Am I winning?
Wow! I nominate you to replace Ben Bernanke!
Topic: Camp BX Platform in Beta: Margin Trading, Short Selling, and Advanced Orders - page 3. (Read 14213 times)
June 22, 2011, 10:53:39 PM
Am I winning?
Wow! I nominate you to replace Ben Bernanke!
June 22, 2011, 10:52:40 PM
Bitcoins are not a regulated market yet so NFA / SEC are not in the picture, but our deposits are insured by FDIC.
Hope this helps,
Keyur
So, basically if i deposit upto $250,000 to your exchange and you become insolvent (for whatever reason that could be) i am guaranteed my deposit by your government ?
Can you point me to some documents that proof your registration ? (might be i overlooked it, but i looked through your site and couldn't find anything)
Btw. Your site looks SUPER, and i love all the options you provide for a speculator.
Grant,
Great question. To clarify the role of FDIC, they insure the business bank accounts but not business solvency. I believe what you are thinking about is something along the lines of SIPC: Unfortunately we are not covered under SIPC.
http://www.sipc.org/
Thank you,
Keyur
June 22, 2011, 08:15:50 PM
Excellent, free market at work giving us another platform that judging by my first impressions seems to have a lot of competence behind it which is always a plus. It looks slick, loads fast and so far I like my experience. I also commend your decisions to offer testing and play money before going live.
However I'm a bit turned off by the TOS which I really hope people took their time to read. I'm sure it's a standard TOS for such a platform but to me it read like it was written by some wall street lawyers in such a vicious manner where the user basically doesn't have any rights and has quite a few obligations.
I sincerely hope, for the welfare of the Bitcoin economy through a more decentralized exchange market, that you'll do everything possible to be as transparent if not 100% transparent with all of us so that we can make the best possible decisions when doing business with you. With a TOS like yours I will not use your service if that isn't going to be the case.
Oh and try and lose the gray on green cause it's really hard to read.
However I'm a bit turned off by the TOS which I really hope people took their time to read. I'm sure it's a standard TOS for such a platform but to me it read like it was written by some wall street lawyers in such a vicious manner where the user basically doesn't have any rights and has quite a few obligations.
I sincerely hope, for the welfare of the Bitcoin economy through a more decentralized exchange market, that you'll do everything possible to be as transparent if not 100% transparent with all of us so that we can make the best possible decisions when doing business with you. With a TOS like yours I will not use your service if that isn't going to be the case.
Oh and try and lose the gray on green cause it's really hard to read.
June 22, 2011, 07:35:26 PM
I would be interested to know more about the regulatory aspects of this. Are you registered as a money service business, or whatever the hell people in the USA have to do to transmit "money"? If not, and you believe you don't have to, what is the name of the lawyer who you have on retainer who gave you this advice?
What do you mean by you're "FDIC insured" - did you get the FDIC to insure all your USD holdings? What about the BTC holdings, will those be insured too?
I think your testnet/have-at-it approach is a excellent one, but there are some huge unanswered questions about this site's ability to operate inside the USA. I think I'd rather take my chances with hackers in Chile or Japan, than with the authorities right in the "belly of the beast" unless you've dotted all the Is and crossed all the Ts.
What do you mean by you're "FDIC insured" - did you get the FDIC to insure all your USD holdings? What about the BTC holdings, will those be insured too?
I think your testnet/have-at-it approach is a excellent one, but there are some huge unanswered questions about this site's ability to operate inside the USA. I think I'd rather take my chances with hackers in Chile or Japan, than with the authorities right in the "belly of the beast" unless you've dotted all the Is and crossed all the Ts.
June 22, 2011, 07:01:44 PM
Why doesn't it follow or emulate bitcoin conditions. Isn't this worthless without doing so as a testing platform? Can't really test it out properly otherwise.
ITS A CONSPIRACY TO STEAL PEOPOLE'S TESTNET COINS!
