Also, we saw several withdraw requests, was it you?
Yep, I tried the withdrawal feature. But doesn't seem it works. I did receive the withdrawal request confirmation, but when I click it, it just shows your login page. When I log on, the withdrawal status doesn't change.
At first, I thought you didn't activate the withdrawing feature on this test mode, checking out the network log, it shows me an API 500 Internal Server Error. Turns out I'm requesting below the minimum required amount(<1mBtc). Maybe you could show a warning to the user if they requested below the minimum amount, I notice if I put 0, the site gives an error the amount not accepted.
You are right, we should show a warning whenever your request is below the minimum, just like happens when you put 0. We'll investigate what is going wrong with the withdraw confirmation link, thanks for letting us know!
While trying, I got an
error:
When I click "Contact us", it shortly shows a contact form, then jumps back to the error page. I don't think that's supposed to happen.
Oh no our exchange went down from 8:40 to 13:55 UTC. Even worse, our monitor bot that should have waked us up in this scenario didn't.
It is up and running again, and we fixed the monitor, so we hope we won't have such downtimes again. We'll also fix the "Contact us" link.
I'm still not sure what I'm doing, for people new to this it's not very obvious what "buy" and "sell" does in relation with the margin and current price.
Margin trading is known to be confusing for many people and I'm sure that many other people would have a similar experience. It is really important for us to figure out a way to make margin trading easier and more intuitive.
What happens is that whenever you open an order, some of your balance is frozen as margin for that order, depending on how much leverage you select. For example, if you use 5x leverage to open an order with size 10 mBTC, we'll freeze 2 mBTC from your balance. That's the most you can lose by opening this order.
If you instead use 100x leverage, we'll only freeze 0.1 mBTC for the same order. This is the margin associated with this order.
When your order gets executed, the margin associated with the order becomes associated with the position instead:
This is the size of your position, and how much margin is associated with it:
The same value that appears on the "Total Margin" above remains frozen in your balance, until you close the position. When you close the position, you will get more than what was frozen if you made a profit on your trade, or less than what was frozen otherwise. Again, you'll never lose more money than what was frozen: the worst that can happen is you get liquidated and the amount frozen is lost.
The "Entry Price" tells you what is the reference price. So if you have a long position, you need to sell higher than this price to make a profit, and if you have a short position, you need to buy back lower than this price to make a profit. If price moves against and reaches the "Liquidation Price" you may get liquidated and lose the amount frozen.
Do you this explanation helps? Please let me know whether there is anything else that is still confusing to you, as anything confusing you is likely to confuse to many other people too!
So which one do you prefer: losing funds in a $5 wrench attack, or losing your life? Both options aren't desirable.
Paradoxically, the less the other key holders care about my own personal well-being, the more secure I am, as long as everybody knows about it (for any high-level criminals reading this old post from the future, be warned that you won't be able to get away with anything unless you can pull off a simultaneous operation in multiple countries!).
Did you mean "decryption keys" instead of "encryption keys"? If so: it looks to me like the opposite is true: P1 and the person holding backup key B together have all the information to decrypt the backup key, which gives them all they need to steal the funds.
If P1 dies, the person trusted by P1 holding the backup for key A will approach P2 and ask for the encryption key, and vice versa.
Allow me to edit this statement: If P1 doesn't die, the person trusted by P1 can approach P2 and ask for the encryption key. If P2 agrees, they split the money. And you wouldn't even know if it was P1 or his "trusted" person who made the deal with P2, they'd both have plausible deniability! At least with a 2-of-4 multisig where the person trusted by P1 holds a different (encrypted) key, you'd know for sure who signed the transaction stealing funds.
Yes, I meant decryption keys. Let us define P3 to be the person trusted by P1 who holds the encrypted copy of key A, and P4 to be the person trusted by P2 who holds the encrypted copy of key B.
You are absolutely right about the plausible deniability problem. If P3 teams up with P2, that is indistinguishable from P1 teaming up with P2.
Being P1, I don't worry much about this scenario. At least in my perspective, I have people that I can trust very much, and the problem is finding someone I can trust that won't be giving the funds as ransom to save me from danger. But if this arrangement makes people feel unconfortable to deposit their funds, we can find another solution.
One possibility might be to have a 4-out-of-6 multisig with P1 and P2 holding 2 keys each, and P3 and P4 holding 1 key each. What do you think of this idea? No four keys are in a single continent, and we can know for sure who signed a transaction.
Maybe it's worth looking into how exchanges handle this. They've lost many Bitcoins in the past, but seem to have improved their setups nowadays.
