Just to let people know, because I made the assumption one could withdraw Bitcoins from bitcoinica using Mt. Gox redeemable codes. YOU CANNOT! Only USD withdrawals are possible.
In an email I was referred to their FAQ for details.
I looked at the FAQ before
I trusted my Bitcoins to bitcoinica, of course. It lacks details and is unclear on the subject. I hope this is not intentional:
Can I deposit or withdraw in Bitcoins?
Unfortunately, no. We don't deliver actual Bitcoins. But you can always deposit or withdraw instantly using Mt. Gox redeemable codes."
"We do not deliver actual
bitcoins". Well, it's fair to assume then, that you deliver bitcoins via Mt. Gox redeemable codes, right? You even state this in the sentence that follows.
If this was intentionally misleading, I consider this a ripoff. I was forced to trade my precious BTC for USD to get my funds out, then trade them back on mtgox at a loss.
We have considered this problem right at the beginning. Bitcoinica is currently a trading platform with accounting currency of USD.
If you trade at any Forex broker and give them any foreign currency, they will convert your money to their accounting currency. Also, if you buy EURUSD, for example, you won't get the euro anyway. The only way you can withdraw is to close the position and withdraw USD.
Margin trading is only possible when the accounting currency is consistent. At this moment, we only lend out USD.
However, we will announce Bitcoin withdrawals soon, and we will have a much more sophisticated account management. You will be able to even borrow money at Bitcoinica!