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Ichthyo
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December 15, 2012, 07:42:15 PM |
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Trading will be stopped up to an hour after today's 20:00 UTC clearing.
Lets's hope all goes well.... this is a big moment for this young platform. Some of us had the opportunity to watch it grow from the first public releases into a widely used trading platform  |
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The trust scores you see are subjective; they will change depending on who you have in your trust list. |
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MPOE-PR
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December 15, 2012, 08:08:02 PM |
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Trading will be stopped up to an hour after today's 20:00 UTC clearing.
About debts problem:
we had a long discussion with Tycho and there are two ways to solve problem of debt, when there is a customer who opened a position, market moved against her, and there is a lack of liquidity (you can still see huge BUZ2 buy "wall" at ~12 which is a liquidation of debtors' positions, there is no such liquidity on the market to forcefully close his positions).
To fix such situation there are two ways:
1. Profit capping. This solution will be applied to BUZ2 this time and will not be used again for any other futures. In simple words, if you made profit buying/selling/leaving BUZ2 contract for settlement, your profit will be reduced, but you still get a profit, as much as counterparties could pay.
However, Tycho said its inacceptable for further ICBIT development.
2. Mutually closing positions of debtor against equally distributed counter-positions holders. In simple words, this means if the market does not have enough liquidity to close debtor's position, and you hold profitable open position, your position will be partially closed (at a rate which still brings you profit).
Soon after BUZ2 setllement I will open up a separate thread for arbitraging strategies discussion with arbitrage bots samples source code provided, because ideally we need to solve the problem of liquidity so that neither points 1 or 2 above would be needed at all.
For the current month these considerations are moot. Your site currently has unsettled open positions, which you are to satisfy in full. For the future you're welcome to figure out whatever. |
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ThePok
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December 15, 2012, 08:18:23 PM |
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crap :/
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picobit
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December 15, 2012, 08:23:07 PM |
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Wasn't margin calls supposed to prevent this?
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ThePok
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December 15, 2012, 08:29:14 PM |
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You made more than 200btc profit, you may invest some of that  |
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Fireball (OP)
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December 15, 2012, 09:22:44 PM |
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Wasn't margin calls supposed to prevent this?
It is exactly for this, but for the beginning period we had it was not possible to forcefully buy 14k of BUZ2 contracts. There just were not enough sellers. And for this bad moment I listed two solutions above. |
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ThePok
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December 15, 2012, 09:42:35 PM |
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You are risking your reputation!!! I will tell everybody ( https://plus.google.com/u/0/b/100748061612454612677/ )not to use your service again, if that doesnt get solved in a fair way for the customers! You will make plenty of Profits in Future, use that!! |
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smickles
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December 15, 2012, 09:52:27 PM |
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Heightened security is preventing me from viewing the file. |
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starik69
Legendary
 Offline
Activity: 1367
Merit: 1000
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December 15, 2012, 09:55:20 PM |
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Page not found . The requested page "/sec/BUZ2/buz2.csv" could not be found. |
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starik69
Legendary
Offline
Activity: 1367
Merit: 1000
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December 15, 2012, 10:17:31 PM |
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Somehow its changing to https in browser, got the file forcing http |
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picobit
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December 15, 2012, 10:33:40 PM |
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Wasn't margin calls supposed to prevent this?
It is exactly for this, but for the beginning period we had it was not possible to forcefully buy 14k of BUZ2 contracts. There just were not enough sellers. And for this bad moment I listed two solutions above. According to your page on "Margin Call", that should have resulted in the "worst case scenario", forcibly closing the positions at that time. Clearly, some people would have lost part of their profit at the time, but that was part of the deal, you had stated that clearly on your page. By not closing them at the time, you took the risk that their accounts would go negative - or did you hope that the rate would change, solving the problem in time, and instead the reverse happened? In that case, you chose to risk your own money, in my opinion. |
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Fireball (OP)
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December 15, 2012, 10:56:05 PM
Last edit: December 15, 2012, 11:24:14 PM by Fireball |
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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? :-)
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ThePok
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December 15, 2012, 11:00:52 PM |
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Thats perfect. Iam sure you did learn a lot from this, ill happy continue trading on your Website!
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starik69
Legendary
Offline
Activity: 1367
Merit: 1000
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December 15, 2012, 11:06:42 PM |
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The default page for futures now became gold.
I think it is more convenient to make it BUH3.
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Fireball (OP)
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December 15, 2012, 11:11:42 PM |
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The default page for futures now became gold.
I think it is more convenient to make it BUH3.
Already fixed that, thanks for noticing |
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smickles
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December 15, 2012, 11:25:04 PM |
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good 'ol wget |
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picobit
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December 16, 2012, 09:14:41 AM |
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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. |
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guruvan
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December 16, 2012, 05:13:33 PM |
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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. |
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