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361  Other / Beginners & Help / Re: icbit - weird fees and weird fills/logs. on: March 14, 2013, 01:42:35 AM
Quote
I can deal with the nonlinear tick even if I do not like it.  This is somewhat analogous to the CME Nikkei 225 contract.


Ok - I can deal with a non-linear tick... but the contract specs were made just so the price looks like mtGox price. This is wrong. Contract specs should be done with the traders in mind, not for marketing purposes.

I currently have a position.. want to hedge.. but cant figure out my delta.. or even worse at what price point will I get a margin call.

By trying to make these contracts look simple they created a non-linear monster.

From the looks of things, it seem that they recalc margin after each trade.. this is crazy... because 1 fat finger in an illiquid market will cause an avalanche of margin calls and send the contact locked-limit. If anything margin should be calculated off bids for longs and asks for shorts.  

Also, the price bands dont take the volatility into account... why cant I place a 40 bid on June contract? Cash was below 40 hours ago! One day this market will be locked-limit for days, then everyone will flip that they cant get out of their position. disaster waiting to happen.

I told you so (preemptive)

.02

362  Other / Beginners & Help / Re: icbit - weird fees and weird fills/logs. on: March 13, 2013, 10:48:35 PM
please tell me. what is the profit/loss from a tick move? .0001? 

thank you
363  Bitcoin / Project Development / Re: ICBIT Derivatives Market (USD/BTC futures trading) - LIVE on: March 13, 2013, 10:05:01 PM
The futures contracts are all wrong!

see my thread: https://bitcointalk.org/index.php?topic=152784.0


the tick value is not uniform.. the miostake is that theprice is quoted in USD/BTC but the lot size is 10USD?

so the contract value is 1/price * 10 ? Lot size should be a multiple of BTC not UDS. I believe your margin calcs are all wrong. Should stop trading and reverse all trades.

what a joke.
364  Other / Beginners & Help / Re: icbit - weird fees and weird fills/logs. on: March 13, 2013, 09:49:05 PM
even worse... the contract is quoted USD/BTC.. so its $47 per BTC and the tick size is .0001 USD/BTC.

yet the Lot size is 10 USD?

so how much is a tic? if price moves .0001 up or down how much is the value?

answer it depends on the USD/BTC.. the is no constant tick value.

the contract is setup all wrong.. the margin calcs are all wrong.

icbit needs to cese trading futures and refund everyones money back.

what a joke. there isnt even a support email address.
365  Other / Beginners & Help / icbit - weird fees and weird fills/logs. on: March 13, 2013, 08:09:41 PM
1) I placed a market order to sell.. bid was 60.06, but order ticket shows price of 58.5.. yet logs do show the fill price of 60.06. So maybe its a display issue or they put a low limit price on all market sell orders.

but there is a bigger issue.. and I think here the issue with the exchange.

2) very sneaky... but it looks to me that the higher BTC/USD rate, the higher the fee.

"Fees 0.002 BTC for 1 contract trade. Settlement fee is 0.002 BTC for settling 1 contract"

fees are only .002 BTC per contract. but...

"Lot size  = 10 USD"

when BTC = 50USD the fee is 1% when BTC = 100USD the fee is 2% , each side. so its 2% and 4% round turn.

The issue here is that the fee and the contract size is in different currencies. The correct way to do this would be to make each contract 1BTC and quote it in mBTC (millibitcoin).  and change the min tick size.

So the current price would be 167 mBTC instead of 60 USD. 

366  Bitcoin / Bitcoin Discussion / Re: stream logs from the crash point on: June 22, 2011, 06:56:08 AM
my stream didnt go down..

here are all the trades..

http://paste.pocoo.org/show/416783/
367  Bitcoin / Bitcoin Discussion / Re: Are 24/hr Trades Really That Good Of An Idea? on: June 21, 2011, 03:21:25 PM
No Exchange in the world is 24/7 .. no exchange is more then 6 days a week no exchange has less then a 30 minute break each day.

its retarded... but so are the fills being reported after commissions.

mtgox has many flaws... but its the best we got.

I have a white paper on a proper BTCUSD futures contract & exchange.

looking for seed BTCs.

pm me

368  Bitcoin / Bitcoin Discussion / Re: Corruption within Bitcoin community on: June 21, 2011, 03:14:20 PM
http://www.youtube.com/watch?v=alc0gG0u48M
369  Bitcoin / Bitcoin Discussion / Re: Mt.Gox and void trades: Force Majeure on: June 21, 2011, 02:58:53 PM
MtGox.. you really need PR and a spokesman.
370  Bitcoin / Bitcoin Discussion / Re: I'm MtGox, here's my side. on: June 21, 2011, 02:12:10 AM

I think you guys owe us all at least a redacted version of what the hell actually happened.

Do you think that you could wait until they have had a chance to figure it out?

Another 6 months?

