Added a pile of coins in the last 48 hours:
CryptoEagle (CREA)
H2OCoin (H2O)
CryptoMeth (METH)
SocialCoin (SOC)
MemoryCoin (MEM)
CACHeCoin (CACH)
OlympicCoin (OLY)
We also updated the trade engine speeding it up by about 20x, as well as lowering the delays between trades by about 5x.
Coming this week/hopefully within a few days, user configurable hot/cold wallets. You state how much you want to have hot-and-ready (pizza pizza! Please tell me someone else gets that...) for immediate withdrawal, the rest is in cold storage.
If all your coins are in cold storage, unless the private keys are physically stolen (physically, like a burglar breaks into where we have them stored, and takes them), it will be nearly impossible to steal your coins. We are testing the system now and hope to have it online within a few days.
That's probably a world first. None of the other exchanges I can think of offer a similar service. How long will it take for a request to transfer funds from cold storage to a hot wallet take?
I assume we cannot trade with funds in cold storage.
Here's how it will basically work:
Certain coins will be 'cold storage enabled' - to launch with just BTC, and if we have time, a few others. As we learned in the hack, we were storing a huge value of BTCS, more than triple the value of the BTC we held.
On your account page you list how much of your coins you want to keep in a hot wallet. We were considering making it a percentage, but then it's always changing... if you state keep 2 BTC in a hot wallet and the rest in cold storage, you'll always have 2 BTC ready to withdraw.
Once you save the settings, a short time later accounts will be swept and anything above that threshold will move into a cold storage wallet. ALL of your funds, hot and cold, will be available to trade. Funds trade from cold storage first - otherwise managing that 2 BTC you have in a hot wallet will be a nightmare. It will constantly be either moving more to cold storage, or refilling from cold storage. If you tell the site you want to have 2 BTC in a hot wallet ready to move at any time, it abides by that.
If you deposit funds, and your hot wallet is already full, they immediately move to cold storage.
When you make a withdrawal, you are limited to your hot wallet funds. Once they are depleted, you cannot withdraw more.
Every 24 hours or so, the system does an audit check and refills any hot wallets with funds from cold storage. This is NOT automated. The calculations are, the refill is checked and Ok'd by a human being. The reason we do this is if we did not, everyone's hot wallets would quickly deplete. If you don't want an auto-refill, just set your hot wallet limit to 0 coins. No reason to have a hot wallet if you're not going to use it. Think of it, in other terms, as a daily withdrawal limit, with the added security that the coins are not digitally in that wallet to withdraw, even if your account was compromised.
To withdraw more than your hot wallet has, there will be a request button you can use. You MUST enable 2FA to be able to use this button. Almost all of our security is optional. We enforce 2FA for cold storage withdrawals. Once you make the request, a human being gets the request and will manually approve the fund transfer. The time for this can be as soon as 15 minutes if someone's watching, or as long as 12 hours if you submit the request before we all go to bed for the night. By utilizing the cold storage feature, you acknowledge that withdrawing those funds will be slow.
The cold storage system is on a different network, in a different physical location. There is never a connection made between the AllCrypt.com system database or process daemons to or from the cold storage system. If the AllCrypt.com network is hacked and compromised, the cold storage is safe as it is completely isolated and inaccessible.
Well, that was longer than I intended. We welcome any thoughts, comments, feedback or suggestions.
