Bitcoin Forum

I can't even buy a measly 5 BTC for over 3 hours?  C'mon Zhou!  ****************************************

http://farm8.staticflickr.com/7142/6721932097_099e0a0f0e_b.jpg

Did I miss something?  Did Gox add margin trading recently?

No, you didn't miss anything. Probably a misunderstanding :)

+1

I wish so many people didn't leverage themselves in this market because it brings too much volatility. At the same time when those who are leveraged get liquidated there is a large portion of the community including myself who are there to help stabilize it. We buy when it drops and sell when it rises. It is very profitable and you will never get liquidated because you are never trading with more than you have.


Gox doesn't have margin trading but you can go "long" by buying bitcoins.

He's probably already all-in Bitcoins, which means he can't buy any more. That's why he needs leverage. But if he isn't all-in yet, then yes, you are correct. He could simply buy some more at Mtgox :)

I was being somewhat sarcastic.  I traded on Gox for months before trading on Bitcoinica.  I prefer the style closer to forex that Bitcoinica provides.  I don't hold cash, I just hold BTC.  I'm already "long" on Gox, but I don't have USD available to buy more.  This is where Bitcoinica solves that "problem" for me.

I can't buy bitcoins with bitcoins on gox... I have no USD.

But you're trading on fairly short timeframes, right? Pick a sell point, gain some USDs, try to buy back in lower again.

As funny as that sounds, that is exactly what I am talking about.  I don't buy BTC with USD, I mine all my coins.  Thus I don't have any liquid USD unless I trade old-school style on Gox.

I day traded on Gox, for Bitcoinica I switched to swing trading out of necessity due to spreads.  I come from a forex background before bitcoin anyway.

If I understand correctly, the * on the buy side means that Bitcoinica is out of USD, so they can't execute any more long orders.

Also, I think it's safe to assume that there are lots of long orders out there on Bitcoinica that are at or above the buy price but not being executed because of the "No Reserve" issue.

So If I were to deposit some USD at Bitcoinica, would they then use that USD to execute some of those queued orders?  And if I were to deposit enough USD, and there were enough orders "queued up", I could cause a rally simply by making a USD deposit but not actually doing any trading.

Is that accurate, or am I missing something?

Seems like an easy way to kick off a rally without actually committing to buying any BTC yourself.  Opposite could be said as well for simply depositing BTC if the star were on the sell side.

Wow, that's smart! That could actually work _really_ well!

I thought that Zhou said that your deposits are NOT used to fund leverages.  It is separate so that anyone could, at any time, withdraw what they have put in.  I may be wrong - I can't seem to find his post that mentions that - but that is how I understood it.

That's not how it works I think. When they had the no reserve situation before they had the * red flag, nobody could withdraw any USD either. They did fix this problem though. They prevent new long positions way before they run out of USD, so that there's still enough USD left for shorties to liquidate and for people to cash out USD. Zhoutong, please correct me if I'm wrong.

Urban Dictionary, second definition:
http://www.urbandictionary.com/define.php?term=starfished

Yeah, worse yet in this case it's a paying deal, just like getting Zhoutongued all over  ;D

I've had a few tiny buy limit orders at various prices in for over 24 hours now just to monitor things, one of them would have been triggered at least a couple of times were it not for the cold clammy grip of the Sphincter Of Reachable Reserves Impediment, also known as SORRI  :D

6 hours, market order still hasn't gone through.  That's a dark, smelly starfish I'm getting starfished with.  Could use a starfish bleach job.

So I just got up.  Have we still been * for the last 12 h
?

My market order for 1 btc went through an hour ago (it had been placed nearly 24 hours ago)

Edit: That said, it immediately went back to * after it got executed

Don't feel bad it likely is all play money anyways.

I haven't been able to cash out for over 4 days now.

So I am not alone in this situation - this smells fishy.  There was so much drama about the liquidations - wouldn't it be ironic if it turned the mycoin way in the end?

I have a canary ( tiny ) limit buy order that's around 25 hours old and should have been hit several times. There are some posts elsewhere here grousing about getting withdrawals. I could imagine lots of things going on within the operation, and that includes nothing in particular; this could be the new normal. Yawn.