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Author Topic: Bitcoinica - Advanced Bitcoin Trading Platform  (Read 46976 times)
itsagas
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September 11, 2011, 04:48:19 PM
 #61

What's so special about the country I'm living in? And what? "financial fraud"?

While I don't really understand what you mean, I have to say that the Bitcoin market is open for all, and new ideas are coming out every day. I urge you to look at the product itself instead of judging by other factors.

I'm not interested in unethically making other Bitcoin fans' money in this united community. What we want is to enlarge and enrich the Bitcoin market and Bitcoinica does the job of bringing in Forex traders.
Zhoutong, I truely think that you are a genius. It so just happens that you seem to have an innate ability to come up with evil schemes. I truely believe you when you are saying that you don't know what I'm talking about.

Wikipedia has a good introduction to bucket shop concept and why it is considered a fraud in most of the civilized world.

http://en.wikipedia.org/wiki/Bucket_shop_(stock_market)

Jesse Livermore was the most famous bucket shop promoter, although he never was a bucket shop operator. In fact the actual bucket shop operators went to the extreme to avoid being associated with him.

http://en.wikipedia.org/wiki/Jesse_Lauriston_Livermore

Your country is significant in my mind, because the South East Asia was/is a heaven for bucket shops. In not sure about Singapore, but Hong Kong and Macau have a long and continuous history of fly-by-night hole-in-the-wall financial "exchanges". You have extended the long tradition with your offer of accepting single USD accounts to allow wagering on bitcoin.


Thanks for the explanation. However,

1. Bitcoinica is not a bucket shop, it's a brokerage. All the hedging will take place if our clients place orders in a particular direction. The spread seems high now, but will be eventually lower.

2. We don't bet against our clients. We never want them to lose. There's no incentive to do that.

3. There are large scale transactions coming in Bitcoinica. First day we got 3700+ BTC, ranked number 3 among all trading platforms. Bitcoinica has more than 5% of total Bitcoin/USD trades. A bucket shop can't survive this amount of volume.

4. Because of stop orders and margin calls, we are partly responsible for the crash. Our orders are already influencing the market.

5. I'm not a Singapore citizen. I just live here. Thank you for teaching me the culture.


Contradicting answers from this post and your reply above.

"That's not really true. We hedge most of the transactions in Mt. Gox. However, I do have to use a bit of smartness to write an algorithm to manage the hedging. I can see the actual trading data of Bitcoinica - way too many people are transacting at different directions nearlyat the same time. I also checked my Mt Gox account history, even with the algorithm, I'm still selling to myself most of the time."


#3 "I'm still selling to myself most of the time" - so are you really the third largest if you are selling to yourself

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Jonathan Ryan Owens
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September 11, 2011, 04:49:40 PM
 #62

No response from them in 12 hours so far.. It's given me the same error with different amounts when I try to withdraw funds. I'm a bit frustrated.



Sorry, your previous email went into my junk box so I didn't see it.

I really apologize for the error. I have already replied to your email and asked for your BTC withdrawal details but you haven't responded yet.

Awesome. I'll reply to your email from here, and give you my receiving address publicly so that there's transparency in the error resolution. Ok? Smiley

Thanks for the quick reply!

I'd like to leave $100 in there.

The BTC equivalent of the 86.10 should go to

Address: 191npMfngRLgheQHDUzTAgi9Q8mH8FfHyL

Thanks again, and awesome site! I can't wait for the spread to narrow a bit Tongue

-Jonathan

I have placed a Market order on your behalf for this withdrawal.

BTCUSD 14.38    MARKET    —    EXECUTED @ 5.9805   

It costs $85.99959. This amount was deducted from your account.

Then I sent 14.38 BTC to your address.

Bitcoin Transaction: 68661f544cd0e7a7dd85d7fa7abcc10a9365c4bb542d2c5eb23d373dc51c4bc9

Thank you for your business!


Thank you sir! Is there a possibility of increasing your daily limit with Gox? If Bitcoinica is to grow larger, I have to imagine that a more robust account will need to be in place with Gox.

Regards,
Jonathan

zhoutong
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September 11, 2011, 04:55:46 PM
 #63

No response from them in 12 hours so far.. It's given me the same error with different amounts when I try to withdraw funds. I'm a bit frustrated.



