has ANY bitcoin exchange not been hacked?

[caveden]

I don't know if there would be any interest in an exchange with 100% cold storage and delayed withdraws.

Most bank transfer take ~24h, so I'd say people might tolerate if you manage to execute them daily. Assuming you explain the reason well enough.

EDIT: A very-small hot wallet, which would frequently get depleted, but that could be refunded daily too, might be even better. By very-low I mean with an amount that you could assure you can refund from your own pockets in case of a hack.

[1714849974]

1714849974

[smickles]

Tangible Cryptography isn't an exchange more like a Bitcoin broker but we haven't been hacked.

I guess we are just too quaint and low tech.  You know 100% cold storage, batch processing of orders with manual verification, enterprise grade database with host based encryption, and GPG protected messaging.  All that boring stuff.

I wonder if we should consider opening an exchange? 
I don't know if there would be any interest in an exchange with 100% cold storage and delayed withdraws.

Are you kidding? That would be much better than an exchange which uses a hot wallet.

[SgtSpike]

I don't know if there would be any interest in an exchange with 100% cold storage and delayed withdraws.

Most bank transfer take ~24h, so I'd say people might tolerate if you manage to execute them daily. Assuming you explain the reason well enough.

EDIT: A very-small hot wallet, which would frequently get depleted, but that could be refunded daily too, might be even better. By very-low I mean with an amount that you could assure you can refund from your own pockets in case of a hack.

This is what it pretty much comes down to.  No exchange should operate with a hot wallet larger than the exchange operator is willing to reimburse out of their own pocket.  Everything else goes into cold storage.  If the exchange operator doesn't want to reimburse anything in the event of a hack, then they shouldn't have a hot wallet.  Period.

At this point, it's not a question of if an exchange will be hacked, it is a question of when, and what the procedures of the exchange will be afterward.

[Phinnaeus Gage]

I dont think cryptoxchange.com has been hacked.

I'm in!

I wonder what's the over/under on it being hacked within the next 60 days. Now, what is the name of that Bitcoin future event betting site?

~Bruno~ (not cackling)

[bigasic]

Bitfloor totally smells like an inside job. I'm not a security expert, but the timing of events seem to just, well, stinks...

It seems like all these companies that are only making a couple grand a month are just too tempted when they have access to tens of thousands of bitcoins and then blame the events on a mysterious "hacker"..

The most logical choice is that most of them have been inside jobs, if not all of them...

[paulie_w]

exit strategy

[Bitcoin Oz]

Tangible Cryptography isn't an exchange more like a Bitcoin broker but we haven't been hacked.

I guess we are just too quaint and low tech.  You know 100% cold storage, batch processing of orders with manual verification, enterprise grade database with host based encryption, and GPG protected messaging.  All that boring stuff.

I wonder if we should consider opening an exchange? 
I don't know if there would be any interest in an exchange with 100% cold storage and delayed withdraws.

I would use it primarily because there is no hot wallet to steal. This means if a hack happens you wont need to "redistribute" the remaining funds equally to all account holders and for everyone to take  a haircut to cover the loss. I would use this over any other web wallet service. 

[Bitcoin Oz]

I dont think cryptoxchange.com has been hacked.

I'm in!

I wonder what's the over/under on it being hacked within the next 60 days. Now, what is the name of that Bitcoin future event betting site?

~Bruno~ (not cackling)

The main problem with them is the liquidity is terrible. But they have spent a lot of money on enterprise level security which doesnt come cheap. People who think you can open an exchange without any cost are retarded.

They have had situations where bank accounts were stolen and the thief tried to withdraw thousands of dollars but because of security measures in place they lost very little.