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Author Topic: Intersango- new bank account, iceberg, GTC/FOK/IOC orders and site updates  (Read 5686 times)
genjix
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November 01, 2011, 10:05:15 PM
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Update 04 November 2011:
We now have gained access to our HSBC records from last week. Missing deposits will be credited this weekend. A change in the format of the records means there is a slight delay in us important the statements. Accounts should be credited on Sunday. Withdrawals are still delayed, but the backlog should start and finish next week. Apologies for any delay.

HSBC problems

One week ago our HSBC account was shut down suddenly without warning overnight. According to HSBC's own Terms & Conditions: "7.1 If we wish to close your account, we will give you at least 2 months’ prior notice in writing unless there are circumstances in which we can justify ending our relationship earlier."

It is very rare for a bank account to be terminated out of the blue. The normal procedure is to give at least 30 days notification before terminating accounts. Many of the banks in the UK (Lloyds, Barclays, Natwest) state this in their T&C. Our lawyer is looking into this as HSBC has damaged our reputation and trust which we work hard to maintain. As a side effect, deposits from last week made into our HSBC account will be delayed until we are able to obtain the records (which HSBC has not handed us yet).

Lloyds TSB new account

Earlier this year, we were banking with Lloyds TSB before being asked to take our business elsewhere. We have been in contact with Lloyds TSB who have assigned us a personal account manager who is also the manager of the bank branch. It turned out the previous account manager was ill equipped to handle the scale of our volume and is a person in a call centre in Birmingham, and sees 300+ accounts a day. This time around we've been assigned a manager who handles 30 accounts a month due to the complicated nature of our operations and the scale of our turnover.

Lloyds TSB were very keen to have our operations back, and a formal complaint has been launched by the bank staff at the way we were dealt with. We were told that our treatment was totally unacceptable as we're a high value customer.

We are accepting deposits again with Lloyds TSB (details can be found on the GBP accounts page). Deposits may be a little slower than usual (possibly up to a week) as registration for their online service is underway. Once that's done, we'll be processing deposits immediately. Withdrawals may take longer as we are in the midst of transitioning out of HSBC into Lloyds. We are also in talks with a few other banks who have shown a sudden interest in our business.

Iceberg and GTC/FOK/IOC orders

We have added iceberg orders to the site. Iceberg orders allow someone to place an order without indicating the true volume of that order. Placing an order of 100 BTC with an iceberg value of 10 BTC, means only 10 BTC will ever show of that 100 BTC at a time. As the order is fulfilled, the iceberg amount will remain refilled until the remaining order amount drops under 10 BTC.

We have added two new order types (FOK and IOC).

Good Til Cancelled is your normal order type. Remains on the orderbook until it has been cancelled.

Fill Or Kill will only fill an order if a corresponding order can completely cover it.

Instant Or Cancel will place an order the orderbook much like GTC, trying to fullfill it as much as possible. It then immediately expires and the remaining order is cancelled.

Site changes

Various changes have been made throughout the site to improve the style and usability. There are more coming in the next few weeks.

Our company information has been added to the About us page. Detailed information on our fees can be found on our fees page.

Questions or suggestions can be directed to support@intersango.com . We're also available on Freenode IRC #bitcoinconsultancy (look for genjix or phantomcircuit). Business proposals should be sent to our Director, Donald Norman (donald@bitcoinconsultancy.com).

We also encourage people to register for the European Bitcoin Conference which is being held in cooperation with us, and for developers to have a look at some of our community projects such as libbitcoin or subvertx.

Amir Taaki
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November 02, 2011, 08:11:58 AM
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What are your plans for NZD?

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November 02, 2011, 08:21:53 AM
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Quote
We are accepting deposits again with Lloyds TSB (details can be found on the GBP accounts page). Deposits may be a little slower than usual (possibly up to a week) as registration for their online service is underway. Once that's done, we'll be processing deposits immediately.

I dont see any details on the GBP accounts page, is this to be added soon? or am i missing something?

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November 02, 2011, 10:55:18 AM
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Quote
We are accepting deposits again with Lloyds TSB (details can be found on the GBP accounts page). Deposits may be a little slower than usual (possibly up to a week) as registration for their online service is underway. Once that's done, we'll be processing deposits immediately.

I dont see any details on the GBP accounts page, is this to be added soon? or am i missing something?

I second this. Where are the bank details we transfer cashes too?

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November 02, 2011, 11:27:56 AM
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ONe question: are Iceberg orders available on the web interface as well? I seem to be too stupid to find them *g*

PS: @ others: Amir is currently checking the last details with their bank before the account details get posted. So they should be up, shortly.
genjix
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November 02, 2011, 11:32:52 AM
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I can confirm that the new bank is working.

Iceburg will indeed be available through the website.

I wanted to give people a progress update, since it has been a week since we last said anything, but the rest of my group wanted to check that the bank works first before we put the details up. Changes should be out later today unless Q&A finds any significant problems.

If there is a real urgency to get funds on, you can message support for the bank details.
HorseRider
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November 02, 2011, 12:35:06 PM
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congratulations

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dancupid
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November 02, 2011, 12:54:35 PM
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I can confirm that the new bank is working.

