Does anyone know if VirWox is going to support BTC again?
Or is it really just "temporarily suspended"?
Topic: MtGox vs Other Exchanges (Read 2004 times)
not disagreeing with you.
I am simply asking the question because I have seen other "legal" entities online taken down starting with an innocent audit.
One initiated by a bank or multiple banks who are already in contact with the SEC over what they consider to be suspicious activity.
I am simply asking the question because I have seen other "legal" entities online taken down starting with an innocent audit.
One initiated by a bank or multiple banks who are already in contact with the SEC over what they consider to be suspicious activity.
Actually, I find it a little un-nerving that they were being auditted.
By whom? There own due diligence, or a force outside of them?
By whom? There own due diligence, or a force outside of them?
It's a standard procedure to be audited when you're making $1 million/month out of transaction fees. Keep in mind this is a legal company and it receives/sends funds through banks, so everything has to be audited and verified.
Actually, I find it a little un-nerving that they were being auditted.
By whom? There own due diligence, or a force outside of them?
By whom? There own due diligence, or a force outside of them?
bbjansen,
I have explained in other threads that while MtGox has been breached, it wasn't due to lack of security on their site but from an auditor's infected machine.
Honestly, since now MtGox has been breached, they'd tighten their security even more and that's an extra reason for me to trust them & stick with them.
Still a fail on their part. They should be much more secure and use a safe machine that should only be used for auditing and not for playing video games, watching porn, downloading files and other daily shit. I have explained in other threads that while MtGox has been breached, it wasn't due to lack of security on their site but from an auditor's infected machine.
Honestly, since now MtGox has been breached, they'd tighten their security even more and that's an extra reason for me to trust them & stick with them.
Dimsum,
MtGox makes a lot of money per month from transactions and fees, and it's being audited, so they cannot make false claims without being prosecuted (by investors, customers and the Japanese government).
MtGox makes a lot of money per month from transactions and fees, and it's being audited, so they cannot make false claims without being prosecuted (by investors, customers and the Japanese government).
Audited by whom? Can you give me a name of the firm? Or is it an internal audit?
If you don't know the answer, I don't see how you can be confident in your response.
bbjansen,
You are not alone. This is why Bitcoin is in for an epic crash. There is no confidence in the market nor an acceptable medium for exchange. Prices will be wildly volatile as people will try to cash out while others try to cling on that BTC is only in for a minor correction (ie. buying opportunity).
Once they realize the inherent problems with the system are still broken, they will sell. Luckily for you, you're only a week in. Walk away now or trade the volatility if you feel like gambling. Someone will be holding the bag at the end of all of this, the goal is to make yourself not that guy.
I agree but I don't think trading Bitcoins is the same as gambling. With gambling you have zero, nada control over the outcome. When I was studying the Bitcoin trade and exchange patterns and looked at the past 60 days of trading I see a lot of patterns that occur in the normal stock market and exchanges for silver, gold, and money too. The Bitcoin is defiantly not any different to any other exchange market.You are not alone. This is why Bitcoin is in for an epic crash. There is no confidence in the market nor an acceptable medium for exchange. Prices will be wildly volatile as people will try to cash out while others try to cling on that BTC is only in for a minor correction (ie. buying opportunity).
Once they realize the inherent problems with the system are still broken, they will sell. Luckily for you, you're only a week in. Walk away now or trade the volatility if you feel like gambling. Someone will be holding the bag at the end of all of this, the goal is to make yourself not that guy.
The problem is trust. Nobody can trust the Bitcoin at the moment because it's still very young and has no stability what so ever. This is normal with any new currency although most new currencies get supported by their governments/country while the Bitcoin started from pure scratch and is now supported by a few ten thousands of people and no central organization aka a government or bank. You need to build up the trust and this has to be done by the Bitcoin community. At the moment it's epically failing *cough* Mt. Gox.
Dimsum,
MtGox makes a lot of money per month from transactions and fees, and it's being audited, so they cannot make false claims without being prosecuted (by investors, customers and the Japanese government).
MtGox makes a lot of money per month from transactions and fees, and it's being audited, so they cannot make false claims without being prosecuted (by investors, customers and the Japanese government).
bbjansen,
I have explained in other threads that while MtGox has been breached, it wasn't due to lack of security on their site but from an auditor's infected machine.
Honestly, since now MtGox has been breached, they'd tighten their security even more and that's an extra reason for me to trust them & stick with them.
I have explained in other threads that while MtGox has been breached, it wasn't due to lack of security on their site but from an auditor's infected machine.
Honestly, since now MtGox has been breached, they'd tighten their security even more and that's an extra reason for me to trust them & stick with them.
In case you're too lazy to read MtGox's report, their site was NOT hacked. They were inspected by an auditor who had an infected machine, and the auditor had read-only access to the database.
