Just to let people know, because I made the assumption one could withdraw Bitcoins from bitcoinica using Mt. Gox redeemable codes. YOU CANNOT! Only USD withdrawals are possible. In an email I was referred to their FAQ for details. I looked at the FAQ before I trusted my Bitcoins to bitcoinica, of course. It lacks details and is unclear on the subject. I hope this is not intentional: Can I deposit or withdraw in Bitcoins?
Unfortunately, no. We don't deliver actual Bitcoins. But you can always deposit or withdraw instantly using Mt. Gox redeemable codes."
(emphasis mine) "We do not deliver actual bitcoins". Well, it's fair to assume then, that you deliver bitcoins via Mt. Gox redeemable codes, right? You even state this in the sentence that follows. If this was intentionally misleading, I consider this a ripoff. I was forced to trade my precious BTC for USD to get my funds out, then trade them back on mtgox at a loss. Thoughts? Now you can withdraw in BTC! Please refer to https://bitcointalk.org/index.php?topic=44554.0 |
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In a nutshellNow you can use Bitcoinica to deposit and withdraw in BTC. We have separated each account into two: BTC and USD. You can trade using any currency as your margin. How BTC account works?Now you have two accounts: USD and BTC. We calculate your margin balance by converting your BTC balance into USD. You can then trade as you have all your balance in USD. However, all the profits and losses will be accounted in USD instead. If you make a profit, you can withdraw both BTC and USD back. If you make a loss, you can withdraw neither unless you use part of your BTC to recover the loss in USD. Currently we don't support conversion between USD and BTC yet. But you can contact us to do so. What does this mean to me?Now you have a permanent Bitcoin address (accessible in your Deposit page), and you can simply send any number of Bitcoins to this address. You don't have to rely on Mt. Gox for deposits and withdrawals anymore. In the unfortunate event that you receive a margin call, you can deposit either USD or BTC and use it as your margin. A word about riskUsing BTC account is a bit riskier than USD account, due the fluctuating value of Bitcoins. You may receive a margin call because of the decrease in value of Bitcoins if your positions are not making enough profit to cover. Generally margin trading is associated with extremely high risk, and you shouldn't use anything more than you can afford to lose to engage in trading activities on Bitcoinica. Enjoy your trading!Now you can go to Bitcoinica and continue enjoying your trading. Our spreads have been lowered by half since launch, because of your support! Bitcoinica: https://www.bitcoinica.com
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Joined as johnthedong, same userid with my id here. Thanks!  Credited $1. Thanks! |
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All the accounts above have been credited.
Thank you very much!
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All the accounts above have been credited.
Enjoy your trading!
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piuk
theinau  Done. Thank you! |
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wikarus
Done. Credited $1. Thank you for your support! |
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Just to let people know, because I made the assumption one could withdraw Bitcoins from bitcoinica using Mt. Gox redeemable codes. YOU CANNOT! Only USD withdrawals are possible. In an email I was referred to their FAQ for details. I looked at the FAQ before I trusted my Bitcoins to bitcoinica, of course. It lacks details and is unclear on the subject. I hope this is not intentional: Can I deposit or withdraw in Bitcoins?
Unfortunately, no. We don't deliver actual Bitcoins. But you can always deposit or withdraw instantly using Mt. Gox redeemable codes."
(emphasis mine) "We do not deliver actual bitcoins". Well, it's fair to assume then, that you deliver bitcoins via Mt. Gox redeemable codes, right? You even state this in the sentence that follows. If this was intentionally misleading, I consider this a ripoff. I was forced to trade my precious BTC for USD to get my funds out, then trade them back on mtgox at a loss. Thoughts? We have considered this problem right at the beginning. Bitcoinica is currently a trading platform with accounting currency of USD. If you trade at any Forex broker and give them any foreign currency, they will convert your money to their accounting currency. Also, if you buy EURUSD, for example, you won't get the euro anyway. The only way you can withdraw is to close the position and withdraw USD. Margin trading is only possible when the accounting currency is consistent. At this moment, we only lend out USD. However, we will announce Bitcoin withdrawals soon, and we will have a much more sophisticated account management. You will be able to even borrow money at Bitcoinica! |
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The link to the chart is broken.
