Bitfloor - Revision history

Cryptal: Transform into historical article

2013-04-21T10:23:03Z

Transform into historical article

← Older revision		Revision as of 10:23, 21 April 2013
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	'''Bitfloor'''~~, formerly~~ a Bitcoin [[currency exchange]] and trading platform site.		'''Bitfloor''' was a FinCEN-registered Bitcoin [[currency exchange]] and trading platform site headquartered in the state of New York, USA. In September 2012, Bitfloor was hacked, with 24,000 bitcoins being stolen.<ref name="24k-hack-verge">[http://www.theverge.com/2012/9/5/3293375/bitfloor-bitcoin-exchange-suspended-theft Bitcoin exchange BitFloor suspends operations after $250,000 theft]</ref> On April 17, 2013 the exchange halted operations after its bank would reportedly close Bitfloor's bank account.<ref>[http://news.cnet.com/8301-1023_3-57580163-93 Bitcoin exchange BitFloor halts operations, shuts down]</ref>

			==Funding==
			Bitfloor was praised for the ease of accepting USD cash deposits through [[LocalTill]], which at the date of the closing, supported [[Bank of America]] and charged a 1%-4% fee to process the deposit. Other funding options included bank wire transfers (%15 fee) and CapitalOne 360 P2p (formerly ING Person2Person), with no fee. Withdrawals were done via ACH and took 1 to 3 business days. Withdrawals required uploading a copy of the user's government-issued ID. This was the only point at which the identity of the user was required; otherwise, Bitfloor's privacy policies did not ask for any identification information.<ref>[https://bitfloor.com/docs/#privacy Bitfloor privacy]</ref>

			BTC deposits and withdrawals could be made at no fee. Large withdrawals were processed manually, due to Bitfloor storing most bitcoins in offline [[Cold storage\|cold wallets]].

			==Trading==
			Trades could be done via a web interface, or by using the REST API or FIX ([[Wikipedia:Financial_Information_eXchange\|Financial Information eXchange]]) order entry gateway.<ref>[http://bitcointalk.org/index.php?topic=66045.0 FIX gateway available on bitfloor.com]</ref>.

			===Fees===
			Bitfloor employed a fee structure designed to incentivise market makers. Market orders, that execute immediately, incurred a 0.4% fee. Orders that don't execute immediately received a 0.1% rebate, to encourage liquidity providers to offer information about their market expectations.

			==Anonymity==
			Bitfloor allowed access through Tor and did not require any personally identifiable information until the user wished to withdraw money using ACH. Cash deposits could be made via [[LocalTill]] -> Bank of America. No ID or personal information is required, and bank tellers do not ask for the reason the deposit is made.

	==History==		==History==

	The exchange had been operating since 2011 with its first publicity occurring in February 2012<ref>[http://www.youtube.com/watch?v=F7SsavHX6tc The Bitcoin Show - 056 - Roman Shtylman of Bitfloor.com]</ref>.		The exchange had been operating since 2011 with its first publicity occurring in February 2012<ref>[http://www.youtube.com/watch?v=F7SsavHX6tc The Bitcoin Show - 056 - Roman Shtylman of Bitfloor.com]</ref>.

	On September 4, 2012 the operator of BitFloor reported a security breach that resulted in the exchange's wallet with '''24K BTC being stolen'''. The site was shuttered and access to customer funds denied as the exchange's reserves were insufficient to accommodate all funds deposited. As of March 8, 2013, 3 months had passed since the last repayment (December 2012), and the operator had been unresponsive.<ref>[https://bitcointalk.org/index.php?topic=144509.msg1599788#msg1599788 It's been 3 months since the first BTC re-payment in early December.]</ref>		On September 4, 2012 the operator of BitFloor reported a security breach that resulted in the exchange's wallet with '''24K BTC being stolen'''.<ref name="24k-hack-verge" /> The site was shuttered and access to customer funds denied as the exchange's reserves were insufficient to accommodate all funds deposited. As of March 8, 2013, 3 months had passed since the last repayment (December 2012), and the operator had been unresponsive.<ref>[https://bitcointalk.org/index.php?topic=144509.msg1599788#msg1599788 It's been 3 months since the first BTC re-payment in early December.]</ref>

