Topic: Intersango Exchange - page 29. (Read 82101 times)

I received it.  It has 5586 email addresses and only 511 of them match those on the leaked MtGox database.

There is a list of hashes of the leaked emails, along with a shell script that can be used to check whether your email address was on the list, here: https://sites.google.com/site/intersangoemails/

How has the new pricing structure affected trading? I've noticed much tighter spreads now, is the trading volume still on par with before the new fees?

was being sarcastic lol.

Heh? if you got it I'd appreciate if you just deleted it.

I got the email, I can paste the 5000 email addresses here if you want?

thanks for the advice muyuu

double scam attempts now expected as I have both Gox & Intersango now historically broadcasting my primary BTC email, I'm surprises it isn't a multi spam sandwich by now but will look forward to the more UK targeted spoofs that may be incoming, I'm expecting some better than average phishing but won't be that disappointed if not

Ah, sorry _ looked again at the mining pool invite & that was something that I had subscribed to, pardon

They stopped before it went through to everybody, but it did go to a number of people. I didn't receive it either.

Expect scam attempts at that address...

Cheers

I haven't though received the alleged email with all 5,000 Intersango client emails as recipients shown so doubt this advise is genuine???

I received this 3 days ago, purportedly from Intersango, but important to note my email address is one of the original Goxed ones so who knows if it's genuine or not, to add I received another today that was apparently some invite to a mining group - I'll post that too in a mo...

Patrick Strateman [email protected] via sendgrid.info

Dear Intersango Customers,

I personally would like to appologize to all our users for the recent privacy lapse.

We take security and privacy very seriously and we are all very sorry for the recent failure.

Due to an oversight in which "emails" was written instead of "email" in our bulk mailer, all users emails where included in our recent announcement.

Patrick Strateman, CTO

Original Announcement:

Dear Intersango Customers,

A week from now, on Sunday 26th February 00:00:00 UTC (midnight 25th), we will modify the fee schedule to reward Market Makers. This change is designed to improve liquidity.

The average fee users pay will not change.

Orders are either fulfilled right away by 'taking' a current order or they sit on the orderbook before fulfilling another order. Takers will pay an extra fee that is given to Makers as a Market Maker Bonus.

Current site-wide fees are a flat 0.65%. The Taker fee will be an extra 0.30% which is given directly to Makers.

Example:

John places an order to sell 10 BTC @ 1.0 USD. His order is not immediately matched.
Beth places an order to buy  10 BTC @ 1.0 USD. Her order is immediately matched against John's order.

John pays a fee of 10 BTC * (0.65% - 0.30%) = 10 USD * 0.35% = 0.035 USD
Beth pays a fee of 10 BTC * (0.65% + 0.30%) = 10 BTC * 0.95% = 0.095 BTC

Beth's Taker-fee is given to John as a Market Maker Bonus.

New bonuses and a VIP system to be announced shortly. By developing the service to reward market makers, users will benefit from having quick access to a more liquid marketplace.

Patrick Strateman, CTO

Intersango

Compliant with our site terms of notifying users 1 week in advance for fee changes, we are announcing a new fee schedule.

Proof of your allegations?

Not sure who deleted my posts, but intersango have came close to losing all their customers bitcoins, aswell as recently sent out an email, along with the 5000~ customer email addresses to each person.

Very dodgy.

If I'm moving funds from GBP to US$ then I use XE Trade very easy & reliable, no fees if sending to a US bank account & rates are much more competitive than UK high street banks at 1.4% less than the xe.com quoted mid market rates, no fee for transfer to a US bank account using ACH/EFT & Wire - you can fairly simply set up a bank account as a non resident in the US though I've only done this in person there & with a US address too. Otherwise via XE straight to Mt. Gox via Wire then there's a £12.55 fee, cleared there usually by the next day

GBP to Euro bank accounts also work well with them & likewise no fees

Since this is the Intersango thread, I was wondering if anyone has been able to use the ACH bank option for USD withdrawal and how to go about initiating it. It says it is free on the fees page, but there doesn't seem to be any option to choose it when withdrawing USD.

That's the problem, it's not cost effective. I have an account in dollars and another one (abroad) in Euros, however my salary comes to my British account in GBP and that's what I prefer to use. Transfers and currency conversion usually cost a lot more than fees from either MtGox or Intersango and also trounce the spread difference. Beating costs associated to deposits and withdrawals is basically a matter of volume, for trading small amounts making a free UK deposit to my Intersango account can't be beaten. MtGox and its £5/£15 fees would make sense for £10k+ and I'm not trading that much. However, if you don't plan to move funds much you can still justify trading in several currencies and with some arbitrage you'd come at an advantage after a bunch of trades. Again, I'm not speculating that much.

I'm looking into forex trying to find a way to get funds converted and moved into exchanges more effectively, in a few months I will be trading about £5k which is not much, but it's enough to look more into this.

Intersango had no fees to attract enough trade volume to turn it into the second largest bitcoin broker out there. Its worked well to attract liquidity however it hasnt exceeded MtGox and I doubt ever will if the fees charged serve to lower trade volume*edit* raise the cost of orderbook purchasing resulting in lowered trade volume. I'm just waiting to see the impact.

muyuu: You can trade GBP with direct GBP bank funding in MtGox. Currently Intersango's GBP trade volume usually matches and exceeds MtGox's however the actual bitcoin prices are a lot better on MtGox, especially with discounts applied. How do you deal in dollars? I've been looking into it but haven't found a cost effective way of converting and transferring my currency.

Depending on the spread, the fee being in your favour might not mean much.

Many local currency exchanges work on "0% commission" but then give you horrible valuation and spreads, being A LOT more expensive in practice than a good exchange with competitive spreads and a 1% fee.

In fact Intersango worked without any fees for some time and often mtGox was the better deal to both buy and sell. However Intersango is very convenient for me having a British bank account and being able to trade in GBP. If I have to deal in dollars that involves some friction and some loses to currency swings. I might hedge that but I don't trade anywhere near enough to justify all this complexity.

The only thing I'd say is that they aren't the same because of that key threshold: zero.  There is a huge difference between a trade earning you a fee and a trade costing you a fee.

I'd not heard of Bitfloor before your comment, but I will investigate them now.

I know. But I'm talking about the numbers quoted above, not about the principle. The principle is basically the same between Bitfloor and Intersango now, but Bitfloor takes a much lesser fee and balances it more towards the liquidity provider.

This would be great.  It's the beginnings of a bitcoin bank: a way for holders to make money simply by constantly offering their capital for sale.


The amount made per transaction is independent of the principle of paying the liquidity provider.  Mt.Gox make 0.65% * 2 per transaction.  That can be split anywhere they like, and the percentage to provider can be anything they like.  For example if the liquidity provider is paid 0.5%, then the liquidity taker has to pay that 0.5% plus the 1.3% trade fee = 1.8%.  I'm not saying that would be good; but it's to demonstrate that paying the provider is a separate issue.

Personally, I'd like to see 0.2% to the provider, and 0.8% to Intersango; making the taker fee 1%.  That would leave them comparable with Mt.Gox (when we consider a round trip with one provision, one take), but with a profit incentive to attract customers.  Let's remember that it is the liquidity providers that matter; the liquidity takers will follow them.  People are already talking about leaving capital at Bitcoinica now that it's paying interest.  Intersango could achieve the same.

I really would like Intersango to succeed; but they don't seem to realise that being more expensive that the market leader with no unique selling point (other than some hand waving about trustworthiness) is not the way to entice customers.