Warning: Do not leave negative USD on bitcoinica...

[speeder]

I did that, and they closed my BTC balance...

Without warning.

In fact I was not even informed, I found out after logging in today.


So, keep a eye on your USD balance, bitcoinica might without warning or even informing you, force the sale of your BTC, at crap prices even...

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[1714770079]

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[DeathAndTaxes]

Is this your first time using margin?  Did you think Bitcoinica was going to expose themselves to infinite loss on your behalf?

[allinvain]

It's a margin call. This is how the big boys play.

[speeder]

No, not margin call.

I am talking about the BTC balance.

[Sekioh]

Same difference, they actually sell your BTC on market price to make back the money they lost on you, they're just 'settling your debts'.

[OgNasty]

Is this your first time using margin?  Did you think Bitcoinica was going to expose themselves to infinite loss on your behalf?

+1

I feel sorry for all of the kids shorting bitcoin that don't have any clue what they're doing.  You know they're just going to keep adding to their short positions until they lose everything.

[fivebells]

I actually learned a lot from the $1 Zhoutong gave me to play with on bitcoinica.  I do think the interface is kind of confusing.

[BitMagic]

I feel sorry for all of the kids shorting bitcoin that don't have any clue what they're doing.  You know they're just going to keep adding to their short positions until they lose everything.

I feel sorry for OgNasty talking about things he has no clue about. You know he's just going to keep posting his idiot position until he loses everything.

There is no shorting if you deposit BTC. You automatically take a long position if you deposit BTC. You're welcome.

[OgNasty]

I feel sorry for OgNasty talking about things he has no clue about. You know he's just going to keep posting his idiot position until he loses everything.

There is no shorting if you deposit BTC. You automatically take a long position if you deposit BTC. You're welcome.

Fail.  You obviously don't comprehend leverage, short positions or margin requirements.  Your post solidifies the fact that you are one of the kids that have no clue what they are doing.

[BitPay Business Solutions]

Fail.  You obviously don't comprehend leverage, short positions or margin requirements.  

+1  if you trade on margin you better know what you are doing.  anytime you fall below the minimum requirements, your broker will automatically eliminate the risk on your behalf.  If you don't trade on margin, you will never have this problem.

[BitMagic]

Fail.  You obviously don't comprehend leverage, short positions or margin requirements.  Your post solidifies the fact that you are one of the kids that have no clue what they are doing.

You are really, really, a COMPLETE idiot.

https://bitcointalk.org/index.php?topic=42267.msg517128#msg517128

"Depositing Bitcoins is equivalent to opening a long position of BTCUSD." -zhoutong

He deposited bitcoins, and held a long position, while prices fell. He then got a margin call. Long position. No shorting. None.

I know what I'm doing. I also know you are a complete, complete idiot.

[plastic.elastic]

I feel sorry for OgNasty talking about things he has no clue about. You know he's just going to keep posting his idiot position until he loses everything.

There is no shorting if you deposit BTC. You automatically take a long position if you deposit BTC. You're welcome.

Fail.  You obviously don't comprehend leverage, short positions or margin requirements.  Your post solidifies the fact that you are one of the kids that have no clue what they are doing.

If you havent traded at bitcoinica why even open your fcking mouth?

[cypherdoc]

LOL!.  Zhoutong is going to liquidate all of your short selling accounts w/o notice. he can't afford to consult you about it as the price rises.  its either you or him 

[OgNasty]

You are really, really, a COMPLETE idiot.

https://bitcointalk.org/index.php?topic=42267.msg517128#msg517128

"Depositing Bitcoins is equivalent to opening a long position of BTCUSD." -zhoutong

He deposited bitcoins, and held a long position, while prices fell. He then got a margin call. Long position. No shorting. None.

I know what I'm doing. I also know you are a complete, complete idiot.

How much money have you lost since you started calling me an idiot?

If you havent traded at bitcoinica why even open your fcking mouth?

I have many years of experience trading equities.  I was trying to warn kids that didn't understand what they were doing that a short squeeze was building.  Don't be angry because you didn't listen.  Not to mention I actually registered on Bitcoinica today.

[BitMagic]

I have many years of experience trading equities.  I was trying to warn kids that didn't understand what they were doing that a short squeeze was building.  Don't be angry because you didn't listen.  Not to mention I actually registered on Bitcoinica today.  Which way do you think I bet my money?

You're welcome.

[Steve]

He deposited bitcoins, and held a long position, while prices fell. He then got a margin call. Long position. No shorting. None.

He also had a negative USD balance.  Therefore, he was long on margin and was called.  (I'm assuming his BTC balance was not enough to cover the negative USD balance as the price of BTC fell)

[plastic.elastic]

If you havent traded at bitcoinica why even open your fcking mouth?

I have many years of experience trading equities.  I was trying to warn kids that didn't understand what they were doing that a short squeeze was building.  Don't be angry because you didn't listen.  Not to mention I actually registered on Bitcoinica today.

Good for you, now go spend sometimes on Bitcoinica to know why we called you idiot.

Oh a short squeeze is a such secret.... NOT!

Find me on Elitetrader.

[Steve]

I'm interested to see if the short squeeze prediction pans out.  I think it would be the first short squeeze (of any significance) for bitcoin.  It kind of makes sense...being able to short bitcoin is a relatively new capability and I suspect people might have overdone it.  I'm sure the people that created Bitcoinica felt BTC was over priced and could make money by shorting it...I'm sure they also anticipated people loading up on the short side as they figured out how to use this new toy and are well positioned to take advantage of a short squeeze.

[cypherdoc]

I'm interested to see if the short squeeze prediction pans out.  I think it would be the first short squeeze (of any significance) for bitcoin.  It kind of makes sense...being able to short bitcoin is a relatively new capability and I suspect people might have overdone it.  I'm sure the people that created Bitcoinica felt BTC was over priced and could make money by shorting it...I'm sure they also anticipated people loading up on the short side as they figured out how to use this new toy and are well positioned to take advantage of a short squeeze.

explain to me how Bitcoinica works.  someone else said they're betting against their own clients?

[tvbcof]

An under-capitalized day-trader gets reamed.  Yawn.