Bitcoin Forum

Im in need of some people testing a new banking platform.

I'll need around 100 people, and you'll be split into a few teams but each team rotating testing out each feature for themselves!

You'll need to Create a BTC-Escrow Bank account, and open the accounts that matches your needs!(in BETA you'll open every kind of account!



There is a, BTC Transact account, BTC Savings Account, Loan Accounts, Investment accounts and accounts also available for Business's



The transact account is like a normal transactional account with a bank, you deposit and spend as you would much like a normal bank account. we try to encourage to setup an automatic savings scheme with us but thats upto you!


The savings account ties in with the Loan Accounts, but the Savings cannot be touched if there's an outstanding loan unless hardship can be proved. Here's an example of how this works:

If John has savings of 30Bitcoins, he can then take a loan with us, for a total amount of 30bitcoins from his loaning account. Johns savings is still there, but because he's asked for a loan against his savings, the bank puts a hold on the savings, and cannot then cannot be withdrawn. But if he has taken a loan of 25bitcoins, he can take 5bitcoins from his savings but not be able to take the remaining 25 as there is a loan against his savings.

If the loan is partially paid back, so once again if he had taken a loan of 30bitcoins but has paid back 20bitcoins of the total 30bitcoins, he can ask for a topup on his loan upto the amount of savings that he has.
If John defaults on his loan amount, we can take the savings etc...

Eveytime a loan is approved there is a small fee to apply, this is to help cover admin costs etc,

We does not in anyway stop people from taking there savings unless they have a loan with us, but by offering this type of loaning system, people can build up there Credit rating with us, and when the bank feels that the person is less and less of a risk, the amount held against the savings account is less for example:

John has had 6 loans within the last few months with us, he has always paid on time, and he now has 100bitcoins in his savings, because he's demonstrated he can pay on time, he can now have a loan of 120, even though he only has 100, we as a bank think that he will payback on time

If you do not have a loan with us, then you can freely access your savings account, but there will be a limit of how many withdraws there is a month before you incur fees, after, it is all about savings!


Investments account are for those that want to invest with us, we try to find the best investment options for you, wether thats in a business, or on exchanges such as, MtGox, etc. we'll find the option right for you




So your job as a beta tester is to. Do all this, apply for loans, transfer money, pay back loans, watch al ltransactions that your doing, and see how the system works.

Those who are interested, then please leave a comment below, and any input about this would be awesome!

oh forgot to mention, that when this is system is live, there will be a Visa Debit card linked to the transact accounts.

We are still sorting out how this will work wether it means you convert the bitcoins to your local currency and then spend like normal money. (We buy the Bitcoins at lower market rates from you, and then we give you the money on your Debit Card)

We make the money back buy reselling the bitcoins but thats not for you's to worry about

So...will we be testing with test bitcoins or will you be providing us with the coins necessary for testing?

I doubt anyone will put their coins on your site without a lot of reason to trust you.

Other than that, I would like to help test it. I am currently receiving interest on a small amount of my bitcoins but would like to explore every option.

Here comes another 'bank'. :-X

Test bitcoins, its no way near ready to uae the real, it'll be a simulation test, going to have the feeling of the real thing tho.

And yes 'another bank' like it says in the title

Great News People

SWIFT (Society for Worldwide Interbank Financial Telecommunication) have confirmed they'll let me use there platform to send and receive payments!

That to me is a major milestone, as the banks are now clamping down as such on bitcoin transactions, now with SWIFT on side that means its no different from sending money to someone else in another country, its just the same! and its harder for banks to stop us from paying you!

I'll keep people updated on the website construction, as we have just implemented the LiteCoin and BitCoin system into our Banking System!
You Can also convert Bitcoins to LiteCoins and Vise Versa. Thsi feature should be rolled out in the next month! about a week or two before our banking we hope!

And how did you guys managed to rope in SWIFT (Society for Worldwide Interbank Financial Telecommunication) ? Wow. Good news.

I would love to test your platform, buzz me please.

+me
would like to take part in testing

instead of using other banks, why not become a bank? that how you bet the banks!

Yeah, that's true. That's why we use BTC - be your own bank and never trust any 'banks'. (like this bank...)
Most of the 'banks' are hacked before at this point, and most of them never repay the funds.

they didnt secure it in a very good way then.

We are going to try 3 simple steps, but helps your money be safe:

 - All funds are deposited into BANK-WALLET#1, but using different ID's for every deposit. Helps us identify how much belongs to who, and automatically updates your account when there are enough confirmation
 - Every 3 hours, there is a automatic transfer to BANK-WALLET#2, leaving only a pre-set amount of bitcoins in BANK-WALLET#1
 - BANK-WALLET#2 is then splits the amount again, into 5 different wallets, those wallets are stored offline.

Each of those 5 Wallets, is stored on a Seperate USB Stick, and Paper copy.

This is not 100% safe, but those are only a few of the security measures that has to be in place

What about the administrator, who is anonymous with a new forum account?  What security is there in place to stop him from just disappearing with all the deposited coins?

They didn't. SWIFT simply have no interest in the damn thing (I speak from personal experience).

I personally wont be dealing with no transactions, i have a team to do that, and it works on a buddy system, so if person#1 makes a change to customer#222's file in any kind of way, it has to be approved from person #2 in  one of our 3 other offices chosen at random and anonymously. not to mention everything is kept a track of, as soon as someone enters your file it is automatically noted. They are required to leave a note about why they were in the file for etc.
I can view and cancel any transaction. but i personally, cannot change the amount or edit the accounts. I can save wallets, and store them in a 2 person mini vault if that makes people feel more confortable about there money

Well yes SWIFT will deal with us. Like i have said in the other posts, y not become a bank?

