urwhatuknow
Sr. Member
 Offline
Activity: 446
Merit: 250
CAT.EX Exchange
|
 |
February 28, 2014, 04:35:33 PM |
|
i know once your hot wallet gets empty, u guys will refill it up with your cold wallet... do u guys have only 1 cold wallet or many? from what i know once a cold wallet is activated online there is risk! and then the cold wallet becomes a hot wallet too I'll leave it up to Bitfinex to give an official statement on this and the safety of the Bitcoins. I'll just share this: I know for a fact it's both offline and multisig. We have multiple offline cold wallets, so that what allegedly happened to MtGox will never happen to us (i.e. we will never "discover" one day all the coins are gone). Thanks a lot and have a good day Giancarlo Bitfinex Team |
|
|
|
|
|
flower1024
Legendary
Offline
Activity: 1428
Merit: 1000
|
|
February 28, 2014, 04:45:42 PM |
|
i know once your hot wallet gets empty, u guys will refill it up with your cold wallet... do u guys have only 1 cold wallet or many? from what i know once a cold wallet is activated online there is risk! and then the cold wallet becomes a hot wallet too I'll leave it up to Bitfinex to give an official statement on this and the safety of the Bitcoins. I'll just share this: I know for a fact it's both offline and multisig. We have multiple offline cold wallets, so that what allegedly happened to MtGox will never happen to us (i.e. we will never "discover" one day all the coins are gone). Thanks a lot and have a good day Giancarlo Bitfinex Team what do you think about gmaxwells proposal how an exchange can proof it has the coins? its more difficult in your case, as you have also funds in bitstamp: but they have commited themselve to provide such a proof so it should be possible for you also. gmaxwells proposal does not reveal how much user you have or how much fund an user owns. |
|
|
|
|
|
Sawadekub
|
|
February 28, 2014, 04:56:19 PM |
|
i know once your hot wallet gets empty, u guys will refill it up with your cold wallet... do u guys have only 1 cold wallet or many? from what i know once a cold wallet is activated online there is risk! and then the cold wallet becomes a hot wallet too I'll leave it up to Bitfinex to give an official statement on this and the safety of the Bitcoins. I'll just share this: I know for a fact it's both offline and multisig. We have multiple offline cold wallets, so that what allegedly happened to MtGox will never happen to us (i.e. we will never "discover" one day all the coins are gone). Thanks a lot and have a good day Giancarlo Bitfinex Team what do you think about gmaxwells proposal how an exchange can proof it has the coins? its more difficult in your case, as you have also funds in bitstamp: but they have commited themselve to provide such a proof so it should be possible for you also. gmaxwells proposal does not reveal how much user you have or how much fund an user owns. can u provide a link? i wanna read up on it thanks.. |
|
|
|
|
flower1024
Legendary
Offline
Activity: 1428
Merit: 1000
|
|
February 28, 2014, 05:05:18 PM |
|
what do you think about gmaxwells proposal how an exchange can proof it has the coins?
its more difficult in your case, as you have also funds in bitstamp: but they have commited themselve to provide such a proof so it should be possible for you also.
gmaxwells proposal does not reveal how much user you have or how much fund an user owns.
can u provide a link? i wanna read up on it thanks.. "In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China." |
|
|
|
|
|
Sawadekub
|
|
February 28, 2014, 05:18:33 PM |
|
what do you think about gmaxwells proposal how an exchange can proof it has the coins?
its more difficult in your case, as you have also funds in bitstamp: but they have commited themselve to provide such a proof so it should be possible for you also.
gmaxwells proposal does not reveal how much user you have or how much fund an user owns.
can u provide a link? i wanna read up on it thanks.. "In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China." looks like bitfinex is not in da list.. are we seeing any proof over here? |
|
|
|
|
urwhatuknow
Sr. Member
Offline
Activity: 446
Merit: 250
CAT.EX Exchange
|
|
February 28, 2014, 05:28:57 PM |
|
i know once your hot wallet gets empty, u guys will refill it up with your cold wallet... do u guys have only 1 cold wallet or many? from what i know once a cold wallet is activated online there is risk! and then the cold wallet becomes a hot wallet too I'll leave it up to Bitfinex to give an official statement on this and the safety of the Bitcoins. I'll just share this: I know for a fact it's both offline and multisig. We have multiple offline cold wallets, so that what allegedly happened to MtGox will never happen to us (i.e. we will never "discover" one day all the coins are gone). Thanks a lot and have a good day Giancarlo Bitfinex Team what do you think about gmaxwells proposal how an exchange can proof it has the coins? its more difficult in your case, as you have also funds in bitstamp: but they have commited themselve to provide such a proof so it should be possible for you also. gmaxwells proposal does not reveal how much user you have or how much fund an user owns. we are evaluating different proposals and ideas, but at the end of the day if we implement a system it must make sense. To prove we have access to a certain amount of coins doesn't mean anything. How can each of you be sure about the total number of coins we say we have on behalf of our customers? Every customer just knows how many coins he has, but can never be sure of what is the total we claim. Is seems easier than what it really is..... Any suggestion is as usual more than welcome Giancarlo Bitfinex Team |
|
|
|
BitCoinNutJob
Legendary
Offline
Activity: 1330
Merit: 1000
|
|
February 28, 2014, 05:33:33 PM |
|
proving large amounts of coins owned by an exchange is always nice to know even if we cant know the exact total
|
|
|
|
|
|
Rannasha
|
|
February 28, 2014, 05:37:18 PM |
|
i know once your hot wallet gets empty, u guys will refill it up with your cold wallet... do u guys have only 1 cold wallet or many? from what i know once a cold wallet is activated online there is risk! and then the cold wallet becomes a hot wallet too I'll leave it up to Bitfinex to give an official statement on this and the safety of the Bitcoins. I'll just share this: I know for a fact it's both offline and multisig. We have multiple offline cold wallets, so that what allegedly happened to MtGox will never happen to us (i.e. we will never "discover" one day all the coins are gone). Thanks a lot and have a good day Giancarlo Bitfinex Team what do you think about gmaxwells proposal how an exchange can proof it has the coins? its more difficult in your case, as you have also funds in bitstamp: but they have commited themselve to provide such a proof so it should be possible for you also. gmaxwells proposal does not reveal how much user you have or how much fund an user owns. we are evaluating different proposals and ideas, but at the end of the day if we implement a system it must make sense. To prove we have access to a certain amount of coins doesn't mean anything. How can each of you be sure about the total number of coins we say we have on behalf of our customers? Every customer just knows how many coins he has, but can never be sure of what is the total we claim. Is seems easier than what it really is..... Any suggestion is as usual more than welcome Giancarlo Bitfinex Team How about something like this: https://github.com/olalonde/blind-solvency-proof ? |
|
|
|
|
Spaceman_Spiff
Legendary
Offline
Activity: 1638
Merit: 1001
₪``Campaign Manager´´₪
|
|
February 28, 2014, 06:31:46 PM |
|
i know once your hot wallet gets empty, u guys will refill it up with your cold wallet... do u guys have only 1 cold wallet or many? from what i know once a cold wallet is activated online there is risk! and then the cold wallet becomes a hot wallet too I'll leave it up to Bitfinex to give an official statement on this and the safety of the Bitcoins. I'll just share this: I know for a fact it's both offline and multisig. We have multiple offline cold wallets, so that what allegedly happened to MtGox will never happen to us (i.e. we will never "discover" one day all the coins are gone). Thanks a lot and have a good day Giancarlo Bitfinex Team what do you think about gmaxwells proposal how an exchange can proof it has the coins? its more difficult in your case, as you have also funds in bitstamp: but they have commited themselve to provide such a proof so it should be possible for you also. gmaxwells proposal does not reveal how much user you have or how much fund an user owns. we are evaluating different proposals and ideas, but at the end of the day if we implement a system it must make sense. To prove we have access to a certain amount of coins doesn't mean anything. How can each of you be sure about the total number of coins we say we have on behalf of our customers? Every customer just knows how many coins he has, but can never be sure of what is the total we claim. Is seems easier than what it really is..... Any suggestion is as usual more than welcome Giancarlo Bitfinex Team Make a anonymized user list (I'll explain this below), publically post this list of users and their btc account balance, then sign messages to prove ownership of cold wallets. The total amount of coins in your wallets should match the total amount of coins on the list. Everybody can see their anonymized name in the list, and thus feels confident that he/she is included, and that the company has the funds. Now the anonymization part: let users chose a password for the public balance, hash that password (or perhaps the concatenation of the username and that password to ensure that a certain combination doesn't occur twice), and use that hash as the username. You could also give users the option to split their account into several anonymized usernames, if they don't like it that their total btc number is shown publically. |
|
|
|
|
flower1024
Legendary
Offline
Activity: 1428
Merit: 1000
|
|
February 28, 2014, 06:34:11 PM |
|
Make a anonymized user list (I'll explain this below), publically post this list of users and their btc account balance, then sign messages to prove ownership of cold wallets. The total amount of coins in your wallets should match the total amount of coins on the list. Everybody can see their anonymized name in the list, and thus feels confident that he/she is included, and that the company has the funds.