Does anyone still remember how MtGox handled the last situation where there was a large amount at stake for MtGox?

http://forum.bitcoin.org/index.php?topic=3712.0

That guy explained himself, was hounded by the community, MtGox barely bothered to respond, made some outlandish claims, froze funds and rapidly moved the whole operation to a different jurisdiction (Japan) after the guy finaly decided to get lawyers involved.

MtGox promised to inform the community! No news yet, and itīs been 6 months!
That's at least the third time you've posted that now.  Not that I think you have an agenda or anything.

While we're quoting our own posts:
It's a controversial incident and I don't claim to have all the facts, but for the sake of cutting through the FUD... it's actually only been three months since Mt. Gox commented on this:
http://forum.bitcoin.org/index.php?topic=3712.msg57901#msg57901
http://forum.bitcoin.org/index.php?topic=3712.msg62282#msg62282

The last comment was that they couldn't say anything more because it might go to trial.  This will be satisfactory for some people and not for others, but there is no clear evidence that they ever behaved unprofessionally.


To be precise, itīs exactly the third time I have posted this information, because I do believe it to be relevant to the current situation with MtGox and I usually donīt post all that much despite reading the forums for quite some time.

Whilst you provided an ad hominem attack, I am still waiting for your answer to my question: Is it going to be (another) 6 month till MtGox resolves&explains the current situation?
For a currency that has gone really mainstream over just about the last month, this does not quite seem to cut it.

Iīd be really interested to hear your response, if youīre not to busy hyping MtGox.
I wasn't aware any question had been directed at me.  If one was, it probably shouldn't have been, because I don't have access to any more information than you do.  "Not that I think you have an agenda or anything," was admittedly a fairly immature way for me to say, "you obviously have an agenda."  That's fine though, so do I, although it is not "hyping Mt. Gox", but merely to do what little I can to counteract the misinformation and character assassination that seems to be spreading so rapidly with regard to all parties in this hacking matter.  Based on what I've seen of the behaviour of these parties, I do currently side with Mt. Gox, but that could change very quickly as the facts come out.

I was trying to point out in the post that I quoted that the question "Is it going to be (another) 6 month till MtGox resolves&explains the current situation?" is meaningless.  There is no sense in which Mt. Gox has been unresponsive for six months, so I don't know how you came up with that arbitrary figure.  If you are referring to the amount of time since the accusation you linked to was originally made against Mt. Gox, your apparent expectation that the matter should be entirely resolved by now is simply unreasonable.  Mt. Gox has issued many statements on the matter, the last of which said that it was likely going to court and for this reason could not divulge any more information.  Court proceedings take a long time.  What more could they have done by now to satisfy you?

Get a room!
371  Economy / Service Discussion / MagicalTux - let me translate on: June 21, 2011, 02:10:28 AM
Mark,

Either your a scam artist or its a total miscommunication. I leaning towards the latter.

If your interested in explaining your side to the Americans, I would be happy to interview you off record and avoid the miscommunications due to language and culture.

However, if FBI is involved... bad move. im out.

Just call me anytime, I believe you have my number from my emails.

J


372  Bitcoin / Bitcoin Discussion / Re: I'm MtGox, here's my side. on: June 21, 2011, 02:01:22 AM
Quote
The idiots on this forum tolerating it are akin to religious fanatics, as you say.

bottom line is.. he delivered a high-liquid exchange for BCTs.. I've got BOTs trading 24/7 . us traders enjoy mtgox exchange and many are making lots of $ of newfags who think they know how to trade.

give us an alternative and we wont give a shit about mtgox. Mtgox is fundamentally flawed and will not survive in its curent form. but it the best we got for USDBTC liquidity.

liquidity bitches.... liquidity

373  Bitcoin / Bitcoin Discussion / Re: I'm MtGox, here's my side. on: June 21, 2011, 01:54:23 AM
So let me get this straight:

1. The market for Bitcoins on Mt. Gox crashed.
2. No explanation for this crash other than a "hacker did it" and our "auditors" had access to our site and somehow has a need for a DB of user/passwords. No mention of who the auditors for "privacy reasons" (which is a load of bullshit as no auditor-issuer relationship for any capital market transaction requires non-disclousure)
3. Failing to directly talk to the community on Bruce Wagner's interview and instead have an uninformed intermediary speak because "Mark's English is bad".
4. Coming on here, providing vague details ONLY after their hand is forced by "Kevin"
5. Threatening to rope in the FBI.

... and yet dozens of you are lining up to heap praise on "the professionalism" Mt. Gox is showing, offering reasons why they shouldn't be ridiculed for failing to provide the most basic security implementations, making excuses for why Mt. Gox isn't elaborating more on who's coins were stolen, and labeling anyone a troll who dares to point out the obvious incompetence of this company?

This sort of behavior is akin to that displayed by religious fundamentalists. And that's really what most of you are. Bitcoin is some sort of religion for you and Magical Tux is your fucking omniscient and untaintable prophet.