June 22, 2011, 06:37:07 PM
Why doesn't it follow or emulate bitcoin conditions. Isn't this worthless without doing so as a testing platform? Can't really test it out properly otherwise.
June 22, 2011, 06:13:33 PM
So this only works in the US?
Why does the price chart on the homepage show 500usd for 1btc?
Why does the price chart on the homepage show 500usd for 1btc?
because we're using testnet coins, and no one is really bothering to inject more into the system, so the market value is absurdly high. Im too dumb and lazy to figure out how to generate these coins and im sure no one else really cares to either.
June 22, 2011, 05:09:25 PM
So this only works in the US?
Why does the price chart on the homepage show 500usd for 1btc?
Why does the price chart on the homepage show 500usd for 1btc?
June 22, 2011, 04:57:30 PM
How about some starting BTC so the order book is more than just buy orders..
June 22, 2011, 04:33:14 PM
I don't like that greenish look. And opening up the sections in the FAQ is slow. Is/Will be there an API available? I'd rather code a quick Perl script to operate with it instead of clicking around the site.
June 22, 2011, 02:47:50 PM
Wow, this is awesome.
June 22, 2011, 02:24:05 PM
when do you think it will get some licences to over pass the 1000 usd limit? thank you.
June 22, 2011, 01:32:52 PM
Am I winning?
June 22, 2011, 01:10:49 PM
Nobody is mining on testnet?
Maybe tesnet bitcoins will have a real value... after all they are really needed for testing purpose
They're fairly easy to mine, I think; I've got about 150 or so I mined for my own testing purposes a couple of days ago with a tiny amount of mining power. Waiting for confirmations is a tad tedious though. Maybe tesnet bitcoins will have a real value... after all they are really needed for testing purpose
June 22, 2011, 12:17:30 PM
Bitcoins are not a regulated market yet so NFA / SEC are not in the picture, but our deposits are insured by FDIC.
Hope this helps,
Keyur
So, basically if i deposit upto $250,000 to your exchange and you become insolvent (for whatever reason that could be) i am guaranteed my deposit by your government ?
Can you point me to some documents that proof your registration ? (might be i overlooked it, but i looked through your site and couldn't find anything)
Btw. Your site looks SUPER, and i love all the options you provide for a speculator.
June 22, 2011, 12:13:23 PM
I registered and received my email in plain text!
Please, change that immediately. This is completely insane. Is there any of the exchanges here with at least someone understanding basic security?
Please, change that immediately. This is completely insane. Is there any of the exchanges here with at least someone understanding basic security?
Done! Initial email with passwords was a testnet-only thing, because people tend to choose disposable, forgettable passwords for trials. We were going to disable it at livenet launch, but have gone ahead and done that now.
"Forgot Password" email will be replaced with a reset-password link later this week.
Thank you,
Keyur
Isn't the bigger problem that this means your passwords are stored in plain text in the DB? How else could you email a password?
Indeed, could you please confirm that password will not be stored in plaintext. If you could detail how they are stored that would be best. It is a topical concern considering mt gox.
Yes, I can confirm that the passwords are never stored on our website. We only have salted, dual-hashed (MD5 + SHA) results in the DB that cannot be reversed. The registration process can email you the password, because it knows the password upon registration. Memory is freed at the end of session or ~20 minutes, whichever comes first, and that is the last time we see your real password.
We are already impervious to garden variety attacks like CSRF, Site Injection, Click-hijack, and some forms of DDoS. In fact, we are undergoing two attacks right now, and holding up pretty well. A more comprehensive third-party audit result will be published prior to launch.
Hope this helps,
Keyur
June 22, 2011, 12:02:05 PM
I registered and received my email in plain text!
Please, change that immediately. This is completely insane. Is there any of the exchanges here with at least someone understanding basic security?
Please, change that immediately. This is completely insane. Is there any of the exchanges here with at least someone understanding basic security?