Sorry, your previous email went into my junk box so I didn't see it.

I really apologize for the error. I have already replied to your email and asked for your BTC withdrawal details but you haven't responded yet.

Awesome. I'll reply to your email from here, and give you my receiving address publicly so that there's transparency in the error resolution. Ok? Smiley

Thanks for the quick reply!

I'd like to leave $100 in there.

The BTC equivalent of the 86.10 should go to

Address: 191npMfngRLgheQHDUzTAgi9Q8mH8FfHyL

Thanks again, and awesome site! I can't wait for the spread to narrow a bit Tongue

-Jonathan

I have placed a Market order on your behalf for this withdrawal.

BTCUSD 14.38    MARKET    —    EXECUTED @ 5.9805   

It costs $85.99959. This amount was deducted from your account.

Then I sent 14.38 BTC to your address.

Bitcoin Transaction: 68661f544cd0e7a7dd85d7fa7abcc10a9365c4bb542d2c5eb23d373dc51c4bc9

Thank you for your business!


Thank you sir! Is there a possibility of increasing your daily limit with Gox? If Bitcoinica is to grow larger, I have to imagine that a more robust account will need to be in place with Gox.

Regards,
Jonathan

Yes, I will get contact with them soon.

We just set up a new Mt. Gox account today so currently we have two accounts operating at the same time. Both of them run out of withdrawal limits. :-/

Thank you for your understanding!

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
zhoutong
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September 11, 2011, 04:58:46 PM
 #64

What's so special about the country I'm living in? And what? "financial fraud"?

While I don't really understand what you mean, I have to say that the Bitcoin market is open for all, and new ideas are coming out every day. I urge you to look at the product itself instead of judging by other factors.

I'm not interested in unethically making other Bitcoin fans' money in this united community. What we want is to enlarge and enrich the Bitcoin market and Bitcoinica does the job of bringing in Forex traders.
Zhoutong, I truely think that you are a genius. It so just happens that you seem to have an innate ability to come up with evil schemes. I truely believe you when you are saying that you don't know what I'm talking about.

Wikipedia has a good introduction to bucket shop concept and why it is considered a fraud in most of the civilized world.

http://en.wikipedia.org/wiki/Bucket_shop_(stock_market)

Jesse Livermore was the most famous bucket shop promoter, although he never was a bucket shop operator. In fact the actual bucket shop operators went to the extreme to avoid being associated with him.

http://en.wikipedia.org/wiki/Jesse_Lauriston_Livermore

Your country is significant in my mind, because the South East Asia was/is a heaven for bucket shops. In not sure about Singapore, but Hong Kong and Macau have a long and continuous history of fly-by-night hole-in-the-wall financial "exchanges". You have extended the long tradition with your offer of accepting single USD accounts to allow wagering on bitcoin.


Thanks for the explanation. However,

1. Bitcoinica is not a bucket shop, it's a brokerage. All the hedging will take place if our clients place orders in a particular direction. The spread seems high now, but will be eventually lower.

2. We don't bet against our clients. We never want them to lose. There's no incentive to do that.

3. There are large scale transactions coming in Bitcoinica. First day we got 3700+ BTC, ranked number 3 among all trading platforms. Bitcoinica has more than 5% of total Bitcoin/USD trades. A bucket shop can't survive this amount of volume.

4. Because of stop orders and margin calls, we are partly responsible for the crash. Our orders are already influencing the market.

5. I'm not a Singapore citizen. I just live here. Thank you for teaching me the culture.


Contradicting answers from this post and your reply above.

"That's not really true. We hedge most of the transactions in Mt. Gox. However, I do have to use a bit of smartness to write an algorithm to manage the hedging. I can see the actual trading data of Bitcoinica - way too many people are transacting at different directions nearlyat the same time. I also checked my Mt Gox account history, even with the algorithm, I'm still selling to myself most of the time."


#3 "I'm still selling to myself most of the time" - so are you really the third largest if you are selling to yourself



The "selling to myself" means that our customers place orders at opposite directions for nearly the same amount. Usually a Forex broker will try to eliminate this. But given the volatility of Bitcoin market, we have to hedge most of the funds, which may result in repeated buying and selling orders in our Mt. Gox account.

