Where does mtgox state any more about their infrastructure than tradehill has? You're just assuming that tradehill is less secure than mtgox without anything to back that up at all.
Back up those statements.
Topic: MtGox vs Other Exchanges - page 2. (Read 2023 times)
I am currently only dealing in small amounts, so the lack of fees and use of GBP means Britcoin is what I currently look at as my primary exchange.
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.
Just started doing a bit of trading (never done any other trading) and already I have a few criteria:
- High volume, the lower the volume the longer it takes to make a trade and the bigger the difference will be between ask/bid. Also low volume makes it difficult to make larger trades (not that that is a problem for me yet)
- Percentage or very low trade fees, I'm only trading a few bitcoins at time so any fixed fee is going to stop me trading completely. I don't see any reason not to give a share to the exchange but it needs to be a very small percentage.
- Decent amount of movement during a 24-48 hour period, right now I am doing it for fun and I don't want to have to wait days or weeks before buying or selling
- Ease of transfer of funds, there is no point doing any trading if I can't deposit or withdraw funds
- Since the volume I am trading is so small security is not really a major issue for me but I would be ultra pissed if the whole Mt Gox thing happened to any of the exchanges I use.
ascent,
You're absolutely correct. Either share how the infrastructure is designed and how the data is secured, or have some sort of auditing authority certify exchanges as being secure, which would include reviewing their policies to recovering from such cases of data breaches and rolling back to a sound state of the system.
Sher,
bitmarket.eu doesn't share any info on how their systems are secured. You could fall a victim there as well.
You're absolutely correct. Either share how the infrastructure is designed and how the data is secured, or have some sort of auditing authority certify exchanges as being secure, which would include reviewing their policies to recovering from such cases of data breaches and rolling back to a sound state of the system.
Sher,
bitmarket.eu doesn't share any info on how their systems are secured. You could fall a victim there as well.
i used bitmarket.eu . Worked pretty well for me
Without a doubt, the bitcoin community needs to demand that exchanges post the following on their websites:
They are of course, free to not do the above, but there should be some consensus of what the community expects of the exchanges.
- The exact circuit breakers in place, if any, and what their parameters are
- The exact limitations on transfers
- A general description of their architecture, from a security standpoint
They are of course, free to not do the above, but there should be some consensus of what the community expects of the exchanges.
I think the recent MtGox debacle will at least open up the competition considerably. Ideally for consumers several exchanges take a piece (but not a landgrab) of the market.
You're quite right. BitCoinMarket.com would've been the first competitor had it been non-invite as it is now, which is why TradeHill.com has seen a surge in users registering.
The problem is, people aren't realizing that other exchanges may not be secure! MtGox mentioned what kind of password hashing they were using and to which one they've switched to now. Also, they did emphasize on the fact that their website wasn't breached.
I think the recent MtGox debacle will at least open up the competition considerably. Ideally for consumers several exchanges take a piece (but not a landgrab) of the market.
0) What criteria do you use to choose your exchange market?
1) What makes you think other exchanges are secure?
2) Did you read MtGox's report on the hack incident? https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback
Answer the questions above (to yourself or here) and then decide which exchange you're going for.
As I mentioned in another post, I invested about $900 in MtGox and seeing how they're handling the situation (hard & quick), I'm sticking with them, especially that they're increasing their security.
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.
Could they have added more features to make it harder to take accounts? Yes.
Is it their fault they you used the same password at their site for your email? No. This is how only my MtGox was affected; my password was unique to that site.
Everyone's mentioning TradeHill -- well guess what, TradeHill doesn't share with you what their infrastructure is like and most likely they're not that secure. Also, TradeHill started in May where MtGox was registered in 2007 and has been around for a very long time.
"Don't panic." as the hitchhiker's guide to the galaxy says, and think things thoroughly.
1) What makes you think other exchanges are secure?
2) Did you read MtGox's report on the hack incident? https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback
Answer the questions above (to yourself or here) and then decide which exchange you're going for.
As I mentioned in another post, I invested about $900 in MtGox and seeing how they're handling the situation (hard & quick), I'm sticking with them, especially that they're increasing their security.
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.
Could they have added more features to make it harder to take accounts? Yes.
Is it their fault they you used the same password at their site for your email? No. This is how only my MtGox was affected; my password was unique to that site.
Everyone's mentioning TradeHill -- well guess what, TradeHill doesn't share with you what their infrastructure is like and most likely they're not that secure. Also, TradeHill started in May where MtGox was registered in 2007 and has been around for a very long time.
"Don't panic." as the hitchhiker's guide to the galaxy says, and think things thoroughly.
Jump to: