Sukrim
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May 26, 2015, 12:41:08 PM |
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Well, they can use their USD to buy lots of BTC, do a positive crypto-only audit, sell again and keep on running on fractional reserve (if that's what they do, which I don't believe). Unless there is a fiat AND crypto audit at the same time, audits are pretty useless.
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Dalmar
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May 26, 2015, 01:10:03 PM |
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Well, they can use their USD to buy lots of BTC, do a positive crypto-only audit, sell again and keep on running on fractional reserve (if that's what they do, which I don't believe). Unless there is a fiat AND crypto audit at the same time, audits are pretty useless.
Both a fiat & crypto audit would be best, but a crypto-only audit is better than nothing. |
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Indamuck
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May 26, 2015, 01:32:47 PM |
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Has there been any update since the compromise?!?
It seems I'm missing a couple 'dust deposits,' and I have several that are pending for my old address. Obvious concern is that all deposits to BFX are vulnerable ... what to do?
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Sukrim
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May 26, 2015, 02:00:07 PM |
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a crypto-only audit is better than nothing.
A crypto (or fiat) only audit is meaningless, as I just wrote: It is easily possible to cover the other side by insider trading. |
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Dalmar
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May 26, 2015, 02:01:30 PM |
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IIRC they had issues with finding traditional fiat auditing firms willing to do work on a bitcoin exchange.
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Sukrim
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Activity: 2618
Merit: 1007
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May 26, 2015, 02:09:56 PM |
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They could just do the same as they did with their crypto audits but release a bank statement instead of a proof of control over private keys.
Also a long time has passed since then and they should at least be able internally to balance their books - something which can be published too.
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HowardF
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I do Stuff, and stuff.....
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May 26, 2015, 04:05:27 PM |
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the fact that ppl still lend out there bitcoin for 0.02% per day confuses me because you can lend out your btc for more at poloniex
The fact that people still hold on to the hope that bitcoin is going "To TEH MOON!!!!!1!!1" and lend BTC instead of switching it to USD and making much better returns confuses me.... |
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Sukrim
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May 27, 2015, 09:37:21 AM |
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Just like your refusal to integrate FRR into your lending bot strategy...  It might be easier to withdraw BTC off of Bitfinex if something gets messed up, they might hope for interest spikes in the BTC market, have a local currency that is much stronger than the USD (so keeping USD would loose you money), lending out BTC is equal to profiting from shorting, they might have enough BTC that it is hard to convert them to USD without moving the market and there is another significant loss when converting back htat might not offset the higher interest... |
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SebastianJu
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May 27, 2015, 10:43:59 AM |
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the fact that ppl still lend out there bitcoin for 0.02% per day confuses me because you can lend out your btc for more at poloniex
The fact that people still hold on to the hope that bitcoin is going "To TEH MOON!!!!!1!!1" and lend BTC instead of switching it to USD and making much better returns confuses me.... Though the rate for lending USD dropped nearly half of its value. The question is how to interprete this. Does it mean that many believe the price will go up really now, so that they dont have spare USD to lend, and there are not so many users anymore that want to lend USD because of that too? When thinking that part of the price development is how the market participants think about how the market will move, then this should be a thing to think about. What do you think about why the rates are how they are? |
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Dalmar
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May 27, 2015, 11:14:44 AM |
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Many of them are just BTC bag holders from higher prices who are unwilling to sell.
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Dunkelheit667
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Activity: 1045
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no degradation
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May 27, 2015, 10:20:40 PM |
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Not sure if the new support staff is following this thread... However, there is something wrong with your system/API: BTC Swappable balance: x.xxxxxxxx 18502256  I'm am not an expert but the smallest fraction of a BTC should be 0.00000001 BTC, right? |
"And the machine keeps pushing time through the cogs, like paste into strings into paste again, and only the machine keeps using time to make time to make time.
And when the machine stops, time is an illusion that we created free will." - an unnamed Hybrid
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Sukrim
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Activity: 2618
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May 28, 2015, 12:58:37 AM |
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Afaik they either use floats internally or at least in the UI.
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Dunkelheit667
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Activity: 1045
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no degradation
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May 28, 2015, 01:27:07 AM |
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I've never seen more than eight decimal places before (using the API). The root cause in my case seems to be a swap taken on May 27th with 16 decimal places (API and UI). However, the following swaps have eight again. Strange... whatever they use internally, there was a hickup. At least from now on I can claim holding a fraction of one Satoshi. |
"And the machine keeps pushing time through the cogs, like paste into strings into paste again, and only the machine keeps using time to make time to make time.
And when the machine stops, time is an illusion that we created free will." - an unnamed Hybrid
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noobtrader
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May 28, 2015, 02:50:26 AM |
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the fact that ppl still lend out there bitcoin for 0.02% per day confuses me because you can lend out your btc for more at poloniex
The fact that people still hold on to the hope that bitcoin is going "To TEH MOON!!!!!1!!1" and lend BTC instead of switching it to USD and making much better returns confuses me.... you were right, if they really think btc going to da moon. they should buy btc more, not lend btc for peanut. unless they were whale and they lending btc at peanut rates so everyone can short btc and keep the price low |
"...I suspect we need a better incentive for users to run nodes instead of relying solely on altruism...", satoshi@vistomail.com |
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Indamuck
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May 28, 2015, 07:43:53 AM |
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you were right, if they really think btc going to da moon. they should buy btc more, not lend btc for peanut. unless they were whale and they lending btc at peanut rates so everyone can short btc and keep the price low
Actually, you are very wrong here. Warren Buffett made the same point about those who short the stocks that he owns: he loves it, and loves to lend them stock so that they can sell more. Why? Because he wants to buy more, as cheaply as he can. The shorts pay him interest, and pressure the stock so that he can load up at a more attractive price. Similarly BTC accumulators - those who are buyiing btc consistently - would like to see btc price stay 'low' for as long as possible, in order that they have enough time to accumulate as much as they can, as cheaply as they can. I'm somewhat in that boat, preffering that we maintain low prices for an extended period while I continue to accumulate. If btc price rockets tomorrow, sadly i will not have bought enough! |
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fathur01
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May 30, 2015, 02:17:44 PM |
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Can I take lower rates swaps and re-land them at a higher rate?
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SebastianJu
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May 30, 2015, 06:56:18 PM |
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Can I take lower rates swaps and re-land them at a higher rate?
No, i asked that before. You only can use the lend money to margin trade. I think it would be good if possible since it would lower the price spread of the lending money order book. |
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WINNIE_POOL
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June 18, 2015, 12:15:44 AM |
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withdraw 18 BTC to my wallet pending > 30 minutes  How long time to process it? Last time, it still 1 minute |
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ejinte
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June 18, 2015, 01:09:04 AM |
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withdraw 18 BTC to my wallet pending > 30 minutes How long time to process it? Last time, it still 1 minute Usually it's included in the next block. You got it already, don't you? |
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Hunyadi
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June 18, 2015, 08:01:10 AM |
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withdraw 18 BTC to my wallet pending > 30 minutes How long time to process it? Last time, it still 1 minute Usually it's included in the next block. You got it already, don't you? Their hot wallet might be empty. I have waited over 1 hour already...  |
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