Davidhedlund: /* References */

2017-06-10T22:32:49Z

References

← Older revision		Revision as of 22:32, 10 June 2017
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	<references />		<references />

	[[Category:~~Exchanges~~]]		[[Category:Defunct exchanges]]
	[[Category:Stock_Exchanges]]		[[Category:Stock_Exchanges]]
	[[Category:Bonds_Markets]]		[[Category:Bonds_Markets]]
	[[Category:Futures_Exchanges]]		[[Category:Futures_Exchanges]]
	[[Category:Investing]]		[[Category:Investing]]

Nanotube: Removed protection from "ICBIT"

2014-04-05T23:44:55Z

Removed protection from "ICBIT"

← Older revision		Revision as of 23:44, 5 April 2014
(No difference)

Nanotube: correction as per eldentyrell

2013-10-02T03:22:17Z

correction as per eldentyrell

← Older revision		Revision as of 03:22, 2 October 2013
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	ICBIT is a trading website which runs a few markets. Both the ~~Exchange (currency~~ exchange~~, stocks and bonds trading)~~ and Futures markets are live now, however the most active is the Futures market.		ICBIT is a trading website which runs a few markets. Both the USD/BTC exchange and Futures markets are live now, however the most active is the Futures market.

	== Counterparty risks ==		== Counterparty risks ==

Nanotube: Changed protection level for "ICBIT" ([Edit=Allow only administrators] (indefinite) [Move=Allow only administrators] (indefinite))

2013-10-02T03:20:35Z

Changed protection level for "ICBIT" ([Edit=Allow only administrators] (indefinite) [Move=Allow only administrators] (indefinite))

← Older revision		Revision as of 03:20, 2 October 2013
(No difference)

Nanotube: Undo revision 41491 by Eldentyrell (talk)

2013-09-30T17:42:35Z

Undo revision 41491 by Eldentyrell (talk)

Show changes

Nanotube: Protected "ICBIT": Counter-productive edit warring ([Edit=Allow only administrators] (expires 17:41, 14 October 2013 (UTC)) [Move=Allow only administrators] (expires 17:41, 14 October 2013 (UTC)))

2013-09-30T17:41:26Z

Protected "ICBIT": Counter-productive edit warring ([Edit=Allow only administrators] (expires 17:41, 14 October 2013 (UTC)) [Move=Allow only administrators] (expires 17:41, 14 October 2013 (UTC)))

← Older revision		Revision as of 17:41, 30 September 2013
(No difference)

Eldentyrell: revert to known-good text pending review

2013-09-30T17:28:58Z

revert to known-good text pending review

← Older revision		Revision as of 17:28, 30 September 2013
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	ICBIT is a trading website which runs a few markets. Both the Exchange ~~(currency exchange, stocks and bonds trading)~~ and Futures markets are live now, ~~however~~ the ~~most active~~ is the ~~Futures market~~.		'''ICBIT'''
			−''''' There have been complaints about several core practices at icbit.'''''−

			-The primary complaint involves contract price manipulations that allow larger traders, including the site owner, to make profits from smaller traders regardless of bitcoin price movements.

			The first comprehensive post questioning various practices at icbit is https://bitcointalk.org/index.php?topic=125376.0

			Examples of contract manipulations, including screenshots, is included in some complaints, including https://bitcointalk.org/index.php?topic=246845

			Complaints directed to the owner of icbit, who also is the principle contributor to this wiki page, include https://bitcointalk.org/index.php?topic=173928.0

			−'''Any potential investor should thoroughly understand the issues raised in the complaints. If you are not sure please ask questions in a public forum like bitcointalk.org and do not invest until all questions are answered to your satisfaction.'''−<ref>[http://trilema.com/2012/icbitse-the-bucket-shop/ Article by Mircea Popescu, proprietor of MPEx]</ref> <ref>[https://bitcointalk.org/index.php?topic=173928.0]</ref> <ref>[https://bitcointalk.org/index.php?topic=125376.0 Bitcointalk "bucket shop" thread]</ref> <ref>[https://bitcointalk.org/index.php?topic=246845 Bitcointalk "icbit warning" thread]</ref>

			ICBIT is a trading website which runs a few markets. Both the Exchange and Futures markets are live now.

			'''ICBIT is not an exchange''' since it does not act as a central counterparty. [http://web.archive.org/web/20130510221928/https://icbit.se/margincall According to their website] users '''are totally exposed to counterparty risk from other traders''' whose identities are concealed from them; the exchange does not pledge its own assets to back the full extent of the other side of a customer's position -- it pledges only "as much to profiting traders as loosing traders lost (in total)". Traders are not allowed to conduct background or reputation checks of any kind on these anonymous counterparties. ICBIT recently modified the linked page and it '''now contains self-contradictory information,''' such as "we do pledge our own assets, it's not always the case" and "your profitable position will be closed" at whatever price the exchange deems convenient rather than value-at-maturity. Since the exchange pledges only "as much to profiting traders as loosing traders lost (in total)" it is, by definition, not the [http://en.wikipedia.org/wiki/Counterparty counterparty] -- the "loosing [sic] traders" are the counterparty.