	On April 3, 2012, the website was down for several minutes.<ref>[https://bitcointalk.org/index.php?topic=166254.0 bitfloor down?!]</ref>		On April 3, 2012, the website was down for several minutes.<ref>[https://bitcointalk.org/index.php?topic=166254.0 bitfloor down?!]</ref>
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	BitFloor became a Money Service Business (MSB) registered with FinCEN (#31000005224108) on March 15, 2012.<ref>[http://www.fincen.gov/financial_institutions/msb/msbstateselector.html FinCEN search]</ref>		BitFloor became a Money Service Business (MSB) registered with FinCEN (#31000005224108) on March 15, 2012.<ref>[http://www.fincen.gov/financial_institutions/msb/msbstateselector.html FinCEN search]</ref>

	On April 17, 2013 the exchange halted operations after its bank was ~~to close~~ the ~~exchange's bank account~~<ref>[~~http~~://~~news~~.~~cnet~~.~~com/8301-1023_3-57580163-93 Bitcoin exchange BitFloor halts operations, shuts down~~]</ref>.		On April 17, 2013 the exchange halted operations after its bank announced it would close its account. While no official reason for the closure has been communicated, it has been hypothesized that the likely cause was the nature of the transactions (relatively large amounts going in and out rapidly), which triggered an elevated risk profile, rather than money laundering suspicions.<ref>[https://bitcointalk.org/index.php?topic=179135.msg1869466#msg1869466 Bitcointalk.org thread on possible reasons for closure]</ref>

	==See Also==		==See Also==

Sgornick: Update to reflect shut-down.

2013-04-18T06:54:48Z

Update to reflect shut-down.

@@ Line 1: / Line 1: @@
-'''Bitfloor''' is a FinCEN-registered Bitcoin [[currency exchange]] and trading platform site headquartered in the state of New York, USA.
+'''Bitfloor''', formerly a Bitcoin [[currency exchange]] and trading platform site.
 ==History==
@@ Line 46: / Line 11: @@
 BitFloor became a Money Service Business (MSB) registered with FinCEN (#31000005224108) on March 15, 2012.<ref>[http://www.fincen.gov/financial_institutions/msb/msbstateselector.html FinCEN search]</ref>
 ==See Also==
@@ Line 60: / Line 27: @@
 ==References==
 <References />

Cryptal: /* Anonymity */ Add Tor

2013-04-11T09:05:29Z

Anonymity: Add Tor

← Older revision		Revision as of 09:05, 11 April 2013
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	==Anonymity==		==Anonymity==
	Bitfloor does not require any personally identifiable information until the user wishes to withdraw money using ACH. Deposits can be made via [[LocalTill]] -> Bank of America, by depositing cash. No ID or personal information is required, and bank tellers do not ask for the reason the deposit is made.		Bitfloor allows access through Tor and does not require any personally identifiable information until the user wishes to withdraw money using ACH. Deposits can be made via [[LocalTill]] -> Bank of America, by depositing cash. No ID or personal information is required, and bank tellers do not ask for the reason the deposit is made.

	==History==		==History==

Cryptal: clarify funding options, detail fees, add API link, add anonymity section

2013-04-11T09:03:03Z

clarify funding options, detail fees, add API link, add anonymity section

← Older revision		Revision as of 09:03, 11 April 2013
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	~~A bitcoin~~ [[currency exchange]]/trading platform site headquartered in ~~USA - State~~ of New York.		'''Bitfloor''' is a FinCEN-registered Bitcoin [[currency exchange]] and trading platform site headquartered in the state of New York, USA.

	==Adding Funds==		==Adding Funds==
	~~Funds deposited with the exchange for escrow towards placing a buy order include the following~~.		Bitfloor accepts USD and BTC deposits.

	===BTC===		===BTC===

	* Adding bitcoins to the account balance ~~incurs no fees~~.		* Adding bitcoins to the account balance is free, and the bitcoins will be deposited in the user's online wallet.

