Topic: *Unofficial* ICBIT (BTC Futures Trading) - Help & FAQ's - page 3. (Read 26254 times)

If you are trying to run an honest exchange then revise each of the practices mentioned and refund half of the 20 or so bitcoin I lost to you. I'll accept the other half as an honest loss for being long in a down market.

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All of the comments made already stand and won't be removed but if you make your site right and stop the cheating games my comments will reflect that.

One of the problems with this argument is that there appears to be several online personas that are all the same person, posting on behalf of icbit. I posted a link on the icbit chat while there were a few people on site. There was only one hit on my server but there were indications that several people had seen the post. It looks like one person is pretending to be several people that each support icbit.

Should I open 6 different user ids to post my opinions and pretend to be 6 different people? It's stupid.

Well, I won't speak for anyone else, but don't take Popescu seriously.

I think (disclaimer: I have no direct evidence that was him, as he was working through "his broker" usually), the ICBIT hatred appeared after "he" sold short a big amount of futures at our exchange, but the spot rate started sky rocketing. Instead of limiting "his" loss, accounts presumably controlled by him started selling more and more, creating huge backwardation of futures price vs spot price. Eventually, money on those accounts ran out, and they were forcefully liquidated against the market.
Incidentally, shortly after that, MPOE-PR invaded our forum threads, and posted those accusations on his blog website.

Maybe when done with the astroturfing move on to addressing stuff.

I am not especially articulate and have deficits that may make my explanations unclear. For a more intelligible explanation of part of the icbit scam see http://polimedia.us/trilema/2012/icbitse-the-bucket-shop/

You have a very sophisticated con running.

A few points.

1) Trading by icbit which makes use of their knowledge of client accounts.
2) Procedures which make no sense except as part of a scan, e.g. clearing at last single trade price.
3) Use of several online personas by one single person on icbit chat.

icbit is a scam. Some people will make money on it, as with most scams.

Thank you, yes, that is right. There were a lot of scammers in the Bitcoin world, so I understand people jumping into conclusion very fast, however we are constantly improving ICBIT to add transparency, to stick to the rules, etc.
I still stand on the words - it is a once in a lifetime opportunity, and I am not interested in robbing people for a few hundreds BTCs when this thing could grow into a multimillion US dollars venture. That's the goal I wish to achieve, and our team is putting all efforts to make that happen.

qxzn - If you file a support request via official email it's going to be investigated much faster.

My BTC withdrawals keep being rejected with "not enough funds". Yet I have more than I am requesting in my "available" balance. Any ideas?

I have to say, I don't think your views are particularly well thought out, or widely held.

I have used ICBIT for some time and whilst the platform has obvious problems (such as the ability to weald a disproportionate influence over the clearing range adjustment), I have not been scammed, and in general my profits/losses have correlated with the trend in underlying price movement.

I have read your accusation thread linked to above, and your assumptions about what the 'normal' futures premium for BTC should be are simply wrong.  Sure the contango/premium reached 150 USD in March when BTC appeared to be running away like an unstoppable train and all the dinner menus read bear soup, but Fireball has made no secret about the fact he was unhappy with that situation and the risk it posed to his platform due the way counterparty loss is managed (the validity of which was demonstrated during the ugly counterparty contract liquidations which occurred during the subsequent March crash).  It was also no secret that Fireball has been publically reaching out for market makers, citing the large arbitration opportunities available as an incentive.  Combined with the recent slide in BTC which has deterred many bulls from making further long investments it is not at all surprising that contango has significantly retracted and in some cases we have seen backwardation.

I also think it is reasonable that if you no longer meet the margin requirement for a position, then your position should be liquidated.  If that means listing your assets for sale at an attractive price then so be it, ICBIT do not close out your long position by buying your assets from you (right or wrong, this is their stated business model) they are listed for sale to other platform users, and If there are no corresponding bids/asks to cancel out against I would expect them to be priced to reflect the need for a quick sale in order to preserve the risk of loss to others.  As a trader exposed to the risk that your losses may affect my profit, I EXPECT this safeguard.

