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So they say "The security of your funds is our #1 priority. Our team goes above and beyond all banking security best practices to create the world's most secure

by powera 13y ago

So they say "The security of your funds is our #1 priority. Our team goes above and beyond all banking security best practices to create the world's most secure Bitcoin trading platform" but no other details are provided? Is there any reason to believe any part of that statement without further details?

ixmatus 13y ago
Not until I see a security audit will I believe any exchange is secure. I believed Mt. Gox had "resolved" the basic issue of password hashing back when they were compromised until I found out they were using a home-grown "run sha512 1000x" solution. That, plus I know as a programmer I like to think I'm disciplined enough to be a secure programmer until my software is audited or pentested. Then I realize how naive I really am. Like I said, I'm not trusting any exchanges until I start seeing rigorous security measures (more than "security is our #1 priority" bullshit) in the form of audits, pentesting, and etc... That said I also know very few people that actually use their personal BTC wallets and encrypt it with GPG + a two factor challenge (to avoid the possibility of key loggers).
- tlrobinson 13y ago
  Better yet, assume it's not secure and don't store funds there. Deposit, trade, withdrawal.* *does not apply to day traders
- homakov 13y ago
  Not until I see a security audit will I believe any exchange is secure definitely! Everyone saying "im secure" must also say "the X will prove it"
brudgers 13y ago
If it is in fact the world's most secure bitcoin trading platform does it make bitcoin safe relative to other end user services such as traditional banks or credit cards? The difference I see is that using Visa and MasterCard do not require me to believe they are the smartest people in the room. All I have to believe is that when someone else uses my account they will try to detect it, correct it and keep me whole - which they have done several times. The system works because it does not need to prevent all fraud. Maybe ButterCoin has solved that problem but YC and Google's investments are not evidence one way or the other.
Czarnian 13y ago
Who's their compliance officer and what are their qualifications? Without that kind of disclosure, they have forced me to conclude that they are full of shit. Without basic information and contact info about their compliance structure, they have no business making this kind of claim. It's just press release nonsense.

by powera 13y ago

ixmatus 13y ago

Not until I see a security audit will I believe any exchange is secure. I believed Mt. Gox had "resolved" the basic issue of password hashing back when they were compromised until I found out they were using a home-grown "run sha512 1000x" solution. That, plus I know as a programmer I like to think I'm disciplined enough to be a secure programmer until my software is audited or pentested. Then I realize how naive I really am. Like I said, I'm not trusting any exchanges until I start seeing rigorous security measures (more than "security is our #1 priority" bullshit) in the form of audits, pentesting, and etc... That said I also know very few people that actually use their personal BTC wallets and encrypt it with GPG + a two factor challenge (to avoid the possibility of key loggers).

tlrobinson 13y ago
Better yet, assume it's not secure and don't store funds there. Deposit, trade, withdrawal.* *does not apply to day traders
homakov 13y ago
Not until I see a security audit will I believe any exchange is secure definitely! Everyone saying "im secure" must also say "the X will prove it"

brudgers 13y ago

If it is in fact the world's most secure bitcoin trading platform does it make bitcoin safe relative to other end user services such as traditional banks or credit cards? The difference I see is that using Visa and MasterCard do not require me to believe they are the smartest people in the room. All I have to believe is that when someone else uses my account they will try to detect it, correct it and keep me whole - which they have done several times. The system works because it does not need to prevent all fraud. Maybe ButterCoin has solved that problem but YC and Google's investments are not evidence one way or the other.

Czarnian 13y ago

Who's their compliance officer and what are their qualifications? Without that kind of disclosure, they have forced me to conclude that they are full of shit. Without basic information and contact info about their compliance structure, they have no business making this kind of claim. It's just press release nonsense.