Now the anonymization part: let users chose a password for the public balance, hash that password (or perhaps the concatenation of the username and that password to ensure that a certain combination doesn't occur twice), and use that hash as the username. You could also give users the option to split their account into several anonymized usernames, if they don't like it that their total btc number is shown publically.
at least for the exchange and trade wallet this should be possible (and done by every exchange). borrowed funds can be at bitstamp: i dont know how to proof that. |
|
|
|
|
Sukrim
Legendary
Offline
Activity: 2618
Merit: 1011
|
|
February 28, 2014, 07:35:49 PM |
|
Make a anonymized user list (I'll explain this below), publically post this list of users and their btc account balance, then sign messages to prove ownership of cold wallets.
Anonymized or not, they could simply lie - as long as some users are not checking that they are actually on that list and verify their amounts Bitfinex might get away with leaving out somebody... However, yes, a list with some kind of hash (so I can use information I have to see which balance belongs to my account) and a balance attached for every account would be a great first step to see how many BTC/LTC/USD are actually deposited on Bitfinex in total. |
|
|
|
Ente
Legendary
Offline
Activity: 2126
Merit: 1001
|
|
February 28, 2014, 07:37:17 PM |
|
Make a anonymized user list (I'll explain this below), publically post this list of users and their btc account balance, then sign messages to prove ownership of cold wallets. The total amount of coins in your wallets should match the total amount of coins on the list. Everybody can see their anonymized name in the list, and thus feels confident that he/she is included, and that the company has the funds.
Now the anonymization part: let users chose a password for the public balance, hash that password (or perhaps the concatenation of the username and that password to ensure that a certain combination doesn't occur twice), and use that hash as the username. You could also give users the option to split their account into several anonymized usernames, if they don't like it that their total btc number is shown publically.
That's actually a good idea. I don't know how comfortable an exchange is to publish the exact number of users and bitcoins, but besides that, this looks good. Ente |
|
|
|
|
Ente
Legendary
Offline
Activity: 2126
Merit: 1001
|
|
February 28, 2014, 07:38:52 PM |
|
Make a anonymized user list (I'll explain this below), publically post this list of users and their btc account balance, then sign messages to prove ownership of cold wallets.
Anonymized or not, they could simply lie - as long as some users are not checking that they are actually on that list and verify their amounts Bitfinex might get away with leaving out somebody... However, yes, a list with some kind of hash (so I can use information I have to see which balance belongs to my account) and a balance attached for every account would be a great first step to see how many BTC/LTC/USD are actually deposited on Bitfinex in total. If an exchange cheats on a large scale, this will be noticed. The more users they ommit, the more likely to be noticed. And imagine the shitstorm when that is discovered.. Nah, an exchange would rather not publish anything than fake the list. Ente |
|
|
|
|
xyzxyzxyz
Member
Offline
Activity: 280
Merit: 10
|
|
February 28, 2014, 09:13:53 PM |
|
How do I move btc from trading to deposit? I have updated my account to be a deposit account.
|
|
|
|
|
gog1
|
|
February 28, 2014, 09:22:37 PM |
|
since bitfinex is a meta exchange, the proof I have the coin thing could be harder to implement. At any moment, some coins can be at bitstamp.
|
|
|
|
|
|
nmersulypnem
|
|
February 28, 2014, 09:25:47 PM |
|
How do I move btc from trading to deposit? I have updated my account to be a deposit account.
click "manage wallets" button |
|
|
|
|
xyzxyzxyz
Member
Offline
Activity: 280
Merit: 10
|
|
February 28, 2014, 09:53:15 PM |
|
How do I move btc from trading to deposit? I have updated my account to be a deposit account.
click "manage wallets" button Worked it out. thanks for your help. How do I insure my liquidity swap? |
|
|
|
Sukrim
Legendary
Offline
Activity: 2618
Merit: 1011
|
|
February 28, 2014, 09:59:25 PM |
|
since bitfinex is a meta exchange, the proof I have the coin thing could be harder to implement. At any moment, some coins can be at bitstamp.
