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Author Topic: KYE (Know Your Exchange): BitFloor  (Read 7006 times)
Yankee (BitInstant)
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Charlie 'Van Bitcoin' Shrem


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July 20, 2012, 05:51:44 AM
 #41

I simply don't understand that statement.
I'm not much of a poker player, but here is the explanation: the verbal slipups like "I" vs. "our company" or "he works for me" vs. "he works with us", etc. are a "tell", especially in the fin-serv racket.

Because he's an idiot.
Dude, you earned exactly zero brownie points for this observation. I know that and everyone who reads my posts also knows that already:

I'm such an idiot.
JDBound is a trooper and we mutually agreed to delete our posts where I uttered ex parte stuff.

Let me rephrase.

Bitinstant does not accept money orders at this time nor has it ever. When I say "I" being the managing member and CEO of the company, I am speaking on behalf of the company.

I will tell you that on some of your earlier posts about account segregation, you are correct. Most Bitcoin business do not do enough KYC and due diligence.

We pride ourselves on our legal team and trying to do the right thing. To date, we have never scammed anyone and our pictures, address and phone numbers are on Bitinstant.com

Thanks for looking out

Charlie

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
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Stephen Gornick
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July 20, 2012, 06:01:49 AM
 #42

I am aware of one Bitcoin exchange that accepts money orders Camp BX (unless they have removed this method recently).

To confirm, Camp BX shows:

Quote
USPS Money Orders are the fastest non-electronic deposit method for CampBX. Please write your CampBX account name, registered email ID, and full address on your Money Order.

Money Orders without proper "From" address will not be accepted due to compliance requirements

 - https://campbx.com/in/xfer.php

augustocroppo
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July 20, 2012, 04:29:47 PM
 #43

We pride ourselves on our legal team and trying to do the right thing. To date, we have never scammed anyone and our pictures, address and phone numbers are on Bitinstant.com.

[sarcasm]

Nice, I can trust in the Bitinstant enterprise as long the photos are there:



Wait, I do not like Mr Nelson's hair dressing! It look like his hair was lick by a cow or a dog. I recommend Mr Nelson give it up the hair gel or his customers are going to become suspicious of what he is doing with the Bitinstant transactions.



Mr Shrem with his red eyes and open shirt is very suspicious. The hair dressing is all right, but I still have the sensation that Mr Shrem is a 24h drunk Russian laundering money in North-America.



Well done Mr Ver, well done! The only problem is the tie... It look like one of the cheap tie which my grandfather used to dress for the church attendance. I would never trust money to church attendants...



Finally a man which seems a gentleman. Now I can trust completely in the Bitinstant enterprise since I know there is Mr Voorhees, a gentleman which is "trying to do the right thing".

[/sarcasm]

https://www.bitinstant.com/aboutus
rjk
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1ngldh


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July 20, 2012, 05:05:09 PM
 #44

LOL

Mining Rig Extraordinaire - the Trenton BPX6806 18-slot PCIe backplane [PICS] Dead project is dead, all hail the coming of the mighty ASIC!
Yankee (BitInstant)
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Charlie 'Van Bitcoin' Shrem


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July 20, 2012, 06:21:17 PM
 #45

We pride ourselves on our legal team and trying to do the right thing. To date, we have never scammed anyone and our pictures, address and phone numbers are on Bitinstant.com.

[sarcasm]

Nice, I can trust in the Bitinstant enterprise as long the photos are there:



Wait, I do not like Mr Nelson's hair dressing! It look like his hair was lick by a cow or a dog. I recommend Mr Nelson give it up the hair gel or his customers are going to become suspicious of what he is doing with the Bitinstant transactions.



Mr Shrem with his red eyes and open shirt is very suspicious. The hair dressing is all right, but I still have the sensation that Mr Shrem is a 24h drunk Russian laundering money in North-America.



Well done Mr Ver, well done! The only problem is the tie... It look like one of the cheap tie which my grandfather used to dress for the church attendance. I would never trust money to church attendants...



Finally a man which seems a gentleman. Now I can trust completely in the Bitinstant enterprise since I know there is Mr Voorhees, a gentleman which is "trying to do the right thing".

[/sarcasm]

https://www.bitinstant.com/aboutus

LOVE IT!!!!!!!!

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
EnergyVampire
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July 29, 2012, 07:38:30 PM
 #46

Quote from: 2112
I'm more concerned how long the Bitcoin itself (and the its core development team) can survive serving two masters. I see a quite clear split in the community of Bitcoin users into the pro-law and pro-anarchy camps.

I can see the clear split as well but both camps can use bitcoin as-is in perfect harmony. I believe the money exchangers can't serve both camps though and ,as with any other business, the bottom line may force them decide. As time goes by, the two models will probably be
  • Compliant, High volume, Small profit margins, Large business
  • Incompliant, Low volume, Large profit margins, Small business

Btw, what is your relationship and/or vested interest in Camp BX?

2112
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July 30, 2012, 01:10:13 AM
 #47

Btw, what is your relationship and/or vested interest in Camp BX?
None. I don't know nor cooperate with anyone active on this forum nor any primarily-Bitcoin entity. I prefer to remain a "disinterested party" with respect to Bitcoin.

