ICBIT

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Revision as of 18:07, 16 September 2013 by FleaSpirit (talk | contribs) (Undo revision 41058 by Fireball (talk))
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− Warning.

There are several reports of dishonest practices at icbit.

The website owner has refused to respond to accusations publicly.−

-These accusations include that contract prices do not trade purely based on bitcoin price movements and speculative pressures, but largely on manipulations and that website management cooperates with, and encourages, these manipulations. This allows larger traders, including the site owner, to effectively strip funds from smaller traders.

There are other ethical issues at icbit as well.

−The owner of icbit has so far refused to answer complaints publicly, he has refused suggestions on how to clean up his site and he has refused to refund money to those who point out unethical practices.

−Please do not invest any money at icbit until you understand the issues raised in the complaints and/or the alleged dishonest practices have been changed. If you are not sure please ask questions in a public forum like bitcointalk.org and do not give any money until all questions are answered to your satisfaction.−[1] [2] [3]

- - - - - - - -

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

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

ICBIT Exchange acts as a central counterparty for all trades however according to their website users could be exposed to risk of traders going bankrupt; the exchange may pledge its own assets to back the other side of a customer's position, however it's not always the case. Traders are not allowed to conduct any background or reputation checks of other traders. This is part of trading rules there.

Features

For its currency exchange section ICBIT makes an accent on the following:

  • State-of-the-art technologies usage. Instead of using old, slow, polling-based algorithms ICBIT builds atop of the most up to date technologies. Its web trading client is in pure HTML and JavaScript (even compatible with most mobile devices), however it's fully realtime thanks to websockets and AJAX.
  • Speed of trading. Bitcoin forum is full of anger against slowness of existing exchanges. ICBIT implements special high performance trading engine and uses high-performance "no SQL" database to eliminate the problem.
  • No limits. Most of the existing exchanges put rather restrictive limitations and require users to prove their identity. ICBIT finds this totally unacceptable and does not put any limits at all.

Futures

Futures traded include:

Futures contracts on USD/BTC rate

  • BUQ3 (expires August 15, 2013, settled in BTC)
  • BUU3 (expires September 16, 2013, settled in BTC)
  • BUV3 (expires October 14, 2013, settled in BTC)
  • BUZ3 (expires December 16, 2013, settled in BTC)

Futures contract on Bitcoin difficulty

  • DFU3 (expires September 16, 2013, settled in BTC)
  • DFZ3 (expires December 16, 2013, settled in BTC)

Futures contract on LTC/BTC rate

  • LBU3 (expires September 17, 2013, settled in BTC)

Futures contract on S&P500 index

  • ESU3 (expires September 16, 2013, settled in BTC)

Settled futures:

  • BUZ2 (Futures contract, expired December 15, 2012, settled in BTC)
  • BUH3 (Futures contract, expired March 15, 2013, settled in BTC)
  • CLG3 (Crude Oil Futures contract, expired February 14, 2013, settled and quoted in BTC)
  • GDG3 (Gold Futures contract, expired February 14, 2013, settled and quoted in BTC)

Exchange

Traded on the exchange are:

  • BTC/USD
  • BTC/RUB (Russian Ruble)


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

There are no methods to add USD funds.

RUB

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


Widthraw Funds

BTC

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

USD

There are no USD withdrawal methods.

RUB

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

Security

Accounts can be protected where both login and any money withdrawal operation requires the one-time password (OTP) feature known as two-step authentication. A mobile smartphone with Google Authenticator is the most commonly used OTP device.

History

First mentions of ICBIT appeared in June and July 2011 in the Bitcoin Stock Exchange Security Standards thread at bitcointalk.org[4] and Bitcoin futures market discussion [5]. By that time a very first version of the trading engine was developed.

A more detailed thread specific to ICBIT futures market was started [6] in November, 2011. The first closed test of futures market was performed, and work on the new version of web trading client was started.

Finally in January, 2012 the currency exchange section went live [7]

See Also

External Links


References

  1. ↑ Article by Mircea Popescu, proprietor of MPEx
  2. ↑ Bitcointalk "bucket shop" thread
  3. ↑ Bitcointalk "icbit warning" thread
  4. ↑ Bitcoin Stock Exchange Security Standards thread
  5. ↑ Fireball's statement about ongoing futures exchange work
  6. ↑ ICBIT derivatives market thread
  7. ↑ Bitcointalk announcement of a new exchange live testing
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