Bitcoinica - Advanced Bitcoin Trading Platform - page 27.

zhoutong

vip

Activity: 490

Merit: 502

Quote from: macbook-air on September 16, 2011, 04:10:26 PM

The day before yesterday, I had $2500 in my account, couldn't withdraw. So I decided to set up a buy order of 2000 BTC at 5.17, and put a stop order at 4.99, and then went to sleep.

After waking up the next day, I saw it was sold not at 4.99, but 4.44, my balance was less than $1000, a lose of nearly $2000!

Yesterday, I still could't withdraw much, so I set up a buy order of 1000 BTC before going to sleep, but it was forced liquidated! And my balance was at $-950, and it says my balance was dangerous low and asks me to deposit, a lose of nearly $2000 more!

Today, after waking up, I can't access my account of $-950, access denied!

I lost around $3500 in two days!

BAD!

We have blocked your account due to malicious attempt to control prices.

Most of the execution occurs 3 minutes after the placement of your limit orders, and then the spread narrows for a few seconds for your limit orders to be executed. It seems that you have placed a large amount of fake bids or asks to control the prices on Bitcoinica. This has caused huge price fluctuation on Bitcoinica even when Mt. Gox's market is stable.

Our system has detected a lot of orders from your account are not possible to execute in the market within the tolerable price ranges. The same thing does not happen from other customers.

This malicious trading behavior has caused a large financial loss for Bitcoinica and our customers. It has also caused a sustained large spread.

We have already fixed our algorithm to make sure the orders are executable at market before we process limit orders. As our guarantee of 50 BTC liquidity, any orders under 50 BTC will not be affected by this change.

The spread at Bitcoinica is also lowered after blocking this account.

In order to protect other Bitcoinica traders from the unexpected and huge fluctuations, we have decided to permanently suspend your account. Your account balance was negative when closed.

zhoutong

vip

Activity: 490

Merit: 502

Quote from: netrin on September 16, 2011, 04:34:58 PM

Hello Zhou Tong,

I deposited BTC into bitcoinica and would like to withdraw BTC. However, it asks for a $ amount. I don't want 99% of my money, I would like 100% of my BTC. Can you offer this through ~~Mt. Gox credits~~? Perhaps:

Code:

Amount to withdraw: $99999

I'm sorry you only have $123.456789 would you like to withdraw all of it? [Yes] [No]

EDIT: No, scratch that. I want BTC, not MGoxUSD at arbitrary rates.

Code:

Amount to withdraw: [_________]  [BTC]  [USD]

Currently we only support USD. However, BTC withdrawals will be announced soon.

macbook-air

sr. member

Activity: 324

Merit: 260

Quote from: fcmatt on September 16, 2011, 04:41:46 PM

Quote from: macbook-air on September 16, 2011, 04:10:26 PM

The day before yesterday, I had $2500 in my account, couldn't withdraw. So I decided to set up a buy order of 2000 BTC at 5.17, and put a stop order at 4.99, and then went to sleep.

After waking up the next day, I saw it was sold not at 4.99, but 4.44, my balance was less than $1000, a lose of nearly $2000!

Yesterday, I still could't withdraw much, so I set up a buy order of 1000 BTC before going to sleep, but it was forced liquidated! And my balance was at $-950, and it says my balance was dangerous low and asks me to deposit, a lose of nearly $2000 more!

Today, after waking up, I can't access my account of $-950, access denied!

I lost around $3500 in two days!

BAD!

It sounds like the sale of 20K BTC at once in a lightning sale caused your stop order to fail to function right
because the system could not sell it in time. It sold when it could.. which was after the 20K sale nailed things
down to 4.44. Pretty predictable actually and bound to happen. We discussed it briefly in the spec forum.

The other part I am not sure about. As for no access that is also worrisome.

It should wait until the market became stable before selling that much of coins. The decision of selling it at the lowest historical price is the failure of the system. It was my fortune it was not the guy who dump his coins at $0.01.

fcmatt

legendary

Activity: 2072

Merit: 1001

Quote from: macbook-air on September 16, 2011, 04:10:26 PM

The day before yesterday, I had $2500 in my account, couldn't withdraw. So I decided to set up a buy order of 2000 BTC at 5.17, and put a stop order at 4.99, and then went to sleep.

After waking up the next day, I saw it was sold not at 4.99, but 4.44, my balance was less than $1000, a lose of nearly $2000!

