Thanks. I actually live in the States, but was wondering if you'd work on global scale.

Any word on your rates?

While it is great you have had this done, this is mostly marketing.   Unless there were some other tests done, you are being very misleading on what this really means.

Ranked #1.  When and by whom?

Really?  How were the tests specific to your platform?  To my knowledge, and after talking to them on the phone today, there is only one McAfee Secure product.  It is a standard daily PCI scan that is the same for everyone that buys that product.  You can be set up and them scanning you in hours by putting some code on your site.  As their rep said on the phone  "it is all in the cloud, you just put the code on your site and we scan every day."      

The trustmark is just a badge you get for passing all the automated tests every day.  It is a marketing "bonus" to show your customers you got the scan done, there are no additional tests involved.  They even say on their site that by displaying the badge customers got "12% increase in sales conversions"

Is this what McAfee says you have passed from using their McAfee secure product?  Or do you have other tests?  

well, youre light years ahead of mtgox already if your actually doing security audits.
This is how we do stuff, not live tesing with other peoples money.
more power to you my friends.

I think your name could have been better, but hey I suppose thats beside the point.

If communication with government agencies like the Department of Banking and Finance has taken place, Camp BX/Bulbul Investments LLC would be in compliance with U.S. Code CHAPTER 18—BANK SERVICE COMPANIES § 1861

(2) the term “bank service company” means:

(B) any limited liability company—
(i) which is organized to perform services authorized by this chapter; and
(ii) all of the members of which are 1 or more insured depository institutions.

(4) the term “depository institution” means, except when such term appears in connection with the term “insured depository institution”, an insured bank, financial institution subject to examination by the Director of the Office of Thrift Supervision or the National Credit Union Administration Board, or a financial institution the accounts or deposits of which are insured or guaranteed under State law and are eligible to be insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or the National Credit Union Administration Board;

These provisions essentially state that a “limited liability company” “must be eligible to be insured by the FDIC” to obtain insurance. As Bulbul Investments LLC is not registered at the "Department of Banking & Finance" in Georgia, it is inconceivable that Bulbul is eligible to participate in FDIC insurance, or in compliance with State of Georgia - Department of Banking and Finance regulations.

Grant asked on June 22, 2011, 05:17:30 pm in thread Camp BX Platform in Beta: Margin Trading, Short Selling, and Advanced Orders (http://forum.bitcoin.org/index.php?topic=20777.0;all)

“So, basically if i deposit upto $250,000 to your exchange and you become insolvent (for whatever reason that could be) i am guaranteed my deposit by your government ?

Can you point me to some documents that proof your registration ? (might be i overlooked it, but i looked through your site and couldn't find anything)”

Whereas elggwf asked on June 23, 2011, 12:35:26 am in the same thread

“What do you mean by you're "FDIC insured" - did you get the FDIC to insure all your USD holdings? What about the BTC holdings, will those be insured too?”

and neither Grant nor elggwf received an answer; so I will make a very clear statement: the information on Camp BX website under "Is my money safe" is simply not true, which also applies to the information under “Legal compliance”:

“The foundation of our operations is an active and prominent compliance program, and we are committed to maintaining full compliance with State of Georgia - Department of Banking and Finance regulations.”

Camp BX might have an exchange that is far superior to Mtgox (of which I am not capable of making any judgement upon), but regarding providing accurate and relevant information in a timely manner, I fail to see any material difference.

I have no idea how the previous post had many crossed over lines; i shall resubmit the entire post as I could not edit it successfully.

I must type parts of message again; will update soon.

“Try http://corp.sos.state.ga.us/corp/soskb/CSearch.asp

Keep in mind, other public records take time to update.

I think there is a misunderstanding about the role of FDIC in international customers.  FDIC insures bank accounts, not businesses.  Our accounts are insured by FDIC.

Hope this helps,
      Keyur”

Bulbul Investments LLC is registered as a Limited Liability Company, which affords "limited personal liability for the debts and actions of the LLC". Regarding FDIC, as you state, "FDIC insures bank accounts". I read this as the bank accounts that Bulbul Investments LLC hold are insured in the bank where the account of Bulbul is held. Despite funds held in accounts by Bulbul being insured, if Bulbul were to apply for bankruptcy, any deposits to Camp BX that are not in the account would not be redeemable due to the limited personal liability, and depositors to Camp BX are unsecured creditors - is this a correct understanding or not?

The Georgia Code - Corporations and Partnerships - Title 14, Section 14-11-201 states: "(a) A limited liability company may be formed under this chapter for any lawful purpose. If the purpose for which a limited liability company is formed makes it subject to a special provision of law, the limited liability company shall also comply with that provision."

