Bitcoinica made order book public

[guruvan]

maybe someone has 5000:1?

[1714049881]

1714049881

[1714049881]

1714049881

[1714049881]

1714049881

[Zotia]

maybe someone has 5000:1?

That wouldn't be enough.


Maybe they have 1 quadrillion (10^15) dollars  and 1 billion billion billion billion billion billion trillion (10^66) : 1 leverage.

[guruvan]

1.0e+80 bitcoin made my head explode and I wrote the biggest number I could think of afterward.

It also makes me think of Lord James (British House of Lords) talking about some $15,000,000,000,000 supposedly backed by some 750,000 tonnes of gold. 1.0e+80BTC is as realistic as that much gold
(this was the entire value of the US debt not too long ago)

At least in this case, it looks like a bug. Or zhoutong does his math on Intel Pentium Processors. And is trying to pay off the US national debt.

Edit: I guess i failed to pay homage to the 1.5M BTC order on the bid side.

Also, I guess i can see why orders might slow on occasion - 1.5M BTC to fill 1.0e+8 BTC is a lot more math than my bot could do.

all the joking aside, zhoutong, I really like your service, it helps me make money regardless of how it works!

[trogdorjw73]

So, oddly that 1.5 million BTC ask wall is at $4.70, which is about $0.10 above the MtGox 50K BTC wall. Any correlation? More importantly, if I put in a huge bid that I don't actually have money to back (e.g. let's say I have $1 in Bitcoinica and I bid on 1000 BTC; it doesn't matter what my leverage is, I can't actually support that order), does it still show up? If so, you probably need to ax that portion of the order book.

[bitcoinBull]

I concur with the others.  Don't allow people to place orders if they don't have the funds to back them. 

What next, executing unfunded orders too?

[ineededausername]

More importantly, if I put in a huge bid that I don't actually have money to back (e.g. let's say I have $1 in Bitcoinica and I bid on 1000 BTC; it doesn't matter what my leverage is, I can't actually support that order), does it still show up?

I believe the crazy orders generally go away after a while (try placing a limit long 1 million), which is why the 1.5 million bid is interesting.

[zhoutong]

We don't have a mechanism of removing unfunded orders at the moment, because in our system, we only process the order when the price reaches the trigger, including the margin assessment.

We didn't previously open our order book to the public so that was not part of our consideration. It's not a bug, but it does affect the usefulness of the data.

Currently we're in a process of rewriting our matching algorithm to make everything faster and more sensible. We admit that our current algorithm isn't that suitable for a large-scale trading platform like what we are now. It was designed for thousands of dollars of trade per day.