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Online alt

exchange is a big bomb!
« on: March 18, 2015, 12:16:12 AM »

now, almost all BTS trades at BTC38
and BTC38 have do nothing to prove their balance is true.
so this is a very big bug!
exchange can control the price very easy, I will not surprise even BTS down to zero.

so please make BTS to more exchange especially out of China , and push exchange to prove they are trusted.
this is a very emergency  task!

Offline bluebit

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Re: exchange is a big bomb!
« Reply #1 on: March 18, 2015, 12:19:32 AM »
I already sold all my BTS, doesn't look good.
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Offline Ander

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Re: exchange is a big bomb!
« Reply #2 on: March 18, 2015, 12:20:33 AM »
Well, every one of us could remove 100% of our BTS from all the exchanges, and see what happens.   (And it could greatly increase voting as well and make the network more secure).

I agree that some proof that exchanges are not running on a fractional reserve would be very good.  The weirdness and quantity of dumping on bter right before they went down was pretty suspicious, and I was extremely worried when they came back up but didnt allow withdrawals. 


Almost all my BTS is now off of exchanges, only small trading positions left.
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Offline clayop

Re: exchange is a big bomb!
« Reply #3 on: March 18, 2015, 12:22:58 AM »
Totally agreed. Why don't we trade on BTS:BitUSD / BTS:BitCNY markets?
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Online alt

Re: exchange is a big bomb!
« Reply #4 on: March 18, 2015, 12:47:19 AM »
Totally agreed. Why don't we trade on BTS:BitUSD / BTS:BitCNY markets?
it's the best market, but it's not enough, there is not enough volume for BITUSD and BITCNY.
we still need fiat gateway for iou USD,CNY....

Offline cube

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Re: exchange is a big bomb!
« Reply #5 on: March 18, 2015, 01:14:21 AM »
Well, every one of us could remove 100% of our BTS from all the exchanges, and see what happens.   (And it could greatly increase voting as well and make the network more secure).
..

Almost all my BTS is now off of exchanges, only small trading positions left.

I second that.  The Bter hack is a reminder to us that we should not take chances. Your money is safer in your own wallet.

now, almost all BTS trades at BTC38
..
so please make BTS to more exchange especially out of China , and push exchange to prove they are trusted.
this is a very emergency  task!

We do need to spread the trades to other exchanges. Poloniex seems good and reliable.
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Offline arhag

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Re: exchange is a big bomb!
« Reply #6 on: March 18, 2015, 02:09:55 AM »
and BTC38 have do nothing to prove their balance is true.
so this is a very big bug!
exchange can control the price very easy, I will not surprise even BTS down to zero.

You know which exchange we actually can trust to be honest? The BitShares decentralized exchange.  :)

It may be too soon, but my hope is that we can have the vast majority of BTS trading volume happen on the BitShares DEX in the near future. We likely need secure lightweight/web wallets with exchange support before that can happen though. We also need a multisig protected BTC gateway UIA. @dannotestein, what will it take to get TRADE.BTC protected by multisig (on both BTC reserve side and TRADE.BTC UIA side) in a easy-to-deploy solution that can be utilized by some subset of the delegates? I think the money-making part should be left to the bridge service and that the gateway should be more of a public good for the BTS community (it should still be profitable to operate though) which means making this easy-to-deploy software solution open source and allowing a subset of the delegates operate it with low profit margins.

Offline carpet ride

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Re: exchange is a big bomb!
« Reply #7 on: March 18, 2015, 02:21:17 AM »
We should have BitUSD and bitCNY volume registering under BitShares on CMC as well as under the BitAssets


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Online alt

Re: exchange is a big bomb!
« Reply #8 on: March 18, 2015, 02:33:33 AM »
I have ask BTC38 to prove their balance,
and most of China user have withdraw their BTS from btc38
but they still ignore, and  don't have any response.

http://weibo.com/1570505863/C8WLhBcUY?type=repost#_rnd1426645854885

I am thinking, if exchange sell fake BTS, the price is control, should we suspend feed price?  what should we do?
we need make ready early.
@bytemaster
« Last Edit: March 18, 2015, 02:36:05 AM by alt »

Offline Riverhead

Re: exchange is a big bomb!
« Reply #9 on: March 18, 2015, 02:49:35 AM »
and BTC38 have do nothing to prove their balance is true.
so this is a very big bug!
exchange can control the price very easy, I will not surprise even BTS down to zero.