All the transaction volumes are customer generated. I traded very little recently because I spent most of the time on the development of Bitcoinica.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
Jonathan Ryan Owens
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September 11, 2011, 05:03:18 PM
 #65

What's so special about the country I'm living in? And what? "financial fraud"?

While I don't really understand what you mean, I have to say that the Bitcoin market is open for all, and new ideas are coming out every day. I urge you to look at the product itself instead of judging by other factors.

I'm not interested in unethically making other Bitcoin fans' money in this united community. What we want is to enlarge and enrich the Bitcoin market and Bitcoinica does the job of bringing in Forex traders.
Zhoutong, I truely think that you are a genius. It so just happens that you seem to have an innate ability to come up with evil schemes. I truely believe you when you are saying that you don't know what I'm talking about.

Wikipedia has a good introduction to bucket shop concept and why it is considered a fraud in most of the civilized world.

http://en.wikipedia.org/wiki/Bucket_shop_(stock_market)

Jesse Livermore was the most famous bucket shop promoter, although he never was a bucket shop operator. In fact the actual bucket shop operators went to the extreme to avoid being associated with him.

http://en.wikipedia.org/wiki/Jesse_Lauriston_Livermore

Your country is significant in my mind, because the South East Asia was/is a heaven for bucket shops. In not sure about Singapore, but Hong Kong and Macau have a long and continuous history of fly-by-night hole-in-the-wall financial "exchanges". You have extended the long tradition with your offer of accepting single USD accounts to allow wagering on bitcoin.


Thanks for the explanation. However,

1. Bitcoinica is not a bucket shop, it's a brokerage. All the hedging will take place if our clients place orders in a particular direction. The spread seems high now, but will be eventually lower.

2. We don't bet against our clients. We never want them to lose. There's no incentive to do that.

3. There are large scale transactions coming in Bitcoinica. First day we got 3700+ BTC, ranked number 3 among all trading platforms. Bitcoinica has more than 5% of total Bitcoin/USD trades. A bucket shop can't survive this amount of volume.

4. Because of stop orders and margin calls, we are partly responsible for the crash. Our orders are already influencing the market.

5. I'm not a Singapore citizen. I just live here. Thank you for teaching me the culture.


Contradicting answers from this post and your reply above.

"That's not really true. We hedge most of the transactions in Mt. Gox. However, I do have to use a bit of smartness to write an algorithm to manage the hedging. I can see the actual trading data of Bitcoinica - way too many people are transacting at different directions nearlyat the same time. I also checked my Mt Gox account history, even with the algorithm, I'm still selling to myself most of the time."


#3 "I'm still selling to myself most of the time" - so are you really the third largest if you are selling to yourself



The "selling to myself" means that our customers place orders at opposite directions for nearly the same amount. Usually a Forex broker will try to eliminate this. But given the volatility of Bitcoin market, we have to hedge most of the funds, which may result in repeated buying and selling orders in our Mt. Gox account.

All the transaction volumes are customer generated. I traded very little recently because I spent most of the time on the development of Bitcoinica.

Hm.. Why does high volatility require direct transactions on MtGox? It seems that you'd really want to handle competing orders synthetically when there is active trading, and directly only when there is light volume.

-Jonathan

zhoutong
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September 11, 2011, 05:07:02 PM
 #66

What's so special about the country I'm living in? And what? "financial fraud"?

While I don't really understand what you mean, I have to say that the Bitcoin market is open for all, and new ideas are coming out every day. I urge you to look at the product itself instead of judging by other factors.

I'm not interested in unethically making other Bitcoin fans' money in this united community. What we want is to enlarge and enrich the Bitcoin market and Bitcoinica does the job of bringing in Forex traders.
Zhoutong, I truely think that you are a genius. It so just happens that you seem to have an innate ability to come up with evil schemes. I truely believe you when you are saying that you don't know what I'm talking about.

