Bitcoinica: How it works

[Otoh]

I do think that it's a bit off that I can't even withdraw the same amount of bitcoins & cash that I deposited there, BTC 300 & $33

I gambled with these on high leverage & have an unrealised profit of well over $1,000 which I'm using to support an open long position

Back in Thanksgiving time I shorted with very high leverage & closed out with about a $600 loss that I paid in $ cash for to free up my Btc 300 again for round two so technically until I close out my position I am still well down even after I (hopefully) get to withdraw my initial stake

mumblemumblemumble

message now re withdrawal of my funds, same with: "about 2 hours ago"

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[sgbett]

I had similar issues, I found this. It was sorted within 24hrs.

http://help.bitcoinica.com/discussions/questions/56-withdrawal-of-usd-as-mt-gox-coupon-displays-pending-approval

[proudhon]

Out of curiosity I've decided to see what bitcoinica is all about with 1BTC.

[Otoh]

many thanks, it says there:

Mt. Gox gives us a withdrawal limit. This means we can only withdraw so much each day on behalf of our clients. You should be able to access your Mt. Gox code after 24-48 hours. I'm sorry about the inconvenience, but our hands are tied in the matter. I suggest only using the Bitcoin network (you can even withdraw directly to your Mt. Gox deposit address) for withdrawals and deposits.
Thank you for trading with Bitcoinica,
-Jon

& WhyTF didn't bitcoinica just not make this clear on the withdrawals page, of corse I could have used my Mt.Gox deposit address instead - if I had known or if they had told me that they were maxed out (not actually but I can imaging that many would be over this kind of so easily avoidable BS)

like choose this option & your funds will be then locked down for (edit now 6 hrs plus) - just say so ffs how hard is that to let peeps know

[Mushoz]

many thanks, it says there:

Mt. Gox gives us a withdrawal limit. This means we can only withdraw so much each day on behalf of our clients. You should be able to access your Mt. Gox code after 24-48 hours. I'm sorry about the inconvenience, but our hands are tied in the matter. I suggest only using the Bitcoin network (you can even withdraw directly to your Mt. Gox deposit address) for withdrawals and deposits.
Thank you for trading with Bitcoinica,
-Jon

& WhyTF didn't bitcoinica just not make this clear on the withdrawals page, of corse I could have used my Mt.Gox deposit address instead - if I had known or if they had told me that they were maxed out   (not actually but I can imaging that many would be over this kind of so easily avoidable BS)

Hmm, try contacting support. They can probably cancel your withdrawal, so you can withdraw over the Bitcoin Network instead.

[Otoh]

Out of curiosity I've decided to see what bitcoinica is all about with 1BTC.

get 10 times leverage authorised & choose a big momentum wave with no quick spike backs, let it ride up to $66.66666 & then cash out, good luck actually trying to extract the $s from Khou's kung fu grip tho

[sgbett]

Yeah it took me ages to find this info.

I was able to cancel my BTC through the site and just do a normal withdrawal to my mtgox wallet.

For USD I just had to sit it out.

[proudhon]

Out of curiosity I've decided to see what bitcoinica is all about with 1BTC.

get 10 times leverage authorised & choose a big momentum wave with no quick spike backs, let it ride up to $66.66666 & then cash out, good luck actually trying to extract the $s from Khou's kung fu grip tho

I have no fucking clue what I'm doing.

[Otoh]

many thanks, it says there:

Mt. Gox gives us a withdrawal limit. This means we can only withdraw so much each day on behalf of our clients. You should be able to access your Mt. Gox code after 24-48 hours. I'm sorry about the inconvenience, but our hands are tied in the matter. I suggest only using the Bitcoin network (you can even withdraw directly to your Mt. Gox deposit address) for withdrawals and deposits.
Thank you for trading with Bitcoinica,
-Jon

& WhyTF didn't bitcoinica just not make this clear on the withdrawals page, of corse I could have used my Mt.Gox deposit address instead - if I had known or if they had told me that they were maxed out   (not actually but I can imaging that many would be over this kind of so easily avoidable BS)

