eric, can yo pls elaborate more on security ? how secured are the btc's deposited into haobtc's accounts ?
want to know more due to recent hacks.
so far i only know that withdrawals are processed manually....meaning ?
tia for the answers.
so far so good for me but would be good to know more.
I agree. I just deposited a bit of coin, my first endeavor of this sort, and always want to hear more on security. Thanks.
Sorry for the very late response. Just came back from my trip to Inner Mongolia and had been staying radio silent during the past couple of days spent on road.
Let me try to answer your question by explaining the concept of HaoBTC's Bank (and Financing). HaoBTC aims to be a banking service. Like all fractional reserve banks, we are NOT a service that is supposed to safekeep users' money, but one that is supposed to invest their money wisely so the investment can pay back dividend. Also like bankers, we expect only a small percentage of users make withdrawals at any given time point, so we only keep a relatively small amount of coins in our reserve wallet, enough to handle 99.9% of demand, not enough if there is a bank run. Even losing the reserve, as long as our mining farms are running and healthy, the damage won't be life-threatening. Given a high percentage of the company's assets are in mining hardware, I would say fire, earthquake or theft are probably greater security threats than hacking. To address that we have 24 hour patrol and live cam recorders placed inside our facilities.
I hope these answered your questions, if not, I blame my travel fatigue
