Bitcoinica - Advanced Bitcoin Trading Platform

[offshoregenius77]

Hello, I didn't receive my recent 489.84150013 BTC withdraw. I sent you an email to support at bitcoinica, but 16 hours have passed, got no replies.

http://img859.imageshack.us/img859/6343/screenshot20111213at093.png

Really sorry about this issue. Our BTC assets were mostly concentrated in Mt. Gox accounts recently. And our withdrawal wallet is out of funds.

We are currently trying to divert some Bitcoins from Mt. Gox to our wallets.

I have marked your transaction as "Pending Approval", so that you can cancel it any time and get your money back. I suggest you to withdraw in smaller amounts instead, such as 100 BTC, so that your funds won't get stuck when similar things happen.

This is not a good sign....... Site down.

[smickles]

<snip>
This is not a good sign....... Site down.

it's not down for me (as of now anyway)

[tvbcof]

...
They are called derivatives. I think the young man has a great plan. My hope is HE is actually hedging, because what he really is doing is legal bookmaking...And bookies do go BUST if they dont watch it! Too much action on one side.....

'offshoregenius77' hitting zhoutong pretty hard (or trying to) in the first seconds of round #1.  Who's little sock puppet are you OSG77?  Sounds like a fun topic for a poll.

[smickles]

This is not a good sign....... Site down.

I was having the same problem. It's a DNS issue. Change your DNS server or connect using IP. http://50.56.4.62/

Is there a bitcoinica.bit?

[zhoutong]

This is not a good sign....... Site down.

I was having the same problem. It's a DNS issue. Change your DNS server or connect using IP. http://50.56.4.62/

Is there a bitcoinica.bit?

There is, but I haven't configured it.

I don't use NameCoin personally.

[zhoutong]

Zhou, have you changed the way Trailing stops work? Because they don't seem to be trailing...

+1
they're not moving for me either

Hi,

I have fixed the trailing stop error. Now it's trailing again.

Thank you for your feedback. Each of you will get 1 BTC bonus. (Both, please give me either your Bitcoinica account or a Bitcoin address so that I can send money to you.)

[smickles]

Zhoutong,

I'd like to publicly petition you to stop doing business with GoDaddy. GoDaddy has come out in support of SOPA. SOPA is not good for many reasons. Not the least of which is that Bitcoinica could easily be one of the sites that would be censored by it.

Please take my petition into consideration. Please ask the community about the issue. Please ask for assistance in understanding any issue involved in this decision if there is any doubt.

[netrin]

+1

I strongly support the boycott of GoDaddy. Zhou, I enjoy the services that you offer and hope you do switch away from GoDaddy. I intend to boycott all sites that support SOPA including sites that support GoDaddy. This political issue is more important to me than trading on leverage. I think many of your customers will agree.

[smickles]

Zhoutong,

I'd like to publicly petition you to stop doing business with GoDaddy. GoDaddy has come out in support of SOPA. SOPA is not good for many reasons. Not the least of which is that Bitcoinica could easily be one of the sites that would be censored by it.

Please take my petition into consideration. Please ask the community about the issue. Please ask for assistance in understanding any issue involved in this decision if there is any doubt.

Although I still do not like go daddy, they have apparently withdrawn support of SOPA. So, I suppose they are back in "Hated, but tolerated" camp as far as I am concerned.

I withdraw my petition.

[netrin]

I do not withdraw my petition, though I will not hold it against Bitcoinica in any way. I would still appreciate if Bitcoinica withdraws financial support of GoDaddy.

[chunglam]

Hi, I thought that the price that I saw was guaranteed for 50 BTC. I bought at 4.2 but it filled at 4.29!! What is going on? I ordered 50.

Same thing happened when I converted USD to BTC three weeks ago. It is a bug of Bicoinica exchange system. Below was my post to their help desk on 8 December -

Hi, I found a bug in your new USD/BTC exchange system. It is very easy to duplicate, just input amount of USD that is approximate to 50 BTC and use the Calculate button to check how many BTCs you can get back. For example, the current Guaranteed Exchange Rate is
V <= 50 -> 0.3315
50 < V <= 500 -> 0.3215
500 < V <= 5000 -> 0.305

You input US$ 149, you will get BTC 49.79382575
You input US$ 150, you will get BTC 48.62417213

More USD, less BTC?

A few days ago, I converted US$156 to around 49.x BTC. I believe the exchange rate should be the least one (BTC volume <= 50), but the system actually using the second tier price for convertion.

Reply from their staff Jon

Hmm. That's odd!
I'll have Zhou look at it. Thanks for the heads up!
Thank you for trading with Bitcoinica,
-Jon

No further reply after this

[netrin]

Me2. I'm finding it quite difficult to make a profit on Bitcoinica even when correctly predicting 20%+ movement on Mt. Gox, but predict wrong and one swallows the full force of the change plus some.

