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Topic: Warning: Do not leave negative USD on bitcoinica... (Read 3551 times)

speeder (OP)

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Warning: Do not leave negative USD on bitcoinica...

October 20, 2011, 11:45:57 PM

I did that, and they closed my BTC balance...

Without warning.

In fact I was not even informed, I found out after logging in today.

So, keep a eye on your USD balance, bitcoinica might without warning or even informing you, force the sale of your BTC, at crap prices even...

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DeathAndTaxes

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Gerald Davis

Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 12:20:24 AM

Is this your first time using margin? Did you think Bitcoinica was going to expose themselves to infinite loss on your behalf?

allinvain

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 12:32:51 AM

It's a margin call. This is how the big boys play.

Binance - where I trade. Funds are SAFU!

speeder (OP)

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 12:40:01 AM

No, not margin call.

I am talking about the BTC balance.

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Sekioh

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 12:47:58 AM

Same difference, they actually sell your BTC on market price to make back the money they lost on you, they're just 'settling your debts'.

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OgNasty

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 01:11:57 AM

Quote from: DeathAndTaxes on October 21, 2011, 12:20:24 AM

Is this your first time using margin? Did you think Bitcoinica was going to expose themselves to infinite loss on your behalf?

+1

I feel sorry for all of the kids shorting bitcoin that don't have any clue what they're doing. You know they're just going to keep adding to their short positions until they lose everything.

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fivebells

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 01:30:18 AM

I actually learned a lot from the $1 Zhoutong gave me to play with on bitcoinica. I do think the interface is kind of confusing.

BitMagic

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 01:35:19 AM

Quote from: OgNasty on October 21, 2011, 01:11:57 AM

I feel sorry for all of the kids shorting bitcoin that don't have any clue what they're doing. You know they're just going to keep adding to their short positions until they lose everything.

I feel sorry for OgNasty talking about things he has no clue about. You know he's just going to keep posting his idiot position until he loses everything.

There is no shorting if you deposit BTC. You automatically take a long position if you deposit BTC. You're welcome.

Please give me your money, because I am a shameless libertarian elite who deserves your money more than you do: 9Hkao8U82WWDp6SQGn4k7ad9gT1LWeL5s3

OgNasty

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 01:48:08 AM
Last edit: October 21, 2011, 02:12:11 AM by OgNasty

Quote from: BitMagic on October 21, 2011, 01:35:19 AM

Fail. You obviously don't comprehend leverage, short positions or margin requirements. Your post solidifies the fact that you are one of the kids that have no clue what they are doing.

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BitPay Business Solutions

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 02:07:45 AM

#10

Quote from: OgNasty on October 21, 2011, 01:48:08 AM

Fail. You obviously don't comprehend leverage, short positions or margin requirements.

+1 if you trade on margin you better know what you are doing. anytime you fall below the minimum requirements, your broker will automatically eliminate the risk on your behalf. If you don't trade on margin, you will never have this problem.

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BitMagic

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 02:44:55 AM

#11

Quote from: OgNasty on October 21, 2011, 01:48:08 AM

Fail. You obviously don't comprehend leverage, short positions or margin requirements. Your post solidifies the fact that you are one of the kids that have no clue what they are doing.

You are really, really, a COMPLETE idiot.

https://bt.irlbtc.com/view/42267.msg517128#msg517128

"Depositing Bitcoins is equivalent to opening a long position of BTCUSD." -zhoutong

He deposited bitcoins, and held a long position, while prices fell. He then got a margin call. Long position. No shorting. None.

I know what I'm doing. I also know you are a complete, complete idiot.

Please give me your money, because I am a shameless libertarian elite who deserves your money more than you do: 9Hkao8U82WWDp6SQGn4k7ad9gT1LWeL5s3

plastic.elastic

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 02:47:36 AM

#12

Quote from: OgNasty on October 21, 2011, 01:48:08 AM

Quote from: BitMagic on October 21, 2011, 01:35:19 AM

Fail. You obviously don't comprehend leverage, short positions or margin requirements. Your post solidifies the fact that you are one of the kids that have no clue what they are doing.

If you havent traded at bitcoinica why even open your fcking mouth?

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cypherdoc

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 02:51:42 AM

#13

LOL!. Zhoutong is going to liquidate all of your short selling accounts w/o notice. he can't afford to consult you about it as the price rises. its either you or him Cheesy

OgNasty

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 02:52:24 AM
Last edit: October 21, 2011, 03:05:50 AM by OgNasty

#14

Quote from: BitMagic on October 21, 2011, 02:44:55 AM

How much money have you lost since you started calling me an idiot?

Quote from: plastic.elastic on October 21, 2011, 02:47:36 AM

If you havent traded at bitcoinica why even open your fcking mouth?

I have many years of experience trading equities. I was trying to warn kids that didn't understand what they were doing that a short squeeze was building. Don't be angry because you didn't listen. Not to mention I actually registered on Bitcoinica today.

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BitMagic

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 02:58:43 AM

#15

Quote from: OgNasty on October 21, 2011, 02:52:24 AM

You're welcome.

Please give me your money, because I am a shameless libertarian elite who deserves your money more than you do: 9Hkao8U82WWDp6SQGn4k7ad9gT1LWeL5s3

Steve

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 03:02:42 AM

#16

Quote from: BitMagic on October 21, 2011, 02:44:55 AM

He deposited bitcoins, and held a long position, while prices fell. He then got a margin call. Long position. No shorting. None.

He also had a negative USD balance. Therefore, he was long on margin and was called. (I'm assuming his BTC balance was not enough to cover the negative USD balance as the price of BTC fell)

(gasteve on IRC) Does your website accept cash? https://bitpay.com

plastic.elastic

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 03:09:48 AM

#17

Quote from: OgNasty on October 21, 2011, 02:52:24 AM

Quote from: plastic.elastic on October 21, 2011, 02:47:36 AM

If you havent traded at bitcoinica why even open your fcking mouth?

Good for you, now go spend sometimes on Bitcoinica to know why we called you idiot.

Oh a short squeeze is a such secret.... NOT!

Find me on Elitetrader.

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Steve

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 03:12:08 AM

#18

I'm interested to see if the short squeeze prediction pans out. I think it would be the first short squeeze (of any significance) for bitcoin. It kind of makes sense...being able to short bitcoin is a relatively new capability and I suspect people might have overdone it. I'm sure the people that created Bitcoinica felt BTC was over priced and could make money by shorting it...I'm sure they also anticipated people loading up on the short side as they figured out how to use this new toy and are well positioned to take advantage of a short squeeze.

(gasteve on IRC) Does your website accept cash? https://bitpay.com

cypherdoc

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 04:21:28 AM

#19

Quote from: Steve on October 21, 2011, 03:12:08 AM

explain to me how Bitcoinica works. someone else said they're betting against their own clients?

tvbcof

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Re: Warning: Do not leave negative USD on bitcoinica...

October 21, 2011, 04:32:37 AM

#20

An under-capitalized day-trader gets reamed. Yawn.

sig spam anywhere and self-moderated threads on the pol&soc board are for losers.

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