I have uploaded to Flickr instead. It should work now. |
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If you want to try out Bitcoinica but don't want to risk your money, here's a good deal for you: Sign up for a Bitcoinica account, and leave your username here. I will credit you $1 for free for you to try it out. Once you're ready, you can then use Mt. Gox code to easily deposit in seconds! Bitcoinica: https://www.bitcoinica.com Note: Serious traders only. While you can do anything you want with $1, it's a dishonest behavior to withdraw it right away without any trading activity. I reserve the right to publish any abusive usernames here. |
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It has been a week since we launched. In merely 7 days, Bitcoinica traded over ฿160,865.33 with 31,924 orders placed. These numbers make us the second largest Bitcoin trading platform by volume. Our spreads have also lowered by more than half! Enjoy the chart:  By the way, if you were once deterred by the large spread, maybe it's time to come back now! Your can get your free $1 starting bonus here to try it out risk-free: https://bitcointalk.org/index.php?topic=44454.0Bitcoinica: https://www.bitcoinica.com/ |
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Currently we only support USD. However, BTC withdrawals will be announced soon. Why? I moved a few BTC to your site. Performed no trades and continue to own entirely BTC. You don't "own" the BTC. In fact, you're holding a long position (contract) at Bitcoinica to bet that BTCUSD will rise. When you withdraw, you will have to liquidate the position and withdraw in USD. BTC withdrawals will be available soon. |
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We have blocked your account due to malicious attempt to control prices.
Who are you to dictate who can and cannot trade? Who died and made you king of bitcoin? Bitcoinica is not an exchange. We guarantee liquidity based on current orders in the market. If you build a fake bid wall, Bitcoinica will think it's easy to sell. If you sell on Bitcoinica in large amounts, it's likely that the system will give you a good price since it's easy to sell. However, if you now suddenly cancel all the orders, the system will fall into a trap and make a loss. We have already pushed some updates to refine the algorithm to prevent cheating like this. But the financial loss is not just affecting the platform itself, but other traders as well. I don't decide who can or cannot trade. But for any transactions on Bitcoinica, I'm the counter party. I can refuse to offer prices which definitely don't reflect market conditions. For 99.9% of Bitcoinica traders, blocking malicious accounts will benefit you. |
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Today, after waking up, I can't access my account of $-950, access denied!
...
I lost around $3500 in two days!
We have blocked your account due to malicious attempt to control prices. ... In order to protect other Bitcoinica traders from the unexpected and huge fluctuations, we have decided to permanently suspend your account. Your account balance was negative when closed. To quote Nelson from The Simpsons: "Ha ha". I am looking forward to macbook-air coming back here and whining like a baby. I won't whining like a baby as my balance was already "negative". It was too easy to make money if you have at least a few hundred coins to "control prices". With a simple python script I can double my balance in minutes. It must be the fault of the system, not the fault of the users. I hope you fix your website since I think it is great, and I would like to come back and do some real trades in the future. 希望周总见谅。 Thanks for pointing out the problem. Yes, it was the fault of the system. Bitcoinica was designed for small trades. And we guarantee up to 50 BTC of liquidity. Now I have already refined the algorithm for large trades (up to 1,000 BTC). All the trades won't be executed immediately at the same price like before. Instead, large trades have to go through actual market execution. If any fake bids or asks at Mt. Gox have been canceled, the spread will increase and make any remaining limit orders to remain open. Closing your account is a concern that Bitcoinica is still small, and deliberate attempts which aim to cheat the system have very bad consequences to other customers. (I don't mind losing a few thousand of dollars because of this. But huge fluctuations are going to harm others.) We will release a version of Bitcoinica in a month. The new version will be another breakthrough in the Bitcoin market. I will reopen your account after the launch of the new version. |
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The day before yesterday, I had $2500 in my account, couldn't withdraw. So I decided to set up a buy order of 2000 BTC at 5.17, and put a stop order at 4.99, and then went to sleep. After waking up the next day, I saw it was sold not at 4.99, but 4.44, my balance was less than $1000, a lose of nearly $2000! Yesterday, I still could't withdraw much, so I set up a buy order of 1000 BTC before going to sleep, but it was forced liquidated! And my balance was at $-950, and it says my balance was dangerous low and asks me to deposit, a lose of nearly $2000 more! Today, after waking up, I can't access my account of $-950, access denied! I lost around $3500 in two days! BAD!  We have blocked your account due to malicious attempt to control prices. Most of the execution occurs 3 minutes after the placement of your limit orders, and then the spread narrows for a few seconds for your limit orders to be executed. It seems that you have placed a large amount of fake bids or asks to control the prices on Bitcoinica. This has caused huge price fluctuation on Bitcoinica even when Mt. Gox's market is stable. Our system has detected a lot of orders from your account are not possible to execute in the market within the tolerable price ranges. The same thing does not happen from other customers. This malicious trading behavior has caused a large financial loss for Bitcoinica and our customers. It has also caused a sustained large spread. We have already fixed our algorithm to make sure the orders are executable at market before we process limit orders. As our guarantee of 50 BTC liquidity, any orders under 50 BTC will not be affected by this change. The spread at Bitcoinica is also lowered after blocking this account. In order to protect other Bitcoinica traders from the unexpected and huge fluctuations, we have decided to permanently suspend your account. Your account balance was negative when closed. |
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Hello Zhou Tong, I deposited BTC into bitcoinica and would like to withdraw BTC. However, it asks for a $ amount. I don't want 99% of my money, I would like 100% of my BTC. Can you offer this through Mt. Gox credits? Perhaps: Amount to withdraw: $99999
I'm sorry you only have $123.456789 would you like to withdraw all of it? [Yes] [No] EDIT: No, scratch that. I want BTC, not MGoxUSD at arbitrary rates. Amount to withdraw: [_________] [BTC] [USD] Currently we only support USD. However, BTC withdrawals will be announced soon. |
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zhoutong: I just wanted to say I am using Bitcoinica and I like it very much. Its very slick and powerful. Nice work. Thank you.
