Topic: "No Reserve" explanation - page 5. (Read 8966 times)
I agree with cypherdoc that bitcoinica is a basket case. I have been pleading with zhou for transparency for weeks, and trying to warn people about the dangers of margin trading in an anonymous marketplace. Just have a look through my posts in this thread a few weeks back. But I don't subscribe to his permabull outlook. I'm a long term bull, but a market correction is long overdue.
sure. you have thousands of bitcoins on hand but you won't sell them or allow ppl to cover b/c you THINK there are too many long positions? LOL.
There are thousands of accounts on Bitcoinica, and there's one Mt. Gox account called Bitcoinica.
When Bitcoinica customers buy Bitcoins, we will hedge on Mt. Gox to buy for them, and they will have positions.
If we have too many Bitcoins and no USD, they can't buy more Bitcoins simply because we don't have.
Bitcoinica is a brokerage, not a bucket shop. We don't sell Bitcoins to people who want to buy it. We just buy on behalf of people who want to buy. It seems that you had misunderstanding since day one.
sure. you have thousands of bitcoins on hand but you won't sell them or allow ppl to cover b/c you THINK there are too many long positions? LOL.
Z, please correct me if I'm wrong, but I'm pretty sure the issue WAS (it's fixed now) that all the BTC were held in long positions. He can't sell BTC that belong to his users.
Yes, I have 3k+ long posion
sure. you have thousands of bitcoins on hand but you won't sell them or allow ppl to cover b/c you THINK there are too many long positions? LOL.
LOL! please think of a fix that will make everyone money.
Well, the best way for you to make money right now is to take advantage of the imminent long squeeze.
Why do you believe there will be a long squeeze?
IMO, it's the other way around:
-Because you can't buy BTC on Bitcoinica, anyone who wishes to buy BTC will need to buy them on on MtGox, leading to higher prices.
-Because you can't buy BTC on Bitcoinica, any bull with BTC will be LESS likely to sell because they can't re-buy them if they sell too low.
I don't see your logic. If something is in short supply, its price goes up, not down.
Am I missing something?
no, you are not. this prolonged rise in the market has placed Zhoutong in an untenable position IMO. when you go long, he has to go short. IMO he is caught in a massive short squeeze and is desperate to get you guys to either sell or go short to provide btc liquidity so he can cover his losing positions. i think the dam has broken and his advice smacks of manipulation in the name of self preservation.
when are you guys going to learn? problem after problem after problem keeps cropping up. Bitcoinica is doomed.
Bitcoinica never trades against its customers. Price movements have almost no effect on my profits. However, our system couldn't process too many buy orders when our reserves were depleted. This has been fixed now because more people start selling.
I don't have to cover any losing positions. It's just a precautionary procedure to ensure that we don't have any losing positions when people are trading in one direction. Same thing can happen on the selling side too.
wow, how many contradictions lie within those statements and the ones before. i would stop talking if i were you...
Sorry, it's only you with some terrible assumptions. I can't see any contradictions.
I'm always asking myself, could be cypherdoc never understands how Bitcoinica exactly works?
but i am observant. and i see problem after problem after problem.
Care to point out?
wow, how many contradictions lie within those statements and the ones before. i would stop talking if i were you...
i think his English is excellent and there can be no confusion as to his terms. they just contradict themselves.
LOL! please think of a fix that will make everyone money.
Well, the best way for you to make money right now is to take advantage of the imminent long squeeze.
Why do you believe there will be a long squeeze?
IMO, it's the other way around:
-Because you can't buy BTC on Bitcoinica, anyone who wishes to buy BTC will need to buy them on on MtGox, leading to higher prices.
-Because you can't buy BTC on Bitcoinica, any bull with BTC will be LESS likely to sell because they can't re-buy them if they sell too low.
I don't see your logic. If something is in short supply, its price goes up, not down.
Am I missing something?
no, you are not. this prolonged rise in the market has placed Zhoutong in an untenable position IMO. when you go long, he has to go short. IMO he is caught in a massive short squeeze and is desperate to get you guys to either sell or go short to provide btc liquidity so he can cover his losing positions. i think the dam has broken and his advice smacks of manipulation in the name of self preservation.
when are you guys going to learn? problem after problem after problem keeps cropping up. Bitcoinica is doomed.
Bitcoinica never trades against its customers. Price movements have almost no effect on my profits. However, our system couldn't process too many buy orders when our reserves were depleted. This has been fixed now because more people start selling.