[chunglam]

Frankly speaking, their leverage trading system is only game in town right now. My long position in Bitcoinica is more profitable then my 7G+ mining operation . But their exchange system is another story, it is OK as long as you don't convert more than 49BTCs per conversion.

[smickles]

Frankly speaking, their leverage trading system is only game in town right now. My long position in Bitcoinica is more profitable then my 7G+ mining operation . But their exchange system is another story, it is OK as long as you don't convert more than 49BTCs per conversion.

In less than two weeks they will not be the only game in town. I feel I have been cheated so I have one foot out the door.

Hey goat, didn't I see you say earlier that you were using shorts on bitcoinica to hedge against the debt for your mining operation?

[zhoutong]

Zhoutong,

I'd like to publicly petition you to stop doing business with GoDaddy. GoDaddy has come out in support of SOPA. SOPA is not good for many reasons. Not the least of which is that Bitcoinica could easily be one of the sites that would be censored by it.

Please take my petition into consideration. Please ask the community about the issue. Please ask for assistance in understanding any issue involved in this decision if there is any doubt.

Although I still do not like go daddy, they have apparently withdrawn support of SOPA. So, I suppose they are back in "Hated, but tolerated" camp as far as I am concerned.

I withdraw my petition.

I don't like GoDaddy at all. The domain has already been transferred out.

For SSL certificates, I will switch to another vendor soon.

Also, I have removed all the GoDaddy certification logos in the new version.

[smickles]

Zhoutong,

I'd like to publicly petition you to stop doing business with GoDaddy. GoDaddy has come out in support of SOPA. SOPA is not good for many reasons. Not the least of which is that Bitcoinica could easily be one of the sites that would be censored by it.

Please take my petition into consideration. Please ask the community about the issue. Please ask for assistance in understanding any issue involved in this decision if there is any doubt.

Although I still do not like go daddy, they have apparently withdrawn support of SOPA. So, I suppose they are back in "Hated, but tolerated" camp as far as I am concerned.

I withdraw my petition.

I don't like GoDaddy at all. The domain has already been transferred out.

For SSL certificates, I will switch to another vendor soon.

Also, I have removed all the GoDaddy certification logos in the new version.

Way to go zhou! Good move

[zhoutong]

Regarding the large spread over price spikes, I'd like to apologize first. At first, the mechanism was designed to minimize the risk for Bitcoinica under extreme market conditions. It turned out to be overly sensitive and caused a problem called "a chain of forced liquidations".

A chain of forced liquidations - When price increases and a few large forced liquidations are being triggered, the system automatically prepares itself for a sudden change in hedging volume and increases the spread based on the market depth. Due to the spread increase, more forced liquidations can be triggered, and it goes on… Last time, when the price spikes to $4.50, our reserve is already depleted which means that we can't hedge at all, and the "ask" price spikes to $4.90 with a chain of forced liquidations.

I have since then introduced a few changes to the system:

- A limit on the pending orders as a factor for the pricing algorithm to reduce sensitivity.
- Redflag "No Reserve" when we are out of reserve. Strictly no buying OR no selling when we're out of reserve.
- Tweaking the algorithm to prevent a chain of forced liquidations without actual trading activity.

The market conditions are more and more harsh everyday. The trading volume is highly concentrated in very short time periods and it's very unpredictable. It's very hard to deal with the market right now.

I hope the changes will improve the system and make trading and profiting on Bitcoinica easier than ever.

[zhoutong]

Hi, I thought that the price that I saw was guaranteed for 50 BTC. I bought at 4.2 but it filled at 4.29!! What is going on? I ordered 50.

If you are trading, please just use a Limit order to prevent this from happening. You're assured that all prices have nothing to do with your orders and they all reflect actual market depth and price.

[zhoutong]

Frankly speaking, their leverage trading system is only game in town right now. My long position in Bitcoinica is more profitable then my 7G+ mining operation . But their exchange system is another story, it is OK as long as you don't convert more than 49BTCs per conversion.

In less than two weeks they will not be the only game in town. I feel I have been cheated so I have one foot out the door.

I'm quite curious. Who will join the game?

[zhoutong]

Hi, I thought that the price that I saw was guaranteed for 50 BTC. I bought at 4.2 but it filled at 4.29!! What is going on? I ordered 50.

If you are trading, please just use a Limit order to prevent this from happening. You're assured that all prices have nothing to do with your orders and they all reflect actual market depth and price.

I see I did not understand how this worked. I thought the price quoted was good for 50 coin. I thought I read that somewhere. So if the price quote is not valid why even have it?

The price is good for 50 BTC order that is being executed right now. When your order is submitted for execution the price may have been changed. It all depends but I'm absolutely sure that the system won't increase the price just because it sees your order. We calculate all prices using the same formula at all times.