I took a look at it. How does that work? Is it downloaded to a computer and used from there?

Did not check the code, but I think you've made some very good decisions (NodeJS, multisig). I wish you good luck!

Client side - http://backbonejs.org
Server side - http://nodejs.org

All logic handled by http://www.postgresql.org

Trading engine is already done, now I need to do:

a) API
b) Web-interface for trading
c) BTC deposit/withdraw module
b) Fiat currency deposit/withdraw module

Fiat currencies will be using "codes", like MTGOX has.

I will encourage "codes" trading as much as possible, it will give liquidity boost to exchange.

What? I don't understand what you wrote here...

Hello Andrew Vorobyov,

Automatic Database Backup: I'm not sure if this should be a feature but backing up data at regular intervals would be nice to prevent another Bitcoinica scenario.

Auditing Tools: Every transaction should be easy to audit for the operator, whether it is a trade, order update, funds transfer, etc. This might also reduce the burden for independent 3rd party auditing and transparency.

Sure, it will have incremental (daily, maybe hourly) backup + snapshot backup of current balances.


As for me, I would be ready to give read-only access to DB to auditor BUT:

Data that auditor can access must be anonymized several levels deep. I don't want some customers emailing: "Fuck you and your transparency - now my neighborhood knows how much BTC I have". This must be addressed in FULL.

This sounds like it can be localized to a city or district? Is that true?

For the auditing tools, I was assuming high ethical standards by auditors and the customers' private info isn't easily compromised.

It's more to:
1. Prevent situations like the Tradehill-Dwolla backdating mess (Why did Tradehill take months to look at their balance and compare numbers?).
2. Better customer service response time (because paper trails are king in this area).
3. Making SQL Injection attacks more difficult to carry out (it's possible many customer claims from the Bitcoinica fiasco are lies).
4. Help in eliminating FUD posts.

There's probably a 1,000 better reasons.
The exchange owners have good reason to follow CYA (Cover Your Ass), they are high value targets. Anything to help them out would be heaven sent imo.

LOL, I agree. It would suck to make that public info right away. A public "Short Interest" report once every 1-4 weeks without individual account identity is more than enough.

Edit: Btw, community requested audits are more about the exchange itself and general operations rather than about their customers.

Edit2: BTC-e's BitInstant Reserve balance clearly displayed on their website (https://btc-e.com/) is a good example of some transparency which doesn't reveal customer info.