Doge, are you sure that was all?!?
I am a passive investor in the house 'pot' and tally returns each night. Today I noticed something curious. Over the last 24 hrs 'investor profits' have risen about 4% (237.5-mil bits to 246.9-mil bits) but my invested funds have only risen about 1.1%. Generally I've found that these numbers should track pretty closely. Am I missing something or has there been some disconnect. By my understanding if 'investor profits' rise x% then a return on my largely static investment should closely mirror that.
Yes, that is all that occurred database wise.
The bankroll is at over 850 BTC, meaning if the bankroll profited 10 BTC (246.9 - 237.5), that would lead to each person's share of the bankroll increasing around 1.1% (10/850).
Ah, my mistake. Hope I didn't sound accusatory, was just tired and confused, lol. Anyway, love the platform. My biggest concern is security ... I really like the security features that Bitmex implements (see below). Hoping you guys got it locked down tight because I'm shoveling my btc into your investor pool. *You have an opportunity to differentiate yourself around security, but haven't seen it yet. Hoping you guys keep this front and center, even more important than growing the site.
This from a recent Bitmex e-mail:
"This weekend, Gatecoin was hacked. It appears losses may be as much as US$2M. The CEO, Aurelien Menant, is a friend of mine and a great entrepreneur. I am certain they are doing everything possible to recover the funds and get the exchange back online again quickly.
The security of user funds is our #1 priority. In light of this hack, I want to reiterate the security policies of BitMEX:
No Hot Wallet
The most common attack vector for Bitcoin exchanges is via their hot wallets. A hot wallet is a digital currency wallet where an internet exposed server has access to the private keys. A hot wallet allows users to withdraw their Bitcoin at any time without human intervention from the exchange.
BitMEX stores all customer funds using multi-signature wallets. No private keys are held on any internet exposed computer. 2 of 3 partners must manually sign each withdrawal from BitMEX. If someone hacked BitMEX.com, they would not be able to steal any customer funds.
Many exchanges do hot/cold hybrid stores, where there are withdrawal limits per-user and per-day on the hot, and it must be manually filled via the colds. This can be a good strategy, but it significantly increases complexity - the enemy of security. It appears Gatecoin had a hybrid approach, but the hackers were able to redirect deposits to the hot wallet.
Withdrawals Once Daily
Because all withdrawals must be processed manually by 2 of 3 partners, withdrawals are only processed once daily at 13:00 UTC. This allows us to manually review each withdrawal. In some cases where the user behavior is out of the ordinary, we personally contact a user to re-confirm their withdrawal.
Real-Time Auditing
BitMEX monitors the internal record and the blockchain balance of every account. We use many disparate blockchain datasources. If a conflict occurs, trading is suspended and the partners are notified.
BitMEX's trading engine sums all accounts to zero at every tick. This would normally be a very time-consuming process, but the superior financial technology used at BitMEX allows us to quickly validate every single execution as a part of the system as a whole. Even a satoshi's rounding error will cause trading to halt.
We take security very seriously. The policies above are among the most stringent at any exchange. In fact, BitMEX was the first exchange to run 100% multisignature wallets and 100% offline wallets. Despite some pressure for faster withdrawals, we have not compromised. We have found that users enjoy the peace of mind, despite the slight inconvenience."