Wikipedia has a good introduction to bucket shop concept and why it is considered a fraud in most of the civilized world.

http://en.wikipedia.org/wiki/Bucket_shop_(stock_market)

Jesse Livermore was the most famous bucket shop promoter, although he never was a bucket shop operator. In fact the actual bucket shop operators went to the extreme to avoid being associated with him.

http://en.wikipedia.org/wiki/Jesse_Lauriston_Livermore

Your country is significant in my mind, because the South East Asia was/is a heaven for bucket shops. In not sure about Singapore, but Hong Kong and Macau have a long and continuous history of fly-by-night hole-in-the-wall financial "exchanges". You have extended the long tradition with your offer of accepting single USD accounts to allow wagering on bitcoin.


Thanks for the explanation. However,

1. Bitcoinica is not a bucket shop, it's a brokerage. All the hedging will take place if our clients place orders in a particular direction. The spread seems high now, but will be eventually lower.

2. We don't bet against our clients. We never want them to lose. There's no incentive to do that.

3. There are large scale transactions coming in Bitcoinica. First day we got 3700+ BTC, ranked number 3 among all trading platforms. Bitcoinica has more than 5% of total Bitcoin/USD trades. A bucket shop can't survive this amount of volume.

4. Because of stop orders and margin calls, we are partly responsible for the crash. Our orders are already influencing the market.

5. I'm not a Singapore citizen. I just live here. Thank you for teaching me the culture.


Contradicting answers from this post and your reply above.

"That's not really true. We hedge most of the transactions in Mt. Gox. However, I do have to use a bit of smartness to write an algorithm to manage the hedging. I can see the actual trading data of Bitcoinica - way too many people are transacting at different directions nearlyat the same time. I also checked my Mt Gox account history, even with the algorithm, I'm still selling to myself most of the time."


#3 "I'm still selling to myself most of the time" - so are you really the third largest if you are selling to yourself



The "selling to myself" means that our customers place orders at opposite directions for nearly the same amount. Usually a Forex broker will try to eliminate this. But given the volatility of Bitcoin market, we have to hedge most of the funds, which may result in repeated buying and selling orders in our Mt. Gox account.

All the transaction volumes are customer generated. I traded very little recently because I spent most of the time on the development of Bitcoinica.

Hm.. Why does high volatility require direct transactions on MtGox? It seems that you'd really want to handle competing orders synthetically when there is active trading, and directly only when there is light volume.

-Jonathan

There are four different cases:

1. Light on Bitcoinica. Heavy on Mt. Gox.
2. Light on Bitcoinica. Light on Mt. Gox.
3. Heavy on Bitcoinica. Light on Mt. Gox.
4. Heavy on Bitcoinica. Heavy on Mt. Gox.

Currently our algorithm identifies 1 and 4. And most transactions which fall into this category are executed externally.

It's one of our promise that not to make profit from our customers' losses. We can't act like any evil Forex brokerages who bet against their customers. We are aiming for the long-term growth of the Bitcoin community.

Trading externally helps increasing the liquidity in the spot market. And this is one of our most important contributions to the Bitcoin community, besides the product itself.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
Jonathan Ryan Owens
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September 11, 2011, 05:11:36 PM
 #67

What's so special about the country I'm living in? And what? "financial fraud"?

While I don't really understand what you mean, I have to say that the Bitcoin market is open for all, and new ideas are coming out every day. I urge you to look at the product itself instead of judging by other factors.

I'm not interested in unethically making other Bitcoin fans' money in this united community. What we want is to enlarge and enrich the Bitcoin market and Bitcoinica does the job of bringing in Forex traders.
Zhoutong, I truely think that you are a genius. It so just happens that you seem to have an innate ability to come up with evil schemes. I truely believe you when you are saying that you don't know what I'm talking about.

Wikipedia has a good introduction to bucket shop concept and why it is considered a fraud in most of the civilized world.

http://en.wikipedia.org/wiki/Bucket_shop_(stock_market)

Jesse Livermore was the most famous bucket shop promoter, although he never was a bucket shop operator. In fact the actual bucket shop operators went to the extreme to avoid being associated with him.

http://en.wikipedia.org/wiki/Jesse_Lauriston_Livermore

Your country is significant in my mind, because the South East Asia was/is a heaven for bucket shops. In not sure about Singapore, but Hong Kong and Macau have a long and continuous history of fly-by-night hole-in-the-wall financial "exchanges". You have extended the long tradition with your offer of accepting single USD accounts to allow wagering on bitcoin.


