BTC reserve status - Bitcoin News Network

Okcoin.com vs Bitstamp

Here’s the next step in my journey to finding the best way to trade BTC/USD: analysis of Okcoin.com (one of the exchanges with the most action) vs. Bitstamp (a recently-hacked but widely used exchange).
Once more I’m scoring based on three factors: Cost, Speed, and Safety. After analyzing BTS and OKC, I think I’ll add a fourth: Functionality.
Cost:
(I conducted a similar round trip to the one on my last comparison Bitreserve vs. Coinapult. Bitreserve won that round by a mile.)
I set a 0.1BTC market sell order on both exchanges. Then I sold the resulting dollars with another market order. You can check out the screenshots here
OKcoin BTC=>USD=>BTC Roundtrip: I had some crazy remaining balance issues with OKC because they don’t make it easy to trade exact amounts, and I still have some $0.1041 in USD in my OKC wallet, I’ll have to manually account for this (more on this on this later).
BTC=>USD: 0.1 BTC transferred at a rate of 291.09 USD / BTC = USD 29.109 credited (USD 0.0584 commission). USD=> BTC: USD 29.109 transferred to BTC at a rate of 291.14 USD/BTC = 0.0997BTC (BTC 0.0002 commission). Total Cost OKC: BTC: 0.0003 (0.3%)
Bitstamp BTC=>USD=>BTC Roundtrip: BTC=>USD: 0.1 BTC transferred at a rate of 289.70 USD / BTC = USD 28.97 credited (USD 0.08 commission). USD=> BTC: USD 28.97 transferred to BTC at a rate of 291.97 USD/BTC = 0.099355 BTC (USD 0.08 commission). Total Cost BTS: BTC: 0.00075 (0.75%)
OKC is half the cost of BTS and by far the cheapest exchange I’ve used. But I’ve got some real questions about how they operate within China’s legal system (more on that later too, under “Security,” because the cost savings don’t add up to much if the PRC government shuts down OKC and confiscates all their client funds).
Speed:
Because I only used market orders my BTC and USD sales were executed very fast on both exchanges. But if it were any other type of order or aven a larger order, the size of the market in the exchange would impact the speed and cost of the trade. One way to calculate the market size of an exchange is by its volume or the amount of BTC traded daily. According to exchange war OKC has a volume of about 28,000 + BTC daily while BTS has a mere 7,000 so Okcoin.com is probably a bit faster. But are those numbers accurate?
Functionality:
OKC has some cool features like, trail orders,trigger orders, TWAPs, and iceberg orders, and futures. BTS sticks to the more basic exchange functions like market order, stop order, and limit order, which is not bad if you’re a novice trader and want to keep it simple.
A thing I dislike about OKC is that whenever you place an order to buy or sell BTC you sort of have to take out a calculator to subtract the exchanges fee from your order. Because of this I have a remaining balance on my OKC account. It’s pretty annoying and feels like i'm being cheated out of my money. An exchange that deals with this pretty well is again Bitreserve, whenever you don’t have sufficient balance on a card to place an order the service will automatically help you re-adjust the amount.
Security:
So there’s still the last SAFETY factor, because price and speed don’t matter if the exchange gets hacked and all your BTC and Fiat gets stolen. Another aspect we have to talk about is how exchanges keep your fiat whenever you sell your bitcoin.
In case you don’t know, the way Bitcoins get stolen is pretty basic, hackers either hack your account or they hack into the exchanges hot wallet and just empty it (this happened at BTS recently).
OKC has a huge share of the bitcoin exchange market and I assume top players have gone through a thorough inspection of their security protocol.
What they basically do is: Cold store the bitcoin in addresses that have never touched the internet. Take strict measures about how the people in charge of cold storing the bitcoin and safe keeping those cold wallets on banks do their job.
Since their reportedly $5mm attack on their hot wallet BTS has implemented new security measures. They now use multi-sig (multi signature) technology provided by Bitgo. Bitgo’s 2-of-3 signature address provides BTS users a pretty safe wallet to keep their bitcoin. Although the exact details of Bitgo's and Bitstamp's integration are undisclosed (for obvious reasons) all you need to know is that withdrawing funds from the 2-of-3 address requires at least 2 of the 3 keys to sign. Find out more here.
Another risk is what the exchange does with the fiat in your account when you sell bitcoin. This part is pretty straight forward, the exchange has to have a bank where they keep the fiat people buy and from which they receive credit card payments from clients and reflect the balance on their accounts. BTS keeps their dollars at these two Slovenian banks: Raiffeisen Banka d.d. and Gorenjska Banka d.d. The bank (or banks) OKC uses to receive deposits is Barclays Bank Mozambique SA. FYI the reason their bank is off shore is because Chinese banks are not allowed to deal with any currencies except Yuan and they can’t have direct contact with bitcoin exchanges.
This talk by Zhang Weiwu, a top Chinese bitcoin columnist (whose predictions for the future of bitcoin have been spot on) helped me understand China's bitcoin panorama. The big take-away of Zhang’s talk for me is that the Chinese bitcoin industry is UNCERTAIN: either the government shuts it down because its growing uncontrollably fast or they adapt to it because they want to catch up on the rest of the world. Either way, OKC is playing a dangerous game of navigating around PRC bank regulations.
Wrapping up, OKC came on top of BTS on the price and speed comparison. As for functionality, it really depends on what you’re looking for. If you’re a serious trader I would recommend you take your biz over to OKC. If you just want to dabble or get started you should start on BTS. As far as the safety factor goes, BTS wins that one until there’s more clarity from the PRC bigshots.
So...
Cost--Ok Coin wins. Functionality-- Ok Coin wins. Speed-- a tie. Security-- Bitstamp wins since their ecosystem is a lot more friendly towards bitcoin, even with the recent hack and have no proof of solvency.
Following a Uefaesque point awarding system: − 2 points awarded for a win − 1 point awarded for a draw − 0 points awarded for a defeat
OKcoin wins 5 points to 3!
At the end I’d like to leave it to your better judgment to decide, you have all the facts to make an objective decision on which of these exchanges to use. As far as I’m concerned there is still room for exchanges to innovate and make strides to making the virtual currency world safer. An example of this would be Bitreserve’s real-time transparency. I’d like to see Bitstamp and OkCoin provide real-time proof of solvency and liquidity like Bitreserve does.
Till the next time,
mr.bitsy
submitted by mrbitsy to BitcoinMarkets [link] [comments]

