Bitcoin Forum
December 03, 2016, 11:41:24 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 [22] 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 »
  Print  
Author Topic: ICBIT Derivatives Market (USD/BTC futures trading) - LIVE  (Read 88458 times)
picobit
Hero Member
*****
Offline Offline

Activity: 547


Decor in numeris


View Profile
December 16, 2012, 09:14:41 AM
 #421

OK guys, good news.

After speaking to other important community members, I decided to take all the risk on myself for BUZ2 and
NO PRICE CAPPING will happen. You get what you got at settlement. That's as honest as it could be. This means, I'm paying for the balance of those users who went negative when so actively shorting BUZ2. Being honest means being honest - you played according to the ICBIT rules, and ICBIT plays according to the rules.

BUH3 and other contract's will stick to the terms of the worst case scenario as explained on the website (forceful counterparty position liquidation) to prevent such situation from happening at all.

Good? :-)

You just proved you quality!

I will now leave BTC on icbit.se with more ease of mind.

Disclaimer: I had no BUZ2 at closing time, having switched to BUH3.
1480765284
Hero Member
*
Offline Offline

Posts: 1480765284

View Profile Personal Message (Offline)

Ignore
1480765284
Reply with quote  #2

1480765284
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480765284
Hero Member
*
Offline Offline

Posts: 1480765284

View Profile Personal Message (Offline)

Ignore
1480765284
Reply with quote  #2

1480765284
Report to moderator
guruvan
Hero Member
*****
Offline Offline

Activity: 518

ShastaFarEye Prospectors mazaclub & mazacha.in


View Profile WWW
December 16, 2012, 05:13:33 PM
 #422

Disclaimer: I had no BUZ2 at closing time, having switched to BUH3.

Closing positions prior to settlement seemed to be the smart move Looked like a hot potato to me, so I got out of BUZ2 not long after BUH3 opened.




Mine at the Maza Club! with ShastaFarEye Prospectors! Mazacoin PPS & P2pool mining, and more services coming soon!
Maza Means Money! Check yours at the mazacha.in!

Please contact me  on my  OTC registered GPG (A54E87F2) Key's email address or guruvan@shastafareye.net  and encrypt all correspondence.
picobit
Hero Member
*****
Offline Offline

Activity: 547


Decor in numeris


View Profile
December 16, 2012, 07:14:43 PM
 #423

Closing positions prior to settlement seemed to be the smart move Looked like a hot potato to me, so I got out of BUZ2 not long after BUH3 opened.

I honestly did not expect trouble, but clearly settlement was a special time, so if anything was going to go wrong, that would be a likely time for it to happen.  So I got rid of my small position in BUZ2, and planned to withdraw all the bitcoins.  But those overpriced BUH3s were sooo tempting Smiley
Fireball
Hero Member
*****
Offline Offline

Activity: 673


View Profile WWW
December 16, 2012, 07:27:35 PM
 #424

I put together a small news release stating some facts about BUZ2 and ICBIT, and also put some explanation about futures trading for those who never heard about futures.

Comments (and reposts, if you like it) are welcome:
https://plus.google.com/u/0/b/117990284188664727142/117990284188664727142

Margin trading platform OrderBook.net (ICBIT): https://orderbook.net
Follow us in Twitter: https://twitter.com/orderbooknet
Fireball
Hero Member
*****
Offline Offline

Activity: 673


View Profile WWW
December 19, 2012, 04:10:09 PM
 #425

I finally put together the arbitraging topic https://bitcointalk.org/index.php?topic=131622.0 which explains how futures/spot arbitraging works and provides examples. If all is good with that description, I will proceed with adding links and descriptions of some trading bots implementations I have available.

Comments are welcome there.

Margin trading platform OrderBook.net (ICBIT): https://orderbook.net
Follow us in Twitter: https://twitter.com/orderbooknet
labestiol
Sr. Member
****
Offline Offline

Activity: 434


View Profile
December 21, 2012, 05:36:59 PM
 #426

I tried to withdraw some funds, and the form ask for a one-time password.
I tried to use the google auth pass (which is configured), but without success ?

Can you explain how to do ?

Thanks

1BestioLC7YBVh8Q5LfH6RYURD6MrpP8y6
Fireball
Hero Member
*****
Offline Offline

Activity: 673


View Profile WWW
December 21, 2012, 08:23:35 PM
 #427

I tried to withdraw some funds, and the form ask for a one-time password.
I tried to use the google auth pass (which is configured), but without success ?

Can you explain how to do ?

Thanks

Please PM me your user account name.

I already got one more similar complain, please allow up to 1 day to investigate and solve the issue. Thank you.