They could announce that e.g. on May 1st they will be down for auditing and maintenance for 24 hours and no positions are allowed to be opened on this date or longer. Actually one day downtime every quarter to check if their books actually do balance and so on would make me more confident than the inconvenience this would of course cause. Also it happened more than once that funds ran out on Bitstamp (though mostly USD, not BTC) without causing too much problems - if pre-announced, once withdrawing from and asap replenishing the Bitstamp wallet should not be too much of a hassle? Since you can send back coins as soon as you know the transaction, you'd only have to wait for 7 confirmations (~1 hour) anyways - Bitfinex might even be able to cover this time with their own funds in the meantime. How do I move btc from trading to deposit? I have updated my account to be a deposit account.
click "manage wallets" button Worked it out. thanks for your help. How do I insure my liquidity swap? Click on Options when creating your offer and select if you want it insured, insured if there is some insurance liquidity left or (default) uninsured. |
|
|
|
|
Sawadekub
|
|
March 01, 2014, 12:43:41 AM
Last edit: March 01, 2014, 01:05:40 AM by Sawadekub |
|
Hi Bitfinex,
i have got an idea, assign an EXTRA unique ID to every users and it changes every time (u can decide x hr - xhr well maybe 24 hours according to server time perhaps?)
lets say for example my bitfinex login name is bitfinex and for that time when i login i will see an ID beside my login name for eg BFX01001 today and BFX010892 for tomorrow
TODAY!!!
BFX01001 datestamp:xxxx Total 520,173.71 USD 65.33 BTC 1.00 LTC <<<<<so after ctrl+f I AM HERE so u can provide a page that shows every one total balance and btc or usd and that person can hide their privacy too
BFX01002 datestamp:xxxx Total 120,173.71 USD 5.55 BTC 17.00 LTC <<<<<< this is another guy below WHICH I DONT KNOW
BFX01003 datestamp:xxxx Total 220,173.71 USD 6.33 BTC 10.00 LTC <<<<<< this is another guy below WHICH I DONT KNOW
BFX01004 datestamp:xxxx Total 320,173.71 USD 7.33 BTC 1.60 LTC <<<<<< this is another guy below WHICH I DONT KNOW
TOMORROW
BFX01001 datestamp:xxxx Total 1520,173.71 USD 225.33 BTC 1.00 LTC <<<<<<<<<<<<<<<<<<<<<<< THIS IS ANOTHER GUY WHICH I DONT KNOW.
BFX01002 datestamp:xxxx Total 120,173.71 USD 5.55 BTC 17.00 LTC <<<<<< this is another guy below WHICH I DONT KNOW
BFX01003 datestamp:xxxx Total 220,173.71 USD 6.33 BTC 10.00 LTC <<<<<< this is another guy below WHICH I DONT KNOW
BFX01004 datestamp:xxxx Total 320,173.71 USD 7.33 BTC 1.60 LTC <<<<<< this is another guy below WHICH I DONT KNOW
.......
BFX010892 datestamp:xxxx Total 520,173.71 USD 65.33 BTC 1.00 LTC <<<<<< I AM HERE FOR TOMORROW!!!
top of page u can put the no of usd and total BTC & LTC (for example usd 100mil BTC 300 LTC 300)
we can then take (100m - the price of BTC of that time * 300) - (the price of LTC of that time * 300) = to produce the FIAT stored in bitfinex.
about the hot wallet balance or cold wallet balance u guys can choose not to reveal because by checking BFX01001 at that time everyone will know their real balance and the website is updating in REAL TIME and data is true.. those that after checking their ID given and price dont match they can screenshot it.. and show us... so i suppose an unique ID and a time stamp VS the website for public to see also in time stamp
then screen shot can be made by masking our login user id.. the rest can show if digits are wrong when comparing =) PRIVACY is not compromised!!
the pros about this idea is.. (if u implement if..at the start we will probably check it almost everyday cuz we are same like BFX paranoia)
1. we as users can check ourself to know that data is in real time and not fake..(those that check fake can post screenshot here, so bfx costomers base will inc or decrease base on how real or fake u guys can get)
2. Bitfinex can show the public how strong they are in REAL time without compromising users privacy =)
3. bitfinex hot and cold wallet are not compromised because u can choose not to show to prevent any malicious atks or activity (but show once a week or month will be good to keep u guys in check) if u guys not showing i suggest hiring few of the experts external audits from world recognized companies to give u guys a cert of authenticity per mth or something so that only the auditors know and not us.. =)(and of course id the auditors check and things are more vs the total amount we have u guys pass. but if they check and lesser then what we owned.. then u guys have failed i guess)
the cons is.. hackers will keep trying to DDOS atks just to bring bitfinex.com down.(you guys are already using cloudflare with MANY COLD WALLETS to refill the hot wallet so what to worry?)
i believe my solution is able to work out and bring BFX more costomer thus increase in company revenue overtime..
|
|
|
|
|
|
