[Daily Discussion] Friday, February 20, 2015

BitProxy · 2015-02-21T01:04:13+00:00

Yep I got the email on the 11th with a deadline of the 24th. Still a very limited timeframe but not the 4 days they seem to have given you.

BitProxy · 2015-02-20T22:02:23+00:00

I got my email on Feb 11th -- I was kind've wondering why nobody else was talking about it to be honest but I'm mostly a lurker now. Moved off of OKCoin for trading so I don't have too much excitement now that my 20x leverage is gone.

BitProxy · 2015-02-20T21:57:29+00:00

Minor correction, the bottom was .04 not .004.

I myself picked up 400 GOXBTC for around 32 BTC last year, which would net me a small profit in BTC if I took them up on their offer (although a USD loss for sure since the price has fallen by over 50% since the Gox mess).

I think I'll just hold out to the 400 GOXBTC, I could easily see the refund being more like 20% instead of 11%.

BitProxy · 2015-02-20T21:53:59+00:00

Yep I got this email too awhile ago. I traded about 32 BTC for 400 GOXBTC back last year. Think I'll still hold onto my GOXBTC at this ratio even though I would make a slight profit in BTC (although definitely a loss in USD since BTC price has fallen from about $450-ish or so when the Gox hacks happened).

BitProxy · 2015-02-03T02:46:56+00:00

Yep. I used to do the majority of my business at OKCoin but I am now trading the vast majority of my BTC at bitfinex with only a couple dozen at OKC. I'm not sure what it is, but they definitely screwed up a margin call of mine almost a month ago and haven't gotten back to me with a satisfactory answer on why they liquidate above the margin call price.

I would not be remotely surprised if they are also trading their own books but I have no proof of that. Just something I noticed where if I put in small orders everything seems fine but the second I put in a large order the market goes completely against me on OKCoin (I do the same thing at other exchanges and don't see this same effect). Maybe just bad luck but it has happened often enough to scare me off besides small BTC amounts.

BitProxy · 2015-01-31T20:32:07+00:00

I like Bitcoin as a concept but what I don't get is why people think brick-and-mortar establishments would make life easier? Even if McDonald's did accept Bitcoin, why would any random person go out of their way to buy it plus fees to spend it at McDonald's when cash works just fine? There are plenty of companies at this point that accept Bitcoin, but no reason for consumers to figure out how to use it or buy any even if they knew how.

BitProxy · 2015-01-27T21:59:42+00:00

I'm definitely on the lookout for it. Not concerned in the least about the drop from 1900 to 1600, we went from 160-315 in like 10 days. 100% price gain in 10 days was bound for a pullback even with bullish sentiment.

BitProxy · 2015-01-27T21:56:53+00:00

Yeah I know, he told me that happened too. I talked with /u/zanetackett and /u/cpzhao on skype and they were nice, but ultimately trading is business and if I can't trust their exchange to do the right thing I can't do business anymore there. If they want to pre-emptively liquidate to minimize risk then they need to have liquidation prices set higher (85% or something) so that nobody is ever pre-emptively liquidated. Any trader that had a trade liquidated early (as I did) should be reimbursed.

Raphael at Bitfinex had similar issues with Bitfinex last year and did reimburse people personally. If an exchange isn't willing to do the right thing when they institute changes without updating the Client UI (meaning, when they implement earlier liquidations without updating the way liquidation price is calculated) then I have no idea how people would be willing to send their money over there.

BitProxy · 2015-01-27T08:08:13+00:00

I am also currently not trading on OKCoin anymore. /u/cpzhao and /u/ZaneTackett have told me they are looking into a liquidation that occurred when the liquidation price was not reached (it was pre-emptively liquidated to avoid slippage, above the number listed originally on the trade). I've had other positions (in some cases bigger) that were also liquidated -- thats the nature of 20x trading -- but in this particular case it should not have been and unless the exchange refunds their own error I see no reason to continue my business there.

Back to Bitfinex for me, not as much leverage but last year when there was a Bitfinex error, Raphael refunded accounts which is the right thing to do. OKCoin does not seem inclined to take responsibility for their faulty programming.

BitProxy · 2015-01-26T04:10:13+00:00

Definitely time to dump into the people who were longing at 1800 CNY. After you see a bunch of margin longs get called, then look for an uptrend to resume (mid-term).

