Topic: bitcoinica get my money out thread! - page 2. (Read 4132 times)

The accuser has the burden of proof on him, do a wayback machine or whatever and retrieve the alleged original FAQ and prove your allegations.

I didn't change the FAQ since last week.

You didn't read it.

Apology demanded.

To say it is a sham or ponzi is kinda libel.  Though I must say that bitcoinica is definitely not regulated by Monetary Authority of Singapore.  Having said this, most forex sites choose to be situated in countries where the financial laws are extremely lax. 

I think an apology would be in order for falsely accusing bitcoinica.

i am a miner and i like his site.
and yes: i made money with it...

he just changed the faq... still very mis-informing... miners beware! lol I got my BTC back, never doing business with this again.

He doesn't tout it as an exchange, in fact he told you that yesterday:

It is in the FAQ. Second question:

Thank you. Can the creator like add that to the FAQ... it's very misleading if he touts it as a bitcoin exchange like mtgox. then it's a trading scheme. I mean forex bullcrap thingymagig.

hmongotaku,

Bitcoinica is not an exchange, just as MtGox is not a market maker. When you enter a position at Bitcoinica, you are either going Long or Short. When you go long, you are betting (purchasing on leverage) that the price will go up. When you go short, you are betting (selling on leverage) that the price will go down.

1:5 leverage means that you can deposit $100 or the Bitcoin equivalent, and enter a position of up to $500 or 5x the Bitcoin equivalent on deposit.

Your maintenance is the amount of Net Value you must preserve x2, of what you must keep in your balance, or else you may be met with a margin call and get wiped out.

I think you've misunderstood what Bitcoinica is, hmongotaku. I see a number of buy and sell orders in your order history screenshot. When you sell '8 bitcoins' you've actually only depleted your available Bitcoin balance by 1.6 Bitcoins, as there is 1:5 leverage, and 1.6 * 5 = 8 Bitcoins. Where you may be even more confused is in the spread. During market volatility, and based on opposing trades by Bitcoinica users, there are times when the ask may be 20 cents above mtgox ask, and the bid may be 20 cents below mtgox bid. There are good and bad times to get into and out of positions, and it's based on your level of tolerance.

I have felt the way you do at times in my past, and because I did not understand something, I got angry and upset at it. We are, after all, just hairless apes. We do have the ability to learn however, and move past our self limiting assumptions about the world. I encourage you to read up on the highly available articles and how-to's for Forex trading, and once you've given it about 1-2 hours of reading, come back to Bitcoinica and make your comparisons so that you can fully understand the implications of the various features in the platform.

Good luck to you. I know that mr. chinese man means you no harm, and I'm certain that once you take a deep breath and consider the true nature of Bitcoinica as contrasted with the true nature of MtGox, that it will become much more clear as to their distinctions, and how they may be of use of use to you in the future.

Good luck!

-Jonathan

I don't know what your problem is, but I've used Bitcoinica just fine for the past several days. I don't know what you did exactly, but it's fairly clear that you're having difficulty grasping how certain things work.

like
 that guy that replied for me it was in negative somehow when i put up the first hold til 6.50 to sell order... I was in negative... I ask for the free 1 dollar from the thread. But then i put  up 2 market sells for the "buy/sell" price of that time... none went thru.. and i burned thru like 6 of them. Losing .5 BTC in the process. Luckly the stupid creator auto-tradded for my balance. It doesn't show nowhere in the log, but I'm glad the balance is back to 0.0 so i can withdraw my 5.4 BTC. Thank you mr. chinese guy! I hope you're not related to that guy in the bitcoin show.  



All in all Mtgox owns this exchange...

1) faster trades at the "exchange rate".
2) Lower fees
3) Independent exchange. (bitcoinica is doggie linked to mtgox)

The exchange is not 'poop'. It would certainly work better if you were to READ. Go hit 'withdraw'. It works. Really. It does. I've even tried it.

Why don't you go to your account and hit 'withdraw'?

Ok So i learn the hard way the exchange is poop, now i just want what's left back? is that too hard mr. chinese person. It shouldn't be too hard since your the creator right?  Or are u a retard like that douchebag in  bitcoinexchange.cc

I agree: as there's no such thing as a regulated bank for storing your bitcoins, the first rule I applied when starting to move BTC from my wallet to exchanges is that I used as many as possible. My bitcoins are currently stored in 5 different locations (wallets and exchanges) and no location has automatic access to another.

While the OP's baseless slander of Bitcoinica is definitely beyond the pale, the general concern he raises is valid.  Services like Bitcoinica, MtGox, etc. are completely unregulated and unaudited, which would make any serious financial commitment to them fairly irresponsible.  I think a service like Bitcoinca could allay a lot of fears and get a lot more business (my business, perhaps, anyway) if it submitted to voluntary regular audits from an independent audit service following the Sarbanes-Oxley requirements.  (I know Bitcoinica etc. are not subject to Sarbanes-Oxley by law, I just think it might good for their reputation.)

I would risk on saying you are a fuckin douchebag that jumps on shit without understanding it and later complaint and throw unfounded accusations.

If you can't withdraw your money(because you are too stupid), too bad, Bitcoinica should just keep it as payment for all the trash mouthing you've done to them.

Also, why is Bitcoinica probably a ponzi scheme, care to enlighten me? Or you just spew garbage as you think of it without giving it proper thought and without even knowing what words mean?

Please log in to your account and withdraw yourself, I don't have access to your money.

I know how the OP feels. Ive been buying oil futures on NYMEX and my gas tank is still empty and now all my money is gone. Scammers!