Topic: Bitcoinica No Spread Charged for the next 12 hours. (Read 4982 times)
Request to Khou, could you implement Yubi keys or some other form of secondary verification on Bitcoinica pse, even an opt in drop down input of 3 chars from a long memorable phrase would be good
Please make this relation/algorithm PUBIC!.
This will make sure everyone knows the risks.
The risk comes not from the leverage but from the non-stability in your algorithm!
It resonates too much.
sorry, i couldn't let this one go.
This is absolutely ludicrous. It's the same as asking someone to write you a trade bot for free, then explain how you wrote it.
But if you don't know the relation between the price at bitcoinica and the rest of bitcoinland then how can you be sure that bitcoinica doesnt have a secret 'flush' button that can be used to tip risky positions over the edge. Maybe at times there is no relation at all to the bitcoin price on the exchanges. How can you know?
We release history price points via both API and charts. Go and see yourself regarding price accuracy.
Actually all forex brokers have these issues, and some of them are evil enough to manipulate prices to trigger stops. But Bitcoinica doesn't take positions into account during price generation. Again, you can check price history and compare with Mt. Gox.
Yeah, well, what happened here then?:
http://charts.bitcoinica.com/daily_quotes?date=2012-01-10
I'm guessing lots of positions got wiped by that spike.
The spread was about 1 bitcoin during this spike.
Completely out of nowhere.
I think your algorithm overreacted to the big buy on mtgox.
No overreaction. Mt. Gox was the same.
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2012-01-11zeg2012-01-11ztgCzm1g10zm2g25zv
Notice that around 6:00am the price of mtgox is neither below six nor around 7.
At the same time bitcoinica fluctuated wildly.
So pretty big difference!
Quote
Not many people are liquidated according to my records.
That's good to hear.
Bitcoinica range: 5.97-6.93
Mt. Gox range: 6.01-6.90
Just 4 cents, or 0.66%, including all fees and 50 ฿ depth. Which site is cheaper?
Please make this relation/algorithm PUBIC!.
This will make sure everyone knows the risks.
The risk comes not from the leverage but from the non-stability in your algorithm!
It resonates too much.
sorry, i couldn't let this one go.
This is absolutely ludicrous. It's the same as asking someone to write you a trade bot for free, then explain how you wrote it.
But if you don't know the relation between the price at bitcoinica and the rest of bitcoinland then how can you be sure that bitcoinica doesnt have a secret 'flush' button that can be used to tip risky positions over the edge. Maybe at times there is no relation at all to the bitcoin price on the exchanges. How can you know?
We release history price points via both API and charts. Go and see yourself regarding price accuracy.
Actually all forex brokers have these issues, and some of them are evil enough to manipulate prices to trigger stops. But Bitcoinica doesn't take positions into account during price generation. Again, you can check price history and compare with Mt. Gox.
Yeah, well, what happened here then?:
http://charts.bitcoinica.com/daily_quotes?date=2012-01-10
I'm guessing lots of positions got wiped by that spike.
The spread was about 1 bitcoin during this spike.
Completely out of nowhere.
I think your algorithm overreacted to the big buy on mtgox.
No overreaction. Mt. Gox was the same.
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2012-01-11zeg2012-01-11ztgCzm1g10zm2g25zv
Notice that around 6:00am the price of mtgox is neither below six nor around 7.
At the same time bitcoinica fluctuated wildly.
So pretty big difference!
Quote
Not many people are liquidated according to my records.
That's good to hear.
Please make this relation/algorithm PUBIC!.
This will make sure everyone knows the risks.
The risk comes not from the leverage but from the non-stability in your algorithm!
It resonates too much.
sorry, i couldn't let this one go.
This is absolutely ludicrous. It's the same as asking someone to write you a trade bot for free, then explain how you wrote it.
But if you don't know the relation between the price at bitcoinica and the rest of bitcoinland then how can you be sure that bitcoinica doesnt have a secret 'flush' button that can be used to tip risky positions over the edge. Maybe at times there is no relation at all to the bitcoin price on the exchanges. How can you know?
We release history price points via both API and charts. Go and see yourself regarding price accuracy.
