Crying over 550 LTC LOL
Kelsey lost that much in a single night one time on Cryptsy.
~BCX~
796.com guys have expropriated ~550 LTC from my balance and many coins from balances of other users in a single night one time on July 11.
That is the point. Is it fair? What if it were 5,000 LTC, 50,000 LTC, where is the limit not "to cry over" it and not to warn people here about this practice?
What happened with Kelsey, could you pls tell more?
Did they warn you that you were at risk of "socialized" losses in volatile market moves? If they warned you before you traded then you knew the risks and they are only doing what you knew they would do in a violent market move. If you weren't warned you were at risk of "socialized" losses then they should take responsibility.
They have it in their general terms and conditions. This can happen to everyone who is trading on these exchanges with high leverage. Play safe and trade on bitfinex and btc-e. Take lower leverage and trade with more bitcoins
No, I had been using 796.com exchange for more than 1 year, but I wasn't warned about this risk, I had no idea.
Maybe it was in general terms (who reads them, and even if you read it do you read it regularly as these terms can be changed without notification), how many of you read regularly general terms of BTC-e, Bitstamp, or cryptsy?
Even if it was in general terms on July 11, 73.97% is too much, don't you think?
I use 1:5 leverage on 796.com it is normal for futures. Yes, it happened that I lost money, even > 550 LTC due to margin call but it is not the point. There are risks, but if you finally and fairly get profit you expect nobody can just expropriate 73.97% of it.
"Socialized" profits is one question.
Another one is possible manipulations with orders and price limits.
I see there were accusations from other Bitcointalk members that 796.com exchange is manipulating orders and settlement prices.
I'm now 90% sure it is true, I saw stuck orders with frozen price due to inappropriate price limits (very strange algo) and how these orders were executed (796 guys were beneficiaries, I guess, because they have changed limits manually without notification and INSTANTLY orders with unfair price were executed). But even if they were not beneficiaries, why they simply didn't cancel these orders before changing price limits? Or haven't warned people before changing limits? It would allow to avoid losses of users and it would be no need to "socialize" profits. So, I suppose they are probably (90%) scammers OR (10%) don't want to care about users and just prefer to "socialize" their profits instead. Unfortunately I suppose no even 1% probability they are good exchange after what has happened.
The third question is how can we be sure that they really need 73.97% of all their users profits to compensate losses? What if there are fake accounts managed by 796 guys?
No regrets, no excuses, no answer from 796.com guys, no promises to change their price limits and risk management system to avoid "socializing" 73.97% of profits in future. There is an evident algo how to prevent it, but they don't want to implement it!
Should the exchanges be fair and take responsibility, or just be transparent with general terms etc.?