As Bulbul Investments LLC operates an exchange market, I am under the impression that Bulbul is subject to other "special provision(s) of law", which again I am under the impression would require further licenses. Would you care to elucidate on this point? As Camp BX will potentially hold/transfer millions of USD, further information on the subject matter would allow for a better understanding of the risks involved when trading on Camp BX.

I transferred 500 Euro to Mtgox which literally arrived on the eve of the crash/hack. Of course the funds are not more than I can afford to lose, however the risk factor when trading on Bitcoin exchanges has been perfectly exposed (of course the risk factor always existed) and I am considering whether to withdraw completely as, with hindsight, I consider myself foolish to have transferred sums to an entity with a very unclear legal framwork, however novel and benign the concept of Bitcoins is.

The problem with the crossed over lines occured when I attempted to type "provision(s)" with [].

this looks promising.

i'd much rather have my money compliant to all the various things that money needs to be compliant with, than potentially anonymous but in the hands of amateurs.

if i want anonymity, i'll do BTC > BTC transactions over Tor.

if i want a bank or an exchange, i'll go with staid and boring and all tied up with legal niceties.

i'm looking forward to your launch.  i'll be there.

A Camp BX search does still not generate any reccords at "Department of Banking & Finance" in Georgia http://dbf.georgia.gov or at "Georgia Business Licenses Directory" http://publicrecords.onlinesearches.com/Georgia-Business-Licenses.htm or at the FDIC "Bank find" http://www2.fdic.gov/idasp/main_bankfind.asp.

<!------------------------------------------------------------- Charts END!! -->

 
I'm sorry, but this "Legal compliance" statement does not contain any substance. Under what name is Camp BX registered in the State of Georgia? Camp BX is, as far as I can see, not registered. Likewise under which name are deposits insured with the FDIC. The "Camp BX user agreement" does contain more substance as it states that "This Agreement shall be governed by and construed in accordance with the laws applicable in the State of Georgia."

If Camp BX has a business model that acts in accordance with the law it can be envisaged that Bitcoin will grow as more businesses will accept Bitcoins.

I tested the website, and was only mildly impressed.  I didn't think the user interface was all that great (and just hated the color scheme).

On the other hand, though, Keyur has been unbelievably receptive and responsive to feedback.  And they seem to be putting security, reputation, and trustworthiness at the top of their agenda, with just a few feature advantages. 

I would LOVE to see another successful exchange, so I'm keeping an open mind on this one, and wishing them the best of luck!

Keyur-




Yes. Thanks much.

Short selling? Color me suspicious. Are you going to allow naked short sales?

Bitcoin is so tiny and thinly traded (by FX or any other standards) big-money interest hostile to Bitcoin can come in effectively drop the price to zero. Easily. All they have to do is capitalize a stand-alone entity with, say, $1B US. Then continuously take an gradually ever-growing short position. Bitcoin will never be worth much. If, over time, their short position goes underwater to an extent that exceeds their capital, they can either add more, or declare BR. If the Fed were behind it, they can just print to the extent necessary so they never have to cover.

If naked short sales are not allowed, then anybody selling short would have to "borrow" them from someone else first, and I guess that someone would be the accounts of those who hold balances at campbx. I recommend nobody hold your bitcoin balances in campbx, unless campbx has an option to disallow their borrowing for short selling.

Please disabuse me of these notions if I am in error. I don't see anything good for Bitcoin coming from allowing short sales.

Very impressive, professional site. A few questions:

1. As mentioned above, will you add physical information about the exchange's whereabouts? Mt. Gox is known to operate from Cerulean Tower in Tokyo, but they do not list any address or phone number in public.

2. When (or, if at all) will you accept wire transfers as deposit and withdrawal method ($USD, Swiss franc, EUR, JPY)?

3. Do you have an automated system for instant withdrawals and deposits of bitcoins from/into the system via unique, 24 hour disposable wallets like Mt. Gox?

I miss a json api.

Sounds promising. Just noticed we can get your server versions from the whois. Please modify this httpd.conf for me!

Bar a few growing pains, I'm really liking what I see here so far. I still haven't gotten around to getting my password to work, but they seem responsive to critique and if they can hit the ground running with trust and avoid shady half-answers (a few of Keyur's earlier responses in the first thread didn't inspire much confidence, for the most part he seems to be rectifying that though).

Keyur, got any insight on deposit/withdrawal methods that you guys are planning to integrate?
Another question, will you be getting any sort of exchange or MSB licencing?  (I have no idea whichever is applicable in the case of Bitcoin exchange)