	===USD===		===USD===

	* In-person cash ~~deposit~~ through Bank of America		* In-person cash deposits are free and can be made through [[LocalTill]], which as of April 2013, supports [[Bank of America]] and will charge a 1%-4% fee to process the deposit
	* Bank wire transfer		* Bank wire transfer - %15 fee
	* CapitalOne 360 P2p (formerly ING Person2Person)		* CapitalOne 360 P2p (formerly ING Person2Person) - no fee

	==Withdrawing Funds==		==Withdrawing Funds==
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	===BTC===		===BTC===

	* There are no fees for Bitcoin withdrawals.		* There are no fees for Bitcoin withdrawals. Large withdrawal are processed manually, due to Bitfloor storing most bitcoins in offline [[Cold storage\|cold wallets]].

	===USD===		===USD===

	* ACH Bank withdrawal (Direct deposit)		* ACH Bank withdrawal (Direct deposit) takes 1 to 3 business days and requires uploading a copy of the user's government-issued ID. This is the only point at which the identity of the user is required; otherwise, Bitfloor's privacy policies do not ask for any identification information.<ref>[https://bitfloor.com/docs/#privacy Bitfloor privacy]</ref>

	==Trading==		==Trading==

	Trades on ~~the exchange~~ incur a ~~commission (~~fee). ~~Providers of liquidity~~ receive a rebate ~~giving those offers a price advantage over those trading at~~ market.		Trades can be done via a web interface, or by using the API. Open-source automated trading software written in Python and JavaScript is provided [https://github.com/bitfloor on GitHub].

			===Fees===
			Market orders, that execute immediately, incur a 0.4% fee. Orders that don't execute immediately receive a 0.1% rebate, to encourage liquidity providers to offer information about their market expectations.

	==Features==		==Features==
	The exchange offers a REST API ~~for automated trading~~		The exchange offers automated trading capabilities via a simple REST API, and via a FIX ([[Wikipedia:Financial_Information_eXchange\|Financial Information eXchange]]) order entry gateway.<ref>[http://bitcointalk.org/index.php?topic=66045.0 FIX gateway available on bitfloor.com]</ref>.

	~~The exchange offers a FIX (Financial Information Exchange) order entry gateway for automated trading<ref>[http://bitcointalk.org/index.php?topic~~=~~66045~~.~~0 FIX gateway available on bitfloor.com~~]~~</ref~~>.		==Anonymity==
			Bitfloor does not require any personally identifiable information until the user wishes to withdraw money using ACH. Deposits can be made via [[LocalTill]] -> Bank of America, by depositing cash. No ID or personal information is required, and bank tellers do not ask for the reason the deposit is made.

	==History==		==History==
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	On April 3, 2012, the website was down for several minutes.<ref>[https://bitcointalk.org/index.php?topic=166254.0 bitfloor down?!]</ref>		On April 3, 2012, the website was down for several minutes.<ref>[https://bitcointalk.org/index.php?topic=166254.0 bitfloor down?!]</ref>

	BitFloor is a Money Service Business (MSB) registered with FinCEN (#31000005224108).		BitFloor became a Money Service Business (MSB) registered with FinCEN (#31000005224108) on March 15, 2012.<ref>[http://www.fincen.gov/financial_institutions/msb/msbstateselector.html FinCEN search]</ref>

	==See Also==		==See Also==

Alvox: /* History */ Added downtime and no repayment after the 24k BTC breach

2013-04-08T02:30:24Z

History: Added downtime and no repayment after the 24k BTC breach

← Older revision		Revision as of 02:30, 8 April 2013
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	The exchange had been operating since 2011 with its first publicity occurring in February 2012<ref>[http://www.youtube.com/watch?v=F7SsavHX6tc The Bitcoin Show - 056 - Roman Shtylman of Bitfloor.com]</ref>.		The exchange had been operating since 2011 with its first publicity occurring in February 2012<ref>[http://www.youtube.com/watch?v=F7SsavHX6tc The Bitcoin Show - 056 - Roman Shtylman of Bitfloor.com]</ref>.

