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Author Topic: Pretty much same trading volume - Mt.Gox and Bitcoinica  (Read 3638 times)
fastandfurious
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September 16, 2011, 05:32:57 AM
 #21

Still having withdrawal problems, does anyone else have that as well?
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fastandfurious
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September 16, 2011, 06:04:08 AM
 #22

Emailed Mark Karpeles to see what is happening. I hope this isn't a new scammer. Anyone else with any info?
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September 16, 2011, 06:11:24 AM
 #23

I successfully withdrew $10

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fastandfurious
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September 16, 2011, 06:19:04 AM
 #24

Not even that is working for me.

I have now a email response from the Bitcoinca owner. Lets see if we can sort this out. I will keep everyone that has money there updated.
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September 16, 2011, 06:24:57 AM
 #25

Not even that is working for me.

I have now a email response from the Bitcoinca owner. Lets see if we can sort this out. I will keep everyone that has money there updated.

I think he's telling the truth. Mt Gox is probably unsure what their policy will be towards bitcoinica at this stage. It could even be an acquisition target.

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September 16, 2011, 06:37:16 AM
 #26

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.

You should talk to MagicalTux on IRC.

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September 16, 2011, 07:20:12 AM
 #27

Everything worked out fine. I have my money on Mt.Gox now and Bitcoinica have raised its limit at Mt.Gox as well.

Cheers
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September 16, 2011, 12:44:21 PM
 #28

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?)

Excuse me English users, I will reply this post in Chinese.

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.
zhoutong
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September 16, 2011, 01:43:28 PM
 #29

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?)

Excuse me English users, I will reply this post in Chinese.

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.

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

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
flower1024
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September 16, 2011, 01:47:10 PM
 #30

We will consider internationalization when the Bitcoin market is larger.

what do you think about the way mtgox does it?
they have just one market.. if i buy with EUR, other USD offers could fullfill my order.

tradehill is different, but atm it is impossible to sell bitcoins on their eur market - it's just to thin.
caston
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September 16, 2011, 01:52:34 PM
 #31

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.

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September 16, 2011, 02:16:42 PM
 #32

When will we see the Bitcoinica founder give an interview or two?
The one on http://bittalk.tv/ left me wanting to know more.

zhoutong
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September 16, 2011, 03:44:15 PM
 #33

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!

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

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
btcbaby
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September 16, 2011, 11:08:30 PM
 #34

Bitcoinica will be a short time phenomena. It will last till people realize leverage makes absolutely no sense for trading bitcoins.
It only makes sense in the fiat forex market because is influences inflation. Big players use it there to benefit from micro-trading tactics.

Huh

The ability to short-sell and buy on margin is not a short-term phenomena. Any person who desires leverage will find this service useful. If you KNOW bitcoin will rise or fall, then this offers you a chance to make much more money. Bitcoinica's effect is good both for traders/speculators/investors and also for Bitcoin as it permits a greater variety of pricing means.

Yawn, we need real merchants selling to real users.  It would be nice to see Bitcoin leveraged in online gaming.

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caston
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September 22, 2011, 02:56:52 AM
 #35

I really like being able to short bitcoin and I made money thanks to that feature. I have been thinking recently though that if I were to borrow money at interest it would work out cheaper especially for quick trades than the difference I pay in the raw BTC price and the spread price every time I buy or sell.

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Shinobi
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September 22, 2011, 03:25:59 AM
 #36

If you KNOW bitcoin will rise or fall, then this offers you a chance to make much more money. 

So I imagine everyone and their mother is shorting it then? How do squeezes play into this?

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