Coinapult Locks vs Bitreserve price comparison

Now that Bitreserve is opening up, there is a lot of discussion of their fee structure. I have been using Coinapult's Locks service, which has a simple 2% spread. Bitreserve claims to do USD hedging for 0.45%, which would definitely be an improvement. Upon closer examination, though, this appears to be deceptive marketing.
The services
Coinapult Locks - https://coinapult.com/locks/info
Bitreserve - https://bitreserve.org/
Methodology
  1. Deposit 0.01 BTC into a hedged account.
  2. Withdraw whatever remains of my 0.01 BTC
  3. Calculate the round trip cost
I did the above steps for each of the 3 currencies shared between Coinapult and Bitreserve (USD, EUR, GBP). Coinapult also supports gold and silver, while Bitreserve supports CNY and JPY.
Coinapult results
USD
EUR
GBP
These came in almost exactly as advertised, and I was able to view these rates before completing the transaction. Each time the rate was guaranteed for 15 minutes, giving me time to evaluate the rate before committing to the transaction.
Bitreserve results
USD
EUR
GBP
Wow that was difficult. The "Bitcoin network fee" on deposits doesn't make any sense, as I paid network fees myself. Since it is likely a flat fee, I did the round trip percent calculations with and without this ridiculous and badly named fee. I also was not shown the price I would get before depositing, so I had to figure this out after completing the transaction. They are even worse for withdrawals, where the price was never shown to me, not even after completing the transaction. The only way I was able to determine a withdrawal price is by dividing the fiat deducted from my account by the amount of BTC I received.
Summary
[EDIT: Changed formatting to make numbers more readable.]
[EDIT 2: Proof of fees charged by bitreserve added below, since they have been called into question.]
submitted by irostmyhandle to Bitcoin [link] [comments]

Bitreserve update.....

