Topic: [ANN] KRAKEN.COM - Exchange with USD EUR GBP JPY CAD BTC LTC XRP NMC XDG STR ETH - page 175. (Read 628889 times)

... I need to know this.

I know that you are integrating Kraken with cryptocapital.co.

Does this mean that it will be possible to instant deposit/withdrawal fiat currency from/to cryptocapital.co ?

Is it already fully enabled?

I'm not sure why most of your fiat claim was rejected while all of your BTC claim was accepted. Hopefully the trustee will provide a convenient way to dispute rejected amounts, but for now the method outlined in my post above (coming from the Tokyo District Court) is all we know. The amount accepted does not indicate the amount you will get back - I'm pretty sure you will only get a fraction of the accepted amount back (your share of the remaining funds).

NP - I added a note to the original post saying that this is just the answer from the Tokyo District Court and hopefully the trustee will come up with an easier solution for disputing claims, but there is no word on this yet so far as I know.

Yeah, saw that too, brought me back to the topic since today I had some time to check... after weeks of not being able.

So I found my claim partly rejected. So I thought ok, around 19% was said can be awaited so I checked the details and found that from the 47€ I personally had in gox... so 0.04€. Practically nothing.

Though I had 8 bitcoins in there that someone wanted to trade (there were going some escrowed trades on from people betting on a payout buying bitcoins on gox for cheap). From these 8 bitcoins are accepted: 8 bitcoins. I wonder if that actually is what will be paid out or the base on where the cut is done.

Doesn't really make much sense to me. I won't complain, the one using me as escrow surely will be happy but still. Reading that people lost their money because he based his decisions on what mtgox stats were... at least he should have finalized the stats by checking the last implemented payouts and deposits from each payment method. Can't believe that victims have to feel scammed now again.

Watch out, phishing email hitting bitcointalk email addresses:

https://www.reddit.com/r/Bitcoin/comments/4m3op0/psa_phishing_attempts_reported_today_kraken_re/

Ok. Thanks for the info. Will pass the details on.

Not sure, but see my post above about disputing rejected claims, perhaps it would be a similar process. 

A member of our team contacted the Tokyo District Court to ask about disputing rejected claims. This is what we learned so far (edit - please note that this is just the answer from the Tokyo District Court and hopefully the trustee will come up with an easier solution for disputing claims, but there is no word on this yet):

You need to file a motion for claim assessment （債権査定申立て/ Sasho Moshitate) to the Tokyo District Court within a month from the last creditors’ meeting and ask them to review the disapproval decision .

Where to file:
東京地方裁判所民事第２０部 (Tokyo District Court Minji 20 Bu)
Mailing address : 100-8920
東京と千代田区霞が関一丁目1番２号
東京地方裁判所民事第２０部　
Tokyo District Court Minji 20 Bu
1-1-2 Kasumigaseki, Chiyoda-ku, Tokyo,
100-8920
Japan

Tel:  03 3581 3487 (Japanese)
(You need the case number 3830 and year 2014/ 平成26年第3830号)

How: this is not-so-easy part unfortunately.  You’d have to file a motion by sending 2 copies of official document (one to the court, another to the trustee) to the address above. This would be hard without asking a Japanese lawyer. We have been asking around if any law firm can take this (will let you know if we can find anyone) but each lawyer may take each case depending on the situation. Please try to find Japanese legal advice if the amount you want to dispute is big and you cannot miss it. You also should try to ask an extension of the deadline if possible.

Here is also the call center number of the trustee.
03-4588-3921 (Japanese)
03-4588-3922 (English)

Hopefully this info is helpful for some people - sorry that it is not an easy process.

Edit - two reddit threads going about this:

https://www.reddit.com/r/mtgoxinsolvency/comments/4lrg5i/how_to_do_claim_assessment_process/

https://www.reddit.com/r/mtgoxinsolvency/comments/4ldfl0/what_is_the_claim_assessment_process/

Is there a process set up for accepted claims, that are disputed by others? i.e.......   

https://bitcointalksearch.org/topic/m.15007558

Can you elaborate on what will happen with my open positions after the 28th day?

You can't transfer the claim now, but you will be able to in the future (the process for that hasn't been fully determined yet, but we will let everyone know when it is). There's always the possibility that things will change, but currently the plan is that Kraken will handle all bitcoin distributions.

Dargo, I have a question.
I have a claim in BTC accepted on mtgox site. Can I transfer the mtgox claim to kraken now ? ( or in the future ? ). I question because I want to receive in BTC. Is sure that Kraken can distribute in BTC ? Thanks.

No, we only charge for the borrowed funds, not the value of the position. So it would be this:

At opening we charge in addition to the normal maker/taker trade fee (3500×0,01%÷350).
4 hours later we check the actual price again. If the price 4 hours later is 400€, it will be  (3500×0,01%÷400). And so on. Also, I believe we use average price (probably over 24 hours) rather than the bid/ask of the moment.

I guess non of these.
At opening they will charge in addition to the normal maker/taker (3500×0,01%÷350).
4 hours later they check the actual price again. If the price 4 hours later is 400€, I guess it will be  (4000×0,01%÷400). And so on.

What happens with a margin position if it is not closed by the customer within 28 days?

Borrowed when?
If I opened 10 BTC long 20 days ago at EUR350 I borrowed EUR3500. Lets assume now BTC/EUR exchange rate is EUR450. Do you charge me BTC 0.000777778 (3500×0,01%÷450) every 4 hours? Or BTC 0.001 (3500×0,01%÷350) every 4 hours? Or BTC 0.001285714 (4500×0,01%÷350) every 4 hours?

Yep. The last bit of this sentance, threw me a bit. "Another way is to return the advanced funds directly from the trader’s account balance with no trade involved - this is position settlement." I understand the mechanics of it now.
Thanks to others who replied, also.

@Dargo  I really would like to be able to click-enter amounts, instead of manually typing values into order box's. Better still, trading/order entry from a chart, would be cool.  

The max you can have a margin position open is 28 days (it's not a product for long term holding). The rollover fee for BTC/EUR is 1 basis point (0.01%) of the amount borrowed, charged to your account every four hours. For the purposes of any conversion needed in charging the fee, the rate is derived from our own market at the time the fee is applied (i.e. every four hours). 

Hi Dargo,

I have have some questions in regard to margin trading. Lets suppose there is a BTC/EUR leveraged long opened 1 month ago. Could you please clarify:

1. Do you calculate 23% interest for position rollovers on the EUR amount borrowed 1 month ago when position was opened or interest is calculated on the EUR amount at the time of the position rollover?
2. If customer has only BTC balance on their account what exchange rate do you apply to deduct rollover fees? Is that current BTC/EUR rate or you apply the exchange rate that was 1 month ago?

I usually don't trade with leverage.
But the settle option is a good way, to make it possible to buy some new bitcoins, even if I have no Euro (only btc) at Kraken.

Let's assume you have 0€ and 2 BTC at your account. The price is 400€/BTC and you think it might rise to 500€ within the next days, so you want to buy bitcoins now.
So you have to send some Euros to kraken first. And after some days after the money arrived, the price is already at 500€. You made no profit.

But with the settle option, you can buy up to 10 (5:1) new bitcoins with your 2 btc as "colleteral" at the price of 400€. And some days later, when your money arrives, you can settle the position, which means you will really get your 10 BTC at price of 400€/BTC. (and you have no psotions open after that)