Re: [Payout Updates] Bitcoinica site is taken offline for security investigation
Zhoutong's opinion was "all short positions can liquidate at 4.94".
https://bitcointalk.org/index.php?topic=81045.msg897877#msg897877
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Current positions will all be liquidated at a settlement price. We haven't decided the price yet, but my personal estimate is 4.98 / 4.94. (All long positions can liquidate at 4.98 and all short positions can liquidate at 4.94, we pay the spread for you.) All unrealized P/L will be settled in USD. If you don't have sufficient USD balance, we will use your BTC to settle, with the mid-point exchange rate (again, we pay the spread).
I suggested the team to pay spread to customers to make everyone happy. At that time the highest-lowest difference was 4 cents. Now it's 1 dollar. So I'm really not sure how the liquidation will be handled.
I have a proposal for an amicable solution to the liquidation price dispute:
Close all open positions at the exact value they were placed. No loss for open positions.
If you opened a long position at 4.30, your position is closed at 4.30.
If you opened a short position at 5.30, your position is closed at 5.30.
Using this approach, the only loss for customers will be opportunity cost. Sounds reasonable?
5 - is a fair decision. (I'm a long, several thousand). And I willing to accept any loss of profits (of course a pity .
.)