	On September 4, 2012 the operator of BitFloor reported a security breach that resulted in the exchange's wallet with 24K BTC being stolen. The site was shuttered and access to customer funds denied as the exchange's reserves were insufficient to accommodate all funds deposited. ~~The resolution at this time is being determined~~.		On September 4, 2012 the operator of BitFloor reported a security breach that resulted in the exchange's wallet with '''24K BTC being stolen'''. The site was shuttered and access to customer funds denied as the exchange's reserves were insufficient to accommodate all funds deposited. As of March 8, 2013, 3 months had passed since the last repayment (December 2012), and the operator had been unresponsive.<ref>[https://bitcointalk.org/index.php?topic=144509.msg1599788#msg1599788 It's been 3 months since the first BTC re-payment in early December.]</ref>

			On April 3, 2012, the website was down for several minutes.<ref>[https://bitcointalk.org/index.php?topic=166254.0 bitfloor down?!]</ref>

	BitFloor is a Money Service Business (MSB) registered with FinCEN (#31000005224108).		BitFloor is a Money Service Business (MSB) registered with FinCEN (#31000005224108).

Sgornick: /* USD */ Update USD methods.

2013-02-22T00:58:12Z

USD: Update USD methods.

← Older revision		Revision as of 00:58, 22 February 2013
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	===USD===		===USD===

	* In-person cash deposit through ~~Chase or Wells Fargo~~		* In-person cash deposit through Bank of America
	* Bank wire transfer		* Bank wire transfer
	* ING Person2Person		* CapitalOne 360 P2p (formerly ING Person2Person)

	==Withdrawing Funds==		==Withdrawing Funds==

Sgornick: /* History */ Add September 4, 2012 security breach.

2012-09-05T18:55:23Z

History: Add September 4, 2012 security breach.

← Older revision		Revision as of 18:55, 5 September 2012
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	The exchange had been operating since 2011 with its first publicity occurring in February 2012<ref>[http://www.youtube.com/watch?v=F7SsavHX6tc The Bitcoin Show - 056 - Roman Shtylman of Bitfloor.com]</ref>.		The exchange had been operating since 2011 with its first publicity occurring in February 2012<ref>[http://www.youtube.com/watch?v=F7SsavHX6tc The Bitcoin Show - 056 - Roman Shtylman of Bitfloor.com]</ref>.

			On September 4, 2012 the operator of BitFloor reported a security breach that resulted in the exchange's wallet with 24K BTC being stolen. The site was shuttered and access to customer funds denied as the exchange's reserves were insufficient to accommodate all funds deposited. The resolution at this time is being determined.

	BitFloor is a Money Service Business (MSB) registered with FinCEN (#31000005224108).		BitFloor is a Money Service Business (MSB) registered with FinCEN (#31000005224108).

Sgornick: /* USD */ Add Wells Fargo for cash deposit method.

2012-08-07T09:03:11Z

USD: Add Wells Fargo for cash deposit method.

← Older revision		Revision as of 09:03, 7 August 2012
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	===USD===		===USD===

	* In-person cash deposit through Chase		* In-person cash deposit through Chase or Wells Fargo
	* Bank wire transfer		* Bank wire transfer
	* ING Person2Person		* ING Person2Person

Sgornick: /* USD */ Remove Popmoney as funding method.

2012-07-16T06:43:50Z

USD: Remove Popmoney as funding method.

← Older revision		Revision as of 06:43, 16 July 2012
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	* In-person cash deposit through Chase		* In-person cash deposit through Chase
	* Bank wire transfer		* Bank wire transfer
	* [[PopMoney]]
	* ING Person2Person		* ING Person2Person

Sgornick: /* History */ Add MSB info.

2012-06-21T06:48:59Z

History: Add MSB info.

← Older revision		Revision as of 06:48, 21 June 2012
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	The exchange had been operating since 2011 with its first publicity occurring in February 2012<ref>[http://www.youtube.com/watch?v=F7SsavHX6tc The Bitcoin Show - 056 - Roman Shtylman of Bitfloor.com]</ref>.		The exchange had been operating since 2011 with its first publicity occurring in February 2012<ref>[http://www.youtube.com/watch?v=F7SsavHX6tc The Bitcoin Show - 056 - Roman Shtylman of Bitfloor.com]</ref>.

			BitFloor is a Money Service Business (MSB) registered with FinCEN (#31000005224108).

	==See Also==		==See Also==