ICBIT - New Exchange

[hazek]

Did you see? Mtgox implemented my proposals to you almost word for word. Time to up your game if you want to stay competitive!

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[[Tycho]]

And you can verify your books by getting a reputable 3rd party auditor to audit your figures and verify them for us to see.

As I remember, mtGox's user database was stolen during "3rd party audit" :)

[hazek]

And you can verify your books by getting a reputable 3rd party auditor to audit your figures and verify them for us to see.

As I remember, mtGox's user database was stolen during "3rd party audit"

I did say "reputable".. 

[Fireball]

We are finishing the move to production hosting this week, along with some changes and UI improvements. So sometimes the website may be non available.
One tester could find one rare bug in the trading engine, my personal thanks to him. I will post the changelist when those changes go live.

[Fireball]

DNS propogation in progress, the whole system is offline for now and will be offline for the next 6-12 hours while all DNS information gets updated.

You will notice how fast the system is going to work on the production hosting

[Fireball]

I need more feedback on one specific issue, which I'm being often told about. I take an example from Cryptoxchange thread https://bitcointalk.org/index.php?topic=62953.0 :

2: suck "insufficient funds" check

this weakness exists in everywhere of this system, every time you try to buy/sell/withdraw something, if the total amount more than your funds existing, you will get "You have insufficient funds" Err and your whole order is canceled.

for example, you saw an ask of 1000bitcoins at 5$, but you have only 4900$ in your account, if you make an order buy 1000btc at 5, you will see "You have insufficient funds" Err, and you didn't buy a penny of bitcoin.you need to calculate yourself every time you do it.

suggestion: let through every order client makes, if his/her funds existing isn't enough for this order, then let the valid part be executed, and mark the rest part pending or not enough fund.

What would you like to see in ICBIT? Right now, it functions as a real-world stock exchange, which only allows orders backed by money in an account.

My suggestion would be to do a "MAX" button which would automatically fill in the maximum possible value in the text box for buying/selling.

[marked]

What would you like to see in ICBIT? Right now, it functions as a real-world stock exchange, which only allows orders backed by money in an account.

My suggestion would be to do a "MAX" button which would automatically fill in the maximum possible value in the text box for buying/selling.

I like the way that btc-e.com does it.

1) click balance in either buy or sell and it fills the respective amount field with the max so it zeroes the account at the price specified in the price per btc field.

2) click calculate.

3) click buy/sell btc. 

if you don't like, type in a new price per btc, hit Calculate and you either have sufficient or insufficient funds. Either way you can then hit the balance again, and it will recalculate the amount to again zero the amount.

I cannot stand having to have excel open just to try and work out what a full amount is. That is the job of the computer, that is the job of the exchange, I should not have to trust that my sheet has the inferred formula correct, or have the fee correct, because it changed half an hour ago when tradehill went under, etc, etc.

I have numerous bit of 0.000001 aud, -0.00003btc, +0.00000016 btc, etc. in exchanges because of binary chopping to try and get to a figure that will get most of my funds transferred. How the hell I managed to get a negative in an exchange beats me, and somewhat worries me as to the calculation in the exchange matching/trading software.

marked

[Fireball]

Thanks, I will try to do it that way.

NOTE: I'm working on deploying real deposit/withdrawal functions, and I will zero all account values shortly.

[Fireball]

To those who wonders why is it taking so long for us to start real-money trading, there is a very simple answer:
we don't want things like those happened to Bitcoinica (https://bitcointalk.org/index.php?topic=66916.0 ) to happen to us, so the security of the payment gateway is given so much attention.

Also it's important to balance it finely, so that too much security measures don't affect system usability.

[Fireball]

There were about 50 deals for the recent testing period, with 400+ orders submitted from various testers.
We are wiping these test deals from the production system now, and tomorrow we are going to deploy final functional update to the server.

Further updates will be posted here and on the front page of the website.

[MPOE-PR]

Good luck to you!

[Fireball]

Those who like to experience new user interface of ICBIT could already log in to the trading floor ( https://icbit.se/WebTrade ) and see the work done by our team.
It has some minor issues which are being resolved (would take a day, or better - a night to work out), so consider this as a sneak peak preview for now

P.S. Beware of the browser cache and don't forget to hit CTRL+F5 once to totally update files contents.

[Fireball]

Thanks for those who tested the new interface yesterday, we've got a number of bugreports about usability issues, user interface imperfections. Fortunately, there are no issues related to bitcoin deposit/withdrawal except for one person whose small transaction was divided into two even smaller parts by our payment engine. Nothing to worry about, usually this won't happen.

All reported issues are fixed, so please feel free to test out the new interface, try to put up a few orders and actually trade. If something goes wrong, or you suspect something was not correct - send an email to the address shown on the front page of the website and we will deal with your problem as soon as possible.

[RaggedMonk]

When are the derivatives coming? (or did I just not find them?)

[Fireball]

First milestone is providing a good currency exchange and building up users base.
Second milestone would be enabling futures trading.

It's done this way because of two reasons:
1. There is a lack of good bitcoin exchanges.
2. Futures market requires more liquidity, so it's not a good idea to start it from scratch. Unlike futures market, currency exchange market perfectly starts from scratch.

So the faster ICBIT currency market grows, the faster futures market will be open I really hope this is a question of a few weeks.

[Fireball]

I added a tutorial with some essential information regarding the trading. https://icbit.se/node/9 - please have a look, comments are welcome of course.

[Fireball]

First part of a major update was deployed yesterday.
From user-visible changes:
 * you can now use "max Buy" and "max Sell" buttons which would put maximum amount of bitcoins you can buy at the given price (don't forget to specify price you want), and respectively maximum amount of bitcoins you can sell.
 * more meaningful error messages are returned during order placement.

Internal changes include further trading engine improvements and modifications aimed to support the new features (to be launched soon).

[Vitalik Buterin]

"Also, ICBIT is not a place for money laundering, so we are not going to enforce any AML measures like ID verification requirement."

Hehe...

[Fireball]

"Also, ICBIT is not a place for money laundering, so we are not going to enforce any AML measures like ID verification requirement."

Hehe...

Indeed it makes me quite worried if a bitcoin exchange becomes a central war place for money laundering practices. Officials should catch offenders at other places before they reach exchanges. Like, when they actually steal money, not when they try to launder...

[Fireball]

Indeed it makes me quite worried if a bitcoin exchange becomes a central war place for money laundering practices. Officials should catch offenders at other places before they reach exchanges. Like, when they actually steal money, not when they try to launder...

This is a very naive statement, in more than one way
and makes me have very serious doubt about your
ability to operate this exchange long term.

Not really, if you think of it.
1. Really sticking to AML law is required if an exchange deals directly with fiat money, by selling or buying certain goods (bitcoins in this case).
2. Fighting money laundering by requesting everyone using a bitcoin exchange who is doing a "big enough" financial operation to submit scanned(!) copies of identification documents makes me laugh. It has a few complications involved, mainly that those scanned copies can be forged. So in reality, an exchange does not fight money laundering, it just tries to collect as much evidence as possible if legal problems arise.

So my solution is to kill the root of the problem, and this is what my "naive statement" means.
As of now, my exchange deals only with Bitcoins and VouchX by AurumXchange. So directly, I don't touch fiat money, hence don't have to put up ridiculuos requests for clients to send in copies of their drivers licenses, passports, phone bills confirming their residency address, etc. Legally, the problem will be elsewhere, and I'm sure AurumXchange has good lawyers who covered their side of responsibility.