It remains to be seen if things will settle out, but for the time being, the market remains quite volatile. Bitcoinica is suddenly the second biggest Bitcoin exchange, by volume, and it's been open for less than three days.
***UPDATE*** Bitcoinica now posts their trading volume on their home page - it's now up to 19,000 BTC over the last 24hrs. Incredible.
Nope, this is not the case... you are just guessing without thinking. Use your brain!
ReplyDeleteI'm willing to admit I'm wrong if you can provide evidence for your assertions.
ReplyDeleteI doubt that the 17 year old Malasian boy that made Bitcoinica has the resources to sustain large amounts of leverage.
ReplyDeleteI also doubt that big players are willing to move huge amounts of bitcoins via a brand new website created by a 17 year old.
Don't get me wrong -- he seems really intelligent and the site is awesome, but 17 year old strangers are not usually trusted with hundreds of thousands of dollars with no questions asked.
He quoted his volume. So you think he made up the number? I personally did some trading through the site today and it was flawless.
ReplyDeleteIf that's true then this proves that people don't care about security.
ReplyDeleteThere was no closed beta, he is implementing features on the fly within 4 hours of the feature being requested -- so very little testing before implementation.
P.S.:
The volume numbers you see are with margin, so divide them by 5 to get a sense of how much money people are actually risking.
You may find this relevant to your interests:
ReplyDeletehttp://www.reddit.com/r/Bitcoin/comments/kcqdv/bitcoinica_three_days_passes_tradehill_second/