Margin trading platform OrderBook.net (ICBIT): https://orderbook.net
Follow us in Twitter: https://twitter.com/orderbooknet
Fireball
Hero Member
*****
Offline Offline

Activity: 673


View Profile WWW
December 21, 2012, 08:29:16 PM
 #428

Someone put a 4k contracts ($40 000 worth of contracts) wall at $14.

Margin trading platform OrderBook.net (ICBIT): https://orderbook.net
Follow us in Twitter: https://twitter.com/orderbooknet
Stephen Gornick
Legendary
*
Offline Offline

Activity: 1988



View Profile
December 21, 2012, 11:51:40 PM
 #429

Someone put a 4k contracts ($40 000 worth of contracts) wall at $14.

And then took it down shortly after.  

I wish that person would put it back!

Fireball
Hero Member
*****
Offline Offline

Activity: 673


View Profile WWW
December 22, 2012, 10:58:23 AM
 #430

I tried to withdraw some funds, and the form ask for a one-time password.
I tried to use the google auth pass (which is configured), but without success ?

Can you explain how to do ?

Thanks

Fixed. It was a problem with some time drift on the server, which is now solved once and for all hopefully.

Margin trading platform OrderBook.net (ICBIT): https://orderbook.net
Follow us in Twitter: https://twitter.com/orderbooknet
labestiol
Sr. Member
****
Offline Offline

Activity: 434


View Profile
December 22, 2012, 01:02:28 PM
 #431

I tried to withdraw some funds, and the form ask for a one-time password.
I tried to use the google auth pass (which is configured), but without success ?

Can you explain how to do ?

Thanks

Fixed. It was a problem with some time drift on the server, which is now solved once and for all hopefully.

Thanks, it's working now !

1BestioLC7YBVh8Q5LfH6RYURD6MrpP8y6
Stephen Gornick
Legendary
*
Offline Offline

Activity: 1988



View Profile
December 22, 2012, 10:14:43 PM
 #432

There was a message on Twitter:

Quote
Site will not be accessible (another maintenance) shortly for a period of up to 5 minutes.
- https://twitter.com/icbit_se/status/282577017466150912

But that was more than two hours ago without any update since.

The service is online but the Orderbook for each instrument is blank.

Fireball
Hero Member
*****
Offline Offline

Activity: 673


View Profile WWW
December 23, 2012, 10:35:31 AM
 #433

There was a message on Twitter:

Quote
Site will not be accessible (another maintenance) shortly for a period of up to 5 minutes.
- https://twitter.com/icbit_se/status/282577017466150912

But that was more than two hours ago without any update since.

The service is online but the Orderbook for each instrument is blank.

Sorry it took too long, it's all back online now and working properly.

Margin trading platform OrderBook.net (ICBIT): https://orderbook.net
Follow us in Twitter: https://twitter.com/orderbooknet
Fireball
Hero Member
*****
Offline Offline

Activity: 673


View Profile WWW
December 25, 2012, 09:31:42 PM
 #434

The BUH3 futures contract (BTC/USD), started some 10 days ago already has had over $100K USD worth of trades (which is 1/5 of total BUZ2 volume which was trading for months!).

Merry Christmas to all christians! :-)

Margin trading platform OrderBook.net (ICBIT): https://orderbook.net
Follow us in Twitter: https://twitter.com/orderbooknet
picobit
Hero Member
*****
Offline Offline

Activity: 547


Decor in numeris


View Profile
January 07, 2013, 08:53:08 AM
 #435

Hi Fireball,

There is still something wrong with the documentation of BTCUSD variation margin ( https://icbit.se/BUH3 ).  On your web page, W/R is still -0.1 where it should be -10 USD in order to give the correct result.  Should the equation read R/W instead (due to the prices being reciprocal)?.  By the way, why confuse the issue by introducing the minimal price step and its cost, when it is clearly the contract size that enters into the calculation?


Hi Fireball,

There seems to be something wrong with the equations giving the variation margin on your web page.  The actual calculation is OK, it is just the web page that gives the wrong expression.

The variation margin should be the price difference times the size of the futures contract.  As the actual contract is a futures contract for -10 USD, traded in BTC, but the price is listed as the price in USD/BTC, a reciprocal comes in, confusing matters a bit, and the equation becomes (on your web page):

Vm = (1/p2 - 1/p1) * W/R

Here 1/p is the "real" price (in BTC/USD), and W/R should be the contract size, i.e -10 USD, giving a variation margin in BTC.  However, on the web pages https://icbit.se/BUZ2 and https://icbit.se/BUH3 you list W = 0.0001 USD and R = -0.001 USD, giving W/R = 0.1 (no unit).  So both the magnitude and the unit is wrong.  The example at the bottom of the page correctly uses W/R = -10 (but leaves out all units).  And the actual variations margins calculated in your trading platform are correct as well, fortunately Smiley

I have not looked closer into the Gold and Oil options, but since the prices here are listed in BTC I am a bit surprised to the reciprocal of the price in the equations.


