Camp BX Platform in Beta: Margin Trading, Short Selling, and Advanced Orders

[triforcelink]

So this only works in the US?

Why does the price chart on the homepage show 500usd for 1btc?

because we're using testnet coins, and no one is really bothering to inject more into the system, so the market value is absurdly high. Im too dumb and lazy to figure out how to generate these coins and im sure no one else really cares to either.

[MatthewLM]

Why doesn't it follow or emulate bitcoin conditions. Isn't this worthless without doing so as a testing platform? Can't really test it out properly otherwise.

[triforcelink]

Why doesn't it follow or emulate bitcoin conditions. Isn't this worthless without doing so as a testing platform? Can't really test it out properly otherwise.

ITS A CONSPIRACY TO STEAL PEOPOLE'S TESTNET COINS!

[elggawf]

I would be interested to know more about the regulatory aspects of this. Are you registered as a money service business, or whatever the hell people in the USA have to do to transmit "money"? If not, and you believe you don't have to, what is the name of the lawyer who you have on retainer who gave you this advice?

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?

I think your testnet/have-at-it approach is a excellent one, but there are some huge unanswered questions about this site's ability to operate inside the USA. I think I'd rather take my chances with hackers in Chile or Japan, than with the authorities right in the "belly of the beast" unless you've dotted all the Is and crossed all the Ts.

[hazek]

Excellent, free market at work giving us another platform that judging by my first impressions seems to have a lot of competence behind it which is always a plus. It looks slick, loads fast and so far I like my experience. I also commend your decisions to offer testing and play money before going live.

However I'm a bit turned off by the TOS which I really hope people took their time to read. I'm sure it's a standard TOS for such a platform but to me it read like it was written by some wall street lawyers in such a vicious manner where the user basically doesn't have any rights and has quite a few obligations.

I sincerely hope, for the welfare of the Bitcoin economy through a more decentralized exchange market, that you'll do everything possible to be as transparent if not 100% transparent with all of us so that we can make the best possible decisions when doing business with you. With a TOS like yours I will not use your service if that isn't going to be the case.


Oh and try and lose the gray on green cause it's really hard to read.

[Keyur @ Camp BX]

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

[Keyur @ Camp BX]

Am I winning?  

Wow!  I nominate you to replace Ben Bernanke!     

[Keyur @ Camp BX]

I would be interested to know more about the regulatory aspects of this. Are you registered as a money service business, or whatever the hell people in the USA have to do to transmit "money"? If not, and you believe you don't have to, what is the name of the lawyer who you have on retainer who gave you this advice?

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?

I think your testnet/have-at-it approach is a excellent one, but there are some huge unanswered questions about this site's ability to operate inside the USA. I think I'd rather take my chances with hackers in Chile or Japan, than with the authorities right in the "belly of the beast" unless you've dotted all the Is and crossed all the Ts.

Elgaff, I respect your opinion about which country you choose to do business with. 

But I unequivocally believe that spirit of Free Speech and Free Enterprise are strongest in the United States.  I have full confidence in what we are doing.

Take care,
       Keyur

[YoYa]

Nice site.

One thing I've noticed so far is your login message states incorrect Login id, best remove this and make it more ambiguous.

Also hoping you get the chance to facilitate international investors as well.

[chad]

But I unequivocally believe that spirit of Free Speech and Free Enterprise are strongest in the United States.  I have full confidence in what we are doing.

Take care,
       Keyur

Hi Keyur,

I disagree.  I think the USA is the hardest, most dangerous, most regulated and most likely to have legal, shutdown, seizure or similar problems.

The legal aspects of trading of virtual (goods / currency / commodities) in the USA are mirky at best.  Free speech doesn't count for much with the very tough regulations for AML, investing, banking, money transfer, and general litigious environment.  Add in the possibilities of seizures with the Patriot Act and anti-terrorism claims puts the USA (in my books) as the absolute worst environment to base a virtual  (goods / currency / commodities) trading company. 

Just my opinion. 

I do however, honestly wish you the best and much success with your venture.

[hazek]

But I unequivocally believe that spirit of Free Speech and Free Enterprise are strongest in the United States.  I have full confidence in what we are doing.

Take care,
       Keyur

LOL you can't seriously be that ignorant? Even the Chinese are more capitalist today than your good ol' land of the free and home of the brave US of A. Does having to mention compliance to the Patriot act provision in your FAQ sound American or free to you? Please..

If the quote is your company's view, not to mention you didn't address my comment on your down right vile TOS, I think I'll abstain myself from doing business with you and wait for another company that will offer some of the advanced trading options that you plan on providing. Thank you very much.

[Keyur @ Camp BX]

Excellent, free market at work giving us another platform that judging by my first impressions seems to have a lot of competence behind it which is always a plus. It looks slick, loads fast and so far I like my experience. I also commend your decisions to offer testing and play money before going live.

