theres not much to learn when all I did was decide not to wait for 6 confirmations, and went to sleep instead. thats like saying I deserve to lose money if Im not holding it tightly with both hands, 24/7.
now fuck off trying to talk to me like if I dont know how this works. this was just simply another fuckup making people not want to do business in btc. in all likelihood, this is causing most people to not want to use btc.
If this guy new "how it works" he would have shorted the amount of bitcoins he held while he slept. That would have kept his BTC/USD exchange rate that he wanted at that moment fixed.
1. He has 100 BTC valued at $550.
2. He sells 100 BTC on Bitconica for $550
3. The value of bitcoins drops to $4.50
4. He wakes up and sees his Mtgox value of bitcoins is now $450
5. He then goes on Bitcoinica and sees he has a profit of $100.
6. He buys back the bitcoins on Bitcoinica and moves his $100 to Mtgox
7. Now he has 100 Bitcoins worth $450 and $100.
$450 + $100 = $550
He would have lost no money if he knew what he was doing. If an Iowan farmer knows how to hedge his corn then so should bitcoin accepting merchants with the ease of use of Bitcoinica.