I don't have to cover any losing positions. It's just a precautionary procedure to ensure that we don't have any losing positions when people are trading in one direction. Same thing can happen on the selling side too.
wow, how many contradictions lie within those statements and the ones before. i would stop talking if i were you...
Sorry, it's only you with some terrible assumptions. I can't see any contradictions.
I'm always asking myself, could be cypherdoc never understands how Bitcoinica exactly works?
but i am observant. and i see problem after problem after problem.
wow, how many contradictions lie within those statements and the ones before. i would stop talking if i were you...
LOL! please think of a fix that will make everyone money.
Well, the best way for you to make money right now is to take advantage of the imminent long squeeze.
Why do you believe there will be a long squeeze?
IMO, it's the other way around:
-Because you can't buy BTC on Bitcoinica, anyone who wishes to buy BTC will need to buy them on on MtGox, leading to higher prices.
-Because you can't buy BTC on Bitcoinica, any bull with BTC will be LESS likely to sell because they can't re-buy them if they sell too low.
I don't see your logic. If something is in short supply, its price goes up, not down.
Am I missing something?
no, you are not. this prolonged rise in the market has placed Zhoutong in an untenable position IMO. when you go long, he has to go short. IMO he is caught in a massive short squeeze and is desperate to get you guys to either sell or go short to provide btc liquidity so he can cover his losing positions. i think the dam has broken and his advice smacks of manipulation in the name of self preservation.
when are you guys going to learn? problem after problem after problem keeps cropping up. Bitcoinica is doomed.
Bitcoinica never trades against its customers. Price movements have almost no effect on my profits. However, our system couldn't process too many buy orders when our reserves were depleted. This has been fixed now because more people start selling.
I don't have to cover any losing positions. It's just a precautionary procedure to ensure that we don't have any losing positions when people are trading in one direction. Same thing can happen on the selling side too.
wow, how many contradictions lie within those statements and the ones before. i would stop talking if i were you...
Sorry, it's only you with some terrible assumptions. I can't see any contradictions.
I'm always asking myself, could be cypherdoc never understands how Bitcoinica exactly works?
That couldn't have been one trade, there was price fluctuation as the 7k went thru the pipes.
+1
I saw at least 1k BTC worth the sells during that ramp.
that makes no sense. if you have thousands of Bitcoins, why aren't you selling to all the ppl who have complained here on the Forum of not being able to buy or cover short positions?
listen up shorts who are caught not being able to cover; Zhou just said he has thousands of Bitcoins that he's not selling to you to allow you out of your shorts...
listen up shorts who are caught not being able to cover; Zhou just said he has thousands of Bitcoins that he's not selling to you to allow you out of your shorts...
He isn't selling them because they are held by his users in positions. It makes perfect sense.
can everyone see that massive $236,000 @ $3.90?
soon that is going to tumble over to the right and crush all the asks. they are getting impatient.
soon that is going to tumble over to the right and crush all the asks. they are getting impatient.
And what about the invisible 200,000 bitcoins that have been mined over the past couple of months but not yet made it onto the exchanges? They could be insane bulls, I'll grant you, but I am of the opinion that they are being greedy.
i am an insane bull but i am not greedy. i will sell when the time comes at MUCH higher prices.
I'm with mjcmurfy... these >$4 prices are frankly shocking to me and it means that I now am mining at a substantial profit rather than just barely covering power. I don't see them staying this high for long, but in the meantime I'll happily sell off all my mined coins and wait to buy back in at <$2.50.
Keep waiting, buddy.
I'm with mjcmurfy... these >$4 prices are frankly shocking to me and it means that I now am mining at a substantial profit rather than just barely covering power. I don't see them staying this high for long, but in the meantime I'll happily sell off all my mined coins and wait to buy back in at <$2.50.
LOL! please think of a fix that will make everyone money.
Well, the best way for you to make money right now is to take advantage of the imminent long squeeze.
Why do you believe there will be a long squeeze?
IMO, it's the other way around:
-Because you can't buy BTC on Bitcoinica, anyone who wishes to buy BTC will need to buy them on on MtGox, leading to higher prices.
-Because you can't buy BTC on Bitcoinica, any bull with BTC will be LESS likely to sell because they can't re-buy them if they sell too low.
I don't see your logic. If something is in short supply, its price goes up, not down.
Am I missing something?
no, you are not. this prolonged rise in the market has placed Zhoutong in an untenable position IMO. when you go long, he has to go short. IMO he is caught in a massive short squeeze and is desperate to get you guys to either sell or go short to provide btc liquidity so he can cover his losing positions. i think the dam has broken and his advice smacks of manipulation in the name of self preservation.
when are you guys going to learn? problem after problem after problem keeps cropping up. Bitcoinica is doomed.
