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CoinsOrDie
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March 14, 2014, 06:37:29 PM |
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I think what I would like the most is an exchange that is run by people that have proper integrity. I'm even fine with it being run anonymously as long as they can clearly show that they are credible. It would help if they are skilled early adopters that are economically independent so that they don't do any desperate bullshit or marketing. Once the exchange is big, they would get a huge return on investment anyway.
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QuestionAuthority
Legendary
 Offline
Activity: 2156
Merit: 1393
You lead and I'll watch you walk away.
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March 14, 2014, 06:41:18 PM |
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What about a solvency page that lists all holding of the site and shows the total in the accounts and the total on hand for all currencies and i have the system run an update once a day to calculate the amounts? Good idea???
Yeah, that would be impossible to game, especially for a coder with the ability to set up an exchange. What about an exchange in your local neighborhood where you can walk in between 8am and 5pm and conduct your business. They could even have machines on the outside of the building that will allow you to get Bitcoins after hours if you have an account. Hmm ok good point. I do welcome anyone to come visit me but idk if wasting $ on a storefront is wortwhiworthwhile... hhmmmmm something to ponder... LOL I was just teasing. I described the way a bank operates. Everyone here is listing criterion that makes a Bitcoin exchange as secure as a bank. That's not likely to happen anytime soon. Banks get their security and stability from government oversight and financial backing in the form of taxation funded deposit insurance. Bitcoin is attempting to go another direction. I think it's impossible to have a Bitcoin exchange that is secure enough to satisfy all users and remain a decentralized oversight free system of value transfer. If you want a bank build a bank but accept all of its flaws without complaint. |
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ByronP
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March 14, 2014, 06:45:31 PM |
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Yea I don't think the world is ready for bitcoin banks per se, they would go under quickly and there is no one that is going to insure it. The best I can do with all my lawyers and digging is making sure that USD is insured under FDIC through our primary bank.
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Armis (OP)
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March 14, 2014, 07:13:02 PM |
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what do you mean by "no bots" also, I visited Atomic-trade I liked what they had to say but they still left a lot to trust, I saw no insurance, no bond, no security deposit, no proof of solvency, no visible audit via block chain protocol, no photos with CV of the owners, directors, key employees, no community certification, no affidavit of proper business history (Mt Gox Pres was convicted of fraud prior to the purchase of Mt. Gox) ... Please visit the company info page https://www.atomic-trade.com/about and look at the bottom of the page. Please also note that unlike gox we will NEVER operate on users funds so solvency is and will never be an issue. The site is still under construction (and probably always will be) however auditing and reporting pages will be created at some point so as not to be a gox. I'm not a PR guy so i hope that answers some questions people have. P.S. Please also note that because we are completely solvent that even our trade fees go back to our users for FREE via our ATP program. https://www.atomic-trade.com/RewardsThanks for the reply, I looked at everything that was publicly available to see. The site gives unsupported promises, what I suggested and what this thread is all about is a higher level of integrity, like promises that are supported by higher and better security. It's your business, do as you wish however, all of today's industry norms are quickly becoming the way of the past, if you want to be ready for the fast approaching future I recommend heeding some of my suggestions. Tell me exactly what you want to see and i will get on it because "unsupported promises" is kind of vague. Thank You Sure, 1) if you claim to have 5 employees/partners, support that with photos and info on each (about us pg), this is old current standard, the new current standard would be to have an affidavit sworn or affirmed to by each indicating that they ... [are not a bad guy, or is a reformed bad guy, ...], pdf all of the already public info like lic, etc so that the community could better know you 2) you could provide insurance on the company, the insurance could be in different forms: general liability, officer E/O, employee bonding, etc whatever you deem to be fitting 3) community certification, start a poll thread (if not done already) that asks the community to rate you, provide the star rating on your site 4) used the blockchain to prove assets, solvency, a signed transaction, on a regular basis. ie: 50Kbtc represents daily avg 'atomic trade', 5000K btc represents 50% of assets on hand 'atomic trade' 5) provide for outside security audits quarterly, and whole system audits (financial, security, customer service, policy, procedures) annually 6) give customers the option to have signed transactions in which With the above you can make tremendous claims and have a tremendous amount of supporting evidence to go with it. That level of accountability, transparency, security, and communications is worthy of community regard, and market share. With that and many other things, you will LEAD the industry with higher quality standards. |
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Armis (OP)
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March 14, 2014, 07:14:41 PM |
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Yea I don't think the world is ready for bitcoin banks per se, they would go under quickly and there is no one that is going to insure it. The best I can do with all my lawyers and digging is making sure that USD is insured under FDIC through our primary bank.