However I'm a bit turned off by the TOS which I really hope people took their time to read. I'm sure it's a standard TOS for such a platform but to me it read like it was written by some wall street lawyers in such a vicious manner where the user basically doesn't have any rights and has quite a few obligations.

I sincerely hope, for the welfare of the Bitcoin economy through a more decentralized exchange market, that you'll do everything possible to be as transparent if not 100% transparent with all of us so that we can make the best possible decisions when doing business with you. With a TOS like yours I will not use your service if that isn't going to be the case.


Oh and try and lose the gray on green cause it's really hard to read.

Hazek,
       Don't be turned off by the TOS language: the harsh sounding terms are targeted for elements who are trying to abuse the site for illegal activities.  In that case, we have the right to close their account and refuse their business.

We are willing to work with a client's lawyer to draft a bilateral TOS, but this is cost prohibitive so will be offered only to high-value clients.

Hope this helps,
     Keyur

PS: Removed the gray-on-green yesterday.


EDIT: Typo

[hazek]

Hazek,
       Don't be turned off by the TOS language: the harsh sounding terms are targeted for elements who are trying to abuse the site for illegal activities.  In that case, we have the right to close their account and refuse their business.

We are willing to work with a client's lawyer to draft a bilateral TOS, but this is cost prohibitive so will be offered only to high-value clients.

I'll admit that's reassuring and makes sense.

Hope this helps,
     Keyur

PS: Removed the gray-on-green yesterday.

Great.

[SlipperySlope]

What are the ordinary transaction fees to buy or sell bitcoins?  [Will you beat Mt Gox and TradeHill?] 

Will you consider a tiered fee structure for active traders.?

Are there fees for withdrawing or adding funds to my account?

I looked in the FAQ but could not see this info.

Like others I desire a trading API - hopefully subsuming the Mt Gox precedent.

[elggawf]

Keyur,

I didn't say I necessarily wouldn't use it, just that I'd like to know all the bases are covered beforehand. That's why I asked what lawyer or legal firm advised you of the legalities of operating such a business in the USA, and if you were registered as an MSB.

"Trust us, it's legit" is what E-gold, Liberty Dollars, and a bunch of others said in the past. No one wants to get burned by this, and want to make sure you've done your homework.

I do dig the site though, the hate on colorblind folks and the invalid-characters-in-passwords notwithstanding.

[Keyur @ Camp BX]

What are the ordinary transaction fees to buy or sell bitcoins?  [Will you beat Mt Gox and TradeHill?] 

Will you consider a tiered fee structure for active traders.?

Are there fees for withdrawing or adding funds to my account?

I looked in the FAQ but could not see this info.

Like others I desire a trading API - hopefully subsuming the Mt Gox precedent.

From the site.

"There is a commission of 0.55 % for advanced trades, and 2% flat-rate for margin trades (no interest charges)."

Thank you!  We will update the FAQ to show the commissions.

We are looking to compete primarily on features, not prices.  Look for three groundbreaking new features in coming months!

- Keyur

[Keyur @ Camp BX]

Keyur,

I didn't say I necessarily wouldn't use it, just that I'd like to know all the bases are covered beforehand. That's why I asked what lawyer or legal firm advised you of the legalities of operating such a business in the USA, and if you were registered as an MSB.

"Trust us, it's legit" is what E-gold, Liberty Dollars, and a bunch of others said in the past. No one wants to get burned by this, and want to make sure you've done your homework.

I do dig the site though, the hate on colorblind folks and the invalid-characters-in-passwords notwithstanding.

Elggawf,

     Thank you for your kind words!   I certainly understand your concerns, and will talk to my counsel on how best we can provide more transparency and news about the compliance program to our users.


Thank you,
     Keyur

[qikaifu]

Keyur,

I didn't say I necessarily wouldn't use it, just that I'd like to know all the bases are covered beforehand. That's why I asked what lawyer or legal firm advised you of the legalities of operating such a business in the USA, and if you were registered as an MSB.

"Trust us, it's legit" is what E-gold, Liberty Dollars, and a bunch of others said in the past. No one wants to get burned by this, and want to make sure you've done your homework.

I do dig the site though, the hate on colorblind folks and the invalid-characters-in-passwords notwithstanding.

Elggawf,

     Thank you for your kind words!   I certainly understand your concerns, and will talk to my counsel on how best we can provide more transparency and news about the compliance program to our users.


Thank you,
     Keyur

Keyur, I find your techy part of your exchange is the best among your fellow exchanges. However, I guess people still want you to cooperate with the authorities and lawyers better. For most of the bitcoin adopters, especially the investors, they don't need to hide their identity, why not be a more regulated exchange? In that way, you can accept individual traders, and you can also develop some broker network around the world, just like NASDAQ and NY exchanges.

[zby]

How can we check that the company is indeed registered in Georgia?

[Keyur @ Camp BX]

How can we check that the company is indeed registered in Georgia?

Sent you the details on Georgia Secretary of State website.   Please feel free to look us up.

Thank you,
     Keyur