Quote from: stochastic on February 15, 2012, 07:47:10 AM

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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.

I was trolling previously and expected to get banned

I still appreciate the serious replies.

Bitcoinica has unfortunately high spreads, and doing what you mentioned would make me lose around 5%. although it is a viable way of doing it.

however, it still doesnt solve the issue that I had to wait for 6 confirmations. I just happened to make the decision of sleeping rather than waiting for new blocks.

what I was really pissed about is how people instantly behave like a flock, in regards to btc. people are willing to sell their coins at huge losses, which is completely unreasonable. it just gives me this vibe of very inexperienced, emotional and stressed out people crapping their pants as fast as a large trade happens. and then as previously mentioned, this triggers behavior from bots (and possibly a chain reaction of liquidations in bitcoinica)

although I kept the btc, and it has gone back up to 4.8. things do seem brighter.

anyway, this thread should get binned or modified, I certainly didnt behave nice here Tongue