Topic: Bitcoinica's "guaranteed liquidity" (Read 2615 times)
Woop, nm, i just saw asterisks...
How about an explanation of how these red flag events and guaranteed liquidity are not mutually exclusive?
Yea if there is a problem, I'd rather he was spunking about on some shitty forum, rather than fixing it...
How about a notification on their site or in their own help forums? I only say here because he seems to be more active here than anywhere. How about an explanation of how these red flag events and guaranteed liquidity or not mutually exclusive?
Bitcoinica is working fine for me, haven't seen any asterisk or any other problems all morning. Why any notification if it will not do much more than spread FUD? Zhou runs a business and wants to keep customers, not deter them.
Yea if there is a problem, I'd rather he was spunking about on some shitty forum, rather than fixing it...
How about a notification on their site or in their own help forums? I only say here because he seems to be more active here than anywhere. How about an explanation of how these red flag events and guaranteed liquidity or not mutually exclusive?
Yea if there is a problem, I'd rather he was spunking about on some shitty forum, rather than fixing it...
Zhou how does your algorithm allow for red flag events on both the buy and sell? Is this expected/OK?
EDIT: I am done using Bitcoinica until this shit clears up. Not only does your site "Guarantee" liquidity but you are no where to be found / avoiding questions during these more and more frequent "red flag" / "*" / "illiquid" events.
EDIT: I am done using Bitcoinica until this shit clears up. Not only does your site "Guarantee" liquidity but you are no where to be found / avoiding questions during these more and more frequent "red flag" / "*" / "illiquid" events.
1. Why do you want/need that information?
2. What are the ways in which this information can be abused?
The benefits of 1 need to outweigh the risk of 2.
I'm not very imaginative but I get a feeling that if this information was public, that someone more imaginative than me, with bigger pockets, might be able to use that to exploit some facet of bitcoinica's model. You could probably figure out exactly how leveraged up people are, and exactly how deep you need to go to force a squeeze.
Lets not give the alleged manipulator(s) even more ways to screw everyone else.
2. What are the ways in which this information can be abused?
The benefits of 1 need to outweigh the risk of 2.
I'm not very imaginative but I get a feeling that if this information was public, that someone more imaginative than me, with bigger pockets, might be able to use that to exploit some facet of bitcoinica's model. You could probably figure out exactly how leveraged up people are, and exactly how deep you need to go to force a squeeze.
Lets not give the alleged manipulator(s) even more ways to screw everyone else.
Why not disclose Bitcoinicas reserve balances?
Probably for the same reason I don't like to share my margin balance
I hope that was a joke. Zhous not betting against us, at least i hope not, disclosing the reserve balances would somewhat help prove that, it would also let us know hes not doin anything fishy with the moneys.
In true Forex fashion when you click that button and they cant get that rate for you it should read "Rates Changed". Now Bitcoinica just decides to treat it like a stock market order and place it when they can. Which is really not right and the reason I only use Limit orders.
I used Forex.com's trading panel before, and actually they allow you to set a percentage limit for "Instant Execution". So basically you're placing a limit order, but if it can't be executed immediately (due to "Rates Changed"), the order is abandoned.
However, market order is market order. If you specifically place a market order, it shouldn't be canceled due to "Rates Changed".
I understand what a market order is. It's just the way you're handling the instant buy/sell buttons that is wrong IMO. With the already long delay in order processing times, the price shown on the site when you click buy/sell could be much different once its placed.
Zhou why does your algorithm allow for these red flag events to happen so often? If you are making money on every trade why do you run out of money so often?
More importantly when these red flag event occur then the market always seems to move in the opposite position (cant short = market goes up, cant go long = market decrease). Is Zhou trading against these flags and if he says no why should we believe him? He would definitely have the capital and the means to do so with bitcoinica.
In true Forex fashion when you click that button and they cant get that rate for you it should read "Rates Changed". Now Bitcoinica just decides to treat it like a stock market order and place it when they can. Which is really not right and the reason I only use Limit orders.
I used Forex.com's trading panel before, and actually they allow you to set a percentage limit for "Instant Execution". So basically you're placing a limit order, but if it can't be executed immediately (due to "Rates Changed"), the order is abandoned.
However, market order is market order. If you specifically place a market order, it shouldn't be canceled due to "Rates Changed".
Zhou why does your algorithm allow for these red flag events to happen so often? If you are making money on every trade why do you run out of money so often?
More importantly when these red flag event occur then the market always seems to move in the opposite position (cant short = market goes up, cant go long = market decrease). Is Zhou trading against these flags and if he says no why should we believe him? He would definitely have the capital and the means to do so with bitcoinica.
+1. It now had become the dreaded ‘Bitconica law’ and seems to limit all sudden market movements (which is a good thing, arguably). This is until Gox wakes up and starts to provide proper services.
Why not disclose Bitcoinicas reserve balances?
Probably for the same reason I don't like to share my margin balance
In true Forex fashion when you click that button and they cant get that rate for you it should read "Rates Changed". Now Bitcoinica just decides to treat it like a stock market order and place it when they can. Which is really not right and the reason I only use Limit orders.
Zhou why does your algorithm allow for these red flag events to happen so often? If you are making money on every trade why do you run out of money so often?
More importantly when these red flag event occur then the market always seems to move in the opposite position (cant short = market goes up, cant go long = market decrease). Is Zhou trading against these flags and if he says no why should we believe him? He would definitely have the capital and the means to do so with bitcoinica.
Why not disclose Bitcoinicas reserve balances?
Zhou why does your algorithm allow for these red flag events to happen so often? If you are making money on every trade why do you run out of money so often?
Hm. Now that I think about it (my short term memory isn't the best...) I may have placed several smaller orders in quick succession. It's a bit weird that the orderbook only shows a price for one of them, 6.841, executed at 6.6293, and the ones that got executed higher have no price listed.
Well, it may well be my fumble, but I do remember first hitting buy, then a few seconds later seeing the sell price skyrocket on the charts, and sure enough I was the proud owner of several bitcoins with a base price of over 7 USD. Can the "no reserve" situation cause market orders set at one price to execute at a higher price if they get held up? Do the orders get a price set if the bull's eye is winking, or do they simply get executed at any price as soon as buying becomes possible?
Well, it may well be my fumble, but I do remember first hitting buy, then a few seconds later seeing the sell price skyrocket on the charts, and sure enough I was the proud owner of several bitcoins with a base price of over 7 USD. Can the "no reserve" situation cause market orders set at one price to execute at a higher price if they get held up? Do the orders get a price set if the bull's eye is winking, or do they simply get executed at any price as soon as buying becomes possible?
Multiple orders may be executed at different prices.
A large order will give you the market price at the exact moment, and even larger orders will be split into ฿50 chunks.
Multiple orders and "chunks" are treated equally.
Bitcoinica's "guaranteed liquidity" = unless they run out of money.
They get executed at any price as soon as buying becomes possible. Therefor you have to be very careful when using market orders when the asterisk is active, but even without it you have to be very careful. As you already noted, there's a 1-4 second delay on orders executing depending on a lot of things, so you might not get the price that you want to pay. Therefor I suggest you use limit orders to make sure your prices don't pass a certain limit.
It tends to blink on and off a lot, doesn't it... But yes. Lesson learned. Only use limits (and stops of course)
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