Yes, a lot of questions piled up in the meantime.
- what is the legal structure behind BitFinex?
- how does the 'insurance' work, for whom, to what degree, when? Who will fall through the cracks, when the insurance isn't sufficient?
Josh, feel free to chime in on this at any time :-)
Also, I would suggest every PR guy in such a situation to have a sound system so no questions get lost. The introduction is now six pages ago..
Ente
Hi Ente, I am reading and listening to all these questions, and aggregating them and getting answers. This is my first week, so I am still trying to figure out the answers to all of the great questions that have been asked here.
We are working on getting you answers to those specific questions. I, of course, cannot make any statements without first getting the correct information.
Sorry for any delay, know that we are working behind the scenes to clarify all of the confusing aspects of our platform. I am working, right now, on a new FAQ, which should answer all these questions and more.
Regards,
Josh
P.S. Building a "sound system" as you described is also one of the projects I am working on. This medium, as a way to collect information, is less than ideal. This thread alone is over 200 pages long, so while I have been skimming through this thread, and others, I will probably not be able to know 100% of what has been said before.
I noticed that you also took down the BFX forum, including the Wiki. The forum was barely used so I can understand that decision, but the wiki had lots of useful info that was not replicated anywhere else!
There are loads of existing solutions, many cloud based, for providing support and Q&A - are you considering using some of these? Even something like GetSatisfaction would be a massive improvement, and solve many problems at once (support, feature requests, bugs, with voting, feedback and persistence/sharing of answers!)
About the other questions/responses:
- I presume you meant to say 'trader' not 'lender' here: "lender should not be able to lose more than his collateral"
- The audit was neat-o, but only included BTC so it is inaccurate to describe it as a 'solvency' audit as there are USD liabilities as well.
- To everyone, regarding speculation on the 'insurance' of loans, please stop saying the loans are insured. It is pretty clear: without a contract, what you have is not insurance. Until BFX offer an actual insurance contract, we cannot say that any loans are insured.