Actually all forex brokers have these issues, and some of them are evil enough to manipulate prices to trigger stops. But Bitcoinica doesn't take positions into account during price generation. Again, you can check price history and compare with Mt. Gox.
Yeah, well, what happened here then?:
http://charts.bitcoinica.com/daily_quotes?date=2012-01-10
I'm guessing lots of positions got wiped by that spike.
The spread was about 1 bitcoin during this spike.
Completely out of nowhere.
I think your algorithm overreacted to the big buy on mtgox.
No overreaction. Mt. Gox was the same.
Not many people are liquidated according to my records.
same thing that happened here.
http://bitcoincharts.com/charts/mtgoxUSD#rg1zig5-minzczsg2012-01-11zeg2012-01-11ztgSzm1g10zm2g25
bitcoinica was a few cents either side of gox - ironically this was during the 'zero spreads' offer, so I would suspect less people were liquidated than under normal circumstances.
The market was played by some big player(s). Gox, bitcoinica et al had nothing to do with it.
http://bitcoincharts.com/charts/mtgoxUSD#rg1zig5-minzczsg2012-01-11zeg2012-01-11ztgSzm1g10zm2g25
bitcoinica was a few cents either side of gox - ironically this was during the 'zero spreads' offer, so I would suspect less people were liquidated than under normal circumstances.
The market was played by some big player(s). Gox, bitcoinica et al had nothing to do with it.
Please make this relation/algorithm PUBIC!.
This will make sure everyone knows the risks.
The risk comes not from the leverage but from the non-stability in your algorithm!
It resonates too much.
sorry, i couldn't let this one go.
This is absolutely ludicrous. It's the same as asking someone to write you a trade bot for free, then explain how you wrote it.
But if you don't know the relation between the price at bitcoinica and the rest of bitcoinland then how can you be sure that bitcoinica doesnt have a secret 'flush' button that can be used to tip risky positions over the edge. Maybe at times there is no relation at all to the bitcoin price on the exchanges. How can you know?
We release history price points via both API and charts. Go and see yourself regarding price accuracy.
Actually all forex brokers have these issues, and some of them are evil enough to manipulate prices to trigger stops. But Bitcoinica doesn't take positions into account during price generation. Again, you can check price history and compare with Mt. Gox.
Yeah, well, what happened here then?:
http://charts.bitcoinica.com/daily_quotes?date=2012-01-10
I'm guessing lots of positions got wiped by that spike.
The spread was about 1 bitcoin during this spike.
Completely out of nowhere.
I think your algorithm overreacted to the big buy on mtgox.
Please make this relation/algorithm PUBIC!.
This will make sure everyone knows the risks.
The risk comes not from the leverage but from the non-stability in your algorithm!
It resonates too much.
sorry, i couldn't let this one go.
This is absolutely ludicrous. It's the same as asking someone to write you a trade bot for free, then explain how you wrote it.
But if you don't know the relation between the price at bitcoinica and the rest of bitcoinland then how can you be sure that bitcoinica doesnt have a secret 'flush' button that can be used to tip risky positions over the edge. Maybe at times there is no relation at all to the bitcoin price on the exchanges. How can you know?
We release history price points via both API and charts. Go and see yourself regarding price accuracy.
Actually all forex brokers have these issues, and some of them are evil enough to manipulate prices to trigger stops. But Bitcoinica doesn't take positions into account during price generation. Again, you can check price history and compare with Mt. Gox.
Geez... okay a stoploss is an 'order type'.. wonderful.
But check this out. It's broken and just lost me money!
http://awesomescreenshot.com/092rrbs6e
I selected Order Type of Trailing Stop, read the instructions, set a price of 5.6 (below the current price of about 6.85) then pressed Buy .. then tried it again for a traling stop at $6.3
It EXECUTED this as a BUY transaction AT MARKET!! I now have 20 BTC purchased at 6.93 which I did not ask for.
Looks like a very serious bug, has anyone tested this code before releasing it on a public who could lose some big $ due to such bugs??