You know which exchange we actually can trust to be honest? The BitShares decentralized exchange.  :)

It may be too soon, but my hope is that we can have the vast majority of BTS trading volume happen on the BitShares DEX in the near future. We likely need secure lightweight/web wallets with exchange support before that can happen though. We also need a multisig protected BTC gateway UIA. @dannotestein, what will it take to get TRADE.BTC protected by multisig (on both BTC reserve side and TRADE.BTC UIA side) in a easy-to-deploy solution that can be utilized by some subset of the delegates? I think the money-making part should be left to the bridge service and that the gateway should be more of a public good for the BTS community (it should still be profitable to operate though) which means making this easy-to-deploy software solution open source and allowing a subset of the delegates operate it with low profit margins.

Agree 100%

There is also Metaexchange.info. As volume ramps up so will their depth.

Offline arhag

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Re: exchange is a big bomb!
« Reply #10 on: March 18, 2015, 02:57:08 AM »
There is also Metaexchange.info. As volume ramps up so will their depth.

It's great but it's not really an exchange, it's a bridge. Basically you can only place market orders. You can't place orders at particular prices into the order book.

Also, I think the market makers should all be competing with their bots on a neutral platform (the DEX). The bridge would still want to keep some floating funds to instantaneously find the best liquidity path from the source asset to the target asset (that is the convenient service the bridge provides to users IMO), but I think the serious market makers should be decoupled from any bridge and operating for profit by themselves on the neutral DEX. And traders wouldn't be using a bridge, they would place their own orders directly on the exchange.
« Last Edit: March 18, 2015, 02:59:27 AM by arhag »

Offline Riverhead

Re: exchange is a big bomb!
« Reply #11 on: March 18, 2015, 03:08:36 AM »
There is also Metaexchange.info. As volume ramps up so will their depth.

It's great but it's not really an exchange, it's a bridge. Basically you can only place market orders. You can't place orders at particular prices into the order book.

Correct. I was thinking more in terms of an off ramp from the DEX to BTC vs using BTC38.

I've started to increase my funds on my internal MM bots.

Offline BunkerChain Labs

Re: exchange is a big bomb!
« Reply #12 on: March 18, 2015, 03:17:42 AM »
There is also Metaexchange.info. As volume ramps up so will their depth.

It's great but it's not really an exchange, it's a bridge. Basically you can only place market orders. You can't place orders at particular prices into the order book.

Also, I think the market makers should all be competing with their bots on a neutral platform (the DEX). The bridge would still want to keep some floating funds to instantaneously find the best liquidity path from the source asset to the target asset (that is the convenient service the bridge provides to users IMO), but I think the serious market makers should be decoupled from any bridge and operating for profit by themselves on the neutral DEX. And traders wouldn't be using a bridge, they would place their own orders directly on the exchange.

 +5%

I would love to see this.
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Offline cube

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Re: exchange is a big bomb!
« Reply #13 on: March 18, 2015, 03:23:12 AM »
I have ask BTC38 to prove their balance,
and most of China user have withdraw their BTS from btc38
but they still ignore, and  don't have any response.

http://weibo.com/1570505863/C8WLhBcUY?type=repost#_rnd1426645854885

I am thinking, if exchange sell fake BTS, the price is control, should we suspend feed price?  what should we do?
we need make ready early.
@bytemaster

From BTC38's Weibo, it seems a lot of users are questioning the validity of the exchange's cold storage balance.  Are you implying that they are faking their BTS BUY-SELL transactions?  They do not have the volume as what they pretend to be?
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Online alt

Re: exchange is a big bomb!
« Reply #14 on: March 18, 2015, 03:28:20 AM »
it's not about fake volume, maybe some cheat, like sell fake BTS at higher price, control the price down and down
then buy back at low price.
because they don't give any prove about the balance, so they can make BTS price to zero.

I have ask BTC38 to prove their balance,
and most of China user have withdraw their BTS from btc38
but they still ignore, and  don't have any response.

http://weibo.com/1570505863/C8WLhBcUY?type=repost#_rnd1426645854885

I am thinking, if exchange sell fake BTS, the price is control, should we suspend feed price?  what should we do?
we need make ready early.
@bytemaster

From BTC38's Weibo, it seems a lot of users are questioning the validity of the exchange's cold storage balance.  Are you implying that they are faking their BTS BUY-SELL transactions?  They do not have the volume as what they pretend to be?

 

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