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Author Topic: Bitcoinica Coding Error  (Read 926 times)
AnonymousG
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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.

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BadBear
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February 11, 2012, 10:09:12 PM
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Are you aware of the leverage bitcoinica provides?  I can see how it may be confusing if you aren't.

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AnonymousG
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February 11, 2012, 10:14:40 PM
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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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February 11, 2012, 10:16:34 PM
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Are you aware of the leverage bitcoinica provides?  I can see how it may be confusing if you aren't.

Leveraged withdraws? Sounds fun!  Grin

He said IF it lets me withdraw, so sounds like an assumptions to me.

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AnonymousG
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February 11, 2012, 10:20:44 PM
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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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February 11, 2012, 10:35:08 PM
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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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February 11, 2012, 10:39:40 PM
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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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