Its a French thing. nothing more. dont read into it.. its different culture and language.. giant miscommunication..
374  Bitcoin / Bitcoin Discussion / Re: I'm MtGox, here's my side. on: June 21, 2011, 01:50:20 AM
Quote
placing all your money on $0.01 buy orders

this happens everyday if not every hour. its a simple strategy.. its actually a Flash Crash strategy.. its well known and used by many.. why not put a bid at .01 at all times.. just in case you are the lucky one?

So odds are that someone did this just before the Flash crash, especially if it was heavy trading hour. currency Wink

Its like telling the lottery winner, he must have cheated because it cant be just a "coincidence" that he picked all the correct numbers!
375  Bitcoin / Bitcoin Discussion / Re: I'm Kevin, here's my side. on: June 21, 2011, 01:16:10 AM
Kevin, after what Mt Gox did in the "their side" thread to try and CONNECT YOU with the hacker, I sure as hell hope you file that injunction.
I sure hope too, will make it easier for us.

To defend MagicalTux here. He is french, and the miscommunications are incredible. I used to work with many French,  and they all come off like.. well like MtGox.  Its a combo of language and culture, that make the French seems incredibly obnoxious to Americans when communicating in English.

.02
376  Bitcoin / Bitcoin Discussion / Re: I'm MtGox, here's my side. on: June 21, 2011, 01:01:04 AM
a representative of an exchange

um.. he IS the exchange
377  Bitcoin / Bitcoin Discussion / Re: I'm MtGox, here's my side. on: June 21, 2011, 12:48:08 AM

Although the question remains, what was the motivation of the hacker to crash the market?

I can make an educated guess but dont take it as the absolute reason.

The hacker knew of the $1000 equiv maximum withdrawal daily limit and got access to a huge account (people arguing it may actually be mtgox aka the whole exchange account) and then proceeded to use half the funds to crash the market value down to 0.01 per BTC.

The hacker clearly didnt understand that the withdrawal is based on daily(or weekly, not 100% sure myself) weighted price thus when he crashed it down with half the BTC in the account he figured he would be able to withdraw the maximum of the remainder which would be 100 000 BTC except this failed miserably because the weighted price afaik were around $4.50 so he could withdraw a maximum of ~222 BTC.

This is my understanding as to why we are fortunate enough not to have lost 100 000 BTC with the crash withdrawal.

The interesting part however is that kevin seems to be the only person who gained a large purchase >260k BTC out of this which in itself makes it suspicious since thousands of traders were actively trading at that point and simply going with the "he was the lucky one" argument also doesnt fit.

Yes this was the story.. until the Kevin thing came along. Kevin's name can be cleared if we know that the hacker put in a bid for .01 on a second compromised account?

MagicalTux, to prove that Kevin is in on it, you must prove that  the hacker did not attempt to do this. Show us the bids below Kevin's that were not hit, and find out if those bids were put in my the legitimate user.  

378  Bitcoin / Bitcoin Discussion / Re: I'm MtGox, here's my side. on: June 21, 2011, 12:27:52 AM
What is this supposed to indicate?  That Kevin put his sell order in before the selloff began, rather than during or after the 30-some minute trade finished up, like he said?

It indicates Kevin logged in 10 minutes after the sell-off began and put in his buy order for 0.01c - now one could assume from that either:

A. He had inside knowledge and could even be involved in the scam (and could even know the hacker)

or

B. It was pure coincidence he logged in at the same time and just happened to put in his 0.01c buy order which didnt exist prior to this login and he knew nothing about what was about to occur

Now if I was a gambling man, which I am, I'd put my money on option A.


Your all missing something here.... odds are that a person logging in smack in middle of major selloff.. will be the one to place the order to buy .01 . Someone who logged in 30 minutes prior may not be paying 100% attention to  the screen.

If I happened to see what was going on.. I would have done the same thing. Any trader worth anything would do the same thing. I've seen many 1,000,000 size orders at .01 go into MtGox. I even posted it on the forum once.. huge orders below .10 .

1) fact: Many traders would place that .01 bid , if they see a flash crash
2) fact: Odds that your are 100% focused on mtgox , is highest as soon as you login.
3) the fact that the trader who placed the .01 bid happened to login 10 minutes after the hacker.. MAKES SENSE! Kevin got lucky by being in the right place at the right time.

These logs prove nothing.

Although the question remains, what was the motivation of the hacker to crash the market?
 


 
379  Bitcoin / Bitcoin Discussion / Re: Mtgox's official story could be wrong. The BTC of many accounts was sold. on: June 20, 2011, 11:56:48 AM
the 500k transfer was Mtgox transferring to a backup as a security precaution.



380  Bitcoin / Bitcoin Discussion / Re: Mtgox's official story could be wrong. The BTC of many accounts was sold. on: June 20, 2011, 11:18:42 AM
so either hacker is pretty dumb or some info is missing here.

hacker was pretty dumb. he got blindsided by the $1000 limit, and panicked.
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