Topic: Initiative to help Simon Hausdorf to clear things @ bitcoin-24 <-- SIMON READ IT - page 5. (Read 22279 times)

Well, is it once per second or once per 1.000001 second? There is currently a stupid debate on high frequency trading for normal exchanges. Problem is, that computers are just better at this stuff. Hence the very natural relation of BTC and automated trading. People trading on the exchanges are mostly liquidity takers. Liquidty providers, provide the service in the form of tighter spreads. Marketmakers and exchanges are both part of the infrastructure. Building the exchange is not enough. So, discouraging bots is the LAST thing at BTC exchange should do. It's a shame that Bitfloor didn't get this right. But the source they published was, well, not up to the task. One needs stuff like volatility interruptions and single timed auctions.

THANKS!

I bet he did saw everything as he changed "YOUR ACCOUNT" for "OUR ACCOUNT" in his website.
Which i would say its a good sign.

I bet he just saw this post.
https://bitcointalksearch.org/user/tais46-23819

My guess is that we won't hear much the next days, then suddenly some sort of ill conceived claims process will be announced. I requested a sepa withdrawal 10 days ago, but I am highly skeptical that I will ever see my money again.

@btcmind I think you should be interested in the buttercoin project then

http://www.reddit.com/r/Bitcoin/comments/1c7v6z/buttercoin_open_source_highperformance_bitcoin/

The LMAX architecture that they want to replicate sounds very promising

http://martinfowler.com/articles/lmax.html

The more important question is whether or not I (and other users of BTC24) will get my Euros and Bitcoins back.


As for the trading engine - wouldn't it be possible to make it execute the trades less often (say once per second)? It would make the coding easier and discourage the use of bots (but not affect humans putting the orders since a human cannot add/remove orders much faster than once per second).

'continued

.... think about it. The more flow comes it, the harder it will get. One thing to show how hard this is: co-location. Once an BTC hopefully gets a certain size, people will start co-locating. Then you have to deal with the question at what time clients get their requests. Currently the state of the art is in 50 microseconds. I have spoken to a guy who works with AMD to build special processors (FPGA) for this stuff. There are perhaps billions invested in trading FX infrastructure, for an armsrace in this space. Billion $ hedgefunds doing 100 trades /sec, with 50 person teams. Compared to this level, MtGox, B24, BTCe, BTCde are a joke. BTCde doesn't even know that you can virtualize servers and that you need an API. Somebody will enter this game and show MtGox how it should be done.

'continued

.... think about it. The more flow comes it, the harder it will get. One thing to show how hard this is: co-location. Once an BTC hopefully gets a certain size, people will start co-locating. Then you have to deal with the question at what time clients get their requests. Currently the state of the art is in 50 microseconds. I have spoken to a guy who works with AMD to build special processors (FPGA) for this stuff. There are perhaps billions invested in trading FX infrastructure, for an armsrace in this space. Billion $ hedgefunds doing 100 trades /sec, with 50 person teams. Compared to this level, MtGox, B24, BTCe, BTCde are a joke. BTCde doesn't even know that you can virtualize servers and that you need an API. Somebody will enter this game and show MtGox how it should be done.

But for that B24 had a pretty decent front end. I doubt this will get "fixed" in 2 weeks, because it is only a question of time until the next bug. And you can't have bugs like that. Failure is not an option here.

Wow, people actually don't have a clue how __hard__ it is to build an exchange? It's not a matter of fixing the bugs. Have you ever wrote an engine which handles 100 simultaneous requests per second with bi-communication? The guy has worked on a file server before. Look at MtGox. 10 people and they can't get it done. And there is a reason why. This stuff is damn hard. You need worldclass hackers for this, who have worked on matching engines before. And some ventures which are being started right now will fail. All exchanges currently are a joke. You need an extremely good team to get this right, and I doubt Max Keiser will get it done.

Actually it is, but I don't think that happened to him (yet). But it may happen in the next weeks or months. Maybe they don't arrest him but only search his home. That depends if someone presses charges of fraud and/or money laundry against him.



  This is only a very well known letterbox shell corporation. Google "69 GREAT HAMPTON STREET". Having a company there may be a reason for a search/arrest warrant already 

Thats the address of the registered office for his limited company, it doesn't mean he is there. I can run a british ltd from a remote island if i wanted! Plus, I don't think paying him a visit is going to help anybody's case.

