Title: OKCoin Audit Proves 104% of BTC Reserve Along With Other Major Chinese Exchanges Post by: srgkrgkj on August 24, 2014, 08:06:12 AM The Chinese audits carried out on most if not all of the Digital currency exchanges based in China are coming near to an end. For some exchanges, these audits were carried out by the Ripple Labs CTO, Stefan Thomas. He recently completed the audit for the OKCoin exchange which is one of the major exchange platforms in China accounting for more than 50% of trading activity in the country according to recent figures.
Read the full story exclusively @ http://coinfinance.com/news/okcoin-audit-proves-104-of-btc-reserve-along-with-other-major-chinese-exchanges Title: Re: OKCoin Audit Proves 104% of BTC Reserve Along With Other Major Chinese Exchanges Post by: kerafym on August 24, 2014, 06:43:37 PM Does Stefan Thomas have any stake on Okcoin exchange?
And where is the final audit report? Title: Re: OKCoin Audit Proves 104% of BTC Reserve Along With Other Major Chinese Exchanges Post by: wasserman99 on August 25, 2014, 02:40:54 AM I would still hesitate to put my BTC in this exchange to trade with. I understand that there is now some level of evidence that they have sufficient reserves to pay all their BTC deposit holders (I didn't see anything about fiat based reserves), however it still does not explain how they are able to charge 0 fees but still remain in business.
Title: Re: OKCoin Audit Proves 104% of BTC Reserve Along With Other Major Chinese Exchanges Post by: cinder on August 25, 2014, 04:36:56 PM I would still hesitate to put my BTC in this exchange to trade with. I understand that there is now some level of evidence that they have sufficient reserves to pay all their BTC deposit holders (I didn't see anything about fiat based reserves), however it still does not explain how they are able to charge 0 fees but still remain in business. They are trying to gain market share first. Doing it this way is cheaper than spending a lot of money on marketing and giving "red pocket" like the HK exchange. Once they reach certain size, I am pretty sure they will start charging fee. Title: Re: OKCoin Audit Proves 104% of BTC Reserve Along With Other Major Chinese Exchanges Post by: wasserman99 on August 26, 2014, 05:21:05 AM I would still hesitate to put my BTC in this exchange to trade with. I understand that there is now some level of evidence that they have sufficient reserves to pay all their BTC deposit holders (I didn't see anything about fiat based reserves), however it still does not explain how they are able to charge 0 fees but still remain in business. They are trying to gain market share first. Doing it this way is cheaper than spending a lot of money on marketing and giving "red pocket" like the HK exchange. Once they reach certain size, I am pretty sure they will start charging fee. Title: Re: OKCoin Audit Proves 104% of BTC Reserve Along With Other Major Chinese Exchanges Post by: LMGTFY on August 26, 2014, 07:51:59 AM I would still hesitate to put my BTC in this exchange to trade with. I understand that there is now some level of evidence that they have sufficient reserves to pay all their BTC deposit holders (I didn't see anything about fiat based reserves), however it still does not explain how they are able to charge 0 fees but still remain in business. I'm fairly certain they do charge fees - just not for trades (or deposits). My Chinese is non-existent, but running Google Translate on OKCoin's China homepage (https://www.okcoin.cn/) you can see they mention trades and deposits (no fee), but not withdrawals. This site (http://bestcoinexchange.com/exchanges/okcoin-review/) says (withdrawal) fees start at 0.1%. Title: Re: OKCoin Audit Proves 104% of BTC Reserve Along With Other Major Chinese Exchanges Post by: cinder on August 26, 2014, 03:32:01 PM I would still hesitate to put my BTC in this exchange to trade with. I understand that there is now some level of evidence that they have sufficient reserves to pay all their BTC deposit holders (I didn't see anything about fiat based reserves), however it still does not explain how they are able to charge 0 fees but still remain in business. They are trying to gain market share first. Doing it this way is cheaper than spending a lot of money on marketing and giving "red pocket" like the HK exchange. Once they reach certain size, I am pretty sure they will start charging fee. The main issue with exchange is lack of liquidity. They can charge 0.1-0.2% fee after gaining enough volume and still remain competitive compare to other exchanges. Title: Re: OKCoin Audit Proves 104% of BTC Reserve Along With Other Major Chinese Exchanges Post by: itsAj on August 27, 2014, 11:18:38 AM I would still hesitate to put my BTC in this exchange to trade with. I understand that there is now some level of evidence that they have sufficient reserves to pay all their BTC deposit holders (I didn't see anything about fiat based reserves), however it still does not explain how they are able to charge 0 fees but still remain in business. They are trying to gain market share first. Doing it this way is cheaper than spending a lot of money on marketing and giving "red pocket" like the HK exchange. Once they reach certain size, I am pretty sure they will start charging fee. The main issue with exchange is lack of liquidity. They can charge 0.1-0.2% fee after gaining enough volume and still remain competitive compare to other exchanges. Title: Re: OKCoin Audit Proves 104% of BTC Reserve Along With Other Major Chinese Exchanges Post by: wasserman99 on August 28, 2014, 03:57:46 AM I would still hesitate to put my BTC in this exchange to trade with. I understand that there is now some level of evidence that they have sufficient reserves to pay all their BTC deposit holders (I didn't see anything about fiat based reserves), however it still does not explain how they are able to charge 0 fees but still remain in business. They are trying to gain market share first. Doing it this way is cheaper than spending a lot of money on marketing and giving "red pocket" like the HK exchange. Once they reach certain size, I am pretty sure they will start charging fee. The main issue with exchange is lack of liquidity. They can charge 0.1-0.2% fee after gaining enough volume and still remain competitive compare to other exchanges. |