I believe there are two bitcoin banks in the world |
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ByronP
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March 14, 2014, 07:22:36 PM |
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what do you mean by "no bots" also, I visited Atomic-trade I liked what they had to say but they still left a lot to trust, I saw no insurance, no bond, no security deposit, no proof of solvency, no visible audit via block chain protocol, no photos with CV of the owners, directors, key employees, no community certification, no affidavit of proper business history (Mt Gox Pres was convicted of fraud prior to the purchase of Mt. Gox) ... Please visit the company info page https://www.atomic-trade.com/about and look at the bottom of the page. Please also note that unlike gox we will NEVER operate on users funds so solvency is and will never be an issue. The site is still under construction (and probably always will be) however auditing and reporting pages will be created at some point so as not to be a gox. I'm not a PR guy so i hope that answers some questions people have. P.S. Please also note that because we are completely solvent that even our trade fees go back to our users for FREE via our ATP program. https://www.atomic-trade.com/RewardsThanks for the reply, I looked at everything that was publicly available to see. The site gives unsupported promises, what I suggested and what this thread is all about is a higher level of integrity, like promises that are supported by higher and better security. It's your business, do as you wish however, all of today's industry norms are quickly becoming the way of the past, if you want to be ready for the fast approaching future I recommend heeding some of my suggestions. Tell me exactly what you want to see and i will get on it because "unsupported promises" is kind of vague. Thank You Sure, 1) if you claim to have 5 employees/partners, support that with photos and info on each (about us pg), this is old current standard, the new current standard would be to have an affidavit sworn or affirmed to by each indicating that they ... [are not a bad guy, or is a reformed bad guy, ...], pdf all of the already public info like lic, etc so that the community could better know you 2) you could provide insurance on the company, the insurance could be in different forms: general liability, officer E/O, employee bonding, etc whatever you deem to be fitting 3) community certification, start a poll thread (if not done already) that asks the community to rate you, provide the star rating on your site 4) used the blockchain to prove assets, solvency, a signed transaction, on a regular basis. ie: 50Kbtc represents daily avg 'atomic trade', 5000K btc represents 50% of assets on hand 'atomic trade' 5) provide for outside security audits quarterly, and whole system audits (financial, security, customer service, policy, procedures) annually 6) give customers the option to have signed transactions in which With the above you can make tremendous claims and have a tremendous amount of supporting evidence to go with it. That level of accountability, transparency, security, and communications is worthy of community regard, and market share. With that and many other things, you will LEAD the industry with higher quality standards. Thank you those are great suggestions :-) |
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Armis (OP)
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March 14, 2014, 07:33:06 PM |
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What about a solvency page that lists all holding of the site and shows the total in the accounts and the total on hand for all currencies and i have the system run an update once a day to calculate the amounts? Good idea???
