Sorry, that was a paste of a transaction, not an order. But I guess that's ok -- I'm also wondering what the status field means on transactions.

what is the interpretation of the status field on orders?

{
   "success":1,
   "return":{
      "1081672":{
         "type":1,
         "amount":1.00000000,
         "currency":"BTC",
         "desc":"BTC Payment",
         "status":2,
         "timestamp":1342448420
      }
   }
}

it can also be 0 and presumably 1

That's a really low deposit limit. Is there a reason it's so low?

Yes, the fees are dirt cheap. There is a $5000 limit per transaction however.

cash deposit @ Chase or Wells Fargo into bitfloor. No fee, tight spreads. Of course, the exchange happens to be down right at the moment...

If you use Chase or Wells Fargo you can instantly deposit to bitfloor.

For mtgox, Dwolla is essentially free and it should work with just about any bank (they all support ACH).

I use Ally bank as well. They have $20 wire fees for both domestic and international. It's not a great domestic rate, but it's comparably good for international.

I will buy up to 1000BTC of bitfloor debt at 25% of face value.

Cool. I guess in theory I could have done this before by encrypting my API key with a passphrase, but this is much easier.

Doesn't this also mean that if we want, users can require typing in the passphrase whenever starting up our custom apps? That way the "keys to the kingdom" are not simply laying around on my computer's hard drive.

Interesting. It's kind of like in the real world financial markets, where the trade is made on paper, and then when it "clears" a few days later, that's when the funds and securities actually change hands. It's a neat idea. But as another post points out, how to ensure people follow through funding their trades? (and most important, ensure that they follow through on the losing trades as well as the winning ones

1@3

Relevant comment from a newbie thread:

https://bitcointalk.org/index.php?topic=106234.0

There's definitely profit to be made by coming up with a way to keep coins that is both secure and easy to use (but not necessarily cheap or free!).

I've personally met Roman a number of times, and even worked with him on a project (thewalletlist.com). I have significant funds with bitfloor (mostly USD, 5 figures), and I'm not at all concerned that he's going to run off with any of it. Dunno if that helps reassure at all. I totally understand the suspicion -- it's easy to get frightened and let your imagination run wild when your money hangs in the balance.

Also knowing Roman, $250k is probably not all that much money to him. It seems totally counter to his interests for him to destroy his reputation in the bitcoin world for what amounts to a mediocre sum. On the other hand, he has a lot to gain by resolving this situation responsibly (and ideally, without bankruptcy) and earning a good chunk of reputation and trust. I'm convinced he will do so, enough so that I'd gladly take the "Roman is not a thief" side of a betting contract .

As far as the future...

It would be sad to see Bitfloor fold! It has a lot of good aspects, most notably it has far and away the best exchange technology platform. I'm talking about the matching engine design and algorithms and apis, not the security obviously. I say this having done automated trading with mtgox, campbx, virwox, and tradehill -- in my view bitfloor is a large step ahead of all of these.

On the other hand, an exchange is more than just a fast matching engine. It needs a whole supporting team; legal, banking, accounting, security, marketing etc. This may be the wakeup call Roman needs to see that Bitfloor may benefit from some help. I've long thought that a partnership where Roman handles the exchange technology, and others deal with other components, could produce something really robust and good. Whether that means hiring other people, selling out to another exchange, or just leasing technology/support to an exchange; I'm not sure.

For getting out of the immediate slump -- my favorite idea so far is for Roman to raise funds by selling preferred shares -- equity & debt -- to bring on small handful of investors (including yours truly . He should maintain more than 50% equity for sure, so the shares can be mostly debt with a smallish equity component. The debt should be countersigned by Roman personally and probably repay aggressively i.e. 100% of revenues until it's been fully repaid. With an arrangement like this I expect he can attract enough investors to make this just a bump in the road for Bitfloor.

Either/both of these would be great, as far as I'm concerned.

Fizz, I really appreciate the timely updates. And the coins!

Would it be possible for you to also send updates to an opt-in email list? I don't check bitcointalk all that often and their notifications stop working as soon as I don't follow up (read: click) on one of them.

I would also be happy to have the option to subscribe to an rss feed somewhere.

Um.. did you do.something? It's fixed now.

I'm having a small problem with bitcoinspinner.. I sent some coins to my spinner address a while back yet they never made it out of limbo. Spinner shows them as "coins on their way to you" and has for days.

I checked on blockchain.info and the address does in fact have coins, and the transaction has 500+ confirmations. Any idea what could be the problem?

Note that gox only charges on one side of the trade (don't remember which). So if you're trading both directions, the effective rate is half what's posted. If you do a lot of volume & can get past the critical 10000BTC/month number, you can get it down in the vicinity of 0.15%.

https://mtgox.com/fee-schedule

In my experience, even at such rates, automated market making on gox is highly competitive and I wouldn't be surprised if it's negative expectancy in the long run (a lot of gung-ho people who see a small profit every day but don't account for tail risks). But if you know what you're doing, as you sound like you do, you might be able to make a small profit.

Bitfloor has better rates (including rebates for providers), but their volumes are crazy low.



There are some exchanges out there that do this sort of deal-making. CampBX comes to mind. I think it hurts the exchange in the long run, because people are suspicious of an exchange providing special treatment to a non-disclosed set of members. I also think you'll find mtgox and the other highish-volume exchanges want to stick to what's posted. If you find out otherwise, I'd be interested to hear about it .

If you want to make some money and have access to low-commission currency exchange, I would draw your attention to cross-exchange-cross-currency arb. It's hard to do (mostly because of old-world financial red tape), and that makes it much less competitive.