Bitcoinica No Spread Charged for the next 12 hours.

[notme]

You really can't expect people to come read a forum to find out that the site doesn't actually work.

You can put real money into it and lose big due to functionality that should never have been released to the public.  That says the developers are pretty clueless about software release procedures, especially for transactional systems dealing with real money.  

There is nothing even on the page to indicate that the functions don't work.
http://awesomescreenshot.com/0d9rrdl98

Worse than simply not working, the StopLoss function will execute other transactions guaranteed to lose you money...

The main way to make money on bitcoinia at the moment is to uncover their identities and hold them liable for damages.

It's run by a 17 year old kid.  If I were you, I would do better diligence before sending your irreversible money to random websites.  That said, if you stay in the loop he is fairly responsive and does pretty well for a kid.  I personally have made plenty of money, and as long as you aren't too heavily leveraged you should be able to profit if you sit on the position for a week.  Anyway, I'm not going to respond in this thread any more as it's title is misleading.  Please take your grief here:
https://bitcointalk.org/index.php?topic=42267.0
or start a new thread.

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[Crypt_Current]

Geez... okay a stoploss is an 'order type'.. wonderful.

But check this out. It's broken and just lost me money!

http://awesomescreenshot.com/092rrbs6e

I selected Order Type of Trailing Stop, read the instructions, set a price of 5.6 (below the current price of about 6.85) then pressed Buy .. then tried it again for a traling stop at $6.3

It EXECUTED this as a BUY transaction AT MARKET!!  I now have 20 BTC purchased at 6.93 which I did not ask for. 

Looks like a very serious bug, has anyone tested this code before releasing it on a public who could lose some big $ due to such bugs??

Should have pressed "Sell"
From the Advanced Placement page:
"STOP
Your order is executed when the market price is higher (buying), lower (selling) or equal than your specified price."

You did indeed ask for it.

[mobodick]

Please make this relation/algorithm PUBIC!.
This will make sure everyone knows the risks.
The risk comes not from the leverage but from the non-stability in your algorithm!
It resonates too much.

sorry, i couldn't let this one go.

This is absolutely ludicrous.  It's the same as asking someone to write you a trade bot for free, then explain how you wrote it.

But if you don't know the relation between the price at bitcoinica and the rest of bitcoinland then how can you be sure that bitcoinica doesnt have a secret 'flush' button that can be used to tip risky positions over the edge. Maybe at times there is no relation at all to the bitcoin price on the exchanges. How can you know?

[zhoutong]

Geez... okay a stoploss is an 'order type'.. wonderful.

But check this out. It's broken and just lost me money!

http://awesomescreenshot.com/092rrbs6e

I selected Order Type of Trailing Stop, read the instructions, set a price of 5.6 (below the current price of about 6.85) then pressed Buy .. then tried it again for a traling stop at $6.3

It EXECUTED this as a BUY transaction AT MARKET!!  I now have 20 BTC purchased at 6.93 which I did not ask for. 

Looks like a very serious bug, has anyone tested this code before releasing it on a public who could lose some big $ due to such bugs??

Buy trading stop below market price should be executed at market. Even the feature is not broken, it should still be executed.

Trailing stops and stops are the same in terms of execution. Just that trailing stop is trailing, which doesn't work very well at the moment.

[zhoutong]

Please make this relation/algorithm PUBIC!.
This will make sure everyone knows the risks.
The risk comes not from the leverage but from the non-stability in your algorithm!
It resonates too much.

sorry, i couldn't let this one go.

This is absolutely ludicrous.  It's the same as asking someone to write you a trade bot for free, then explain how you wrote it.

But if you don't know the relation between the price at bitcoinica and the rest of bitcoinland then how can you be sure that bitcoinica doesnt have a secret 'flush' button that can be used to tip risky positions over the edge. Maybe at times there is no relation at all to the bitcoin price on the exchanges. How can you know?

We release history price points via both API and charts. Go and see yourself regarding price accuracy.

Actually all forex brokers have these issues, and some of them are evil enough to manipulate prices to trigger stops. But Bitcoinica doesn't take positions into account during price generation. Again, you can check price history and compare with Mt. Gox.

[mobodick]

Please make this relation/algorithm PUBIC!.
This will make sure everyone knows the risks.
The risk comes not from the leverage but from the non-stability in your algorithm!
It resonates too much.

sorry, i couldn't let this one go.

This is absolutely ludicrous.  It's the same as asking someone to write you a trade bot for free, then explain how you wrote it.

But if you don't know the relation between the price at bitcoinica and the rest of bitcoinland then how can you be sure that bitcoinica doesnt have a secret 'flush' button that can be used to tip risky positions over the edge. Maybe at times there is no relation at all to the bitcoin price on the exchanges. How can you know?

We release history price points via both API and charts. Go and see yourself regarding price accuracy.

Actually all forex brokers have these issues, and some of them are evil enough to manipulate prices to trigger stops. But Bitcoinica doesn't take positions into account during price generation. Again, you can check price history and compare with Mt. Gox.

Yeah, well, what happened here then?:
http://charts.bitcoinica.com/daily_quotes?date=2012-01-10
I'm guessing lots of positions got wiped by that spike.
The spread was about 1 bitcoin during this spike.
Completely out of nowhere.
I think your algorithm overreacted to the big buy on mtgox.

