FAQ

What is your (Meni Rosenfeld) role in this?
I am the IPO manager. I am designing the IPO, consulting for the issuer on matters regarding Bitcoin, GLBSE and the forum, and am the contact for any inquiries by potential investors. I am also in charge of looking into the issuer's background and sharing my impressions with the public. I have no involvement in the operations of Bitdaytrade itself other than as a consultant and creditor.

How did you come to be the IPO manager?
As some of you know, Alberto originally intended to make an IPO with DeaDTerra as the manager, but that didn't pan out due to dissatisfaction with delays in an unrelated project developed by Alberto (Bitcoinrebate, which has since been successfully completed). At that time I approached Alberto as a potential investor, and he offered me to take this role.

I believe it is vital to have a way for everyone to choose their desired BTC position regardless of the amount of bitcoins they physically hold, so being involved in the development of a margin trading platform is definitely something I am interested in. Alberto also offered to generously compensate me for my services, so I accepted.

Why was the IPO delayed?
When I assumed the position of IPO manager I noticed there are problems with some of the terms of the intended contract, and it would cause chaos if the IPO went forward without a cooldown period to make the necessary changes. Also, I wanted to take some time to look into Alberto's background before becoming publicly associated with him.

How can I be sure the contract will be upheld? Are you offering a personal commitment to cover Alberto's obligations in case he fails to do so?
No, the only one offering a personal obligation is Alberto. I don't make a habit of giving a $70K obligation for things that are outside my control.

However, over the past 3 weeks I have done an extensive due diligence process. I talked with Alberto about many things and I am confident he is committed to making bitdaytrade work, and even if it fails, to pay back every last satoshi of debt, bringing to the table his personal assets if necessary (of which he has enough to cover his obligations). He is also committed not to have the kind of security negligence we have seen in Bitcoinica.

I have documents verifying his identity, and I have confirmed his address by sending a physical letter. I have looked at his business plan, and while it has some challenging goals, overall it makes sense.

More details about him can be found in his Linkedin profile. Alberto has had some unsuccessful ventures in the past, but he is learning from the mistakes he made.

I can respond to additional queries via this thread or PMs. But I would like to emphasize again that it is every investor's responsibility to assess his own trust in Alberto.

What will the capital raised be used for?
Bitdaytrade is a margin trading platform now offering gold trading and which will soon expand to BTC/USD and possibly other assets. The money raised by issuing BDT bonds will be used for all aspects of developing Bitdaytrade, including:
 - Security consultation, software and auditing
 - Servers and infrastructure
 - Design and branding
 - Marketing and advertising
 - Reserves for trading

I hope the site has less bugs than has been seen so far with bitcoinrebate.

Good luck.

This asset previously existed and Nefario disabled it manually, so we are waiting for him to relist it. I will link to it when he does.

I've used it a bit. There were a few bugs that needed fixing but it's working fine. Some more testing, as well as an external security review, will need to be done before it can be considered stable. Until then Alberto will limit activity (by restricting access to the more popular BTC/USD trading and/or limiting the size of positions) to keep any flaws that might turn up on a manageable scale.

It helps assess and build up demand, and gives earlier surety that at least a minimal number of bonds will be sold. It also gives an opportunity to be in touch with some of the more dedicated investors. It's not essential to do this, but it's fairly popular here and there's no real reason not to.

Bitcoinrebate depends on several factors outside our control, thus coins auctions are sometimes unavailable. All bugs have been fixed since, if you are still facing technical glitches, please email support@bitcoinrebate.com ; bonds payment will start for rebate as well.
We hope to be making a difference in the bitcoin business, our primary aim and goal is to bring it to a next level. We do recognize this is outside our ability without a proper investment in terms of money and resources, hence the reason of this fund raising operation. Things like what we witnessed in the past won't be in the sphere of reality at all. If you want to know specifics, feel free to ask anything.
Thank you
Alberto Armandi

The hang was probably just temporary. We usually display some notice when auctions are not available.
About bitdaytrade security, as a starter, the server will be a dedicated machine housed in a safe data center, a car drive away from my office.
Access control is practiced beyond redundancy levels at said data center. Cameras record and store a video of any physical access to the machine, shall it be eventually required, and i'll be able to access the server room 24/7 using a security badge and providing identification at the entrance. We'll also be able to monitor/manage the machine remotely. We will hire a security consultant ( with great track record in the industry ) to review/fix any security issue on our code or practices. We will make use of intrusion detection systems at the network and application level, more so we will conduct regular penetration testing with the latest commercially available exploit databases. As per the Bitcoins, we will store everything we can in a offline wallet with no internet access at all and the trading shall be executed on a different machine, which won't run any web server or daemon, but a dedicated custom server app, which will be also audited and tested properly as described above. It is much harder to exploit a custom application for which the source code is unknow. It requires reverse engineering of the protocols and encryption first, and then an attacker needs to be able to find an exploitable hole, and write actual code to execute the break-in. All this work is stripped out if you just run a popular daemon, such as apache for example, as exploits are available on the interwebs, and as such, it is a big security problem. On top of this, we are already running regular redundant backups of all data which is being processed by our application. Any further question ? Thank you for your attention.

Alberto Armandi

Thank you for the detailed reply, I appreciate it.


Sorry if I misunderstood, but the IPO is within 3 days. Has the service already moved to that data center? Will everything be in place in time?

Yes, Mt. Gox is used, the account uses 2-factor authentication and the API key has no withdraw access.

The IPO is to raise the funds needed to properly secure the site (and other things). Launching the site fully will not coincide with the IPO.

I'm not sure what exactly you're complaining about. What is supposed to happen if the company closes shop? You'll keep a position in a platform that doesn't exist? It's perfectly fair to liquidate positions at the price relevant to the time of closing, perhaps at a rate tweaked at the customer's favor.

The bonds are now being sold - you can buy at https://glbse.com/asset/view/BDT.