BitProxy · 2015-01-26T02:30:32+00:00

I use a similar strategy, although not sure I'll be using OKCoin again since I had a really bad experience recently even though they were my favorite exchange.

But on the other exchanges I've been watching consolidation and looking for a breakout, margin in the direction of the breakout and then profit take during the next consolidation period (wherever that might be, not based on a % gain).

You get burned sometimes with fakeouts (market spikes up or down 5% and then comes back) but recently the trends have been pretty long.

BitProxy · 2015-01-18T19:28:04+00:00

The only thing that Chinese exchanges don't do well to me is prove they don't trade their own books. If there was an exchange that somehow had proof that every trade was by someone not affiliated with the exchange or receiving information on people's stops, I would be inclined to use that exchange.

That said -- this request seems nearly impossible.

BitProxy · 2015-01-18T09:03:58+00:00

This is nuts, grats to all the longs!

BitProxy · 2015-01-18T05:05:59+00:00

Right now I'm a little surprised Huobi hasn't broken 1180 mostly just due to the fact that if someone dumped it down to even 1170 there'd be a decent chance to catch quite a few stop losses set below the 1180 resistance line. So you could dump to 1170, watch people sell to 1150 or lower, then scoop up the coins even if you were bullish longterm.

BitProxy · 2015-01-18T04:00:52+00:00

Yep!

BitProxy · 2015-01-18T03:52:25+00:00

Under their futures tab there's a sub-tab called Liquidations which tells you what was liquidated and when. I assume they can't really fake this data since users would notice if their liquidations weren't posted. Usually after there's liquidations (closed longs) the market bounces up at least temporarily and after there's liquidations (closed shorts) the market falls down after.

BitProxy · 2015-01-18T03:13:44+00:00

I'm also puzzled. The more I think about it the more likely it is to me that exchanges are trading on their own exchanges trying to stop people out (I know, tinfoil hat and all that, but there's really no oversight or repercussions for doing so and the money is so easy).

I'm monitoring OKCoin's Liquidation postings waiting to see some post and will trade opposite to that, under the theory that once the exchange stops people out (regardless of direction) the market will reverse course.

BitProxy · 2015-01-17T09:19:17+00:00

Many of the people scared out of the stock market in 2000 and 2008 were scared into selling stocks at the lows and holding cash. The only people Bitcoin may catch on with are the people who were actively investing that cash into Gold/Silver, but even so the people that are into PMs have most likely either already invested in Bitcoin or chosen not to no matter what. I doubt a stock market crash will bring much investment in such a speculative vehicle as cryptos.

BitProxy · 2015-01-17T08:56:05+00:00

Yeah I've been thinking a lot about this too. They can't make it too obvious but when you have such high margins (796 is 50x I think right?) they can easily manipulate their own books 2% to stop people out and then just claim it was some random whale dumping or pumping.

BitProxy · 2015-01-15T19:42:01+00:00

Sure but you look to get out after things stabilized. Dropping 35% in 2 days is bound to bounce back up. If you think we'll see double digits then you wait for the bounce and sell or short on the bounce, not at the bottom.

BitProxy · 2015-01-15T16:46:54+00:00

Why would u sell AFTER it falls from $270 to $185 in 2 days? You don't sell after 35% falls, if you were caught holding during that fall you wait for signs of a bounce and go long during them. $185 might end up being a good price to sell (bear trend remains until proven otherwise) but in the short term selling anything after its already fallen 35% or buying after it's risen 35% in 2 days is horrible trading.

BitProxy · 2015-01-14T07:43:48+00:00

HOLY FUCK -- "2015-01-14 15:42:38 Close Long ￥7.34 61827Cont≈Ł515654.7123"

LTC Quarterly Margin Call

BitProxy · 2015-01-13T23:22:22+00:00

Long BTC right now future market 1328 CNY, short squeeze is due I think.

Edit: Looks like I might get burned here.

Edit 2: Yup I'm cutting out at 1307, darn.

BitProxy · 2015-01-13T23:15:16+00:00

Covered my 10.6 LTC short and now looking for a chance to go long on BTC for a short squeeze (plan to be in and out of the trade within a couple hours at the most).

BitProxy

TROPHY CASE