Iceburg will indeed be available through the website.

I wanted to give people a progress update, since it has been a week since we last said anything, but the rest of my group wanted to check that the bank works first before we put the details up. Changes should be out later today unless Q&A finds any significant problems.

If there is a real urgency to get funds on, you can message support for the bank details.

Keep up the good work.
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November 02, 2011, 04:34:34 PM
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genjix -

I see something on the fees page about deposits/withdrawals via Paxum, but I don't see anything in the site UI that would enable me to use Paxum.

Is that still in the works? Or am I missing something?
Gabi
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November 02, 2011, 04:37:34 PM
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Nice job!
phantomcircuit
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November 02, 2011, 05:10:08 PM
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genjix -

I see something on the fees page about deposits/withdrawals via Paxum, but I don't see anything in the site UI that would enable me to use Paxum.

Is that still in the works? Or am I missing something?

I'm overhauling the deposits system, when I'm done paxum will be supported and nearly instant.
epetroel
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November 02, 2011, 07:51:59 PM
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genjix -

I see something on the fees page about deposits/withdrawals via Paxum, but I don't see anything in the site UI that would enable me to use Paxum.

Is that still in the works? Or am I missing something?

I'm overhauling the deposits system, when I'm done paxum will be supported and nearly instant.

Very nice!  Looking forward to it.
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November 02, 2011, 07:57:36 PM
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be careful with intersango, im guessing they are the next ones to go.

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sonba
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November 02, 2011, 10:12:23 PM
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be careful with intersango, im guessing they are the next ones to go.

What do you mean with "the next ones to go"? If you think they will scam their users or such I would like to make an official bet out of it: you choose a deadline and an amount you want to bet. If intersango scams their user or looses its users Bitcoins (like bitomat.pl) I pay you - if they didn't you pay me. We can both deposit some BTC at a trusted person (suggestions welcome) and the winner gets the BTC at the end of the deadline. What do you think? Mage a suggestion for deadline and amount to bet and we can discuss the rate (e.g. you pay 1 BTC to the trustee, I pay 2 BTC or such) Smiley
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November 02, 2011, 10:23:17 PM
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I'm looking forward to this new service provider.

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joeyjoe
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November 02, 2011, 10:40:18 PM
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be careful with intersango, im guessing they are the next ones to go.

What do you mean with "the next ones to go"? If you think they will scam their users or such I would like to make an official bet out of it: you choose a deadline and an amount you want to bet. If intersango scams their user or looses its users Bitcoins (like bitomat.pl) I pay you - if they didn't you pay me. We can both deposit some BTC at a trusted person (suggestions welcome) and the winner gets the BTC at the end of the deadline. What do you think? Mage a suggestion for deadline and amount to bet and we can discuss the rate (e.g. you pay 1 BTC to the trustee, I pay 2 BTC or such) Smiley

I already found a vulnerability within their site that could of allowed me to steal the entire balance of BTC... I reported it.

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November 03, 2011, 11:06:06 AM
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Earlier today I got an email from my bank asking me to confirm a sepa transfer to Intersango:
the mail claims that the bank regularly checks outgoing international transfers and then contained the details about my transaction (amount, when I sent it, bank account, etc...) If I didn't answer that email they would cancel the transfer.
The mail was coming from a "Customer Services Expert / Fraud Office "

This was weird as this isn't my first transfer to Intersango...

I sent this transfer on a Saturday night, we're already Thursday now... If this was bitcoin it would be done already Angry

On a more positive note: keep up the great work with Intersango  Smiley

For those worrying about losing their money: use common sense, never spend more than you can afford to lose, don't keep money unused on the site and you should be safe.

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November 03, 2011, 11:20:43 AM
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be careful with intersango, im guessing they are the next ones to go.
What do you mean with "the next ones to go"?
I already found a vulnerability within their site that could of allowed me to steal the entire balance of BTC... I reported it.

  I certainly wont ask that you give more details about the vulnerability. But, 'entire balance', as in you were able to gain complete access to their wallet daemon or atleast the scripting that has access to it at a root level?

   If so, I have to give you mad props for reporting it and not robbing them blind. I do hope you were rewarded accordingly...

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
genjix
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November 03, 2011, 11:40:09 AM
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I already found a vulnerability within their site that could of allowed me to steal the entire balance of BTC... I reported it.

Us accidentally sending you bitcoins when we first newly setup the site, does not consitute a 'hacking' but is a human error, and then theft when you refused to pay the money back.

It was a change-over error which was controllable. The compensated loss was controllable due to the measures in place such as offline wallet for the actual site balance.
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November 03, 2011, 11:47:47 AM
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I already found a vulnerability within their site that could of allowed me to steal the entire balance of BTC... I reported it.

Us accidentally sending you bitcoins when we first newly setup the site, does not consitute a 'hacking' but is a human error, and then theft when you refused to pay the money back.

It was a change-over error which was controllable. The compensated loss was controllable due to the measures in place such as offline wallet for the actual site balance.

  LOL @ the 'vulnerability' then. Had me thinking he was the next uber hacker. ;p
  thanks for the update.

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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