Thanks for the explanation. However,

1. Bitcoinica is not a bucket shop, it's a brokerage. All the hedging will take place if our clients place orders in a particular direction. The spread seems high now, but will be eventually lower.

2. We don't bet against our clients. We never want them to lose. There's no incentive to do that.

3. There are large scale transactions coming in Bitcoinica. First day we got 3700+ BTC, ranked number 3 among all trading platforms. Bitcoinica has more than 5% of total Bitcoin/USD trades. A bucket shop can't survive this amount of volume.

4. Because of stop orders and margin calls, we are partly responsible for the crash. Our orders are already influencing the market.

5. I'm not a Singapore citizen. I just live here. Thank you for teaching me the culture.


Contradicting answers from this post and your reply above.

"That's not really true. We hedge most of the transactions in Mt. Gox. However, I do have to use a bit of smartness to write an algorithm to manage the hedging. I can see the actual trading data of Bitcoinica - way too many people are transacting at different directions nearlyat the same time. I also checked my Mt Gox account history, even with the algorithm, I'm still selling to myself most of the time."


#3 "I'm still selling to myself most of the time" - so are you really the third largest if you are selling to yourself



The "selling to myself" means that our customers place orders at opposite directions for nearly the same amount. Usually a Forex broker will try to eliminate this. But given the volatility of Bitcoin market, we have to hedge most of the funds, which may result in repeated buying and selling orders in our Mt. Gox account.

All the transaction volumes are customer generated. I traded very little recently because I spent most of the time on the development of Bitcoinica.

Hm.. Why does high volatility require direct transactions on MtGox? It seems that you'd really want to handle competing orders synthetically when there is active trading, and directly only when there is light volume.

-Jonathan

There are four different cases:

1. Light on Bitcoinica. Heavy on Mt. Gox.
2. Light on Bitcoinica. Light on Mt. Gox.
3. Heavy on Bitcoinica. Light on Mt. Gox.
4. Heavy on Bitcoinica. Heavy on Mt. Gox.

Currently our algorithm identifies 1 and 4. And most transactions which fall into this category are executed externally.

It's one of our promise that not to make profit from our customers' losses. We can't act like any evil Forex brokerages who bet against their customers. We are aiming for the long-term growth of the Bitcoin community.

Trading externally helps increasing the liquidity in the spot market. And this is one of our most important contributions to the Bitcoin community, besides the product itself.

I understand your reasoning. Please get in touch with Mr. Karpeles @ MtGox, and the guys at Bitinstant! It seems to me that there's no good reason not to work with them to gain 1) higher volume and 2) higher liquidity.

You shouldn't have to open multiple MtGox accounts. Your platform is innovative and serious enough that they're probably just waiting for your call.

-Jonathan

zhoutong
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September 11, 2011, 05:15:57 PM
 #68

What's so special about the country I'm living in? And what? "financial fraud"?

While I don't really understand what you mean, I have to say that the Bitcoin market is open for all, and new ideas are coming out every day. I urge you to look at the product itself instead of judging by other factors.

I'm not interested in unethically making other Bitcoin fans' money in this united community. What we want is to enlarge and enrich the Bitcoin market and Bitcoinica does the job of bringing in Forex traders.
Zhoutong, I truely think that you are a genius. It so just happens that you seem to have an innate ability to come up with evil schemes. I truely believe you when you are saying that you don't know what I'm talking about.

Wikipedia has a good introduction to bucket shop concept and why it is considered a fraud in most of the civilized world.

http://en.wikipedia.org/wiki/Bucket_shop_(stock_market)

Jesse Livermore was the most famous bucket shop promoter, although he never was a bucket shop operator. In fact the actual bucket shop operators went to the extreme to avoid being associated with him.

http://en.wikipedia.org/wiki/Jesse_Lauriston_Livermore

Your country is significant in my mind, because the South East Asia was/is a heaven for bucket shops. In not sure about Singapore, but Hong Kong and Macau have a long and continuous history of fly-by-night hole-in-the-wall financial "exchanges". You have extended the long tradition with your offer of accepting single USD accounts to allow wagering on bitcoin.