			A third party's blogger's assessment<ref>http://psychologicalinvestor.com/lib/real-markets/bitcoin-derivatives-liquidity-counterparty-risk-134/</ref> of the situation is that "ICBIT it is not acting as a clearing house, nor is it the counterparty to the futures trades it brokers. There is no clearing house guarantee, and counterparty risk remains largely unknown." The aforementioned blog also contains a rebuttal from ICBIT.

			This site is said<sup>[source?]</sup> to be founded by Fireball and [[DeepBit]] by combining best practices in high-performance trading and Bitcoin experience.

	== Counterparty risks ==		== Counterparty risks ==
	The ICBIT site acts as the central intermediary for trades in futures contracts. It does not act as a final guarantor for the clearing process itself, with the results of the clearing process still ultimately dependent upon the counterparty risk exposure to other traders. Thus, the exchange does not act as a counterparty.		The ICBIT site acts as the central intermediary for trades in futures contracts. It does not act as a final guarantor for the clearing process itself, with the results of the clearing process still ultimately dependent upon the counterparty risk exposure to other traders. Thus, the exchange does not act as a counterparty.

	~~In some cases, icbit may attempt to make up the difference using a margin~~ call~~, but this is not guaranteed. The~~ policy ~~for this~~ is explained on the [https://icbit.se/margincall ICBIT website].		Margin call policy is explained on the [https://icbit.se/margincall ICBIT website].

	== Features ==		== Features ==
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	==~~Depositing~~==		==Adding Funds==

			===BTC===

			There is no fee for Bitcoin deposits to the account's BTC EWallet. Funds are added to the account's wallet after six (6) confirmations. Transactions made by [[DeepBit]] mining pool are added instantly.

			===USD===

	~~Bitcoin:~~ There is no ~~fee for Bitcoin deposits to the account's BTC EWallet. Funds are added~~ to ~~the account's wallet after six (6) confirmations. Transactions made by [[DeepBit]] mining pool are added instantly~~.		There are no methods to add USD funds.

	~~USD: There are no methods to add USD funds.~~		===RUB===

	~~RUB:~~ QIWI vouchers can be used to add funds to an account's Russian ruble EWallet.		QIWI vouchers can be used to add funds to an account's Russian ruble EWallet.


	==~~Withdrawing~~==		==Widthraw Funds==

	BTC~~: There is no fee for Bitcoin withdrawals from the account's BTC EWallet.~~		===BTC===

	~~USD:~~ There ~~are~~ no ~~USD withdrawal methods~~.		There is no fee for Bitcoin withdrawals from the account's BTC EWallet.

	RUB: Funds can be withdrawn from the account's Russian ruble EWallet as QIWI vouchers.		===USD===

			There are no USD withdrawal methods.

			===RUB===

			Funds can be withdrawn from the account's Russian ruble EWallet as QIWI vouchers.

	==Security==		==Security==
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	Finally in January, 2012 the currency exchange section went live <ref>[https://bitcointalk.org/index.php?topic=60548.0 Bitcointalk announcement of a new exchange live testing]</ref>		Finally in January, 2012 the currency exchange section went live <ref>[https://bitcointalk.org/index.php?topic=60548.0 Bitcointalk announcement of a new exchange live testing]</ref>

	~~== Criticism ==~~
	~~−''''' There have been complaints about several core practices at icbit.'''''−~~

	~~-The primary complaint involves contract price manipulations that allow larger traders, including the site owner, to make profits from smaller traders regardless of bitcoin price movements.~~

	~~The first comprehensive post questioning various practices at icbit is https://bitcointalk.org/index.php?topic=125376.0~~

	~~Examples of contract manipulations, including screenshots, is included in some complaints, including https://bitcointalk.org/index.php?topic=246845~~

	~~Complaints directed to the owner of icbit, who also is the principle contributor to this wiki page, include https://bitcointalk.org/index.php?topic=173928.0~~

	−'''Any potential investor should thoroughly understand the issues raised in the complaints. If you are not sure please ask questions in a public forum like bitcointalk.org and do not invest until all questions are answered to your satisfaction.'''−<ref>[http://trilema.com/2012/icbitse-the-bucket-shop/ Article by Mircea Popescu, proprietor of MPEx]</ref> <ref>[https://bitcointalk.org/index.php?topic=173928.0]</ref> <ref>[https://bitcointalk.org/index.php?topic=125376.0 Bitcointalk "bucket shop" thread]</ref> <ref>[https://bitcointalk.org/index.php?topic=246845 Bitcointalk "icbit warning" thread]</ref>

	~~ICBIT is a trading website which runs a few markets. Both the Exchange and Futures markets are live now.~~

