Bitcoinica: How it works - page 2. | Bitcointalksearch.org

RaggedMonk

sr. member

Activity: 308

Merit: 250

Quote from: Otoh on January 05, 2012, 09:12:44 AM

I don't understand sorry, I started with a 300Btc deposit & went long 300 a while back, when the price rose I increased the number of bitcoins that I was long with leverage now I would like to know if I can retain my original 300 Btc long position by selling bitcoins or do I have to liquidate the whole position (or sell all little by little) in order to release the $ profit for withdrawal - sry to be such a trading noob

I am pretty sure you can't cash profits out into your currency account without closing your whole position, unfortunately. (This means selling to zero, overshooting can keep the position open).

You should be able to pull out approx currency account balance - position size/leverage (though I recommend keeping a bit more than necessary so you don't immediately get liquidated if the market moves against you).

Withdrawal limits are a big problem. They have always gone through in less than 3 days for me, usually around 24 hours. Technically, it is Gox's "fault" but zhou should really implement a separate withdrawal wallet for this situation.

ineededausername

hero member

Activity: 784

Merit: 1000

bitcoin hundred-aire

PROUDHON WENT LONG!

notme

legendary

Activity: 1904

Merit: 1002

Quote from: proudhon on January 05, 2012, 04:10:49 PM

I think I'm doing it wrong Tongue

, but I don't know:

Or just add 1 BTC Limit Sells at 6.35, 6.40, 6.45, 6.50. Wait until it hits 6.5, then rinse and repeat compounding your 50cent profit back into your bitcoin reserves.

Otoh

donator

Activity: 3108

Merit: 1166

yep you're doing good, don't mess with it until you're either wiped out by some pidley little spike down or have lotsa $ unrealised profit as the bitcoin price soars, basically just let it ride in to 2017

what your doing is gambling 5 times your 1 Btc stake so you are exposed to 5 times any price drop which will quickly get you zhoutonged (an experience in itself) or if the normal rules of gambler's beginners luck holds then the price will now soar & every time you hit say $60 or so say of unrealised profit you could buy more longs, by 2033 you could be browsing catalogues for 50 foot yachts

proudhon

legendary

Activity: 2198

Merit: 1311

Quote from: Mushoz on January 05, 2012, 04:12:19 PM

Quote from: proudhon on January 05, 2012, 04:10:49 PM

I think I'm doing it wrong Tongue

, but I don't know:

You're doing it right

You just went long with your 5:1 leverage with 1 BTC backing it =) You're currently in the red, because of the spreads. If it's going to move up, your profit will increase. If it moves down, your losses will become greater. Just sit tight and watch it closely now Wink

Haha, ok. Watching.

Mushoz

hero member

Activity: 686

Merit: 500

Bitbuy

Quote from: proudhon on January 05, 2012, 04:10:49 PM

I think I'm doing it wrong Tongue

, but I don't know:

You're doing it right

You just went long with your 5:1 leverage with 1 BTC backing it =) You're currently in the red, because of the spreads. If it's going to move up, your profit will increase. If it moves down, your losses will become greater. Just sit tight and watch it closely now Wink

proudhon

legendary

Activity: 2198

Merit: 1311

I think I'm doing it wrong Tongue

, but I don't know:

Mushoz

hero member

Activity: 686

Merit: 500

Bitbuy

Quote from: proudhon on January 05, 2012, 04:08:03 PM

Quote from: Otoh on January 05, 2012, 04:02:06 PM

Quote from: proudhon on January 05, 2012, 03:58:50 PM

Out of curiosity I've decided to see what bitcoinica is all about with 1BTC.

get 10 times leverage authorised & choose a big momentum wave with no quick spike backs, let it ride up to $66.66666 & then cash out, good luck actually trying to extract the $s from Khou's kung fu grip tho

I have no fucking clue what I'm doing.

Haha, good luck Cheesy

Let's hope for beginners luck Wink

Protip: Don't short the market atm :p

Otoh

donator

Activity: 3108

Merit: 1166

Quote from: Mushoz on January 05, 2012, 04:01:05 PM

Quote from: Otoh on January 05, 2012, 03:58:59 PM

many thanks, it says there:

Mt. Gox gives us a withdrawal limit. This means we can only withdraw so much each day on behalf of our clients. You should be able to access your Mt. Gox code after 24-48 hours. I'm sorry about the inconvenience, but our hands are tied in the matter. I suggest only using the Bitcoin network (you can even withdraw directly to your Mt. Gox deposit address) for withdrawals and deposits.
Thank you for trading with Bitcoinica,
-Jon

& WhyTF didn't bitcoinica just not make this clear on the withdrawals page, of corse I could have used my Mt.Gox deposit address instead - if I had known or if they had told me that they were maxed out Angry

(not actually but I can imaging that many would be over this kind of so easily avoidable BS)

Hmm, try contacting support. They can probably cancel your withdrawal, so you can withdraw over the Bitcoin Network instead.

many thanks, unfortunately I now need my 480 minutes of sleep (as Mt.Gox live puts it) so I'll just let it ride, at least a learning experience & not an immediate need case for once

proudhon

legendary

Activity: 2198

Merit: 1311

Quote from: Otoh on January 05, 2012, 04:02:06 PM

Quote from: proudhon on January 05, 2012, 03:58:50 PM

Out of curiosity I've decided to see what bitcoinica is all about with 1BTC.

get 10 times leverage authorised & choose a big momentum wave with no quick spike backs, let it ride up to $66.66666 & then cash out, good luck actually trying to extract the $s from Khou's kung fu grip tho

I have no fucking clue what I'm doing.

sgbett

legendary

Activity: 2576

Merit: 1087

Yeah it took me ages to find this info.