So they say! Who's to say its the truth?
I like the idea of giving ratings based on certain criteria with wiki entries to keep tabs on things.
bbjansen,
You are not alone. This is why Bitcoin is in for an epic crash. There is no confidence in the market nor an acceptable medium for exchange. Prices will be wildly volatile as people will try to cash out while others try to cling on that BTC is only in for a minor correction (ie. buying opportunity).
Once they realize the inherent problems with the system are still broken, they will sell. Luckily for you, you're only a week in. Walk away now or trade the volatility if you feel like gambling. Someone will be holding the bag at the end of all of this, the goal is to make yourself not that guy.
You are not alone. This is why Bitcoin is in for an epic crash. There is no confidence in the market nor an acceptable medium for exchange. Prices will be wildly volatile as people will try to cash out while others try to cling on that BTC is only in for a minor correction (ie. buying opportunity).
Once they realize the inherent problems with the system are still broken, they will sell. Luckily for you, you're only a week in. Walk away now or trade the volatility if you feel like gambling. Someone will be holding the bag at the end of all of this, the goal is to make yourself not that guy.
I am quite confused on which Exchange to trust. As a new comer to Bitcoin (1 week now) I don't feel save with any of them. This includes Mt Gox, Trade Hill, 7Bitcoin, and Britcoin. I feel like for Bitcoin to succeed and to be trusted by the masses we need a team of professional programmers, designers, entrepreneurs, and business people to run a exchange. If I got into the Bitcoin a year ago or so I would surely have started my own exchange as I have quite a lot of experience with those above but I feel like it is a bit to late to jump into the exchange business unless another exchange such as Trade Hill or 7Bitcoin fails or gets hacked.
zerokwel,
No one expects to be compromised by an auditor's infected machine...
No one expects to be compromised by an auditor's infected machine...
I don't know still a little young to all of this. for getting my cash in I have been using bitcoin7 for people from the UK nip to the shop that does PP and get a paysafe card it only charges 5% so its better for small amounts but it is instant. Yes I have read about the risks with them but no one expected what happened to mtgox.
For withdraw prob going to be britcoin as its the cheapest for removing my funds. tbh Will just be playing each other depending on the spread
just not leaving high amounts of funds in any
For withdraw prob going to be britcoin as its the cheapest for removing my funds. tbh Will just be playing each other depending on the spread
just not leaving high amounts of funds in any
I just got promoted! w00t!
They require 14 posts + 4 hours of being online (you can see it on the top left when you're logged in).
The thread is here: http://forum.bitcoin.org/index.php?topic=20720.0
Feel free to pitch in
They require 14 posts + 4 hours of being online (you can see it on the top left when you're logged in).
The thread is here: http://forum.bitcoin.org/index.php?topic=20720.0
Feel free to pitch in
It says you're a Jr. Member. Is there something else you need to do to get access there?
Anyway, I will be happy to post more here to contribute to the idea of 'Bitcoin Exchange Guidelines' when I have the time and something specific to contribute.
Anyway, I will be happy to post more here to contribute to the idea of 'Bitcoin Exchange Guidelines' when I have the time and something specific to contribute.
I have no access there yet, but the mods can hopefully un-newbie us and we could post there.
I started the topic and you're welcome to contribute.
Also, there are many newbies with valuable info. Maybe it's better to keep it here & link to it from the trading forum?
I started the topic and you're welcome to contribute.
Also, there are many newbies with valuable info. Maybe it's better to keep it here & link to it from the trading forum?
Excellent idea! We could start a thread here and ask the mods to pin it & eventually add it to the official wiki.
I don't think the Newbie forum is the place for it, but something like this should be addressed in the Trading forum.
shockD,
It's not clear to me who made a comment that needs backing up. What is needed is for the community to draft a set of expectations with regard to any and all exchanges, and convince the exchanges that it is in their best interest to adhere to those expectations.
It's not clear to me who made a comment that needs backing up. What is needed is for the community to draft a set of expectations with regard to any and all exchanges, and convince the exchanges that it is in their best interest to adhere to those expectations.
Perhaps, wiki style, the community should draft up a set of criteria that allows the community to qualify an exchange as being 'A' rated, 'B' rated, etc. Note that these are not regulations, but suggested guidelines that exchanges can follow. If the guidelines have enough community backing, then the exchanges would see the wisdom of complying.
Excellent idea! We could start a thread here and ask the mods to pin it & eventually add it to the official wiki.
ShockD,
I have read their recent post, but you are right. I did look for details on how they secure their data & haven't found any and I emailed them (a week before the crash) to include such info.
Do read MtGox's post and look at what they provide. It's more than what other exchanges are providing. It's not enough, but it's better than the rest.
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