It is interesting to think about what Simon might be doing while so many people are wishing he would post something on these forums.  If he has been held by police for any reason, that would explain it, but is it common for people in Germany to be held incommunicado?  I know that it's embarrassing to call a friend or family member from the clutches of an authority and try to explain that you have customers who ought to know what's going on.  If that happens, I would be impressed, since what I have gathered from reading posts about bitcoin-24 is that Simon Hausdorf is pretty green.

In my Internet search, I found this address where it says he was born in 1989:
BTC24 LIMITED
69 GREAT HAMPTON STREET, BIRMINGHAM, UNITED KINGDOM, B18 6EW

Does anyone live near there or know anyone who might live near there who might go visit the address?
Has anyone scanned police reports or anything to gather more info?

Is this the same Simon Hausdorf who has a facebook page for a band?
I found an email for him too and wrote to it.
I found a number for him too at this page, if anyone wants to try calling it: http://bitcoin24.zendesk.com/entries/22197853-Payment-with-Credit-Card-Liqpay

One way to cope with the situation would be to
1. undo the faulty transactions (even though it would lead to a situation where someone's balance would be negative if they withdrew too much because of the bug)
2. FIX THE BUGGY SOFTWARE
3. "kindly" ask the people with negative balance to pay back the extra they have withdrawn (which is, likely, a criminal offence - and bitcoin-24 has their ip address, email address, bitcoin address they have withdrawn to, and possibly bank account number, and possibly phone number)
4. continue operation
5. introduce transaction fees to cover the losses, of which will inevitably be some. It might be possible to continue operation, for now, with negative total balance - it's not likely that everyone withdraws their funds at the same time. (After all, banks do the same thing.)

Oh, and step (0) and everywhere in between would be to COMMUNICATE - I want to know what's going on, what's going to happen to my balance, will the site ever come up again, etc.

I suspect that many won't trust bitcoin-24 after this. But then again, other exchanges have been faulty/hacked, too, and have recovered.

does anybody knows, wtf happened?

We should probably move this to the german section of the forum. I am pretty certain that we will not receive eloquent replies from him in English.

Also, I believe that we should stop painting things black and white, aka talk in absolutes when we don't know how things work. Nobody gets put into jail because someone wrote an angry letter.
If a police report (yes, you don't go to the Staatsanwalt, you go to the Polizei, who work the case and present it to the DA) was filed in the matter presented in the other threads, they would, once they stop laughing, check that he is still residing at his home address and forbid him to move. Then the DA would maybe (!) put him on house arrest until it is certain that he did not intentionally defraud anyone. After that, even if the platform stays down and everyone lost everything, it's not a matter of criminal law, so he will not be put in jail for an investigation.

Rather, because he does business over his LTD, a settlement procedure for the capital of the Limited will be instigated in civil court in Britain by those who lost enough to make this worth their while.

These are all eventualities. So just calm down and wait. The platform was buggy in June 2012, it will remain buggy. What matters is the balance in the BTC and Fiat accounts, and although it was a tactical clusterfuck to put "we lost our bank account" in a 302-message, your and my funds are most likely still there.

Now safe your breath and wait a day before starting to lynch people. Although it might get him to hire an IT consultant for his code. Maybe the bitcoin-central team is still available

Do you think we will ever see our right amount of money again?

The lack of communication in the past from Simon should have been a red flag for everyone. 

Probably because the bot running on the server and arbitraging with Gox is still up

How is it that Bitcoin-24 is still making trades in EUR? (http://bitcoinity.org/markets/bitcoin24/EUR)
but not in USD? (http://bitcoinity.org/markets/bitcoin24/USD) This is not so interesting question as the first one.

A marketplace is not a place where people go to hold hands and sing kumbaya. The fact is, he his holding other peoples money and I (like many other people) can't access my money.
To be honest I don't think I'll see that money again. I pretty much consider it gone.

I don't know if he is a nice guy or whatever, all I know is that my money is there and I can't reach it. Turns out he is technically not capable of putting together a robust trading system. Well, that doesn't make him a more serous person.

People need to be confronted with what they are responsible for.  This guy didn't honor his word. It doesn't matter if he did it on purpose or if it was out of incompetence, as things stand ATM he is a scammer.