[sgbett]

same thing that happened here.

http://bitcoincharts.com/charts/mtgoxUSD#rg1zig5-minzczsg2012-01-11zeg2012-01-11ztgSzm1g10zm2g25

bitcoinica was a few cents either side of gox - ironically this was during the 'zero spreads' offer, so I would suspect less people were liquidated than under normal circumstances.

The market was played by some big player(s). Gox, bitcoinica et al had nothing to do with it.

[zhoutong]

Please make this relation/algorithm PUBIC!.
This will make sure everyone knows the risks.
The risk comes not from the leverage but from the non-stability in your algorithm!
It resonates too much.

sorry, i couldn't let this one go.

This is absolutely ludicrous.  It's the same as asking someone to write you a trade bot for free, then explain how you wrote it.

But if you don't know the relation between the price at bitcoinica and the rest of bitcoinland then how can you be sure that bitcoinica doesnt have a secret 'flush' button that can be used to tip risky positions over the edge. Maybe at times there is no relation at all to the bitcoin price on the exchanges. How can you know?

We release history price points via both API and charts. Go and see yourself regarding price accuracy.

Actually all forex brokers have these issues, and some of them are evil enough to manipulate prices to trigger stops. But Bitcoinica doesn't take positions into account during price generation. Again, you can check price history and compare with Mt. Gox.

Yeah, well, what happened here then?:
http://charts.bitcoinica.com/daily_quotes?date=2012-01-10
I'm guessing lots of positions got wiped by that spike.
The spread was about 1 bitcoin during this spike.
Completely out of nowhere.
I think your algorithm overreacted to the big buy on mtgox.

No overreaction. Mt. Gox was the same.

Not many people are liquidated according to my records.

[mobodick]

Please make this relation/algorithm PUBIC!.
This will make sure everyone knows the risks.
The risk comes not from the leverage but from the non-stability in your algorithm!
It resonates too much.

sorry, i couldn't let this one go.

This is absolutely ludicrous.  It's the same as asking someone to write you a trade bot for free, then explain how you wrote it.

But if you don't know the relation between the price at bitcoinica and the rest of bitcoinland then how can you be sure that bitcoinica doesnt have a secret 'flush' button that can be used to tip risky positions over the edge. Maybe at times there is no relation at all to the bitcoin price on the exchanges. How can you know?

We release history price points via both API and charts. Go and see yourself regarding price accuracy.

Actually all forex brokers have these issues, and some of them are evil enough to manipulate prices to trigger stops. But Bitcoinica doesn't take positions into account during price generation. Again, you can check price history and compare with Mt. Gox.

Yeah, well, what happened here then?:
http://charts.bitcoinica.com/daily_quotes?date=2012-01-10
I'm guessing lots of positions got wiped by that spike.
The spread was about 1 bitcoin during this spike.
Completely out of nowhere.
I think your algorithm overreacted to the big buy on mtgox.

No overreaction. Mt. Gox was the same.

Not exactly:
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2012-01-11zeg2012-01-11ztgCzm1g10zm2g25zv

Notice that around 6:00am the price of mtgox is neither below six nor around 7.
At the same time bitcoinica fluctuated wildly.
So pretty big difference!

Not many people are liquidated according to my records.

That's good to hear.

[zhoutong]

Please make this relation/algorithm PUBIC!.
This will make sure everyone knows the risks.
The risk comes not from the leverage but from the non-stability in your algorithm!
It resonates too much.

sorry, i couldn't let this one go.

This is absolutely ludicrous.  It's the same as asking someone to write you a trade bot for free, then explain how you wrote it.

But if you don't know the relation between the price at bitcoinica and the rest of bitcoinland then how can you be sure that bitcoinica doesnt have a secret 'flush' button that can be used to tip risky positions over the edge. Maybe at times there is no relation at all to the bitcoin price on the exchanges. How can you know?

We release history price points via both API and charts. Go and see yourself regarding price accuracy.

Actually all forex brokers have these issues, and some of them are evil enough to manipulate prices to trigger stops. But Bitcoinica doesn't take positions into account during price generation. Again, you can check price history and compare with Mt. Gox.

Yeah, well, what happened here then?:
http://charts.bitcoinica.com/daily_quotes?date=2012-01-10
I'm guessing lots of positions got wiped by that spike.
The spread was about 1 bitcoin during this spike.
Completely out of nowhere.
I think your algorithm overreacted to the big buy on mtgox.

No overreaction. Mt. Gox was the same.

Not exactly:
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2012-01-11zeg2012-01-11ztgCzm1g10zm2g25zv

Notice that around 6:00am the price of mtgox is neither below six nor around 7.
At the same time bitcoinica fluctuated wildly.
So pretty big difference!

Not many people are liquidated according to my records.

That's good to hear.

Bitcoinica range: 5.97-6.93
Mt. Gox range: 6.01-6.90

Just 4 cents, or 0.66%, including all fees and 50 ฿ depth. Which site is cheaper?

[Otoh]

Request to Khou, could you implement Yubi keys or some other form of secondary verification on Bitcoinica pse, even an opt in drop down input of 3 chars from a long memorable phrase would be good