Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

Quote from: Blitz on January 21, 2015, 04:45:44 PM

Quote from: Davyd05 on January 21, 2015, 04:41:30 PM

are you going to really, discriminate the difference between actively trading on a daily basis, vs adjusting his position as the fucking asset tanks? man you're showing your inner lambchop today.

Not my problem you don't know what trading is: I'm not the one discriminating between timeframes.

BTW, as I understand it, the context of this audio recording is that he slipped up before that on some Teamspeak channel, and the shitstorm came over him via a couple Reddit threads. So, lots of backpedaling is to be expected.

Are you telling me that such things should not be investigated, and that exchanges shouldn't publish a ruleset how they deal with such conflicts of interest? Hell, even the Micky Mouse Magic the Gathering exchange always claimed that they forbid their employees from trading there.

I am about not trying to incite witch hunts on small bits of info in an informal teamspeak chat, but I don't doubt we need more oversight into these situations.

http://www.reddit.com/r/BitcoinMarkets/comments/2t3iz5/bitfinex_cso_phillip_g_potter_admits_to_trading/cnw41fk?context=3

Hey Guys,

This is Josh Rossi, VP of Business Development at Bitfinex, some of my initial comments were referenced below. The word "trade" has multiple meanings, and is thrown around a lot, and I just want to clarify a few points that have come up.

   The bio information that was linked to is based on an old bio that was incorrectly written on the tether.to beta site. Phil was managing a fund that was invested in cryptocurrencies, but ceased day to day trading activities upon starting his role at Bitfinex, which roughly coincided with the fall of Mt Gox.

   The entire management team monitors our personal accounts, in order to prevent abuse, and we all act as checks and balances on each other. The idea that someone who works in Bitcoin shouldn't be able to own or adjust his position in bitcoin is silly. Bitcoin is not a publicly traded company, it is an asset. Any orders Phil may have placed would have been limit orders, and subject to the rest of the management teams monitoring. To be very clear, Phil has not been actively trading since joining the team at Bitfinex. That being said, and given the volatility of bitcoin, it is necessary to adjust one's exposure. We spend a lot of time trying to build the best exchange, and we definitely do hold and are bullish on bitcoin. There is a difference between a "trade" in the sense of being a day trader or actively trading positions, and executing a limit order, which is basically a passive buy or a sell of the asset in question.

   We have become the number one USD exchange, specifically, because we have made it our top priority to provide a fair and even playing field. We engage with our clients and the community and try to be as transparent as possible. We hold ourselves, and each other to the highest ethical standards.

Basically, we are very excited about the future of cryptocurrencies, and are honored that we can be a part of the core infrastructure. We are in it for the long haul, Bitfinex has been around for quite a while. We have consistently proven that we will not sell out our future for a quick buck now.

If enough people share your displeasure they best change their policy, otherwise as always in the bitcoin world user beware.