What do you want to say about icbit? Can you give a preview here?
Yes, the issue that occurred yesterday was that the trading session was manually cleared about two hours after the normally scheduled 20:00 clearing. The trading sessions are supposed to last 24 hours, but with this manual clearing, the price was allowed to go way beyond the supposed 10% daily trading range. I had 10% of my coins in reserve so that none of my positions would be closed if the worst case scenario happened (bottom of the trading range was hit). I was logged into the site and ready to send additional funds if the trading range moved into a position where my positions would be at jeopardy. After the normally scheduled clearing, I did my math and confirmed I was in the clear. Two hours later, the admin of the site manually cleared again, so that he wouldnt have to assume any risk to himself for the drastic movements of the spot price (when it went down to 75/80 for a couple hours). The 10% I had in reserve was no longer sufficient to cover my losses at this new trading range, and over 40% of my positions were forcefully closed (sold at very unfavorable prices). The site has since changed its text describing what a 'trading session' is, and claims to reserve the right to do manual clearing as it sees fit. I feel that this manual clearing cost me over 15BTC in my positions and trading fees, and want to get the community's input on how this was handled.