	'''ICBIT is not an exchange''' since it does not act as a central counterparty. [http://web.archive.org/web/20130510221928/https://icbit.se/margincall According to their website] users '''are totally exposed to counterparty risk from other traders''' whose identities are concealed from them; the exchange does not pledge its own assets to back the full extent of the other side of a customer's position -- it pledges only "as much to profiting traders as loosing traders lost (in total)". Traders are not allowed to conduct background or reputation checks of any kind on these anonymous counterparties. ICBIT recently modified the linked page and it '''now contains self-contradictory information,''' such as "we do pledge our own assets, it's not always the case" and "your profitable position will be closed" at whatever price the exchange deems convenient rather than value-at-maturity. Since the exchange pledges only "as much to profiting traders as loosing traders lost (in total)" it is, by definition, not the [http://en.wikipedia.org/wiki/Counterparty counterparty] -- the "loosing [sic] traders" are the counterparty.

	A third party's blogger's assessment<ref>http://psychologicalinvestor.com/lib/real-markets/bitcoin-derivatives-liquidity-counterparty-risk-134/</ref> of the situation is that "ICBIT it is not acting as a clearing house, nor is it the counterparty to the futures trades it brokers. There is no clearing house guarantee, and counterparty risk remains largely unknown." The aforementioned blog also contains a rebuttal from ICBIT.

	~~This site is said<sup>[source?]</sup> to be founded by Fireball and [[DeepBit]] by combining best practices in high-performance trading and Bitcoin experience.~~

	At one point in the past, somebody who goes by the identifier "Fireball" [https://bitcointalk.org/index.php?topic=50817.msg1402414#msg1402414 voluntarily took the took one "bad customers" debt]. Fireball is believed to be the owner of icbit and the principle contributor to this wiki page. He is alleged to have a history of 'refunding' bitcoin when there is a threat that improper practices may be exposed. See http://trilema.com/2012/icbitse-the-bucket-shop/ and then note the post at https://bitcointalk.org/index.php?topic=140484.0 which was apparently made after Fireball returned "~500 BTC".

	==See Also==		==See Also==
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	* [[Buying bitcoins]]		* [[Buying bitcoins]]
	* [[Selling bitcoins]]		* [[Selling bitcoins]]
			* [[Bitcoin_Ladder#Top_Scams.2C_thefts.2C_hacks_and_heists\|Top Scams, thefts, hacks and heists]]

	== External Links ==		== External Links ==
	* [https://icbit.se ICBIT] website.		* [https://icbit.se ICBIT] website.
	* [https://icbit.se/WebTrade/ Trading client] Direct link to the web trading client logon.		* [https://icbit.se/WebTrade/ Trading client] Direct link to the web trading client logon.
			* At one point in the past, somebody who goes by the identifier "Fireball" [https://bitcointalk.org/index.php?topic=50817.msg1402414#msg1402414 voluntarily took the took one "bad customers" debt].

			note, Fireball is the owner of icbit and the principle contributor to this webpage. He seems to have a history of 'refunding' bitcoin when there is a threat that improper practices may be exposed. See http://trilema.com/2012/icbitse-the-bucket-shop/ and then note the post at https://bitcointalk.org/index.php?topic=140484.0 which was apparently made after Fireball returned "~500 BTC".

Luke-jr: Combine disputed versions in an attempt to neutrally satisfy both editors

2013-09-30T17:27:37Z

Combine disputed versions in an attempt to neutrally satisfy both editors

Show changes

Eldentyrell: revert to known-good text pending review

2013-09-30T06:18:05Z

revert to known-good text pending review

← Older revision		Revision as of 06:18, 30 September 2013
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	~~'''ICBIT'''~~
	'''ICBIT'''		'''ICBIT'''
	−''''' There have been complaints about several core practices at icbit.'''''−		−''''' There have been complaints about several core practices at icbit.'''''−

Eldentyrell: revert to known-good text pending review

2013-09-30T05:38:13Z

revert to known-good text pending review

← Older revision		Revision as of 05:38, 30 September 2013
Line 1:		Line 1:
			'''ICBIT'''
			'''ICBIT'''
	−''''' There have been complaints about several core practices at icbit.'''''−		−''''' There have been complaints about several core practices at icbit.'''''−

ICBIT - Revision history

Davidhedlund: /* References */

Nanotube: Removed protection from "ICBIT"

Nanotube: correction as per eldentyrell

Nanotube: Changed protection level for "ICBIT" ([Edit=Allow only administrators] (indefinite) [Move=Allow only administrators] (indefinite))

Nanotube: Undo revision 41491 by Eldentyrell (talk)

Nanotube: Protected "ICBIT": Counter-productive edit warring ([Edit=Allow only administrators] (expires 17:41, 14 October 2013 (UTC)) [Move=Allow only administrators] (expires 17:41, 14 October 2013 (UTC)))

Eldentyrell: revert to known-good text pending review

Luke-jr: Combine disputed versions in an attempt to neutrally satisfy both editors

Eldentyrell: revert to known-good text pending review

Eldentyrell: revert to known-good text pending review