A month ago there was lively discussion about Bitreserve.
Since then, their leverage ratio has increased to 19.55 to 1 and their capital has dropped $4K to $124,000 even though the price of Bitcoin has increased. This is a higher leverage ratio than allowed for a bank.
I qualify that this is only based on their reported status; they may have other financial resources (e.g. paid in capital, capital commitments from investors).
From June 11:
You are not "over reserved" any more than a typical bank is. If this is your full balance sheet you have about 14.47 to 1 leveraged (i.e. 6.9% of assets as Capital). This is calculated as assets/(assets-liabilities). You have about $128,000 in Capital, each 10% increase in the value of the GBP will blow away $19,000 and each 10% decline in the value of the Bitcoin will blow away $18,000. You are also exposed to the risk of a bank failure. If the bank holding your USD reserves goes under, only $250,000 is insured. You would need other sources of liquidity while you wait to get the rest.
submitted by endmathabusenow to Buttcoin [link] [comments]

Okcoin vs.Bitstamp

Here’s the next step in my journey to finding the best way to trade BTC/USD: analysis of Okcoin.com (one of the exchanges with the most action) vs. Bitstamp (a recently-hacked but widely used exchange).
Once more I’m scoring based on three factors: Cost, Speed, and Safety. After analyzing BTS and OKC, I think I’ll add a fourth: Functionality.
Cost:
(I conducted a similar round trip to the one on my last comparison Bitreserve vs. Coinapult. Bitreserve won that round by a mile.)
I set a 0.1BTC market sell order on both exchanges. Then I sold the resulting dollars with another market order. You can check out the screenshots here
OKcoin BTC=>USD=>BTC Roundtrip: I had some crazy remaining balance issues with OKC because they don’t make it easy to trade exact amounts, and I still have some $0.1041 in USD in my OKC wallet, I’ll have to manually account for this (more on this on this later).
BTC=>USD: 0.1 BTC transferred at a rate of 291.09 USD / BTC = USD 29.109 credited (USD 0.0584 commission). USD=> BTC: USD 29.109 transferred to BTC at a rate of 291.14 USD/BTC = 0.0997BTC (BTC 0.0002 commission). Total Cost OKC: BTC: 0.0003 (0.3%)
Bitstamp BTC=>USD=>BTC Roundtrip: BTC=>USD: 0.1 BTC transferred at a rate of 289.70 USD / BTC = USD 28.97 credited (USD 0.08 commission). USD=> BTC: USD 28.97 transferred to BTC at a rate of 291.97 USD/BTC = 0.099355 BTC (USD 0.08 commission). Total Cost BTS: BTC: 0.00075 (0.75%)
OKC is half the cost of BTS and by far the cheapest exchange I’ve used. But I’ve got some real questions about how they operate within China’s legal system (more on that later too, under “Security,” because the cost savings don’t add up to much if the PRC government shuts down OKC and confiscates all their client funds).
Speed:
Because I only used market orders my BTC and USD sales were executed very fast on both exchanges. But if it were any other type of order or aven a larger order, the size of the market in the exchange would impact the speed and cost of the trade. One way to calculate the market size of an exchange is by its volume or the amount of BTC traded daily. According to exchange war OKC has a volume of about 28,000 + BTC daily while BTS has a mere 7,000 so Okcoin.com is probably a bit faster. But are those numbers accurate?
Functionality:
OKC has some cool features like, trail orders,trigger orders, TWAPs, and iceberg orders, and futures. BTS sticks to the more basic exchange functions like market order, stop order, and limit order, which is not bad if you’re a novice trader and want to keep it simple.
A thing I dislike about OKC is that whenever you place an order to buy or sell BTC you sort of have to take out a calculator to subtract the exchanges fee from your order. Because of this I have a remaining balance on my OKC account. It’s pretty annoying and feels like i'm being cheated out of my money. An exchange that deals with this pretty well is again Bitreserve, whenever you don’t have sufficient balance on a card to place an order the service will automatically help you re-adjust the amount.
Security:
So there’s still the last SAFETY factor, because price and speed don’t matter if the exchange gets hacked and all your BTC and Fiat gets stolen. Another aspect we have to talk about is how exchanges keep your fiat whenever you sell your bitcoin.
In case you don’t know, the way Bitcoins get stolen is pretty basic, hackers either hack your account or they hack into the exchanges hot wallet and just empty it (this happened at BTS recently).
OKC has a huge share of the bitcoin exchange market and I assume top players have gone through a thorough inspection of their security protocol.
What they basically do is: Cold store the bitcoin in addresses that have never touched the internet. Take strict measures about how the people in charge of cold storing the bitcoin and safe keeping those cold wallets on banks do their job.
Since their reportedly $5mm attack on their hot wallet BTS has implemented new security measures. They now use multi-sig (multi signature) technology provided by Bitgo. Bitgo’s 2-of-3 signature address provides BTS users a pretty safe wallet to keep their bitcoin. Although the exact details of Bitgo's and Bitstamp's integration are undisclosed (for obvious reasons) all you need to know is that withdrawing funds from the 2-of-3 address requires at least 2 of the 3 keys to sign. Find out more here.
Another risk is what the exchange does with the fiat in your account when you sell bitcoin. This part is pretty straight forward, the exchange has to have a bank where they keep the fiat people buy and from which they receive credit card payments from clients and reflect the balance on their accounts. BTS keeps their dollars at these two Slovenian banks: Raiffeisen Banka d.d. and Gorenjska Banka d.d. The bank (or banks) OKC uses to receive deposits is Barclays Bank Mozambique SA. FYI the reason their bank is off shore is because Chinese banks are not allowed to deal with any currencies except Yuan and they can’t have direct contact with bitcoin exchanges.
This talk by Zhang Weiwu, a top Chinese bitcoin columnist (whose predictions for the future of bitcoin have been spot on) helped me understand China's bitcoin panorama. The big take-away of Zhang’s talk for me is that the Chinese bitcoin industry is UNCERTAIN: either the government shuts it down because its growing uncontrollably fast or they adapt to it because they want to catch up on the rest of the world. Either way, OKC is playing a dangerous game of navigating around PRC bank regulations.
Wrapping up, OKC came on top of BTS on the price and speed comparison. As for functionality, it really depends on what you’re looking for. If you’re a serious trader I would recommend you take your biz over to OKC. If you just want to dabble or get started you should start on BTS. As far as the safety factor goes, BTS wins that one until there’s more clarity from the PRC bigshots.
So...
Cost--Ok Coin wins. Functionality-- Ok Coin wins. Speed-- a tie. Security-- Bitstamp wins since their ecosystem is a lot more friendly towards bitcoin, even with the recent hack and have no proof of solvency.
Following a Uefaesque point awarding system: − 2 points awarded for a win − 1 point awarded for a draw − 0 points awarded for a defeat
OKcoin wins 5 points to 3!
At the end I’d like to leave it to your better judgment to decide, you have all the facts to make an objective decision on which of these exchanges to use. As far as I’m concerned there is still room for exchanges to innovate and make strides to making the virtual currency world safer. An example of this would be Bitreserve’s real-time transparency. I’d like to see Bitstamp and OkCoin provide real-time proof of solvency and liquidity like Bitreserve does.
Till the next time,
mr.bitsy
Edit: The paragraph on Bitgo multi-sig might have been unclear. Edit: Specified that I used okcoin.com. Edit: Found a bank Okcoin uses. Edit: Reasons for my conclusion.
submitted by mrbitsy to Bitcoin [link] [comments]