Hmm, try contacting support. They can probably cancel your withdrawal, so you can withdraw over the Bitcoin Network instead.

many thanks, unfortunately I now need my 480 minutes of sleep (as Mt.Gox live puts it) so I'll just let it ride, at least a learning experience & not an immediate need case for once

[Mushoz]

Out of curiosity I've decided to see what bitcoinica is all about with 1BTC.

get 10 times leverage authorised & choose a big momentum wave with no quick spike backs, let it ride up to $66.66666 & then cash out, good luck actually trying to extract the $s from Khou's kung fu grip tho

I have no fucking clue what I'm doing.

Haha, good luck Let's hope for beginners luck Protip: Don't short the market atm :p

[proudhon]

I think I'm doing it wrong  , but I don't know:

[Mushoz]

I think I'm doing it wrong  , but I don't know:

You're doing it right You just went long with your 5:1 leverage with 1 BTC backing it =) You're currently in the red, because of the spreads. If it's going to move up, your profit will increase. If it moves down, your losses will become greater. Just sit tight and watch it closely now

[proudhon]

I think I'm doing it wrong  , but I don't know:

You're doing it right You just went long with your 5:1 leverage with 1 BTC backing it =) You're currently in the red, because of the spreads. If it's going to move up, your profit will increase. If it moves down, your losses will become greater. Just sit tight and watch it closely now

Haha, ok.  Watching.

[Otoh]

yep you're doing good, don't mess with it until you're either wiped out by some pidley little spike down or have lotsa $ unrealised profit as the bitcoin price soars, basically just let it ride in to 2017

what your doing is gambling 5 times your 1 Btc stake so you are exposed to 5 times any price drop which will quickly get you zhoutonged (an experience in itself) or if the normal rules of gambler's beginners luck holds then the price will now soar & every time you hit say $60 or so say of unrealised profit you could buy more longs, by 2033 you could be browsing catalogues for 50 foot yachts

[notme]

I think I'm doing it wrong  , but I don't know:

Or just add 1 BTC Limit Sells at 6.35, 6.40, 6.45, 6.50.  Wait until it hits 6.5, then rinse and repeat compounding your 50cent profit back into your bitcoin reserves.

[ineededausername]

PROUDHON WENT LONG!

[RaggedMonk]

I don't understand sorry, I started with a 300Btc deposit & went long 300 a while back, when the price rose I increased the number of bitcoins that I was long with leverage now I would like to know if I can retain my original 300 Btc long position  by selling bitcoins or do I have to liquidate the whole position (or sell all little by little) in order to release the $ profit for withdrawal - sry to be such a trading noob

I am pretty sure you can't cash profits out into your currency account without closing your whole position, unfortunately.  (This means selling to zero, overshooting can keep the position open).

You should be able to pull out approx currency account balance - position size/leverage (though I recommend keeping a bit more than necessary so you don't immediately get liquidated if the market moves against you).

Withdrawal limits are a big problem.  They have always gone through in less than 3 days for me, usually around 24 hours. Technically, it is Gox's "fault" but zhou should really implement a separate withdrawal wallet for this situation.

[Mushoz]

PROUDHON WENT LONG!

BUY BUY BUY!!! 

[bitdragon]

has anyone used the trailing stop?

i just bought 100btc at 6,3683 with a trailing at 6.
The price is now at 6,3642 but my trailing has been increasing and is now at 6,17 and I cancelled it.

Did the spread get smaller? or have i missed something ? this was in the space of 12 minutes

[Mushoz]

has anyone used the trailing stop?

i just bought 100btc at 6,3683 with a trailing at 6.
The price is now at 6,3642 but my trailing has been increasing and is now at 6,17 and I cancelled it.

Did the spread get smaller? or have i missed something ? this was in the space of 12 minutes

Spreads got smaller and the price was moving up, moving the trailing stop up as well