Thank you very much for your support! |
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I want some transaction reversals... I had a open short position of -80 Then I put 30 BTC on it from mtgox... Then I tried to liquidate those 30, and got a short of -30 instead on the -80 (thus went to -110) So, I tried to instead liquidate those -110 even knowing that I would get a stupid loss... But instead, the long position of 30 got more bitcoins added to it... Then I made some more attempts to liquidate both, without success... Can you PLEASE reverse all that? It is idiotic... your site is eating my money with the spread because of a VERY IDIOTIC bug. (or at least, the lack of a system to define what position you want to work on). Pic as proof (note the bizarre values):  Uploaded with ImageShack.usI apologize for this error. This happens to any customer who deposits using Mt. Gox BTC code when they have a short position. Initially we didn't support BTC deposits, and designed the system the way that it only processes USD. We will push an update soon to separate USD and BTC accounts to address this issue. We will also enable Bitcoin deposits and withdrawals (yes, wallet address!). I have already nullified your position. You don't have to be responsible for any losses incurred because of these trades. All your Bitcoins deposited are converted into your margin balance according to the instant rate when you deposit them. I have also added $20 to your account at the expense of myself, just to say sorry! Thank you for being a supportive customer! |
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Why would you trade on a platform where you bet against the platform owner?
We're market maker, yes. But we don't bet against our customers. Why should we take the risk when we can comfortably earn the spreads and hedge the customers' orders elsewhere? You can sign up for an account and see our historical prices. We are completely open about this data. If you want all our 120,000 ticks so far, I can export for you. Then you can compare with Mt. Gox prices. Bitcoinica's price is extremely accurate - our highest on 9/11 is 7, not the ridiculous and non-tradable 15. If you short on Bitcoinica you won't be liquidated because of that. We use an algorithm to manage the prices with absolutely no human intervention. A bit off topic - but have you any plans to create a Mandarin version of your website (and other languages)? I think you are in a strong position to impact on the Chinese uptake of bitcoin (您是中国人吗?) 是的,我现在在新加坡学习。可惜目前我还没有打算把 Bitcoinica 做到国内市场去。中国的银行业和证券业对于投资者的限制是比较多的,如果突然移开这些限制去引入外国的市场模式,可能会引起一些社会问题。虽然目前比特币还没有引起政府的注意,但是估计也快了。 我想先把目标放在国际市场,并且坚持一个货币的制度(目前比特币兑美元和美元兑欧元之间的汇率浮动不是同一个数量级的,转换货币纯属浪费手续费)。一个月内,Bitcoinica 将会有重大改进,到时候对于国际用户来说会更加友好。 当然,如果你想跟 Bitcoinica 合作,在淘宝上做代充之类的业务,我会支持的。 Hi Zhutong, I'm also a Chinese study in Singapore. I've looked for Alipay's API from Taobao and Tenpay's API from Tencent months ago. I found that They both have APIs for users to transfer their money to a third company, which means you can open an account for customers to deposit RMB via Alipay or Tenpay. The only problem is that they do not apply API for third company to transfer money to end users automatically, so you have to do it manually if users want to withdraw money to their Alipay or Tenpay account. Anyway, it is better than Paypal which you can do nothing with. Thanks for the suggestion! We do not have any plans for supporting non-English market and non-USD currency at the moment. We will consider internationalization when the Bitcoin market is larger. |
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I want to make a withdrawal of 1000 dollars with Mt.gox-code, but it is not working. Have a look at it, I have also sent you an email.
The withdrawal limit of our whole account is still at $1,000. Mt. Gox refused to respond our emails ever since we contacted them regarding the withdrawal limit. You should be able to withdraw in small amounts. |
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