Rate Limits on Bitreserve

Recently, I found out that Bitreserve has imposed “rate limits” on users’ ability to exchange funds. My experience is that it can seriously lead to loss of funds when users are locked out from being able to close trades.
This is my message to support:
Locking out withdrawals due to “rate limits” is not a satisfactory solution at all. There is already a limit placed on the amount that can be withdrawn at each request, and at one time I made an error typing in the amount requested, which means adding to my “rate limit”. Potentially thousands of fiat funds can be lost in failing to close short trades when market sentiment shifts. It is the specific reason of loss of funds through the use of trading instruments that OKCoin has issued this announcement to create a 2000 bitcoin incident compensation fund: https://www.reddit.com/BitcoinMarkets/comments/3d0rev/okcoin_official_announcement_regarding_july_10th/
Though I haven't lost any funds, I am concerned that the imposed regulation of “rate limits” would seriously undermine the reliability & flexibility of using bitreserve as a platform to secure against volatility. Instead, it would 100% guarantee lost of BTC if users were locked out from being able to close trades when the market sentiment shifts.
== Edited ==
I received a response from Bitreserve. They made a change to their rate limit system to exclude withdrawals from rate limit calculations.
This addresses my specific issue, which is good. :) :)
submitted by lateralspin to BitcoinMarkets [link] [comments]

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