Fireball
Hero Member
*****
Offline Offline

Activity: 673


View Profile WWW
January 07, 2013, 10:42:39 AM
 #436

Hi Fireball,

There is still something wrong with the documentation of BTCUSD variation margin ( https://icbit.se/BUH3 ).  On your web page, W/R is still -0.1 where it should be -10 USD in order to give the correct result.  Should the equation read R/W instead (due to the prices being reciprocal)?.  By the way, why confuse the issue by introducing the minimal price step and its cost, when it is clearly the contract size that enters into the calculation?

Allright, I simplified the formula on the website to just specify contract size S equal to 10 USD. Price step and cost are more generic values used for accounting futures contracts, however in this specific case, for simplicity, we can just stick with the contract size S. Thank for you noticing it.

And bytheway, soon good updates are coming!

Margin trading platform OrderBook.net (ICBIT): https://orderbook.net
Follow us in Twitter: https://twitter.com/orderbooknet
picobit
Hero Member
*****
Offline Offline

Activity: 547


Decor in numeris


View Profile
January 08, 2013, 08:41:07 PM
 #437

I have a question regarding the GDG3 futures.  It says that settlement is based on the COMEX future for the month of settlement, that sounds both reasonable and well-defined.  But a bitcoin price must be involved in converting this price to bitcoins.  It is not stated anywhere, but I assume that it is the MtGox price on the day of settlement like for BUH3 (or rather, the price at "the exchange with the largest trading volume" just in case MtGox folds).  It that a correct assumption?  This would be the reasonable choice, but of course it could in theory also be the ICBIT exchange price, which would give a huge risk of manipulation due to the low volume.

And a second question.  I have the impression that you are using a market maker bot.  Does that mean that there is a risk of ending up with a contract with noone at the other end, or will ICBIT be the counterpart in that case, or is the bot keeping things balanced?

Finally, if I get a margin call while having multiple kinds of futures, is there any algorithm that decides which ones are forcibly closed?
Fireball
Hero Member
*****
Offline Offline

Activity: 673


View Profile WWW
January 08, 2013, 09:26:48 PM
 #438

I have a question regarding the GDG3 futures.  It says that settlement is based on the COMEX future for the month of settlement, that sounds both reasonable and well-defined.  But a bitcoin price must be involved in converting this price to bitcoins.  It is not stated anywhere, but I assume that it is the MtGox price on the day of settlement like for BUH3 (or rather, the price at "the exchange with the largest trading volume" just in case MtGox folds).  It that a correct assumption?  This would be the reasonable choice, but of course it could in theory also be the ICBIT exchange price, which would give a huge risk of manipulation due to the low volume.
Yes, saying it simple, it's same definition as the one used for BUZ2 / BUH3. MtGox's volume weighted average price at the moment of futures settlement.


And a second question.  I have the impression that you are using a market maker bot.  Does that mean that there is a risk of ending up with a contract with noone at the other end, or will ICBIT be the counterpart in that case, or is the bot keeping things balanced?
I run the bot occasionally, and also other people seem to occasionally run bots too. I will make it more convinient to run bots pretty soon, because right now it's a bit technically uncomfortable (though possible).
As for your question, no, there can't be "noone at the other end". If I run the market maker bot, I do run it on my own different account, with my own money.

Finally, if I get a margin call while having multiple kinds of futures, is there any algorithm that decides which ones are forcibly closed?
Those which give the negative variation margin by the current market state, or which produced biggest lost during latest market movement (which is actually the same, with the exception when it went through clearing).

Margin trading platform OrderBook.net (ICBIT): https://orderbook.net
Follow us in Twitter: https://twitter.com/orderbooknet
picobit
Hero Member
*****
Offline Offline

Activity: 547


Decor in numeris


View Profile
January 09, 2013, 10:58:39 AM
 #439

Thanks for your clear answers!
Stephen Gornick
Legendary
*
Offline Offline

Activity: 1988



View Profile
January 11, 2013, 10:51:30 PM
 #440

There was no entry in my log for Variation margin for BUH3 today (Jan 11, 2012).

I see the previous day's entry showed "last = 15.5750" and the current level is at about the same level so it is likely the clearing price today was the exact same as yesterday and thus, I'm presuming, that there was no need to add a log entry as there was no adjustment.

But there's no historic log of daily clearing prices that will show me today's clearing price to confirm that this is what happened.

Might it be better to simply add an entry in the log for Variation margin each day regardless of whether or not the amount was above zero?  At least then nobody would be left wondering if clearing didn't happen on those days like today.

Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 [22] 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 »
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!