But check this out. It's broken and just lost me money!
http://awesomescreenshot.com/092rrbs6e
I selected Order Type of Trailing Stop, read the instructions, set a price of 5.6 (below the current price of about 6.85) then pressed Buy .. then tried it again for a traling stop at $6.3
It EXECUTED this as a BUY transaction AT MARKET!! I now have 20 BTC purchased at 6.93 which I did not ask for.
Looks like a very serious bug, has anyone tested this code before releasing it on a public who could lose some big $ due to such bugs??
Buy trading stop below market price should be executed at market. Even the feature is not broken, it should still be executed.
Trailing stops and stops are the same in terms of execution. Just that trailing stop is trailing, which doesn't work very well at the moment.
Please make this relation/algorithm PUBIC!.
This will make sure everyone knows the risks.
The risk comes not from the leverage but from the non-stability in your algorithm!
It resonates too much.
sorry, i couldn't let this one go.
This is absolutely ludicrous. It's the same as asking someone to write you a trade bot for free, then explain how you wrote it.
But if you don't know the relation between the price at bitcoinica and the rest of bitcoinland then how can you be sure that bitcoinica doesnt have a secret 'flush' button that can be used to tip risky positions over the edge. Maybe at times there is no relation at all to the bitcoin price on the exchanges. How can you know?
Geez... okay a stoploss is an 'order type'.. wonderful.
But check this out. It's broken and just lost me money!
http://awesomescreenshot.com/092rrbs6e
I selected Order Type of Trailing Stop, read the instructions, set a price of 5.6 (below the current price of about 6.85) then pressed Buy .. then tried it again for a traling stop at $6.3
It EXECUTED this as a BUY transaction AT MARKET!! I now have 20 BTC purchased at 6.93 which I did not ask for.
Looks like a very serious bug, has anyone tested this code before releasing it on a public who could lose some big $ due to such bugs??
But check this out. It's broken and just lost me money!
http://awesomescreenshot.com/092rrbs6e
I selected Order Type of Trailing Stop, read the instructions, set a price of 5.6 (below the current price of about 6.85) then pressed Buy .. then tried it again for a traling stop at $6.3
It EXECUTED this as a BUY transaction AT MARKET!! I now have 20 BTC purchased at 6.93 which I did not ask for.
Looks like a very serious bug, has anyone tested this code before releasing it on a public who could lose some big $ due to such bugs??
Should have pressed "Sell"
From the Advanced Placement page:
"STOP
Your order is executed when the market price is higher (buying), lower (selling) or equal than your specified price."
You did indeed ask for it.
You really can't expect people to come read a forum to find out that the site doesn't actually work.
You can put real money into it and lose big due to functionality that should never have been released to the public. That says the developers are pretty clueless about software release procedures, especially for transactional systems dealing with real money.
There is nothing even on the page to indicate that the functions don't work.
http://awesomescreenshot.com/0d9rrdl98
Worse than simply not working, the StopLoss function will execute other transactions guaranteed to lose you money...
The main way to make money on bitcoinia at the moment is to uncover their identities and hold them liable for damages.
You can put real money into it and lose big due to functionality that should never have been released to the public. That says the developers are pretty clueless about software release procedures, especially for transactional systems dealing with real money.
There is nothing even on the page to indicate that the functions don't work.
http://awesomescreenshot.com/0d9rrdl98
Worse than simply not working, the StopLoss function will execute other transactions guaranteed to lose you money...
The main way to make money on bitcoinia at the moment is to uncover their identities and hold them liable for damages.
It's run by a 17 year old kid. If I were you, I would do better diligence before sending your irreversible money to random websites. That said, if you stay in the loop he is fairly responsive and does pretty well for a kid. I personally have made plenty of money, and as long as you aren't too heavily leveraged you should be able to profit if you sit on the position for a week. Anyway, I'm not going to respond in this thread any more as it's title is misleading. Please take your grief here:
https://bitcointalksearch.org/topic/bitcoinica-advanced-bitcoin-trading-platform-42267
or start a new thread.
You really can't expect people to come read a forum to find out that the site doesn't actually work.
You can put real money into it and lose big due to functionality that should never have been released to the public. That says the developers are pretty clueless about software release procedures, especially for transactional systems dealing with real money.
