https://bitdaytrade.com Bitcoin Gold & Commodities margin trading - page 6.

Meni Rosenfeld

donator

Activity: 2058

Merit: 1054

Quote from: Ichthyo on July 19, 2012, 08:30:16 PM

What is the currency account actually?
When I just deposit some BTC into my Bitdaytrade account, without opening any trading position -- what happens then actually?

are these BTC just sitting in some wallet on your site?
or are you selling them for USD right away and hold a constant USD balance somewhere?

Bitcoins that you deposit remain in BTC form. Gold positions are denominated in USD but settled in BTC equivalent when liquidated. For example, if you buy a gold contract at $1600 and sell it at $1700, your profit is $100, and if at liquidation time a BTC is $8, you will have 12.5 BTC added to your balance.

Quote from: Ichthyo on July 19, 2012, 08:30:16 PM

How are interest rates actually handled?
On your frontpage, you display some interest rates for holding open long positions.

What does "weekly" mean precisely?
- at what point in time do you charge them
- how do you treat positions open only for a fraction of a week
are the displayed interest rates established dynamically? How precise is the actual calculation? Right now, you display "3%" for an open old long position worth $10000. But 300 / 7 = 42.857142857, and not "42.23" as displayed. Thus, what rate are you actually using?
Are the actual interest payments displayed anywhere within my account? (e.g. in the history?). I couldn't find any indication.

The interest mechanism is still being worked on, I don't believe it is now actively charged. The idea is to have the interest deducted from your account on an hourly basis, so that the total per week is the displayed percentage.

For now the weekly values are hardcoded but this will eventually be replaced by a dynamic system that adjusts to demand.

There's currently a mistake in the displayed daily/hourly values due to usage of a calculation that is not applicable for this situation, it will be corrected.

There will likely be some form of summary of the interest payments.

Ichthyo

hero member

Activity: 602

Merit: 500

Hello Bitdaytrade team,

would you mind clarifying the following details regarding the "finnancial mechanics" of your site?

What is the currency account actually?
When I just deposit some BTC into my Bitdaytrade account, without opening any trading position -- what happens then actually?

are these BTC just sitting in some wallet on your site?
or are you selling them for USD right away and hold a constant USD balance somewhere?

How are interest rates actually handled?
On your frontpage, you display some interest rates for holding open long positions.

What does "weekly" mean precisely?
- at what point in time do you charge them
- how do you treat positions open only for a fraction of a week
are the displayed interest rates established dynamically? How precise is the actual calculation? Right now, you display "3%" for an open gold long position worth $10000. But 300 / 7 = 42.857142857, and not "42.23" as displayed. Thus, what rate are you actually using?
Are the actual interest payments displayed anywhere within my account? (e.g. in the history?). I couldn't find any indication.

Ichthyo

hero member

Activity: 602

Merit: 500

want to report another small glitch or shortcoming

The charts section: when you enter that page, the drop-down box shows "all time" selected. But the charts arctually display the "last day".

To verify this: select "last day" -> nothing changes. select "all time" -> voila. From that point on, drop-down and state are in sync.

Further, somewhat related to the timestamp issue reported above: can you please add a more meaningful display on the horizontal (time) axis? You should format the numbers in a way to make clear how to read them (e.g. "12:00" instead of just "12"). Moreover, you should indicate the unit of measurment, especially on the "all time" display. And, of course, the time display should'nt wrap to negative numbers left of the zero point.

Please take that with a grain of salt. The Charts, as they stand now, are a nice-to have ("oh, they have a charts section too"). They're an eye catcher but aren't very useful. It is nice to have BTC and gold rate right above one another though. But the rates display, especially on last day, isn't accurate enough to judge any movement or to get the highs and lows precisely.

Ichthyo

hero member

Activity: 602

Merit: 500

The timestamp displayed in the history is somewhat confusing. I didn't find any indication which timezone you're applying, but from the values displayed I take it's UTC - 2

Thus my request

let the user set her own time zone
-- or -- display timestamps in UTC
-- or -- at least add an indication of the timezone

Ichthyo

hero member

Activity: 602

Merit: 500

Since the skin redesign of the site/frontpage, there is a somewhat annoying behaviour:

The site now has a timeout and logs you out automatically. Generally speaking this is good security practice, but especially in case of a daytrading platform, it is clearly counterproductive. Since you typically want to leave that open and step by from time to time, while working on other stuff.

