I think more important than anything is that the asterisk goes away. It gives away to much information, and restricts the market.
What happened today is a result of people exploiting this information.
You should keep your customer's positions, and even the aggregate information of their positions, confidential.
If lowering the leverage for large accounts allows you to avoid the asterisk then do it, at least until you build up more reserves.
I agree with this. Zhou, I think this is important -- I understand you want to be as honest as possible, but there is a such thing as being "honest to a fault". We can't hide it anyway. If we don't have reserve, we will become a bucket shop if we don't tell our customers to stop buying/selling. So after all the only way is to distribute the trading power evenly to everyone. I wonder what Forex brokers do when they run out of reserves? Does that happen? I have research to do... Anyone who knows a lot about Forex, don't hesitate to provide clarity for me on this point. I thought I just read...Aren't you the one who's going to be writing the documentation for Bitcoinica when it comes to their Forex-based trading ? LOL. Blind leading the blind. |
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I think more important than anything is that the asterisk goes away. It gives away to much information, and restricts the market.
What happened today is a result of people exploiting this information.
You should keep your customer's positions, and even the aggregate information of their positions, confidential.
If lowering the leverage for large accounts allows you to avoid the asterisk then do it, at least until you build up more reserves.
I agree that. Most of our profits come from 2:5 traders and 5:1 traders. Not only 10:1 traders lost a lot themselves during volatile periods, we lost a lot due to market slippage as well. at least you admit what i've been warning about. i wish you luck. |
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I think more important than anything is that the asterisk goes away. It gives away to much information, and restricts the market.
What happened today is a result of people exploiting this information.
You should keep your customer's positions, and even the aggregate information of their positions, confidential.
If lowering the leverage for large accounts allows you to avoid the asterisk then do it, at least until you build up more reserves.
I agree with this. Zhou, I think this is important -- I understand you want to be as honest as possible, but there is a such thing as being "honest to a fault". you mean you don't like the Bullseye? |
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WTF !!!!!!! i have one coin @ 6,4 i say it shuld sell at 6,45 ... second later i look it sold at 5,99999 please fix some explanations it sux all the values change/updates out of sync so not to make head or tail in wtf anything means, and you have 4 methods of placeing advanced orders i only been trying with the limit and from what it says it works oposit ? been trading on btc-e, mtgox and others with decent success, was to try something new it does look nice and site look and reacts better then most other exchanges so would be great with some introduction of sum sort  someone's frustrated. |
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gotta keep the zombies alive.
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i won some coins and $ only to be Zhoutonged tomorrow  |
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I found another bug.
Sometimes, the BTC/USD prices are updated separately from the panel on the right. When this happens, the "net value" is based upon a BTC/USD price that was updated at a different time. This means that the "Min price" will be changed. The "Min price" should never change.
It actually had a significant effect on the "Min price" today, due to the volatility. At one point, the value was inaccurate off by over 0.10 BTC/USD.
I'm not sure how this could be fixed.
wonderful. |
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Because we don't have reserves for some heavily leveraged users.
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Zhou, 1 thing I would suggest for your site: lots and lots and LOTS of clear documentation. When I trade on TD Ameritrade I have a whole exhaustive documentation section that breaks down the fees and math into plain english that real people can understand. When you're a business making money, it's sort of incumbent on you to help your users understand what's going on.
forget it; ain't gonna happen. |
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I don't know how many times I saw my price go by, and never executed! Finally went "active" after 20 mins.
Un-fucking-acceptable!
I sold my buy in when it tanked. so haven't bought at all. Did MT Gox have problems letting folks buy? You had to wait 20 minutes, seriously? Look back in the thread. It was happening to me too. Time to ask for a fee rollback from Gox...for the rest of the Month. They screwed over too many people for too much money with ineptness this time around. Gox is not the problem; its Bitcoinica. |
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It's more of personal trading behaviors.
I agree that we should take more responsibility in making Bitcoin a better currency, so we will take several actions in the following days to minimize our negative market impact during volatile times.