There is nothing even on the page to indicate that the functions don't work.
http://awesomescreenshot.com/0d9rrdl98
Worse than simply not working, the StopLoss function will execute other transactions guaranteed to lose you money...
The main way to make money on bitcoinia at the moment is to uncover their identities and hold them liable for damages.
You can put real money into it and lose big due to functionality that should never have been released to the public. That says the developers are pretty clueless about software release procedures, especially for transactional systems dealing with real money.
There is nothing even on the page to indicate that the functions don't work.
http://awesomescreenshot.com/0d9rrdl98
Worse than simply not working, the StopLoss function will execute other transactions guaranteed to lose you money...
The main way to make money on bitcoinia at the moment is to uncover their identities and hold them liable for damages.
plus to add injury to damage, I would now have to take a loss just to reverse their error...
DO NOT USE THIS SITE YET
DO NOT USE THIS SITE YET
Trailing Stops are known broken right now. Why he hasn't disabled them until it's fixed IDK, but he has posted about this several times in various threads, including the main Bitcoinica thread. Coincidentally, that would be a better place to continue any discussion since the promotion for this thread has ended.
plus to add injury to damage, I would now have to take a loss just to reverse their error...
DO NOT USE THIS SITE YET
DO NOT USE THIS SITE YET
Geez... okay a stoploss is an 'order type'.. wonderful.
But check this out. It's broken and just lost me money!
http://awesomescreenshot.com/092rrbs6e
I selected Order Type of Trailing Stop, read the instructions, set a price of 5.6 (below the current price of about 6.85) then pressed Buy .. then tried it again for a traling stop at $6.3
It EXECUTED this as a BUY transaction AT MARKET!! I now have 20 BTC purchased at 6.93 which I did not ask for.
Looks like a very serious bug, has anyone tested this code before releasing it on a public who could lose some big $ due to such bugs??
But check this out. It's broken and just lost me money!
http://awesomescreenshot.com/092rrbs6e
I selected Order Type of Trailing Stop, read the instructions, set a price of 5.6 (below the current price of about 6.85) then pressed Buy .. then tried it again for a traling stop at $6.3
It EXECUTED this as a BUY transaction AT MARKET!! I now have 20 BTC purchased at 6.93 which I did not ask for.
Looks like a very serious bug, has anyone tested this code before releasing it on a public who could lose some big $ due to such bugs??
Have fun with that :-)
I agree that bitcoinica is more appropriate for longer timeframes, my point is that it encourages intraday trading.
I looked under Advanced Placement .. I dont see any way to add stops though, what am I missing?
I agree that bitcoinica is more appropriate for longer timeframes, my point is that it encourages intraday trading.
I looked under Advanced Placement .. I dont see any way to add stops though, what am I missing?
Order Type: Stop
But yeah, it sucks. I wish I didn't have to pay $9 for one computer to trade with another computer, but that is how USD markets work. I've done much better with GLBSE where I can trade for free.
Have fun with that :-)
I agree that bitcoinica is more appropriate for longer timeframes, my point is that it encourages intraday trading.
I looked under Advanced Placement .. I dont see any way to add stops though, what am I missing?
I agree that bitcoinica is more appropriate for longer timeframes, my point is that it encourages intraday trading.
I looked under Advanced Placement .. I dont see any way to add stops though, what am I missing?
I resolved the problem -- not sure what was wrong really, but I had created 2 codes from MtGox.
the first code just generated an error when I tried to deposit it into bitcoinica... the second one was OK. So, I returned the first code as a deposit to MtGox, and generated a new code, which did work to deposit in bitcoinica.
So I'm exploring bitcoinica --- the site offers leverage for day-trading type levels, and seems to encourage short term trading - but the spread is WAY to big to be comfortable, even for swing-trading... from the moment you start building a position, you are more than 1% underwater.
A spread of say .25 % or .3% would be workable in this situation, but at the moment I think the site is only useable for medium-term swing trades.
