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Author Topic: Starfished for over 3 hours?  (Read 1793 times)
phorensic
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January 18, 2012, 08:46:41 PM
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I can't even buy a measly 5 BTC for over 3 hours?  C'mon Zhou!  ****************************************

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phorensic
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January 18, 2012, 09:24:33 PM
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Did I miss something?  Did Gox add margin trading recently?
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January 18, 2012, 09:25:30 PM
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Did I miss something?  Did Gox add margin trading recently?

No, you didn't miss anything. Probably a misunderstanding Smiley

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January 18, 2012, 09:25:43 PM
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I can't even buy a measly 5 BTC for over 3 hours?  C'mon Zhou!  ****************************************



Go long on the Gox instead?

+1

I wish so many people didn't leverage themselves in this market because it brings too much volatility. At the same time when those who are leveraged get liquidated there is a large portion of the community including myself who are there to help stabilize it. We buy when it drops and sell when it rises. It is very profitable and you will never get liquidated because you are never trading with more than you have.


Gox doesn't have margin trading but you can go "long" by buying bitcoins.
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January 18, 2012, 09:35:43 PM
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Did I miss something?  Did Gox add margin trading recently?

You are trying to buy Bitcoins because you expect the value to go up, correct?

You can do that on Gox, correct?

If Bitcoinica won't let you do it, you can still do it. Just not leveraged. It's better than nothing? I guess not! LOL.

He's probably already all-in Bitcoins, which means he can't buy any more. That's why he needs leverage. But if he isn't all-in yet, then yes, you are correct. He could simply buy some more at Mtgox Smiley

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phorensic
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January 18, 2012, 09:36:09 PM
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I was being somewhat sarcastic.  I traded on Gox for months before trading on Bitcoinica.  I prefer the style closer to forex that Bitcoinica provides.  I don't hold cash, I just hold BTC.  I'm already "long" on Gox, but I don't have USD available to buy more.  This is where Bitcoinica solves that "problem" for me.
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January 18, 2012, 09:36:54 PM
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I can't buy bitcoins with bitcoins on gox... I have no USD.

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January 18, 2012, 09:38:02 PM
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I was being somewhat sarcastic.  I traded on Gox for months before trading on Bitcoinica.  I prefer the style closer to forex that Bitcoinica provides.  I don't hold cash, I just hold BTC.  I'm already "long" on Gox, but I don't have USD available to buy more.  This is where Bitcoinica solves that "problem" for me.

But you're trading on fairly short timeframes, right? Pick a sell point, gain some USDs, try to buy back in lower again.

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phorensic
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January 18, 2012, 09:40:22 PM
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I can't buy bitcoins with bitcoins on gox... I have no USD.
As funny as that sounds, that is exactly what I am talking about.  I don't buy BTC with USD, I mine all my coins.  Thus I don't have any liquid USD unless I trade old-school style on Gox.
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January 18, 2012, 09:42:16 PM
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I was being somewhat sarcastic.  I traded on Gox for months before trading on Bitcoinica.  I prefer the style closer to forex that Bitcoinica provides.  I don't hold cash, I just hold BTC.  I'm already "long" on Gox, but I don't have USD available to buy more.  This is where Bitcoinica solves that "problem" for me.

But you're trading on fairly short timeframes, right? Pick a sell point, gain some USDs, try to buy back in lower again.
I day traded on Gox, for Bitcoinica I switched to swing trading out of necessity due to spreads.  I come from a forex background before bitcoin anyway.
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January 18, 2012, 10:00:13 PM
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If I understand correctly, the * on the buy side means that Bitcoinica is out of USD, so they can't execute any more long orders.

Also, I think it's safe to assume that there are lots of long orders out there on Bitcoinica that are at or above the buy price but not being executed because of the "No Reserve" issue.

So If I were to deposit some USD at Bitcoinica, would they then use that USD to execute some of those queued orders?  And if I were to deposit enough USD, and there were enough orders "queued up", I could cause a rally simply by making a USD deposit but not actually doing any trading.

Is that accurate, or am I missing something?

Seems like an easy way to kick off a rally without actually committing to buying any BTC yourself.  Opposite could be said as well for simply depositing BTC if the star were on the sell side.

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January 18, 2012, 10:04:30 PM
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If I understand correctly, the * on the buy side means that Bitcoinica is out of USD, so they can't execute any more long orders.

Also, I think it's safe to assume that there are lots of long orders out there on Bitcoinica that are at or above the buy price but not being executed because of the "No Reserve" issue.

So If I were to deposit some USD at Bitcoinica, would they then use that USD to execute some of those queued orders?  And if I were to deposit enough USD, and there were enough orders "queued up", I could cause a rally simply by making a USD deposit but not actually doing any trading.

Is that accurate, or am I missing something?

Seems like an easy way to kick off a rally without actually committing to buying any BTC yourself.  Opposite could be said as well for simply depositing BTC if the star were on the sell side.



Wow, that's smart! That could actually work _really_ well!

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January 18, 2012, 10:54:37 PM
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I thought that Zhou said that your deposits are NOT used to fund leverages.  It is separate so that anyone could, at any time, withdraw what they have put in.  I may be wrong - I can't seem to find his post that mentions that - but that is how I understood it.
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January 18, 2012, 10:59:18 PM
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I thought that Zhou said that your deposits are NOT used to fund leverages.  It is separate so that anyone could, at any time, withdraw what they have put in.  I may be wrong - I can't seem to find his post that mentions that - but that is how I understood it.

That's not how it works I think. When they had the no reserve situation before they had the * red flag, nobody could withdraw any USD either. They did fix this problem though. They prevent new long positions way before they run out of USD, so that there's still enough USD left for shorties to liquidate and for people to cash out USD. Zhoutong, please correct me if I'm wrong.

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January 18, 2012, 11:32:31 PM
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I can't even buy a measly 5 BTC for over 3 hours?  C'mon Zhou!  ****************************************



Urban Dictionary, second definition:
http://www.urbandictionary.com/define.php?term=starfished

Yeah, worse yet in this case it's a paying deal, just like getting Zhoutongued all over  Grin

I've had a few tiny buy limit orders at various prices in for over 24 hours now just to monitor things, one of them would have been triggered at least a couple of times were it not for the cold clammy grip of the Sphincter Of Reachable Reserves Impediment, also known as SORRI  Cheesy

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"Religion is regarded by the common people as true, by the wise as false, and the rulers as useful."
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phorensic
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January 19, 2012, 12:35:27 AM
 #16

6 hours, market order still hasn't gone through.  That's a dark, smelly starfish I'm getting starfished with.  Could use a starfish bleach job.
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January 19, 2012, 03:29:24 PM
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So I just got up.  Have we still been * for the last 12 h
?
MelMan2002
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January 19, 2012, 03:35:27 PM
 #18

So I just got up.  Have we still been * for the last 12 h
?

My market order for 1 btc went through an hour ago (it had been placed nearly 24 hours ago)

Edit: That said, it immediately went back to * after it got executed
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January 19, 2012, 03:35:59 PM
 #19

Don't feel bad it likely is all play money anyways.

I haven't been able to cash out for over 4 days now.

Quote from: Bitconica casino & hotel
PENDING APPROVAL Mt. Gox limit reached temporarily
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January 19, 2012, 03:46:59 PM
 #20

Don't feel bad it likely is all play money anyways.

I can't cash out for over 4 days now.

Quote from: Bitconica casino & hotel
PENDING APPROVAL Mt. Gox limit reached temporarily

So I am not alone in this situation - this smells fishy.  There was so much drama about the liquidations - wouldn't it be ironic if it turned the mycoin way in the end?
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