 Am I winning?  Wow! I nominate you to replace Ben Bernanke! |
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Bitcoins are not a regulated market yet so NFA / SEC are not in the picture, but our deposits are insured by FDIC.
Hope this helps,
Keyur
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) Btw. Your site looks SUPER, and i love all the options you provide for a speculator. Grant, Great question. To clarify the role of FDIC, they insure the business bank accounts but not business solvency. I believe what you are thinking about is something along the lines of SIPC: Unfortunately we are not covered under SIPC. http://www.sipc.org/Thank you, Keyur |
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I registered and received my email in plain text!
Please, change that immediately. This is completely insane. Is there any of the exchanges here with at least someone understanding basic security?
Done! Initial email with passwords was a testnet-only thing, because people tend to choose disposable, forgettable passwords for trials. We were going to disable it at livenet launch, but have gone ahead and done that now. "Forgot Password" email will be replaced with a reset-password link later this week. Thank you, Keyur Isn't the bigger problem that this means your passwords are stored in plain text in the DB? How else could you email a password? Indeed, could you please confirm that password will not be stored in plaintext. If you could detail how they are stored that would be best. It is a topical concern considering mt gox. Yes, I can confirm that the passwords are never stored on our website. We only have salted, dual-hashed (MD5 + SHA) results in the DB that cannot be reversed. The registration process can email you the password, because it knows the password upon registration. Memory is freed at the end of session or ~20 minutes, whichever comes first, and that is the last time we see your real password. We are already impervious to garden variety attacks like CSRF, Site Injection, Click-hijack, and some forms of DDoS. In fact, we are undergoing two attacks right now, and holding up pretty well. A more comprehensive third-party audit result will be published prior to launch. Hope this helps, Keyur |
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So you are in effect offering a 1:2 leverage (you say 50%)?
The instrument to be traded is BTC/USD?
How do even determine price, given that there are half a dozen exchanges?
How do you guarantee it?
Do you hold the customer accounts in BTC alone, or have a combo of internally convertible BTC / USD like at MtGox?
=> Are you effectively converting the currency or are these all USD based speculations on the value of BTC/USD? I.e. you place your position in USD and hold the account in USD, speculating on BTC, but never actually holding it..or, put differently yet, are you going to be a market maker or is every single trade routed through to the BTC exchange network?
If so, are you aware that even if you say you have financial grade hardware, you might be unable to provide realtime fills?
=>Are fills guaranteed? Are stops?
How live will live trading be, i.e. how fast would executions be?
Who is your regulatory oversight?
Since you are USA based, how does it look with NFA, FDIC?
Who insures your accounts?
How large will comission (or comission disguised as spread) be?
If I remember any more of the standard questions, I'll add them, but others should have the same DD in their mind..
Hi JFU, Markets like FOREX "feel" like they have guaranteed stops due to daily liquidity of 4 Trillion dollars (In most other markets, GSL is merely a marketing term). Bitcoin economy is ~$27 million on a good day. So for forseeable future, stoploss is a best-effort algorithm. Camp BX performs real-time order matching for orders posted by users. Your account can hold both USD and BTC, and as you execute orders these balances will change to reflect the results. Once a matching order is found, the trade-execution happens on our server and is near instaneous (0.005 seconds per trade as of now). Bitcoins are not a regulated market yet so NFA / SEC are not in the picture, but our deposits are insured by FDIC. Hope this helps, Keyur |
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Umm We need more test coins to play with, I think I can probably sell 1 tBTC for over $9000  Someone just fulfilled your wish with a massive Sell order! I am surprised testnet coins are so rare though. Thank you for trying out Camp BX! - Keyur |
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I registered and received my email in plain text!
Please, change that immediately. This is completely insane. Is there any of the exchanges here with at least someone understanding basic security?
Done! Initial email with passwords was a testnet-only thing, because people tend to choose disposable, forgettable passwords for trials. We were going to disable it at livenet launch, but have gone ahead and done that now. "Forgot Password" email will be replaced with a reset-password link later this week. Thank you, Keyur |
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The CBX platform looks very nice. I am inspired by the team you have in place. I think I would feel more comfertable with a US based exchange sense Im in the US. I hope that your able to get trade volumes up. A low trade volume would be the only thing that stops me from using CBX. But it looks like there is some real talent emerging in the exchange compition. I think this could have only happened with the current events.
I too and interested in learning more about the security auditor. I also think that having a Mcafee hacker safe seal or simular would do wonders for driving traffic to your site. I know I would feel safer and the safer I feel the more likely I'll sign up. I'll be watching your progress for sure..
Thank you for your words of encouragement Sarah. We are eager to get security right, and provide full disclosure on this front so you can make an informed decision. Please stay tuned for the audit results. - Keyur |
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1. How much does it cost to borrow BTC for shorting?