Thus I'd request a feature, where you can set your own account timeout in the settings.

Ichthyo

hero member

Activity: 602

Merit: 500

Quote from: Ichthyo on July 18, 2012, 05:33:45 PM

Warning -- right now seriously broken!

Quote from: bitdaytrade on July 18, 2012, 07:34:13 PM

We apologizes, it's a temporary malfunctioning due to intervention on the server for adding bitcoin margin trading functionality ( now in private testing ). This issue has affected the site for about 30 minutes today. and was promptly fixed.

Just to confirm: All positions where corrected and the history cleaned and contains only the real movements,
so everything looks leveled again. Bitdaytrade support responded early this morning and confrimed the withdrawal
of the real currency balance, which I had requested due to security concerns.

Up to now, the support has always been promply and friendly, and any problems discovered while testing were fixed ASAP.

bitdaytrade

sr. member

Activity: 287

Merit: 250

Quote from: dopamine on July 16, 2012, 02:32:03 PM

I would also recommend browser authentication. Browser identification: An identification token from your browser is registered with bitdaytrade to prevent unauthorized browsers from using your account. This method is used by some banks to help secure your account. I have never had any accounts compromised and can honestly say that this was the first time for me. I'm just suggesting that you guys will be the next target for bitcoin hiest. Please take every precaution for this to never happen.

great idea, we'll look into that.

bitdaytrade

sr. member

Activity: 287

Merit: 250

Quote from: bitcoinBull on July 18, 2012, 07:00:09 PM

Not even surprised. Expect anything from this site.

They claim to hedge trades on instaforex, but that's a lie since instaforex doesn't provide an API for their customers. Its a crude bucket shop.

Take it lightly, as said, we're in beta and some issues are still being worked out, moreover we're adding bitcoin margin trading to the offer, with realtime hedging on mtgox. As per Instaforex, they do provide an API, and it's used for gold quotes, for actual hedging we use a custom tool developed to work with our preferred trading platform.

bitdaytrade

sr. member

Activity: 287

Merit: 250

Quote from: Ichthyo on July 18, 2012, 05:33:45 PM

Warning -- right now seriously broken!

on returing, I noticed that all my postitions had been closed, without a close price (and without obvious reason)
when opening a 2 contract position, the base price is NaN
the Profit is incredible, and the position can ba closed, resulting in a huge positiv bitcoin balance

Now all what is required would be the ability to withdraw those bitcoins, and you'd made my day!!

Wink

PS: we know it is beta -- take it with irony, bugs sometimes produce hilarious effects

We apologizes, it's a temporary malfunctioning due to intervention on the server for adding bitcoin margin trading functionality ( now in private testing ). This issue has affected the site for about 30 minutes today. and was promptly fixed. Please email us about how you would like us to restore your positions and you will be also getting an invite for testing bitcoin margin trading, as we recognize you're a prominent user of the site Wink

bitcoinBull

legendary

Activity: 826

Merit: 1001

rippleFanatic

Not even surprised. Expect anything from this site.

They claim to hedge trades on instaforex, but that's a lie since instaforex doesn't provide an API for their customers. Its a crude bucket shop.

Ichthyo

hero member

Activity: 602

Merit: 500

Warning -- right now seriously broken!

on returing, I noticed that all my postitions had been closed, without a close price (and without obvious reason)
when opening a 2 contract position, the base price is NaN
the Profit is incredible, and the position can ba closed, resulting in a huge positiv bitcoin balance

Now all what is required would be the ability to withdraw those bitcoins, and you'd made my day!!

Wink

PS: we know it is beta -- take it with irony, bugs sometimes produce hilarious effects

dopamine

hero member

Activity: 486

Merit: 500

I would also recommend browser authentication. Browser identification: An identification token from your browser is registered with bitdaytrade to prevent unauthorized browsers from using your account. This method is used by some banks to help secure your account. I have never had any accounts compromised and can honestly say that this was the first time for me. I'm just suggesting that you guys will be the next target for bitcoin hiest. Please take every precaution for this to never happen.

naima53

hero member

Activity: 616

Merit: 502

PM`ed

bitdaytrade

sr. member

Activity: 287

Merit: 250

Quote from: bitcoinBull on July 14, 2012, 05:08:29 AM

Quote from: bitdaytrade on July 14, 2012, 04:51:48 AM

Quote from: ElectricMucus on July 13, 2012, 01:55:15 PM

To spell it out for you:

Incompetence is either acted as such to conceal a scam or real in which case your money isn't safe either. Anyway I'm jumping off at the first sign of trouble which probably is too early but at least not too late...
nuff said.