I was able to cancel my BTC through the site and just do a normal withdrawal to my mtgox wallet.

For USD I just had to sit it out.

Otoh

donator

Activity: 3108

Merit: 1166

Quote from: proudhon on January 05, 2012, 03:58:50 PM

Out of curiosity I've decided to see what bitcoinica is all about with 1BTC.

get 10 times leverage authorised & choose a big momentum wave with no quick spike backs, let it ride up to $66.66666 & then cash out, good luck actually trying to extract the $s from Khou's kung fu grip tho

Mushoz

hero member

Activity: 686

Merit: 500

Bitbuy

Quote from: Otoh on January 05, 2012, 03:58:59 PM

many thanks, it says there:

Mt. Gox gives us a withdrawal limit. This means we can only withdraw so much each day on behalf of our clients. You should be able to access your Mt. Gox code after 24-48 hours. I'm sorry about the inconvenience, but our hands are tied in the matter. I suggest only using the Bitcoin network (you can even withdraw directly to your Mt. Gox deposit address) for withdrawals and deposits.
Thank you for trading with Bitcoinica,
-Jon

& WhyTF didn't bitcoinica just not make this clear on the withdrawals page, of corse I could have used my Mt.Gox deposit address instead - if I had known or if they had told me that they were maxed out Angry

(not actually but I can imaging that many would be over this kind of so easily avoidable BS)

Hmm, try contacting support. They can probably cancel your withdrawal, so you can withdraw over the Bitcoin Network instead.

Otoh

donator

Activity: 3108

Merit: 1166

many thanks, it says there:

Mt. Gox gives us a withdrawal limit. This means we can only withdraw so much each day on behalf of our clients. You should be able to access your Mt. Gox code after 24-48 hours. I'm sorry about the inconvenience, but our hands are tied in the matter. I suggest only using the Bitcoin network (you can even withdraw directly to your Mt. Gox deposit address) for withdrawals and deposits.
Thank you for trading with Bitcoinica,
-Jon

& WhyTF didn't bitcoinica just not make this clear on the withdrawals page, of corse I could have used my Mt.Gox deposit address instead - if I had known or if they had told me that they were maxed out Angry

(not actually Angry

but I can imaging that many would be over this kind of so easily avoidable BS)

like choose this option & your funds will be then locked down for (edit now 6 hrs plus) - just say so ffs how hard is that to let peeps know

proudhon

legendary

Activity: 2198

Merit: 1311

Out of curiosity I've decided to see what bitcoinica is all about with 1BTC.

sgbett

legendary

Activity: 2576

Merit: 1087

I had similar issues, I found this. It was sorted within 24hrs.

http://help.bitcoinica.com/discussions/questions/56-withdrawal-of-usd-as-mt-gox-coupon-displays-pending-approval

Otoh

donator

Activity: 3108

Merit: 1166

I do think that it's a bit off that I can't even withdraw the same amount of bitcoins & cash that I deposited there, BTC 300 & $33

I gambled with these on high leverage & have an unrealised profit of well over $1,000 which I'm using to support an open long position

Back in Thanksgiving time I shorted with very high leverage & closed out with about a $600 loss that I paid in $ cash for to free up my Btc 300 again for round two so technically until I close out my position I am still well down even after I (hopefully) get to withdraw my initial stake

mumblemumblemumble

message now re withdrawal of my funds, same with: "about 2 hours ago"

Otoh

donator

Activity: 3108

Merit: 1166

both withdrawals have now been in the zhoutong kung fu wallet grip hold for over 1 hour Cry

the message then defaults to "about 1 hour ago"

some info link would be more professional, like eta of when the funds might actually be expected to get released

ArsenShnurkov

legendary

Activity: 1386

Merit: 1000

Quote from: Otoh on January 05, 2012, 02:02:25 PM

how long is 'temporarily' I wonder

mt gox limit is per 24 hours. so it can take few days

Otoh

donator

Activity: 3108

Merit: 1166

hmm, when I say np it's actually "Pending approval" "Mt. Gox limit reached temporarily" for a while now - 15 minutes & counting
but I guess it will clear eventually - I hope Undecided

that is...

30 minutes now, how long is 'temporarily' I wonder
same thing happening with $s as I had just $30 odd there too that I tried to convert to a Goxy code over 19 minutes ago

It's like the bloody hotel california

You can checkout any time you like,
But your bitcoins can never leave!

Topic: Bitcoinica: How it works - page 2. (Read 15492 times)