A progressive Bitcoin futures exchange: 796 Exchange

[796]

A progressive Bitcoin futures exchange
https://796.com

796 Exchange is established and operated by 796 Xchange Limited which is incorporated under the laws of Hong Kong.

796 Exchange is a comprehensive financial website covering futures, stocks, funds, options as well as finance activities related to Bitcoin. We will constantly provide Bitcoin fans with investment channels relating to Bitcoin and promote the Bitcoin application development.

Though it’s just a few days from June 9th, the volume of Bitcoin deposit and trading has surprised us. We really appreciate your trust and support and we will do better. From now on, not only deposit and referral will get you rewarded with stocks, but also the 10 highest volume traders will be rewarded. Here you may find more details: https://796.com/news/detail/10.html

BTC Futures Guidance:

796 Exchange has improved its BTC futures quite a bit comparing to the ordinary futures. Rules are set up to accommodate Bitcoin’s characteristics and market demand. We have enriched Bitcoin investment channels by providing users with two-way leveraged trading services.

796 Exchange applies floating leverage on BTC futures. Taking BTC as collateral and provide margin trading, when Bitcoin price at $100, buying long corresponds to a 2 times leverage while selling short corresponds to a 4 times leverage. If Bitcoin price exceeds $100, the leverage will be enlarged and when Bitcoin price is less than $100, the leverage will be shrunken.

Margin deposit required for buying long is 50% of the Bitcoin investing in the captioned transaction, and 25% for selling short. Every $1 change in BTC price reflects 0.01 BTC profit or loss. When loss of a transaction reaches 98% of the deposit, the contract will be terminated and settled. (equivalent to $49 drop when buying long and $24.5 rise when selling short).

For more details, please check “help” at: https://796.com/help.html?lang=en

IF you have any advice, please do not hesitate to contact us through online service.

[gog1]

Is there a date as to ASICMINER shares will be trading on your exchange?  I'm interested in transferring my direct shares but without a more specific ETA, it prevents me from doing that.

Also, is it possible to reduce withdraw fee?  Few exchanges have withdraw fee this high.

[796]

Hi,
ASICMINER-796 (ASICMINER split shares) has opened to our members with opening price 0.045BTC. Please see market data here: https://796.com/asicminer?lang=en
We’re offering this to make purchases easier for investors in Chinese board on this forum and let more of them know about ASICMINER.

Thanks!

[Stephen Gornick]

796 got some press:
 - http://www.bloomberg.com/news/2013-08-20/bitcoin-spawns-china-virtual-ipos-as-u-s-scrutiny-grows.html

[Update: This is not an endorsement.  I've never used 796, and know nearly nothing about it.]

[superduh]

why do you have to register to see am sales info?
also is 796xchange-mri the stock for the website?
the english is surprisingly good for a chinese website but still has a little bit more of a way to go.

[matthewh3]

www.RedStarMining.com - https://bitcointalk.org/index.php?topic=63257.0 - Is now listed on 796.  We're hoping on raising our hashrate from the current 1.05TH and 7.5MH per share to 3.5TH and 25MH per share by next month.  Or saving up for KNC v2 announcement for delivery in March/April.  Bagging a day one KNC Jupiter really helped us and we may try to repeat this early next year on announcement of prices and pre-orders for KNC v2 devices.

[vleroybrown]

Is there a service interrupt at 796.com?   I am seeing a hosting error when directing browser to there.

[canth]

Is there a service interrupt at 796.com?   I am seeing a hosting error when directing browser to there.

Yeah, annoyingly enough it's been down for maybe like 12 hours - not sure what the deal is. Hopefully they'll be back up soon. If you know of any HK citizens that might be more familiar with the service, I'd be happy to hear their thoughts or find some forum that might have better interactions with 796.

[bizz]

after some searching found this post from 796 in Chinese (google translate):

Tonight I am sorry 796 Exchange investors, because the server is under attack and the international room room technician on duty today no cause can not deal with the problem quickly. Although we have sent technical personnel in the past, but still have to wait until tomorrow before they can enter, we will be unable to visit in the morning to solve the problems as soon as possible, and it will replace the engine room.

[canth]

after some searching found this post from 796 in Chinese (google translate):

Tonight I am sorry 796 Exchange investors, because the server is under attack and the international room room technician on duty today no cause can not deal with the problem quickly. Although we have sent technical personnel in the past, but still have to wait until tomorrow before they can enter, we will be unable to visit in the morning to solve the problems as soon as possible, and it will replace the engine room.

Thanks. My translation from Google Translate: they're under DDOS attack and can't access their equipment since it's unresponsive due to the attack. One problem with small exchanges - they can't afford full redundancy, separated management networks, expensive DDoS mitigation services, etc.

[picobit]

I just looked at the site, and tried to work out how their BTC/USD futures work.  Here is there description:

BTC futures of 796 Exchange have, compared to the general futures, significantly improved the varieties in the concept, special BTC futures varieties are customized according to the features of and the market demand for BTC to provide the users with bilateral leverage trading services, herewith the BTC-related investment channels are greatly enriched. Floating leverage setting is applied to 796 Exchange's BTC futures, and BTC is taken as margin and pegged to US Dollars. In the event of a BTC price at USD100, going LONG is equivalent to twice the leverage whilst selling SHORT is equivalent to 4 times of the leverage; In the event of a BTC price above USD100, the leverage will be amplified in proportion accordingly; In the event of a BTC price below USD100, the leverage will be minified in proportion accordingly.
Margin for BTC futures is calculated at: 50% of long position; 25% of short position. Each time where there is a fluctuation of USD1.00 of the BTC price corresponding to 1 BTC, the volatility of gains/losses will be 0.01BTC. In case of loss up to 96% of the margin, that is, the long positions in case of a BTC price fall of USD48 or the short positions in case of a BTC price rise of USD24 will lead to margin calls, in such events, the margin of the positions in this direction will get lost.

Did this make sense before it was run through Google Translate?  If so, can anyone explain what it means.

I would really want to see an equation that tells me how much I gain/loose by a certain movement in price (and which price is behind this).

[matthewh3]

Why has our (http://www.redstarmining.com/) asset holders list not been updated properly in over a week.  We only moved to your exchange because you promised us a regular updated asset holders lists.  If you can't provide that and we have to move with an outdated asset holders list.  RSM will not be held responsible for any losses and I think this forum would agree with us.

[Camille]

Hi guys, I'm using your platform and i'm loving it.

But I was wondering, is there an exterior app using API or development schedule for new type of orders ?
ie : stop loss, trailing stop, take profit ...
or a simple "market order" (even though It can be achieve by looking at the books).


With those types of orders it would be way easier to trade on your platform

[yellowbrickroad]

Warning: don't deal with 796.com!

2 weeks ago I've bought LTC at ~$5.00, have sold and opened short position at ~$6.00, and closed short position at ~$4.5 (on July 11)
my net profit was ~550 LTC.

I have seen this profit on my account balance but it has disappeared soon.
when I've contacted support, they told me they have "socialized" 73.97% of profit of their users because LTC price moved violent last week.

https://796.com/ltcFutures/settle?lang=en here you can see that 796 guys have "socialized" or maybe "expropriated" 73.97% of profit of
their users on July 11 and ~45.1% on July 4.

Is it legal? Have you ever experienced something like that with btc-e or other exchange margin trading?
Is there any scam list to add this service ?