Bitcoinica never trades against its customers. Price movements have almost no effect on my profits. However, our system couldn't process too many buy orders when our reserves were depleted. This has been fixed now because more people start selling.
I don't have to cover any losing positions. It's just a precautionary procedure to ensure that we don't have any losing positions when people are trading in one direction. Same thing can happen on the selling side too.
wow, how many contradictions lie within those statements and the ones before. i would stop talking if i were you...
I see upward momentum despite a massive amount of USD trapped in an insolvent bucket shop. This is insanely bullish.
What I see is people buying without considering the implications of bitcoinica being insolvent.
I think whoever just bought those couple thousand coins is going to get burned badly.
Bitcoinica is never insolvent. We now have tens of thousands of Bitcoins, and that's it.
Too many people have long positions and we couldn't fulfill any more buy orders.
And now it has already been fixed. Buying and selling are normal now.
that makes no sense. if you have thousands of Bitcoins, why aren't you selling to all the ppl who have complained here on the Forum of not being able to buy or cover short positions?
listen up shorts who are caught not being able to cover; Zhou just said he has thousands of Bitcoins that he's not selling to you to allow you out of your shorts...
No, Bitcoinica has a lot of Bitcoins, and when people want to buy on Bitcoinica, the system has to hedge by buying more Bitcoins.
So the system was out of USD, and we couldn't allow more buyers to buy.
can everyone see that massive $236,000 @ $3.90?
soon that is going to tumble over to the right and crush all the asks. they are getting impatient.
soon that is going to tumble over to the right and crush all the asks. they are getting impatient.
And what about the invisible 200,000 bitcoins that have been mined over the past couple of weeks but not yet made it onto the exchanges? They could be insane bulls, I'll grant you, but I am of the opinion that they are just being greedy. Rationality will kick in soon.
LOL! please think of a fix that will make everyone money.
Well, the best way for you to make money right now is to take advantage of the imminent long squeeze.
Why do you believe there will be a long squeeze?
IMO, it's the other way around:
-Because you can't buy BTC on Bitcoinica, anyone who wishes to buy BTC will need to buy them on on MtGox, leading to higher prices.
-Because you can't buy BTC on Bitcoinica, any bull with BTC will be LESS likely to sell because they can't re-buy them if they sell too low.
I don't see your logic. If something is in short supply, its price goes up, not down.
Am I missing something?
no, you are not. this prolonged rise in the market has placed Zhoutong in an untenable position IMO. when you go long, he has to go short. IMO he is caught in a massive short squeeze and is desperate to get you guys to either sell or go short to provide btc liquidity so he can cover his losing positions. i think the dam has broken and his advice smacks of manipulation in the name of self preservation.
when are you guys going to learn? problem after problem after problem keeps cropping up. Bitcoinica is doomed.
Bitcoinica never trades against its customers. Price movements have almost no effect on my profits. However, our system couldn't process too many buy orders when our reserves were depleted. This has been fixed now because more people start selling.
I don't have to cover any losing positions. It's just a precautionary procedure to ensure that we don't have any losing positions when people are trading in one direction. Same thing can happen on the selling side too.
I see upward momentum despite a massive amount of USD trapped in an insolvent bucket shop. This is insanely bullish.
What I see is people buying without considering the implications of bitcoinica being insolvent.
I think whoever just bought those couple thousand coins is going to get burned badly.
no, they are going to make a fortune as the price continues up to its equilibrium fundamental price which is MUCH higher than this.
are you short?
I don't use bitcoinica. I am 100% in USD right now though, as I have already mentioned a number of times, and have been discussing moving into fiat over the past couple of days. I'm not trying to sway opinion, just giving my own. I might be wrong, but all of my data was telling me to get out.
then you are a smart man.
I see upward momentum despite a massive amount of USD trapped in an insolvent bucket shop. This is insanely bullish.
What I see is people buying without considering the implications of bitcoinica being insolvent.
I think whoever just bought those couple thousand coins is going to get burned badly.
Bitcoinica is never insolvent. We now have tens of thousands of Bitcoins, and that's it.
Too many people have long positions and we couldn't fulfill any more buy orders.
And now it has already been fixed. Buying and selling are normal now.
that makes no sense. if you have thousands of Bitcoins, why aren't you selling to all the ppl who have complained here on the Forum of not being able to buy or cover short positions?
listen up shorts who are caught not being able to cover; Zhou just said he has thousands of Bitcoins that he's not selling to you to allow you out of your shorts...
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