Yesterday, I still could't withdraw much, so I set up a buy order of 1000 BTC before going to sleep, but it was forced liquidated! And my balance was at $-950, and it says my balance was dangerous low and asks me to deposit, a lose of nearly $2000 more!

Today, after waking up, I can't access my account of $-950, access denied!

I lost around $3500 in two days!

BAD!

It sounds like the sale of 20K BTC at once in a lightning sale caused your stop order to fail to function right
because the system could not sell it in time. It sold when it could.. which was after the 20K sale nailed things
down to 4.44. Pretty predictable actually and bound to happen. We discussed it briefly in the spec forum.

The other part I am not sure about. As for no access that is also worrisome.

netrin

sr. member

Activity: 322

Merit: 251

FirstBits: 168Bc

Hello Zhou Tong,

I deposited BTC into bitcoinica and would like to withdraw BTC. However, it asks for a $ amount. I don't want 99% of my money, I would like 100% of my BTC. Can you offer this through ~~Mt. Gox credits~~? Perhaps:

Code:

Amount to withdraw: $99999

I'm sorry you only have $123.456789 would you like to withdraw all of it? [Yes] [No]

EDIT: No, scratch that. I want BTC, not MGoxUSD at arbitrary rates.

Code:

Amount to withdraw: [_________]  [BTC]  [USD]

macbook-air

sr. member

Activity: 324

Merit: 260

The day before yesterday, I had $2500 in my account, couldn't withdraw. So I decided to set up a buy order of 2000 BTC at 5.17, and put a stop order at 4.99, and then went to sleep.

After waking up the next day, I saw it was sold not at 4.99, but 4.44, my balance was less than $1000, a lose of nearly $2000!

Yesterday, I still could't withdraw much, so I set up a buy order of 1000 BTC before going to sleep, but it was forced liquidated! And my balance was at $-950, and it says my balance was dangerous low and asks me to deposit, a lose of nearly $2000 more!

Today, after waking up, I can't access my account of $-950, access denied!

I lost around $3500 in two days!

BAD!

speeder

hero member

Activity: 994

Merit: 501

PredX - AI-Powered Prediction Market

Thanks

zhoutong

vip

Activity: 490

Merit: 502

Quote from: speeder on September 16, 2011, 06:26:14 AM

I want some transaction reversals...

I had a open short position of -80

Then I put 30 BTC on it from mtgox...

Then I tried to liquidate those 30, and got a short of -30 instead on the -80 (thus went to -110)

So, I tried to instead liquidate those -110 even knowing that I would get a stupid loss...

But instead, the long position of 30 got more bitcoins added to it...

Then I made some more attempts to liquidate both, without success...

Can you PLEASE reverse all that? It is idiotic... your site is eating my money with the spread because of a VERY IDIOTIC bug. (or at least, the lack of a system to define what position you want to work on).

Pic as proof (note the bizarre values):

Uploaded with ImageShack.us

I apologize for this error. This happens to any customer who deposits using Mt. Gox BTC code when they have a short position.

Initially we didn't support BTC deposits, and designed the system the way that it only processes USD. We will push an update soon to separate USD and BTC accounts to address this issue. We will also enable Bitcoin deposits and withdrawals (yes, wallet address!).

I have already nullified your position. You don't have to be responsible for any losses incurred because of these trades. All your Bitcoins deposited are converted into your margin balance according to the instant rate when you deposit them.

I have also added $20 to your account at the expense of myself, just to say sorry!

Thank you for being a supportive customer!

speeder

hero member

Activity: 994

Merit: 501

PredX - AI-Powered Prediction Market

I want some transaction reversals...

I had a open short position of -80

Then I put 30 BTC on it from mtgox...

Then I tried to liquidate those 30, and got a short of -30 instead on the -80 (thus went to -110)

So, I tried to instead liquidate those -110 even knowing that I would get a stupid loss...

But instead, the long position of 30 got more bitcoins added to it...

Then I made some more attempts to liquidate both, without success...

Can you PLEASE reverse all that? It is idiotic... your site is eating my money with the spread because of a VERY IDIOTIC bug. (or at least, the lack of a system to define what position you want to work on).

Pic as proof (note the bizarre values):

Uploaded with ImageShack.us

nrd525

legendary

Activity: 1868

Merit: 1023

It might be useful to have a parallel market where you could trade with fake money (give everyone $100 or $1000). Trades would be done at the regular MtGox prices - you just wouldn't move the market price

It would be useful for people who are new to options. It'd also be great for testing of usability, load testing, etc.

