero-sum games", please do so in this thread started by Gavin: https://bitcointalksearch.org/topic/zero-sum-games-81671

Try http://www.bitcoinica.com (not https) there's some info since yesterday.
Addres redirects to a blog on blogger.com (http://www.blogger.com/profile/01830718100003055247).

Good luck and best wishes zhoutong,your name will stay in bitcoin Metric forever

Still nothing up at bitconica.com.  Is the demise of the site terminal?  Three days without even a splash page on the web site telling users there's a problem.  Unless every Bitcoinica user reads this forum (or Slashdot et al), they'd think the site's operators took the money and ran.  Not a good look.

I saved a screenshot of this masterpiece worried that the admins might delete it... they're on a roll lately.

Looks like Bitcoinica will be offline for a while. We will see how much more or less stable the market is during this period (once the dust settles from all this fiasco, give it a couple days more for them to reimburse users).

Do you really believe bitcoinica is helping reduce volatility ??
Don't you think is has something to do with volume ? Volume resulting from margin trading is not real: it can evaporate overnight.
Volume resulting from real trade is stabilizing.

Um, Gavin, you do realise that your Bitcoin Faucet is a zero-sum game?

Gavin is very smart, dedicated, trustworthy, and hard-working. I don't think he is wise yet, but give him time.

What is value? Who define what has value and what hasn't? if something has no value why do some people try to get it (or to engage in it)?

And also, what the heck does it have to do with "trading money that you don't own"? margin trading is trading money that you borrow, covered by money you already have.


That's why since bitcoinica came in the bitcoin world, volatility has increased... oh wait.

Markets are not a zero-sum game but bitcoinica certainly was.

Don't over-do it peeps. Actually it was a zero-sum-minus-cut game, just like any (honest) poker site.