Thanks for the explanation. However,

1. Bitcoinica is not a bucket shop, it's a brokerage. All the hedging will take place if our clients place orders in a particular direction. The spread seems high now, but will be eventually lower.

2. We don't bet against our clients. We never want them to lose. There's no incentive to do that.

3. There are large scale transactions coming in Bitcoinica. First day we got 3700+ BTC, ranked number 3 among all trading platforms. Bitcoinica has more than 5% of total Bitcoin/USD trades. A bucket shop can't survive this amount of volume.

4. Because of stop orders and margin calls, we are partly responsible for the crash. Our orders are already influencing the market.

5. I'm not a Singapore citizen. I just live here. Thank you for teaching me the culture.


Contradicting answers from this post and your reply above.

"That's not really true. We hedge most of the transactions in Mt. Gox. However, I do have to use a bit of smartness to write an algorithm to manage the hedging. I can see the actual trading data of Bitcoinica - way too many people are transacting at different directions nearlyat the same time. I also checked my Mt Gox account history, even with the algorithm, I'm still selling to myself most of the time."


#3 "I'm still selling to myself most of the time" - so are you really the third largest if you are selling to yourself



The "selling to myself" means that our customers place orders at opposite directions for nearly the same amount. Usually a Forex broker will try to eliminate this. But given the volatility of Bitcoin market, we have to hedge most of the funds, which may result in repeated buying and selling orders in our Mt. Gox account.

All the transaction volumes are customer generated. I traded very little recently because I spent most of the time on the development of Bitcoinica.

Hm.. Why does high volatility require direct transactions on MtGox? It seems that you'd really want to handle competing orders synthetically when there is active trading, and directly only when there is light volume.

-Jonathan

There are four different cases:

1. Light on Bitcoinica. Heavy on Mt. Gox.
2. Light on Bitcoinica. Light on Mt. Gox.
3. Heavy on Bitcoinica. Light on Mt. Gox.
4. Heavy on Bitcoinica. Heavy on Mt. Gox.

Currently our algorithm identifies 1 and 4. And most transactions which fall into this category are executed externally.

It's one of our promise that not to make profit from our customers' losses. We can't act like any evil Forex brokerages who bet against their customers. We are aiming for the long-term growth of the Bitcoin community.

Trading externally helps increasing the liquidity in the spot market. And this is one of our most important contributions to the Bitcoin community, besides the product itself.

I understand your reasoning. Please get in touch with Mr. Karpeles @ MtGox, and the guys at Bitinstant! It seems to me that there's no good reason not to work with them to gain 1) higher volume and 2) higher liquidity.

You shouldn't have to open multiple MtGox accounts. Your platform is innovative and serious enough that they're probably just waiting for your call.

-Jonathan

Yeah sure. Thank you for your suggestion!

These days we're working with TradeHill now. And we discovered that Mt. Gox has placed AdWords on "Bitcoinica". So I guess they already have noticed us. I will contact them soon.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
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September 11, 2011, 05:18:42 PM
 #69

Great service and look forward to adding some funds in a few minutes Smiley

How viable is it to have the bank account in your own name it seems? By accepting funds and processing withdraws, you become an intermediary without knowing too much from your clients.
Are laws that lenient in Singapore? With small volume, that can go unnoticed but could be flagged in the future?

Thank you.

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luck is just a share away


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September 12, 2011, 04:59:40 PM
 #70

is it possible to auto-update PL value in the list without reloading?
atm i use the browser addon "reload every" but would be nice if you would do this.

really nice site Wink

i would love if you'd allow EUR trading (like mtgox: one market)
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September 12, 2011, 10:28:49 PM
 #71

is it possible to auto-update PL value in the list without reloading?
atm i use the browser addon "reload every" but would be nice if you would do this.

really nice site Wink

i would love if you'd allow EUR trading (like mtgox: one market)

I don't know too much about JavaScript. (I'm a back-end developer.)

