Author Topic: exchange is a big bomb!  (Read 7759 times)

0 Members and 1 Guest are viewing this topic.

Offline sudo

  • Hero Member
  • *****
  • Posts: 2255
    • View Profile
  • BitShares: ags
I withdrew the daily max just now from btc38 and will withdraw the rest of mine tomorrow.

They claim to have 258 million bts total among all users.


If any exchange actulaly is faking reserves and is selling extra BTS, then if all the users withdraw it is like issuing them a margin call on a short position, it forces them to buy shares to cover withdrawals, and drives up the price.

contact with the customer  to fuck the shit limit.
leave bts on btc38 is dangerous

Offline Ander

  • Hero Member
  • *****
  • Posts: 3506
    • View Profile
  • BitShares: Ander
max? how many BTS have you withdraw?
there is never limit before as I know
 

I withdrew 300k and now it says I have hit daily max.  I only have ~30k left on there.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Ander

  • Hero Member
  • *****
  • Posts: 3506
    • View Profile
  • BitShares: Ander
I wonder what would happen if everyone buys and withdraws from btc38.  If they are running a fractional reserve at all, we could short squeeze them really hard.   That woulds be very interesting.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline alt

  • Hero Member
  • *****
  • Posts: 2821
    • View Profile
  • BitShares: baozi
max? how many BTS have you withdraw?
there is never limit before as I know
 
I withdrew the daily max just now from btc38 and will withdraw the rest of mine tomorrow.

They claim to have 258 million bts total among all users.


If any exchange actulaly is faking reserves and is selling extra BTS, then if all the users withdraw it is like issuing them a margin call on a short position, it forces them to buy shares to cover withdrawals, and drives up the price.

Offline btswildpig

  • Hero Member
  • *****
  • Posts: 1424
    • View Profile
How can one see how many BTS are in an account on the blockchain?  I thought we couldnt do this because of titan.  How do we verify that btc38 has the claimed 258M bts?

If they're willing to vote once , then the vote record with large amount will be seen .
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline Ander

  • Hero Member
  • *****
  • Posts: 3506
    • View Profile
  • BitShares: Ander
How can one see how many BTS are in an account on the blockchain?  I thought we couldnt do this because of titan.  How do we verify that btc38 has the claimed 258M bts?
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Ander

  • Hero Member
  • *****
  • Posts: 3506
    • View Profile
  • BitShares: Ander
I withdrew the daily max just now from btc38 and will withdraw the rest of mine tomorrow.

They claim to have 258 million bts total among all users.


If any exchange actulaly is faking reserves and is selling extra BTS, then if all the users withdraw it is like issuing them a margin call on a short position, it forces them to buy shares to cover withdrawals, and drives up the price.

https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline btswildpig

  • Hero Member
  • *****
  • Posts: 1424
    • View Profile
Alt is saying they're selling BTS-IOUs that can be increased more than the BTS they actually have .

Just pop in and translate this for alt .
« Last Edit: March 18, 2015, 03:35:45 am by btswildpig »
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline alt

  • Hero Member
  • *****
  • Posts: 2821
    • View Profile
  • BitShares: baozi
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?

Offline cube

  • Hero Member
  • *****
  • Posts: 1404
  • Bit by bit, we will get there!
    • View Profile
  • BitShares: bitcube
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?
ID: bitcube
bitcube is a dedicated witness and committe member. Please vote for bitcube.

Offline BunkerChainLabs-DataSecurityNode

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.
+-+-+-+-+-+-+-+-+-+-+
www.Peerplays.com | Decentralized Gaming Built with Graphene - Now with BookiePro and Sweeps!
+-+-+-+-+-+-+-+-+-+-+

Offline Riverhead

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 arhag

  • Hero Member
  • *****
  • Posts: 1214
    • View Profile
    • My posts on Steem
  • BitShares: arhag
  • GitHub: arhag
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

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 alt

  • Hero Member
  • *****
  • Posts: 2821
    • View Profile
  • BitShares: baozi
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 »