Also - they advertise that stoploss functions are available, but I cannot find that at all - frustrating..
do any of you know how to find the stop sets on bitcoinica?
the first code just generated an error when I tried to deposit it into bitcoinica... the second one was OK. So, I returned the first code as a deposit to MtGox, and generated a new code, which did work to deposit in bitcoinica.
So I'm exploring bitcoinica --- the site offers leverage for day-trading type levels, and seems to encourage short term trading - but the spread is WAY to big to be comfortable, even for swing-trading... from the moment you start building a position, you are more than 1% underwater.
A spread of say .25 % or .3% would be workable in this situation, but at the moment I think the site is only useable for medium-term swing trades.
Also - they advertise that stoploss functions are available, but I cannot find that at all - frustrating..
do any of you know how to find the stop sets on bitcoinica?
Lengthen your time frame. I trade stocks $100 at a time with $9 trades.... it takes time, but you can do ok. Sometimes the house makes more than you do, but you have to spend money to make money. Stops are under the "Advanced Placement" tab.
I resolved the problem -- not sure what was wrong really, but I had created 2 codes from MtGox.
the first code just generated an error when I tried to deposit it into bitcoinica... the second one was OK. So, I returned the first code as a deposit to MtGox, and generated a new code, which did work to deposit in bitcoinica.
So I'm exploring bitcoinica --- the site offers leverage for day-trading type levels, and seems to encourage short term trading - but the spread is WAY to big to be comfortable, even for swing-trading... from the moment you start building a position, you are more than 1% underwater.
A spread of say .25 % or .3% would be workable in this situation, but at the moment I think the site is only useable for medium-term swing trades.
Also - they advertise that stoploss functions are available, but I cannot find that at all - frustrating..
do any of you know how to find the stop sets on bitcoinica?
the first code just generated an error when I tried to deposit it into bitcoinica... the second one was OK. So, I returned the first code as a deposit to MtGox, and generated a new code, which did work to deposit in bitcoinica.
So I'm exploring bitcoinica --- the site offers leverage for day-trading type levels, and seems to encourage short term trading - but the spread is WAY to big to be comfortable, even for swing-trading... from the moment you start building a position, you are more than 1% underwater.
A spread of say .25 % or .3% would be workable in this situation, but at the moment I think the site is only useable for medium-term swing trades.
Also - they advertise that stoploss functions are available, but I cannot find that at all - frustrating..
do any of you know how to find the stop sets on bitcoinica?
OK I finally created a bitcoinica account, and tried to fund it with a MtGox code, but something bad happened:
1: I generated a Mt Gox code for x BTC
2: copied code into bitcoinica deposit field and pressed "Redeem and Deposit" -- but I got an Error message.
3: Then I noticed I had not pressed the CONFIRM button on the Mt Gox Withdrawal, so I pressed Confirm, re-copied the code to bitcoinica, tried "Redeem and Deposit" again, and this time it worked.
4: However when I looked back at my MtGox balance, it was lower by 2x BTC, as if I had withdrawn x BTC twice, but only x were transferred to bitcoinica.
What went wrong here? If I actually generated two codes by mistake, how do I recover that first code? I don't see it in my mtgox history...
thanks
1: I generated a Mt Gox code for x BTC
2: copied code into bitcoinica deposit field and pressed "Redeem and Deposit" -- but I got an Error message.
3: Then I noticed I had not pressed the CONFIRM button on the Mt Gox Withdrawal, so I pressed Confirm, re-copied the code to bitcoinica, tried "Redeem and Deposit" again, and this time it worked.
4: However when I looked back at my MtGox balance, it was lower by 2x BTC, as if I had withdrawn x BTC twice, but only x were transferred to bitcoinica.
What went wrong here? If I actually generated two codes by mistake, how do I recover that first code? I don't see it in my mtgox history...
thanks
What do you mean it doesn't show up in your history?
Let's say you had X coins and tried to withdraw Y coins.
Does it show you withdrew Y coins twice, but give the same code?
Does it show you withdrew Y coins once, but change the balance by 2Y?
Does it show you withdrew Y coins once, and that were mistaken about what X was?
Does it show you withdrew Y coins twice, but not give a code for one of them?
There are many possibilities. You will need to be more specific.
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