Please comment, critique, criticize or ridicule BIP 2112: https://bitcointalk.org/index.php?topic=54382.0
Long-term mining prognosis: https://bitcointalk.org/index.php?topic=91101.0
EnergyVampire
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August 02, 2012, 01:51:08 PM
 #48

Shtylman, what is your relationship with Bruce Wagner? Does Bruce Wagner have any vested interest in Bitfloor Inc.?

shtylman
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August 02, 2012, 04:20:49 PM
 #49

Shtylman, what is your relationship with Bruce Wagner? Does Bruce Wagner have any vested interest in Bitfloor Inc.?

No relationship; he lives a few blocks away so we chat every once in a while Smiley

What do you mean by vested interest? He is not a stakeholder, just a user. Maybe he has personal reasons for seeing some US based exchanges grow since he deals with Bitcoins and runs a site to sell them to end users.

I will add that I think the fascination users on these forums have over Bruce Wagner is quite bizarre. From what I have witnessed, all he has done is try to heavily promote bitcoin and give it more public exposure (which unfortunately I see very few in this community doing actively). Regardless of what you may think of his show, it is important to educate new users and understand their needs and Bruce was one of the people I know actively talking to physical merchants in New York when no one else was.
EnergyVampire
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August 02, 2012, 05:41:37 PM
 #50

Shtylman, what is your relationship with Bruce Wagner? Does Bruce Wagner have any vested interest in Bitfloor Inc.?

No relationship; he lives a few blocks away so we chat every once in a while Smiley

What do you mean by vested interest? He is not a stakeholder, just a user. Maybe he has personal reasons for seeing some US based exchanges grow since he deals with Bitcoins and runs a site to sell them to end users.

I will add that I think the fascination users on these forums have over Bruce Wagner is quite bizarre. From what I have witnessed, all he has done is try to heavily promote bitcoin and give it more public exposure (which unfortunately I see very few in this community doing actively). Regardless of what you may think of his show, it is important to educate new users and understand their needs and Bruce was one of the people I know actively talking to physical merchants in New York when no one else was.

Thanks for the reply Shtylman,

I like everything you've done at bitfloor so far. One of the reasons I have avoided using your platform is because, as Mathew M. Wright posted earlier, I too believe Bruce Wagner is a stakeholder in bitfloor.

Bruce Wagner is probably a really nice guy but he is also convicted of financial crimes in the U.S. It's unlikely that any individual convicted of a financial crime would get cleared to operate as an MSB so using others is their best option.

Eventually, bitfloor will have the #2 spot in BTC trade volume. Before the "hacks" begin I just wanted to get this out of the way because exchanges at #2 have a terrible track record.

Thank you.

Raize
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August 02, 2012, 09:08:05 PM
 #51

I will add that I think the fascination users on these forums have over Bruce Wagner is quite bizarre.

Not nearly as bizarre as his history if the Buttcoin expose is to be believed:
http://buttcoin.org/has-bruce-wagner-pulled-off-the-financial-biggest-scam-on-the-bitcoin-community

I guess everyone forgot about this?

That said, I'm looking forward to using Bitfloor now that they offer services those of us in the Midwest can use (Wells Fargo deposits).

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whitslack
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August 30, 2012, 11:01:58 PM
 #52

But the most important difference is the risk profile from the customer's point of view: the sale of market-making seats on some completely opaque exchange platform. It would be completely insane business decision to buy a seat (become a market-maker) at BitFloor.
Completely opaque? The source code for the matching engine is available on GitHub. Looks pretty solid to me. I'm more concerned about someone breaking into Bitfloor's server and cleaning out the BTC balance than I am about Bitfloor screwing me over on business terms.

Maybe you don't think the liquidity rebates are a good business model. So vote with your feet and stay away from Bitfloor. You can even voice your concerns and explain your rationale, but merely saying (paraphrased), "Bitfloor cannot be trusted because they don't expose themselves to the legal risk of accepting USPS money orders," is your opinion only.
2112
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August 30, 2012, 11:26:38 PM
 #53

but merely saying (paraphrased), "Bitfloor cannot be trusted because they don't expose themselves to the legal risk of accepting USPS money orders," is your opinion only.
Way to miss the point. Look up the original thread: it all started with with disregard for GAAP and separation of funds in accounts. Rest is just details and circumstantial evidence, because of the avoidance of auditing and accountability.

Please comment, critique, criticize or ridicule BIP 2112: https://bitcointalk.org/index.php?topic=54382.0
Long-term mining prognosis: https://bitcointalk.org/index.php?topic=91101.0
Stephen Gornick
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September 04, 2012, 06:43:34 PM
 #54

BitFloor has reported a security breach.  No coins were kept in cold storage, and all coins from the hot wallet are now spent. 

As a last resort, I will be forced to fully shut BitFloor down and initiate account repayment using current available funds. I still have all of the logs for accounts, trades, transfers. I know exactly how much each user currently has in their account for both USD and BTC. No records were lost in this attack.

 - http://bitcointalk.org/index.php?topic=105818.0
 - http://bitcointalk.org/index.php?topic=105819.0


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September 07, 2012, 02:20:01 AM
 #55

...and Roman Shtylman never did address the Russian question.

~Bruno~
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