ICBIT is a small platform and certainly high volume traders can heavily influence the market prices, but this is life, you will find the same situation within any tradeable asset market.  The way you have simply jumped to the conclusion that losses = conspiracy = ICBIT are out to rob us all (and then started throwing public accusations around) is not cool.

I could be wrong and Fireball may have some scheme in action designed to relieve you of your assets, but I don't believe this is the case, he once described the ICBIT venture to me as a once in a lifetime opportunity, and I believe this is how he sees it, as something he cares about and wants to see succeed.

"Contango" and "backwardation" are real words, and they are used constantly on the icbit site, along with "arbitrage" to explain any unusual price move, but those words are a smokescreen and the actual meanings have nothing to do with the price moves.

icbit is running a complex scam that has stolen a lot of bitcoin from naive traders. Already three people have posted on the scam and more will be following.

The rats that steal bitcoin from small players need to be exposed and cursed.

Another trader, who says "September has to be above $100 even if spot is $30 lower". Sorry guys, you have to be cautious. Contango and backwardation are normal, and you have to take additional care when trading with leverage.

Trading with leverage provides the ability to get higher profit, however it also means that your loss may be higher.

Newminer was telling the truth. Be cautious about icbit.
https://bitcointalksearch.org/topic/icbit-warning-246845

Is there a way to programmatically download a history of all my trades?

newminer spammed all ICBIT threads. His concern are address in the official english and russian threads.

admin! I'm in shock! why I closed the 50 futures on 140?? (At that time, as Bitcoin was worth 85)
I am engaged in arbitration, AND SO THE FUTURES FOR ALL I HAVE BOUGHT Bitcoins

a month ago also closed several hundred at the rate of twice the rate at Gokcen. I swallowed a pill that, although the loss was enormous
I'm arbitration, and under all the futures I bought bitcoins.
I see the clearing in 8utra occurred at the rate of 130.49. HOW my futures then could close at a higher rate?
the more that ever were willing to buy, so I understand it, you are required to change more quickly before my partner, closing futures to someone who did not have enough collateral
Why is the second time I have to myself to bear huge losses (in percentage terms), while the administration admitted mistakes (not relevant market situation margin requirement GO untimely margin call)
Please answer, because if such losses occur without sharp collapse (in contrast to the situation in the past month), then the arbitration between Gokcen and this exchange does not really.
before that, when on April 12, I closed the 200fyuchersov to 143 when Bitcoin was 80, I swallowed it, though, and lost a lot of nested, the more that a month before, I was on these futures suffered loss (here), and constantly added here Bitcoins
But many of those futures, I was selling more on 55, 70, 90. And forcibly bought at 143! (
but I understand that at that time there was a sharp decline, and many have suffered from the fact that at the time were not increased margin requirements
but on the basis of what is now closed my contracts, the relatively quiet market, always with a willing to buy contracts at a reasonable price, and the more that the price is above the clearing price!
I want my money! This is an obvious miscalculation ADMINISTRATION AND I SHOULD NOT BECAUSE THEY SUFFER IN WHICH THE TIMES

Cool thanks - updated.

Also added requirement for a damn order summary before final submission!

Already moved today.

Unscheduled clearing is being tracked as hot issue #1!

@ Fireball - are you able to confirm the planned deployment date for the move to twice daily clearing and the associated guarantee against unscheduled clearing?

This is patently false. The trading range SHOULD provide safety to the trader, but on multiple occasions the admin of the site has performed a 'manual clearing' that reset the prices so that trading could drop far below the 10% maximum in 24 hours. This happened due to market manipulation that drove the price down to 75 briefly from 94 (similar to what happened a couple days ago). The spot price quickly returned to normal, but the admin removed the trading range protection, and caused loss of many positions and forced margin selling on lot of traders. This has resulted in a great loss to many traders, who are still trying to get the admin to repay at least the considerable amount of fees that went into opening these positions that were unfairly closed.

This all happened BEFORE the admin added the arbitrary manual clearing clause to the futures description.