Bitcoinica New Version Launched Today!

[Dan The Man]

Your withdrawal request was received when we run out of limits at Mt. Gox.

MtGox limits you in how much money you can transfer TO them?
So I can assume this is not a one-time-only hold-up and it is likely to happen again?
I'm glad you are trying to solve this issue, but it's been 6 hours now and I still cannot access my assets on your platform.

It's been 9 hours and I'm starting to lose my patience, because during that time the price was fluctuating quite a bit (2.65 - 2.98). I'm losing money here guys, can you please do something about it? Can't you cancel the withdrawal request so I can trade at least on Bitcoinica?

I agree, the "pending manual approval" is terrible. If I can't move my money, at least let me keep it. Now it is basically trapped, the worst of both worlds, and it means I have to keep checking in to see if a redeem code is available.

I've got an account leveraged way over 10:1 now and I missed the chance to use that money to buy at the price I wanted and I now I also can't get the money back into my account. If I get liquidated because of this pending approval issue I will be super pissed.

Most of my movements are between various Bitcoinica accounts. How about an internal system of transfer?

[1715096859]

1715096859

[1715096859]

1715096859

[Dan The Man]

Here is another small issue. If you have a negative tradable balance, you can't "quick pick" against your current position. It will tell you that you have insufficient funds even though you are just erasing a position that you already have. Luckily you can still type in a value.

14mv8A7RVtG3dDCgrJAYDAw96BVaFHXCar

[phantomcircuit]

nvm

[ineededausername]

Your withdrawal request was received when we run out of limits at Mt. Gox.

MtGox limits you in how much money you can transfer TO them?
So I can assume this is not a one-time-only hold-up and it is likely to happen again?
I'm glad you are trying to solve this issue, but it's been 6 hours now and I still cannot access my assets on your platform.

It's been 9 hours and I'm starting to lose my patience, because during that time the price was fluctuating quite a bit (2.65 - 2.98). I'm losing money here guys, can you please do something about it? Can't you cancel the withdrawal request so I can trade at least on Bitcoinica?

I agree, the "pending manual approval" is terrible. If I can't move my money, at least let me keep it. Now it is basically trapped, the worst of both worlds, and it means I have to keep checking in to see if a redeem code is available.

I've got an account leveraged way over 10:1 now and I missed the chance to use that money to buy at the price I wanted and I now I also can't get the money back into my account. If I get liquidated because of this pending approval issue I will be super pissed.

Most of my movements are between various Bitcoinica accounts. How about an internal system of transfer?

About liquidation: Bitcoinica once caused a small loss for me due to not withdrawing quickly enough.  I opened a support ticket and zhoutong refunded it!  One thing you cannot criticize about Bitcoinica is their customer service.  

edit: You got leverage OVER 10:1?  How high!?

[Dan The Man]

I was just using the loophole I mentioned in the first page. I leveraged a small amount of money at 10:1 ( about $10) buying at 2.7. Then I switched the account over to 1:1 and withdrew about half of it to go into another account to leverage at 10:1 again. Except it got frozen when I withdrew it and that money is still frozen now. Luckily the first position paid off before it went to liquidation world.

[phorensic]

I've been using Bitcoinica for a month now and I should know this by now, and I'm going to sound like an idiot asking it, but what is the difference between holding USD or holding BTC in the "Currency Account"?  Looking for an in depth answer on that if possible.

[ineededausername]

I was just using the loophole I mentioned in the first page. I leveraged a small amount of money at 10:1 ( about $10) buying at 2.7. Then I switched the account over to 1:1 and withdrew about half of it to go into another account to leverage at 10:1 again. Except it got frozen when I withdrew it and that money is still frozen now. Luckily the first position paid off before it went to liquidation world.

But why on earth would you leverage to 200:1 on BITCOIN of all things?! crazy

[Dan The Man]

I've been using Bitcoinica for a month now and I should know this by now, and I'm going to sound like an idiot asking it, but what is the difference between holding USD or holding BTC in the "Currency Account"?  Looking for an in depth answer on that if possible.

BTC will just be converted into margin balance at the current exchange rate. What this means is that if you have Bitcoin your margin balance will change with price. I have learned from experience that you can even have a negative net value if the price drops and the bitcoin in your currency account doesn't cover a negative dollar amount caused by trading losses.

[Dan The Man]

I was just using the loophole I mentioned in the first page. I leveraged a small amount of money at 10:1 ( about $10) buying at 2.7. Then I switched the account over to 1:1 and withdrew about half of it to go into another account to leverage at 10:1 again. Except it got frozen when I withdrew it and that money is still frozen now. Luckily the first position paid off before it went to liquidation world.

But why on earth would you leverage to 200:1 on BITCOIN of all things?! crazy

200:1 is not actually possible, but you can get some pretty high amounts. How else are you going to turn $1 into $10 in less than a day or lose it in less than a minute? Actually there are a lot of ways to lose a dollar faster than that even.

[phorensic]

Bug report - The little grey question marks next to "Net Value" and "Maintenance" work fine if you mouseover, but if you click them the pop-up notification will not go away no matter where you click after.  Have to refresh page to get it to go away.  Hides the values underneath.

[Dan The Man]

Bug report - The little grey arrows next to "Net Value" and "Maintenance" work fine if you mouseover, but if you click them the pop-up notification will not go away no matter where you click after.  Have to refresh page to get it to go away.  Hides the values underneath.

That might be a browser specific thing. What are you using? They work fine for me.

[phorensic]

Chrome 16

[Mushoz]

Zhoutong, I have a question. Do you have any plans for added security by either offering two-way SMS authentication or Yubikeys? I'm interested in depositing some more, but I'm reluctant to do so with all these horror stories of hacking incidents. I do have strong passwords via KeePass, but thankfully my MtGox yubikey has already saved me against a phishing attack once...

[piotr_n]

I agree, some more security would be nice.

If anyone breaks into my account, by guessing the password or whatever, he can just steal it all.

[chunglam]

Zhoutong, I found a bug in your new USD/BTC exchange system. It is very easy to duplicate, just input amount of USD that is approximate to 50 BTC and use the Calculate button to check how many BTCs you can get back. For example, the current Guaranteed Exchange Rate is
V <= 50           -> 0.3315
50 < V <= 500  ->  0.3215
500 < V <= 5000 -> 0.305

You input US$ 149, you will get BTC 49.79382575
You input US$ 150, you will get BTC 48.62417213

More USD, less BTC?

[jjiimm_64]

any chance on getting other currency pairs at the exchange.  specifically alt coins?   bitcoin-litecoin bitcoin-namecoin ?

[smickles]

any chance on getting other currency pairs at the exchange.  specifically alt coins?   bitcoin-litecoin bitcoin-namecoin ?

I second this.

[netrin]

I negative this.