That would be great to know, but I can't find enough information about it.
Shouldn't those open positions show up under Open Orders? If not: where can I find back the details to those open positions?
You can find all information about the position here:
So that explains my confusion: if "positions" are different from "orders", they should show up in the list under "Open Orders".
Yes, agreed, we'll work on that!
On what exchanges are you planning to list your token?
I guess if this token would have some real utility on your website than it would be ok, but most of the tokens we see in market are totally useless so I am always a bit skeptical about them, but thanks for sending some btc
We'll be giving a lot more information about our future TICK tokens whenever we start preparations for our ICO. But we can tall you now that we'll be using some percentage of the net revenue to buy back tokens, traders will be incentivized to hold tokens in proportion to the volume they make to get fee discounts, and holding tokens will also be needed to get maximum referral bonuses.
Hopefully we'll be able to give investors confidence in our project and in the team to make it attractive as an investment. We plan on competing heads-on against major exchanges like FTX and Binance, so raising money will help us grow in future.
I must say however that growth and fundraising is not top priority right now. Rather, the most important thing is getting our product to work well, making it easy and intuitive for users, achieving product-market fit, validating market hypothesis, etc. We'll move to full-speed growth mode once we are sure that users really like our product and once we can establish that the expected value of new users is consistently higher than the acquisition costs.
I just deposited around 13.7 testnet mBTC in my account, and my suggestion is to add optional generating of new addresses each time I am sending new deposit.
It is much better for privacy, instead of reusing same address but I am not sure how complicated implementation of this feature is going to be for you.
Think about adding Lightning Network or other options when fees are high on Bitcoin mainnet.
Nice! Multiple addresses is in our to-do list, as is LN and other channels. In the future we'll also try to establish channels with other exchanges so that margin can be transfered immediately in between exchanges. This would help arbitrators quite a lot, because they hedge positions in different exchanges, and today they are often overcollateralized. They fear getting liquidated in one exchange even while making profits at another. But it remains to be seen how open big exchanges are to this idea.
In the long-term we also want to move to a hybrid model in which we allow decentralized custody in smart contracts while maintaining centralized orderbook and matching. We think this may provide most of the benefits of decentralized exchanges while allowing much more liquidity.
This may also allow US citizens to trade with us without legal problems on our side, as according to US legal interpretation we only have to be regulated as futures exchange if we are holding the users' margin as guarantee for trading.
I'm afraid we may let you down with our privacy commitments, though. While ideologically we are totally in favor of private transactions, for several reasons we don't want people to use our exchange to mix bitcoins. We may actually do the very opposite and publish all transaction data allowing anyone to link withdraw and deposit transactions, so that in some sense your account is just like a set of public addresses in the blockchain. By doing so we can counter the argument used by governments that exchanges either have to require KYC identification from all users or else they are complicit in money laundering.
Of course, users will be able to mix their incoming and outgoing transactions if they want! I see some exchanges (like Binance) harassing their users for depositing from or withdrawing to a mixer. That is totally unacceptable in my opinion.
It's working fine now, but I also had automatic logging-off from website like other members reported earielr.
Fixing that is top priority right now. It may take a few days but I'll let you all know once it is done.
Before placing BUY or SELL order we should be able to manually enter liquidation price, and order should stay in open orders until it's closed, and I would also add Profit and Loss section in left side.
You can see Profit and Loss in the "My Trades" tab. Users selecting their liquidation price (and therefore leverage being chose automatically) seems like a very good idea. We are designing a new interface to let users define more easily how much money they want to risk, at what price they want to close their positions and take profits, and so on. This may take quite a while, though. We have a very small team right now.
One more suggestion I have is to add 2FA to improve account security.
Also on the to-do list! We'll get that one done before we launch with real bitcoin.
When withdrawing, can you add the withdrawal address to the confirmation email? That's always a good check.
After clicking the confirmation link, I'm asked to login again (I don't think that step is necessary). My withdrawal is Pending now, so it seems to work. But the Pending amount isn't added to the Frozen amount (I think it should!).
When I open "Trading rules" on the bottom of the page in a new window, I'm again asked to login.
Great idea, we'll be sending withdraw address in the confirmation email. Logging in again is indeed not necessary.
Your balance should be frozen for the withdraw. I'll see what the problem is!
Edit 1:
We found the withdraw problem, and we are working on it.
Edit 2:
Our market making bot is currently having an issue. You may not see the prices updating as you would expect. I'm trying to get it fixed.
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