But I will try to implement features like this to make Bitcoinica even more responsive.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
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September 13, 2011, 06:50:34 AM
 #72

How do a I short?  I'm new to options trading and don't want to make a costly mistake =)

Currently just put $10 on my account. 

How many bitcoins can I short and still be covered if they go to $50? 

Don't day trade.
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September 13, 2011, 08:39:31 AM
 #73

How do a I short?  I'm new to options trading and don't want to make a costly mistake =)

Currently just put $10 on my account. 

How many bitcoins can I short and still be covered if they go to $50? 

Your unrealised loss cannot be more than your investment.
So to still be covered if they go to $50, considering a price of $6 now: Sell 0.2 coins.

That would cost $1.2 and with btc at 50, loss would be 44*0.2 = $8.8

so I guess a bit less than 0.2, at 0.19 to not be kicked out at 50.

This is my humble understanding at least. And this not options trading, for me.
I would prefer trading in options on bitcoins rather than with the leverage but some situations it can be nice to cover your holdings by shorting.


zhoutong
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September 13, 2011, 08:43:30 AM
 #74

How do a I short?  I'm new to options trading and don't want to make a costly mistake =)

Currently just put $10 on my account. 

How many bitcoins can I short and still be covered if they go to $50? 

Less than 0.17 BTC

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

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Bossland
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September 13, 2011, 09:57:15 AM
 #75

BTC Code: You will automatically have a long position of BTCUSD. You must liquidate the position before you can use Margin Trading or Short Selling.

--->> Mt. Gox Code  <----



How, what , where ?

Explination lacks a lot.
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September 13, 2011, 03:04:11 PM
 #76

you have the possible to withdraw from mtgox with a mtgox code, but i agree, it's not self-explaining. there should be some form of advice.
WiseOldOwl
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September 13, 2011, 04:32:42 PM
 #77

How do a I short?  I'm new to options trading and don't want to make a costly mistake =)

Currently just put $10 on my account.  

How many bitcoins can I short and still be covered if they go to $50?  

Your unrealised loss cannot be more than your investment.
So to still be covered if they go to $50, considering a price of $6 now: Sell 0.2 coins.

That would cost $1.2 and with btc at 50, loss would be 44*0.2 = $8.8

so I guess a bit less than 0.2, at 0.19 to not be kicked out at 50.

This is my humble understanding at least. And this not options trading, for me.
I would prefer trading in options on bitcoins rather than with the leverage but some situations it can be nice to cover your holdings by shorting.



Came online to ask the same thing. If possible, you definitely should incorporate this.

*edit , meant to quote the request for auto update of P/L bar

http://cryptoswap.com
XRP/BTC/LTC/BTE
zhoutong
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September 13, 2011, 04:44:12 PM
 #78

How do a I short?  I'm new to options trading and don't want to make a costly mistake =)

Currently just put $10 on my account. 

How many bitcoins can I short and still be covered if they go to $50? 

Your unrealised loss cannot be more than your investment.
So to still be covered if they go to $50, considering a price of $6 now: Sell 0.2 coins.

That would cost $1.2 and with btc at 50, loss would be 44*0.2 = $8.8

so I guess a bit less than 0.2, at 0.19 to not be kicked out at 50.

This is my humble understanding at least. And this not options trading, for me.
I would prefer trading in options on bitcoins rather than with the leverage but some situations it can be nice to cover your holdings by shorting.



Came online to ask the same thing. If possible, you definitely should incorporate this.

I don't want to be the market maker for Options, because the risk involved might be too high.

If users exchange options contracts themselves, the volume will be little. Uncovered contracts with extreme strike prices will be very hard to liquidate by force. The exchange will suffer.

So currently we're not working on Options trading. But we have a next big thing to announce soon, to fill another big gap in the Bitcoin market.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
WiseOldOwl
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September 13, 2011, 04:52:50 PM
 #79

Wow, I quoted the wrong thing entirely...  Huh

I meant to ask for automatic updating of the P/L bar if possible to avoid refreshing the whole page over and over.

http://cryptoswap.com
XRP/BTC/LTC/BTE
nrd525
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September 13, 2011, 06:46:21 PM
 #80

Thanks for the response on how I can do short selling. It would be great to add examples like that to the FAQ.


Don't day trade.
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