But generally, I disagree with your statement. Bitcoinica didn't start the spikes, someone else did. Bitcoin is very financially vulnerable at the moment and we need more options for traders to build a strong financial system.
Yes, there are those who like the gambling and others who prefer investing. And the people with the appropriate funds also are quite fond of tricking your system to enrich themselves. Thanks for acknowledging that. So, because Bitcoin is vulnerable due to low market cap and illiquidity we need more leverage, derivatives and anything but a real market? Bitcoinica is pushing the exchanges to do better. We didn't even have a partnership with Mt. Gox. So we are totally open in terms of exchange options. Maybe offer to buy Gox out? perhaps Gox is not the problem here? |
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So, because Bitcoin is vulnerable due to low market cap and illiquidity we need more leverage, derivatives and anything but a real market?
Oh, derivatives would be so much fun. You could bet on the possibility of other people losing money. Like someone once said, it's like taking out fire insurance on your neighbour's house. It couldn't possibly be in your best interest to throw a few lit matches their way... I mentioned before that playing with leverage in bitcoins was a tool for the '1%ers'. Someone just screwed a whole lot of people over. Some won, many more lost. Bitcoin is worse for wear. Merchants wanting to use bitcoins aren't exactly flocking towards a commodity that can lose 20% of its value within minutes while the market is locked and participants can't sell. finally someone agrees with me. |
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It's more of personal trading behaviors.
I agree that we should take more responsibility in making Bitcoin a better currency, so we will take several actions in the following days to minimize our negative market impact during volatile times.
But generally, I disagree with your statement. Bitcoinica didn't start the spikes, someone else did. Bitcoin is very financially vulnerable at the moment and we need more options for traders to build a strong financial system.
Yes, there are those who like the gambling and others who prefer investing. And the people with the appropriate funds also are quite fond of tricking your system to enrich themselves. Thanks for acknowledging that. So, because Bitcoin is vulnerable due to low market cap and illiquidity we need more leverage, derivatives and anything but a real market? i vote that Matthew Wright add one more question to Zhou during his TV interview; this. |
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everyone has to be Zhoutonged at least once in their life; except me.
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i smell a lot of dead bodies...
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Why can't we build something better than Mt. Gox?
We already done that - we use DarkExchange on I2P I mean, OP assumes that Bitcoinica is a buggy system like Mt. Gox. And it's entirely possible that Bitcoinica hasn't been affected in this crash at all, systematically and financially. then why do u need the short term loans? Because we don't have reserves for some heavily leveraged users. We are absolutely solvent throughout the crash, and we made some small profits from the huge volume. This has nothing to do with the crash. We had the asterisk since two days ago. so some of your heavily leveraged longs couldn't sell during the crash and some of your heavily leveraged shorts couldn't cover during the ramp? |
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for sure, it is costing his customers who are now starting to walk away.
I would seriously hope they are. Anyone leaving more than a bit of lunch money on Bitcoinica after all that’s happened is either filthy rich or insane. I think I can now agree with you that Bitcoinica has harmed Bitcoin as a whole, and is continuing to do so. It’s turning this thing into a pyramid scheme. Our biggest clients who trade on 2.5:1 leverage have been fine. We will re-consider our 5:1 and 10:1 options soon. i would hope so; for the sake of the community. |
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Why can't we build something better than Mt. Gox?
We already done that - we use DarkExchange on I2P I mean, OP assumes that Bitcoinica is a buggy system like Mt. Gox. And it's entirely possible that Bitcoinica hasn't been affected in this crash at all, systematically and financially. then why do u need the short term loans? |
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What 'attack' ?
i put forward a hypothesis a few weeks ago about how some big players would try to exploit the deficiencies in the Bitcoinica model which i think have become more apparent today. if you can create a lot of volatility and * events, i think it will cost Zhou money in the end since any acct losses cost him money. for sure, it is costing his customers who are now starting to walk away. no players; no fees. |
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i think the attack on Bitcoinica has begun.
this type of volatility can't be good for Zhou. at least not for his customers who are being liquidated. no players; no money.
why hasn't he come forward to tell us what's going on?
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