I'm getting no where so far with my Intersango team claim for 1,000 BTC that I lost due to Swaps being introduced on 2012 02 16 which unfairly & illegally changed the TOS under which I'd deposited & opened my positions & made my positions untenable at a time when you were still claiming to be & acting as "the founder & CEO of Bitcoinica" which is why I trusted you & not some secret, unknown, mysterious cabal of new owners/operators.
On 13/2/12 when I held a long position with Bitcoinica of 5,000 BTC @ a base price of $5.8540
My margin deposit was 4,000 BTC + $3,002 = $22,665 & the forced liquidation (ZT) price was $2.915
With the current price of $7.50 my position would have been immensely in profit & was never in any danger of being force liquidated.
Anyway, here's my claim again in public & I shall also enter it on your personal claims site for consideration:
Hi Genjix,
I submitted this claim to
[email protected] on the 11th of June 2012, as yet I have had no response (except general auto ones), it is now nearly 1 month later & 4 months since Zhoutong agreed that Bitcoinica would issue me with a refund, I realize that you are very busy but I would very much appreciate a confirmation from you that who ever it is that owns Bitcoinica now & back then when this happened is going to honor Zhoutong's promise to make this refund & the approx time that it will take you to process this matter that pre-dates the final incident that ended up affecting so many others.
Many thanks,
Forum & Bitcoinica ID: Otoh
On 13/2/12 I held a long position with Bitcoinica of 5,000 BTC @ a base price of $5.8540
My margin deposit was 4,000 BTC + $3,002 = $22,665 & the forced liquidation (ZT) price was $2.915
I entered in to this position in good faith under the terms & conditions as stated by Zhou Tong at the time & previously, I intended to hold this position for the very long term & even add more margin in order to the lower the already low ZT price, at the time Zhou Tong was posting in the forums with his ID still claiming to be the 'Founder & CEO of Bitcoinica' & purportedly acting as such.
Then on 16/2/12 Swaps interest was introduced draining away my margin balance by changing the TOS under which it had been deposited & hence making my position long term untenable - I tried all I could to get out of this blatantly unfair situation & eventually seeing no alternative I liquidated the position for a loss of $4,842 which at the time was 1,000 BTC, note that my margin was by then all in dollars as was my loss.
As I stated at the time on the Bitcoinica forum thread, which I will attach, to change the TOS under which money is deposited & positions opened without allowing customers to withdraw it all without any loss is both unfair & illegal so I would like to lodge a claim for full reimbursement of my funds that were retained by Bitcoinica due to this act, a total of $4,842 (or 1,000 BTC as you prefer).
Zhou Tong has already agreed in his post & reply to me of 22/3/12 to refund the Swap's interest which was $456 of the $4,842
I look forward to your acknowledgement of this claim at your earliest convenience & restitution in full asap.
Many thanks,
Otoh
a couple of days ago finally got out of the nightmare scenario of being trapped in a large high $5s base price long position on Bitcoinica which would have been fine as my ZT price was in the $2s originally & I was happy to wait long term & could have kept it at 1:1 leverage np, until that was he unilaterally decided to start taxing long positions with swap charges, to me this is just Bitcoin wild west no rules rule - I'm waiting to see if his stated registration goes through because once it does I intend to claim back that swap money just removed from my account by changing without notice the conditions under which it was deposited & making my position long term untenable so that I had to close it for a big loss as I believe this sort of action is totally illegitimate in any jurisdiction
anyone else who's suffered because of this pse to let me know & we can coordinate to recuperate this blatant rip off with damages also for overall position loss if it hadn't happened once we were locked in
it's so nice atm to finally be out of that & tomorrow off for a long weekend without having to follow every price movement & the feeling of having trusted way too much money to someone who just makes the rules up to suit themselves as they go along, honestly I was amazed to get anything back out at all in that scenario - never again!
We can offer a refund if you were charged any swap for a position that you established before the rule change provided there is no new positions established after that. By continue using our service, you have already signaled the acceptance of the new rule.
Well this seems a good a time as any to claim your offer on this, yes I would like to be refunded for all swaps that I was charged on positions that I had before the rule change, you know what they are
Secondly I do not accept that by trying to get out of my position means that I accept your arbitrary change in the terms of service under which I deposited money with you, it is illegal for you to do so, therefor I hold you personally responsible along with any partners & new owners for the full amount of the swaps charged to me plus having to then liquidate my untenable position that you put me in, total loss getting on for $5,000
I was waiting for your registration to go through before pursuing this & then left it for a while so you could recover from the Linox hack but now events show it needs to be dealt with asap, so kindly confirm that you will stand by your word & refund what I have lost due to your actions
Many thanks, karma as I'm sure you are appreciating doesn't go away, it comes around & stronger each time until a just restitution is made, your call
