This article summarizes my first thoughts about the correct way a Bitcoin client should enable its operator to issue transactions. It is based on my reflexion as well as my experience in broadcasting dozens of hand-crafted transactions for which the bitcoin-core built-in wallet repeatedly demonstrated its ineptitude. As it currently stands, the wallet is an embedded part of the reference implementation. The job of the node is to connect to mpex bitcoin wallet via the Internet, and to exchange information with them.
The job of the wallet is to prevent others from connecting via the Internet, which makes the tension quite evident. The wallet, which uses the previous pieces to create transactions, sign and broadcast them. Query the UTXO for unspent outputs given a set of addresses. While the latter doesn’t present much implementation challenges, the former is a whole different story, depending on the particular way it is implemented. Obviously this means the transaction history for addresses can’t be directly queried from the node without a full blockchain rescan. Whatever the approach, the node simply has to output UTXOs, and receive signed transactions as input for broadcast. To be continued, comments more than welcome !
Unlike PRB, which somehow thinks whatever’s already in your mempool has precedence over what you’re explicitly telling it to swallow. Long story short I ended up opening a short for 20 BTC around 749 EUR per. My lack of faith, disturbing as it was, ended up promptly rewarded with a well-deserved beating. After some additional servings of the same flavour of fail I figured that ending the blood-bath was well overdue. What the fuck did it even mean to not have enough margin to close a position? A second attempt yielded the very same result.
I have more than enough funds on my account to take this loss without problems, yet your interface keeps telling me that closing my position would Exceed my margin ! This position is quite clearly in the red which is my responsibility, letting me close it and take my loss is your responsibility. I obviously can’t accept the loss part that’s due to your system not working correctly. I should obviously not be limited by margin considerations when the trade I’m making is reducing my exposure and decreasing the size of my net position. The position I want closed was opened with the order, my account name is .
I got an actual answer from Mike, let’s call him Luc. I am consulting with our trading specialists at the moment to confirm exactly what the cause of this may be. Can you cancel these orders and then attempt your position closing order again and let me know how it goes? If your engine has a measure of allowed margin that is impacted by these orders and prevented me from closing the position, then that’s obviously a bug on your end that requires fixing on your end, and compensation for the extra loss I’m incurring due to my impossibility to close the position.