Done! Initial email with passwords was a testnet-only thing, because people tend to choose disposable, forgettable passwords for trials. We were going to disable it at livenet launch, but have gone ahead and done that now.
"Forgot Password" email will be replaced with a reset-password link later this week.
Thank you,
Keyur
Isn't the bigger problem that this means your passwords are stored in plain text in the DB? How else could you email a password?
Indeed, could you please confirm that password will not be stored in plaintext. If you could detail how they are stored that would be best. It is a topical concern considering mt gox.
June 22, 2011, 11:51:45 AM
Looks pretty sweet.
June 22, 2011, 11:47:59 AM
I registered and received my email in plain text!
Please, change that immediately. This is completely insane. Is there any of the exchanges here with at least someone understanding basic security?
Please, change that immediately. This is completely insane. Is there any of the exchanges here with at least someone understanding basic security?
Done! Initial email with passwords was a testnet-only thing, because people tend to choose disposable, forgettable passwords for trials. We were going to disable it at livenet launch, but have gone ahead and done that now.
"Forgot Password" email will be replaced with a reset-password link later this week.
Thank you,
Keyur
Isn't the bigger problem that this means your passwords are stored in plain text in the DB? How else could you email a password?
June 22, 2011, 11:33:08 AM
So you are in effect offering a 1:2 leverage (you say 50%)?
The instrument to be traded is BTC/USD?
How do even determine price, given that there are half a dozen exchanges?
How do you guarantee it?
Do you hold the customer accounts in BTC alone, or have a combo of internally convertible BTC / USD like at MtGox?
=> Are you effectively converting the currency or are these all USD based speculations on the value of BTC/USD? I.e. you place your position in USD and hold the account in USD, speculating on BTC, but never actually holding it..or, put differently yet, are you going to be a market maker or is every single trade routed through to the BTC exchange network?
If so, are you aware that even if you say you have financial grade hardware, you might be unable to provide realtime fills?
=>Are fills guaranteed? Are stops?
How live will live trading be, i.e. how fast would executions be?
Who is your regulatory oversight?
Since you are USA based, how does it look with NFA, FDIC?
Who insures your accounts?
How large will comission (or comission disguised as spread) be?
If I remember any more of the standard questions, I'll add them, but others should have the same DD in their mind..
The instrument to be traded is BTC/USD?
How do even determine price, given that there are half a dozen exchanges?
How do you guarantee it?
Do you hold the customer accounts in BTC alone, or have a combo of internally convertible BTC / USD like at MtGox?
=> Are you effectively converting the currency or are these all USD based speculations on the value of BTC/USD? I.e. you place your position in USD and hold the account in USD, speculating on BTC, but never actually holding it..or, put differently yet, are you going to be a market maker or is every single trade routed through to the BTC exchange network?
If so, are you aware that even if you say you have financial grade hardware, you might be unable to provide realtime fills?
=>Are fills guaranteed? Are stops?
How live will live trading be, i.e. how fast would executions be?
Who is your regulatory oversight?
Since you are USA based, how does it look with NFA, FDIC?
Who insures your accounts?
How large will comission (or comission disguised as spread) be?
If I remember any more of the standard questions, I'll add them, but others should have the same DD in their mind..
Hi JFU,
Markets like FOREX "feel" like they have guaranteed stops due to daily liquidity of 4 Trillion dollars (In most other markets, GSL is merely a marketing term). Bitcoin economy is ~$27 million on a good day. So for forseeable future, stoploss is a best-effort algorithm.
Camp BX performs real-time order matching for orders posted by users. Your account can hold both USD and BTC, and as you execute orders these balances will change to reflect the results. Once a matching order is found, the trade-execution happens on our server and is near instaneous (0.005 seconds per trade as of now).
Bitcoins are not a regulated market yet so NFA / SEC are not in the picture, but our deposits are insured by FDIC.
Hope this helps,
Keyur
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