2. Who are the BTC borrowed from?
3. How are you going to enforce margin calls should the need arise?
Hi MF, 1: Instead of interest, there is a flat-rate 2% charge for trades up to 31 days. 2: Just like your stock-broker, the lending for Short comes from the lending account. Where it differs from your Stock Broker though is that the proceeds from the short are held in escrow till you execute a matching Cover trade. We have automated all these transfers and calculations, so executing shorts and covers will be medium difficulty at most. Feel free to try it out and let us know your feedback. 3: Unfortunately due to the high volatility in Bitcoin market, Margin calls result in an automatic liquidation. We are eager to modify this algorithm when the market stabilizes, and offer our longstanding customers ability to post Margin. Seems like you know your trades, so here is a bonus for you: On Camp BX, you have the ability to stack and hedge your margin positions with multiple, simultaneous buy/shorts. |
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*Tries to withdraw 10000 USD*  $10,000 is a gorgeous looking number, isn't it? Thank you for trying out Camp BX; I am also eager to see how it holds up under Whitehat attacks. - Keyur PS: Modified the password policy to allow non-alphanumeric characters. |
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you can use your spare testnet coins to try us out.
how do i get these testnet coins? does not look like anything is moving, all i see are a bunch of buy orders Quickest way is to use Testnet Faucet by Gavin: it will give you enough to make one or two trades with. https://testnet.freebitcoins.appspot.com/A better option is to start your Bitcoin client with -testnet option, and mine a few hundred testnet coins (abundant and really easy to mine). Hope this helps you get started! Thank you for trying us out, Keyur |
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Slick interface. Like the ability to put in stop loss orders. Also nice Dwolla integration. Be interesting to see where this goes.
Thank you! I believe these order management features are vital to trading, so did not want to launch without them. We also have three new ground-breaking features in the pipeline that you will be pleasantly surprised to see in near future. - Keyur |
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SeriousWorm,
Unfortunately we don't have any plans for international expansion for now. We are going to focus on the USA market only.
Thank you,
Keyur
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You guys hit the site before I enabled the database! Wow this forum is fast ;-)
Please try again now.
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Hi everyone, We are opening up our new Bitcoin Trading Platform on testnet today. You will get $10,000 Monopoly money upon opening an account, and you can use your spare testnet coins to try us out. The trial is expected to last till July 5th. If you are an advanced trader, you will appreciate the features like: - Advanced Order Execution like FOK (Fill-or-Kill), (AON) All-or-Nothing orders, Stoploss
- Margin Trading (Fixed at 50% for now)
- And yes, Short Selling! It was a complex beast to implement due to the identity-blind, credit-averse nature of the Bitcoin network.
Some additional facts about the platform: We are running on a dedicated server with 8 Intel Xeon cores, and have a second server ready for deployment if necessary with a 6 hour SLA. All this is designed to ensure a fluid user experience even on high-volatility days. We have engaged a third-party security audit firm to test the site (This was already done before the Mt Gox hacking incident). This security audit is going to commence on June 27th, and we will make the audit results publicly available before opening up Camp BX for trading on livenet. About me: I know I am not a hero-member on this board, but my background is in operating and optimizing IT platforms for multi-Billion dollar Financial and Telecom companies. I have applied this experience to Camp BX, and also brought along some of my professional contacts to the table. So here we go! http://testnet.CampBX.com/Things to note: 1) Stoploss feature is disabled till liquidity improves. 2) Visual design has some rough edges that we are working on. 3) We are also working on the Documentation, which is kind of sparse as of now. We will build out the FAQ/Documentation section as we receive question via helpdesk or this thread. 4) THERE MAY BE BUGS! If we find any, we will immediately start work on fixing them, but stay away if you really really love your testnet coins. Thank you, Keyur |
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There is an exciting discussion about Floating point numbers and currency, and I am eager to reply to it! Please whitelist me, please please! I have already been a forum member for weeks.
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So the rules changed I guess! I just made a few posts last week and didn't seem to run into this restriction :-(
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People keep raving about the UI, but I find it lacking. It doesn't show you the information you want in the places you want to see it. You have to switch back and forth between pages to see your active balance, etc. It's prettier than mtgox, but don't mistake that for more functional. They have a lot of work to do. I have high hopes, but let's not king them just yet.
That was my first thought too! |
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Bad peer code that drops the connection and refuses reconnection seems like a good denial-of-service prevention measure.
My only hesitation is accidentally causing a network (and, therefore, block-chain) split if "bad" turns out to be "my peer is running a newer version of the protocol and is accidentally sending me messages I don't understand."
RE: net neutrality: if you have to worry about your bitcoin traffic being shut down, I think that problem is better solved with TOR or another network proxy solution.
Thank you Gavin - you know a whole lot more about the internals than I do at this point, so I am sure you and team will think of a couple of ideas for bad-peer blocking. I just wanted to plant the seed for this, because one wasted connection out of 8 can reduce a node's network visibility by up to 12.5% for the worst case scenario. |
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Bad Peers:I ran a few searches across the forum but could not find an answer to this: How does the Bitcoin client handle bad peers (Other than rejecting bad TX and Blocks)? If this functionality is not already built into the client, I would like to suggest this simple approach that frees up connections with bad peers: If PEER_IP sends more than REJECT_THRESHOLD malicious transactions or blocks within past 24 hours, Ban(PEER_IP) for 24 hours.Net Neutrality:Many countries around the world have poor record on net neutrality, with selective blocking and government-run snooping programs. Recent case in point: Egypt. I wholeheartedly throw my newbie support behind Madhatter's recommendations to: - Use SSL connections
- Randomizing ports at start-up
- Populating SSL connect descriptors as "Apache" and "Firefox / Internet Explorer"
Thank you!
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