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Bitcoinica Coding Error
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Topic: Bitcoinica Coding Error (Read 1045 times)
AnonymousG
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Bitcoinica Coding Error
February 11, 2012, 10:07:45 PM
#1
So this may explain some of the craziness going on in the Bitcoin market.
The other day I made a deposit into Bitcoinica that was confirmed.... twice. A 1 bitcoin deposit showed as 2 bitcoins available with the same confirmation number repeated.
If this happened to me, it probably happened to several people but if there is a coding error on Bitcoinica and my 1 bitcoin deposit let me withdraw 2 bitcoins, then Bitcoinica is going to come up short.
Bank Errors are a problem for Bitcoins because there is no way for the bank to recoup them and if its large enough the bank will fail.
Even if you use Bitcoin through Tor, the way transactions are handled by the network makes anonymity difficult to achieve. Do not expect your transactions to be anonymous unless you really know what you're doing.
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BadBear
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Re: Bitcoinica Coding Error
February 11, 2012, 10:09:12 PM
#2
Are you aware of the leverage bitcoinica provides? I can see how it may be confusing if you aren't.
1Kz25jm6pjNTaz8bFezEYUeBYfEtpjuKRG |
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AnonymousG
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Re: Bitcoinica Coding Error
February 11, 2012, 10:14:40 PM
#3
yes, I am aware that I can trade more than I deposit on leverage 2:1 5:1 or even 10:1. But if Bitcoinica lets me withdraw more than I deposit , immediately after it gets confirmed, it has a bad business model because that's a free loan that never needs to be repaid.
I've used Bitcoinica before for leveraged trades but after 1 hour when the deposit was confirmed, it showed two confirmations and let me withdraw twice the amount.
At first I thought this was great since I have instant 100% profit, but if this happened to more than me, Zhou will come up short at some point.
I did not try another deposit.
BadBear
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Re: Bitcoinica Coding Error
February 11, 2012, 10:16:34 PM
#4
Quote from: Holliday on February 11, 2012, 10:12:48 PM
Quote from: BadBear on February 11, 2012, 10:09:12 PM
Are you aware of the leverage bitcoinica provides? I can see how it may be confusing if you aren't.
Leveraged withdraws? Sounds fun!
He said IF it lets me withdraw, so sounds like an assumptions to me.
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AnonymousG
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Re: Bitcoinica Coding Error
February 11, 2012, 10:20:44 PM
#5
sorry if I was unclear... but it DID let me withdraw twice the amount I deposited after approx. 1 hour.
There IS a coding error on the Bitcoinica site and I encountered it.
BadBear
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Re: Bitcoinica Coding Error
February 11, 2012, 10:35:08 PM
#6
Quote from: AnonymousG on February 11, 2012, 10:20:44 PM
sorry if I was unclear... but it DID let me withdraw twice the amount I deposited after approx. 1 hour.
There IS a coding error on the Bitcoinica site and I encountered it.
Oh okay. Interesting, I sent him a pm with a link to this for you.
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AnonymousG
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Re: Bitcoinica Coding Error
February 11, 2012, 10:39:40 PM
#7
If it helps fix the problem it occured at Feb 08 at 09:33 and Feb 08 09:32.
There are two deposit transactions with the same confirmation.
I would prefer to remain anonymous. But he needs to fix his site or he will be short.
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