Yeah, that would be impossible to game, especially for a coder with the ability to set up an exchange. What about an exchange in your local neighborhood where you can walk in between 8am and 5pm and conduct your business. They could even have machines on the outside of the building that will allow you to get Bitcoins after hours if you have an account. Hmm ok good point. I do welcome anyone to come visit me but idk if wasting $ on a storefront is wortwhiworthwhile... hhmmmmm something to ponder... LOL I was just teasing. I described the way a bank operates. Everyone here is listing criterion that makes a Bitcoin exchange as secure as a bank. That's not likely to happen anytime soon. Banks get their security and stability from government oversight and financial backing in the form of taxation funded deposit insurance. Bitcoin is attempting to go another direction. I think it's impossible to have a Bitcoin exchange that is secure enough to satisfy all users and remain a decentralized oversight free system of value transfer. If you want a bank build a bank but accept all of its flaws without complaint. hahahaha, you think the banks ALWAYS had the standards, insurance, policies, and procedures that they do now? Of course not. Just like btc banks sprung up close to where gold mines and trade exchanges were at. And many times employees, officers, and even owners got sticky fingers. If we don't know, appreciate, or learn from our history we will repeat it over and over again. BTC doesn't have the luxury of a country to back it so everything relies on the faith of the btc holders to support it. As you chip away at that community faith with major or countless minor losses, btc holders eventually give up the faith. I didn't lose a dime with gox, but I certainly learned the lesson. |
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TheButterZone
Legendary
Offline
Activity: 3066
Merit: 1032
RIP Mommy
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March 14, 2014, 11:37:26 PM |
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Saying that you don't trust someone because of their behavior is completely valid.
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Armis (OP)
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March 15, 2014, 04:03:43 AM |
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what do you mean by "no bots" also, I visited Atomic-trade I liked what they had to say but they still left a lot to trust, I saw no insurance, no bond, no security deposit, no proof of solvency, no visible audit via block chain protocol, no photos with CV of the owners, directors, key employees, no community certification, no affidavit of proper business history (Mt Gox Pres was convicted of fraud prior to the purchase of Mt. Gox) ... Please visit the company info page https://www.atomic-trade.com/about and look at the bottom of the page. Please also note that unlike gox we will NEVER operate on users funds so solvency is and will never be an issue. The site is still under construction (and probably always will be) however auditing and reporting pages will be created at some point so as not to be a gox. I'm not a PR guy so i hope that answers some questions people have. P.S. Please also note that because we are completely solvent that even our trade fees go back to our users for FREE via our ATP program. https://www.atomic-trade.com/RewardsThanks for the reply, I looked at everything that was publicly available to see. The site gives unsupported promises, what I suggested and what this thread is all about is a higher level of integrity, like promises that are supported by higher and better security. It's your business, do as you wish however, all of today's industry norms are quickly becoming the way of the past, if you want to be ready for the fast approaching future I recommend heeding some of my suggestions. Tell me exactly what you want to see and i will get on it because "unsupported promises" is kind of vague. Thank You Sure, 1) if you claim to have 5 employees/partners, support that with photos and info on each (about us pg), this is old current standard, the new current standard would be to have an affidavit sworn or affirmed to by each indicating that they ... [are not a bad guy, or is a reformed bad guy, ...], pdf all of the already public info like lic, etc so that the community could better know you 2) you could provide insurance on the company, the insurance could be in different forms: general liability, officer E/O, employee bonding, etc whatever you deem to be fitting 3) community certification, start a poll thread (if not done already) that asks the community to rate you, provide the star rating on your site 4) used the blockchain to prove assets, solvency, a signed transaction, on a regular basis. ie: 50Kbtc represents daily avg 'atomic trade', 5000K btc represents 50% of assets on hand 'atomic trade' 5) provide for outside security audits quarterly, and whole system audits (financial, security, customer service, policy, procedures) annually 6) give customers the option to have signed transactions in which With the above you can make tremendous claims and have a tremendous amount of supporting evidence to go with it. That level of accountability, transparency, security, and communications is worthy of community regard, and market share. With that and many other things, you will LEAD the industry with higher quality standards. Thank you those are great suggestions :-) Here is a practical example of one of the applications, notice when it was done, it should have been reported upon completions, however notice that they choose to post it publicly after they acknowledged the MT Gox disaster. https://www.bitstamp.net6th March, 2014 Statement regarding recent third party audit report Dear Bitstamp clients, On November 22nd and 23rd, 2013 an on site due diligence was carried out in respect of Bitstamp Ltd. on behalf of a 3rd party. Bitstamp’s balance of BTC was validated by temporarily creating the largest single Bitcoin wallet and in the process the largest Bitcoin transaction in history. The report identified that Bitstamp held 100% of validated BTC balance and USD funds. No material issues were raised as a consequence of the 3rd party’s investigations. Original statement Best regards, Bitstamp team |
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