Topic: Bitcoinica - Advanced Bitcoin Trading Platform - page 8. (Read 51103 times)

cool sorry, it is just disturbing as I am sure many can relate to wake up and have all your btc gone.

We have already changed everyone's deposit address. If you get the address from the deposit page then you're fine.

Otherwise, please send the txid and address to [email protected] and we will process accordingly. We still control the private keys from the old server and we can retrieve the coins for you.

WHAT THE MOTHER FUCK DONT THINK YOU COULD FUCKING TELL PEOPLE ON THE FUCKING DEPOSIT PAGE?

How many people got fucked with this shit?
are we going to get our coins back or even a fucking answer?

lol

Anyway, I owe Mr. Zhou 900 USD earlier in another blocked account of mine. He has right to decide whether or not return this money to me. I can wait.

You should probably contact support about this if you haven't done so already. This forum is not meant for support questions, although notifying the community about this is a good idea of course.

Even MTGOX USD deposit is broken. I've just tried to deposit 500 USD MtGox redeem code, but got a server error. My code is gone, no balance appeared in my account. Mr. Zhou, please return me 500 USD + 6.8265 BTC, thanks!

连MTGOX USD充值都坏掉了。我刚在周家网站上充值500美刀的MTGOX充值码，结果遇到服务器错误，码被用掉了，钱没充进去。周先生，请还给我500刀加6.8265币，谢谢！

Ha, not saying its a big deal.

Also, it just went through fine.

Zhoutong just lost >100k$. He's gonna take a few minutes to get things running again. I'm sorry for your loss of the missed opportunity to buy at 4.60 instead of 5 :sarcasm:

I'm waiting on a deposit now too, and I double checked to make sure it wasn't the old deposit address.

Price is already starting to creep back up, I want some of those cheap coins.

If they were serious, they wouldn't put press release as important as this at the corner of their website.

I deposited 9 hours ago. Here in China, 6.8265 BTC buys me three weeks of lunch. Mr. Zhou should understand this!

Good catch

I'm sure zhoutong will fix it...but I can only assume you sent the coins to the old/previous address :/

2013-03-01!!

So my lunch is stolen?? WTF?

Related:  https://www.bitcoinica.com/posts/warning-please-do-not-re-use-and-old-bitcoin-deposit-addresses

I didn't receive my bitcoin deposit. I didn't click "change address", but my bitcoin deposit address changed this morning (UTC+08:00). The address had remained the same for months. 6.8265 BTC is missing in my account. There has been 40+ confirmations on this transaction. Could you please look into it?

Waiting 4 hours now for a mtgox code

whats up with bitcoinica ?

This is true, but i'm not sure of the exact number.  

The basic points I think are:

1) Zhou's bets are not fully hedged. Therefore, there is a risk that bitcoinica will collapse under a severe and sudden market swing. In this scenario, some existing users would lose their deposits.

Therefore, it makes sense for Zhou to purchase some insurance against extreme movements. I'm not sure what a fair price for insurance is, but you are right that 30% interest is way too low. The easiest way to find out a more correct number (really a guess) is a Monte Carlo simulation using historical data.

2) Like a bank, Zhou has assets in demand deposits. In the event of a collapse in confidence, Zhou's users might suddenly decide to withdraw funds, leaving Zhou with inadequate liquidity to pay everyone off. This bank-run type activity tends to be self-fufilling, thus the rationale for the FDIC.

To reduce the risk of a run on deposits, it makes sense for Zhou to take in some deposits that have a predictable withdrawal period.

3) The dual currency account is attractive because it fulfills both the hedging function and the time deposit functions. It also offers a gambling opportunity which might appeal to some of Zhou's users. It can be made more gambler friendly by allowing for a secondary market on Bitcoinica where users can day trade dual currency claims on Zhou with each other. Zhou can charge a fee for mediating these trades to earn extra cash. Essentially, these claims would be like inverse volatility derivatives.

Given the current volatility, there is no way anyone should agree to do a dual-deposit unless the interest rate was more like 200%/year.

Right it is just a dual-currency deposit with a 6-month fixed term. The strike price is set to the current exchange rate when the contract is issued.
http://en.wikipedia.org/wiki/Dual_currency_deposit

Ignore the starfish problem for the moment. As I understand it, Bitcoinica faces some probability of bankruptcy in the face of extreme exchange rate movements. Even if people are responding well to your interest rate signals now, you cannot be sure that they will respond the same way if the exchange rate becomes more volatile. One thing to consider is the potential for extreme volatility to cause users to lose confidence in bitcoinica and withdraw their deposits.

Due to these issues, it makes sense for you to get investors to park money in bitcoinica for a fixed term. I recommend you do this by issuing dual-currency deposits that insure you against volatility.

If you want to talk about details of the contracts, feel free to pm me.