You decide to do whatever you like with your funds, but don't spread useless FUD, there's already enough.

Do you use 2-factor auth on your mtgox account? Is your mtgox API key hardcoded on in your production code? (It should be stored in memory so it is not accessible after a system reboot). How about your instaforex account API key?

Quote from: bitdaytrade on June 21, 2012, 06:54:50 PM

[...]
Don't worry for now about our methods to protecting from price spikes, they are tested throughly as they are an important part of the CFD trading system itself.
[...]

Obviously your system was not and is not thoroughly tested. If it was then, you would not have had wrong volume figures.

Quote from: bitdaytrade on June 30, 2012, 10:31:22 AM

[...]
The positions table was corrupted entirely because of wrong volume figures, impossible to recover, hence we took decision to reset. This won't happen again as we have fixed a bug that was previously unknow.

Are you using that new agile motto for success? Fail quickly and fail often.

The only one failing here, is yourself. We didn't have any more data corruption ever since. You clearly don't know what you are talking about. Please leave us alone.Thank you.

naima53

hero member

Activity: 616

Merit: 502

I want to try it Wink

bitcoinBull

legendary

Activity: 826

Merit: 1001

rippleFanatic

Quote from: bitdaytrade on July 14, 2012, 04:51:48 AM

Quote from: ElectricMucus on July 13, 2012, 01:55:15 PM

To spell it out for you:

Incompetence is either acted as such to conceal a scam or real in which case your money isn't safe either. Anyway I'm jumping off at the first sign of trouble which probably is too early but at least not too late...
nuff said.

You decide to do whatever you like with your funds, but don't spread useless FUD, there's already enough.

Do you use 2-factor auth on your mtgox account? Is your mtgox API key hardcoded on in your production code? (It should be stored in memory so it is not accessible after a system reboot). How about your instaforex account API key?

Quote from: bitdaytrade on June 21, 2012, 06:54:50 PM

[...]
Don't worry for now about our methods to protecting from price spikes, they are tested throughly as they are an important part of the CFD trading system itself.
[...]

Obviously your system was not and is not thoroughly tested. If it was then, you would not have had wrong volume figures.

Quote from: bitdaytrade on June 30, 2012, 10:31:22 AM

[...]
The positions table was corrupted entirely because of wrong volume figures, impossible to recover, hence we took decision to reset. This won't happen again as we have fixed a bug that was previously unknow.

Are you using that new agile motto for success? Fail quickly and fail often.

bitdaytrade

sr. member

Activity: 287

Merit: 250

Quote from: ElectricMucus on July 13, 2012, 01:55:15 PM

To spell it out for you:

Incompetence is either acted as such to conceal a scam or real in which case your money isn't safe either. Anyway I'm jumping off at the first sign of trouble which probably is too early but at least not too late...
nuff said.

You decide to do whatever you like with your funds, but don't spread useless FUD, there's already enough.

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

To spell it out for you:

Incompetence is either acted as such to conceal a scam or real in which case your money isn't safe either. Anyway I'm jumping off at the first sign of trouble which probably is too early but at least not too late...
nuff said.

bitcoinBull

legendary

Activity: 826

Merit: 1001

rippleFanatic

Quote from: ElectricMucus on July 04, 2012, 08:43:20 PM

If they offer leverage for btc, who will be able to resist hopping on board? Even though its a slow-motion trainwreck, plain as day.

How many mistakes, whether beta or not? First a corrupted positions table (bitdaytrade: the database should be configured append-only), then plaintext debug messages revealing internal passwords. Better get professional real fast, before you lose huge sums of profit to a "bug in the hedging bot" like bitcoinica did.

How will bitdaytrade handle the net position getting too lopsided? After a fiasco where bitcoinica couldn't close people's shorts because they got too net long and there were no USD funds available for their hedging bot, they had limits indicated by asterisks on the buy or sell button (so positions were only opened on a first come first serve basis).

I look forward to bitdaytrade becoming a solid, stable platform. Professionalism in bitcoin services increases confidence overall.

dopamine

hero member

Activity: 486

Merit: 500

username would be a email address, but instead give a option to have a user name instead of using a email address...

Topic: https://bitdaytrade.com Bitcoin Gold & Commodities margin trading - page 6. (Read 19566 times)