It could also be fun - a way for people to play the market without risking money.

If you did this, you might want to provide a very high limit on the number of fake accounts and/or the frequency of trading to avoid overwhelming your server.

Maybe you already have this setup on your local computer to do testing? That is what I'd do.

fcmatt

legendary

Activity: 2072

Merit: 1001

Quote from: WiseOldOwl on September 13, 2011, 02:38:17 PM

There needs to be some sort of "are you sure?" before the order is placed.
Slow connections = click twice = 50 BTC Buy on Accident.
Or like gox have a input box and when you hit submit the text dissapears.
this is from memory, could be wrong.

My main concern is something along those same lines. When i want to sell, what price am
I really selling at? Sure I can see the spreads but by the time I actually do it the market could
have changed drastically. A nice "are you sure and here is the BTC price right this very second"
would be cool.

WiseOldOwl

full member

Activity: 238

Merit: 100

There needs to be some sort of "are you sure?" before the order is placed.
Slow connections = click twice = 50 BTC Buy on Accident.
Or like gox have a input box and when you hit submit the text dissapears.
this is from memory, could be wrong.

fcmatt

legendary

Activity: 2072

Merit: 1001

Quote from: WiseOldOwl on September 13, 2011, 11:52:50 AM

Wow, I quoted the wrong thing entirely... Huh

I meant to ask for automatic updating of the P/L bar if possible to avoid refreshing the whole page over and over.

I agree. This would be nice.

nrd525

legendary

Activity: 1868

Merit: 1023

Small complaint - the order form should validate (ex. Jquery has a nice validation plugin) to require a minimum of 0.02 BTC for trades, or it should at least say the minimum values in the form.

I was using the order form, so I didn't seen the minimum 0.02 btc which only appears next to the main BUY/SELL buttons. I wanted to try it out with a small value and was confused when my 0.01 order showed up as invalid.

nrd525

legendary

Activity: 1868

Merit: 1023

Weird. It actually placed TWO orders. So I accidently bought 2 BTC (one 3 minutes ago, and one 5 minutes ago).

nrd525

legendary

Activity: 1868

Merit: 1023

A confirmation button might be nice. I just accidently hit the "BUY" button and bought 1 BTC. I wanted to hit the Place Order button.

That cost me $0.12.

istar

hero member

Activity: 523

Merit: 500

99.9% A fraud in my book.

I might use your service in one or two years if you are still here by that time.

nrd525

legendary

Activity: 1868

Merit: 1023

Thanks for the response on how I can do short selling. It would be great to add examples like that to the FAQ.

WiseOldOwl

full member

Activity: 238

Merit: 100

Wow, I quoted the wrong thing entirely... Huh

I meant to ask for automatic updating of the P/L bar if possible to avoid refreshing the whole page over and over.

zhoutong

vip

Activity: 490

Merit: 502

Quote from: WiseOldOwl on September 13, 2011, 11:32:42 AM

Quote from: bitdragon on September 13, 2011, 03:39:31 AM

Quote from: nrd525 on September 13, 2011, 01:50:34 AM

How do a I short? I'm new to options trading and don't want to make a costly mistake =)

Currently just put $10 on my account.

How many bitcoins can I short and still be covered if they go to $50?

Your unrealised loss cannot be more than your investment.
So to still be covered if they go to $50, considering a price of $6 now: Sell 0.2 coins.

That would cost $1.2 and with btc at 50, loss would be 44*0.2 = $8.8

so I guess a bit less than 0.2, at 0.19 to not be kicked out at 50.

This is my humble understanding at least. And this not options trading, for me.
I would prefer trading in options on bitcoins rather than with the leverage but some situations it can be nice to cover your holdings by shorting.

Came online to ask the same thing. If possible, you definitely should incorporate this.

I don't want to be the market maker for Options, because the risk involved might be too high.

If users exchange options contracts themselves, the volume will be little. Uncovered contracts with extreme strike prices will be very hard to liquidate by force. The exchange will suffer.

So currently we're not working on Options trading. But we have a next big thing to announce soon, to fill another big gap in the Bitcoin market.

Topic: Bitcoinica - Advanced Bitcoin Trading Platform - page 27. (Read 51103 times)