The thing is SWIFT will allow anybody use there system, Aslong as its Real Currency and we have anti-laundering procedures in place.
We operate just like a bank normally would, except we target an international audience. SWIFT have some policies that i must adhere to.

You speak from personal experince?
People have failed with companies like SWIFT because they have meet the criteria to use there system

I'm merely responding to somebody asking how you roped them in; I stated that you didn't, and SWIFT will allow anybody to use the platform as long as they follow the rules. Essentially, I'm saying that there is nothing special about it.

Yes, I speak from personal experience. I'm the platform architect and legal advisor for a major BTC related financial project, and I have a history in the financial sector.

You'll still have access to the private keys, so you'll be able to walk away at any time with everyone's coins.

BTW - Your grammar and spelling are terrible and you use double negatives.  You don't really put yourself out as a professional dealing with a team.  Sorry.

Sorry im messaging back via Mobile phone and sometimes i miss the spelling mistakes and grammer.

I understand what your saying.
It's a trust game, some people like to hold there own wallets, thats fine, they can do that, theres nothing out there stopping them.
We are just offerring a service that allows you to withdraw your fund directly to your bank account almost to any bank in the world, and depositing, which isn't easily achievable with other services and to let us hold the money if people want us to. The reason for SWIFT is to stop the charge-backs on credit cards or Paypal transactions.

People may only want to use us for deposits, and withdrawals, but not letting us hold the money, That, once again is upto the end user, not us.

Oh so sorry, i thought you ment we didn't get SWIFT. I misinterpreted you.
Yes your dead right. SWIFT really dont care aslong as its legit transactions, and we follow their rules

+100

I have been thinking the same. I will not touch this even with a 1000 feet pole.

Can you and your team identify yourself then? People need to know who they're entrusting their funds with as without clarification this might as well be a one man team. I don't want to receive a ton of scamming accusations in the future so the best way is to start confirming the details before the service starts.

Sure can, when our website is setup, we will have an "our team" page, pictures of us, Indicating who we are and what our role is. our past history, etc.

and we will also show a demonstration showing exactly how we work.

Everything will be explained in detail.

I am very much interested in this, let me know when it is ready to test.

BETA 1 starts on the 11th May 2013!!!!!

Registration starts in the next 48hours.

so some more news.

Just found out from the SWIFT office that almost instant withdrawals and deposits are available to anybody in the UK (United Kingdom). WITH A MAXIMUM OF A 3HOUR DELAY IN SOME INSTANCES, IT DEPENDS ON THE AMOUNT

People in any other country still have the 3-7day Waiting Period.

Also note that any transactions of $10,000 or more should be done via Bank Draft or Bank Cheque for fast clearance and be made out to BTC-Escrow Bank, otherwise you will experience major delays, as the New Zealand Government requires that any amount higher to be viewed by Internal Affairs and foreign affairs, and you maybe required to Prove where the money came from. This is because we abide by anti-laundering laws in New Zealand.

If you live in the UK, Then your law is applicable


THERE ARE FEES BUT THAT WILL BE EXPLAINED MORE IN DETAILS ONCE BETA 1 HAS COMPLETED!

I can help test. PM me.

Registration open!

More information on this post

https://bitcointalk.org/index.php?topic=193894.0

Calling yourself a bank can have some serious implications... 'Bank of Dave' can be your starting point on researching why it is a bad idea...

Calling ourselves a bank is the correct term for it :D

We are a registered bank in New Zealand, just awaiting the papers to be sent to us so we can upload a copy on our website.

Minus the sensitive stuff :)

Privately registered domain hosted on Godaddy shared webhosting in Singapore.
And it seems they have implemented cutting edge 40960bit TLS encryption so my poor outdated browser says "Error code: ssl_error_rx_record_too_long". I probably need to upgrade it to Firefox 139.0 beta to enjoy all the security benefits.
Seems to be extremely secure bank. My respects, guys!

Thanks

We haven't tested in Firefox yet, we've only tested with Chrome and internet Explorer

Hey if you still need testers let me know. Summer is here and I have plenty of time on my hands to waste!

Just wondering what do you do if someone takes a 75 BTC loan (because they have 75 BTC in savings), and then they withdraw the savings and don't pay you back? Or will you not give them access to there savings, because if you did that, they they should just use there savings and not have interest?

Great idea though, way to support the bitcoin economy. I don't have the time to be a tester though.

Because the Savings account only have 2 FREE Transactions per calender month before it incurs fees, after all it is a savings account. and yes there savings are held to the amount loaned... To get a loan is cheaper than paying the fee to do more than 2 transactions on the savings.

example:

You have 10bitcoins, but have 6 bitcoins on loan, you can still access 4 bitcoins from your savings

I can help :D

Thanks!

Registration Open People

http://btc-escrow.co/Register/user/register.php


Feel free to register your.

You'll be able to login to your account within 24hours!

Fell free to hack it by injecting etc etc so i know what still needs to be done.

If you come across errors then do let me know, though you shouldn't experience any.


You'll be able to login at:
http://btc-escrow.co/login

Remember, for the time being its all fake bitcoins

Wonder if you told them that you are running a bank, or will get a nice fraud suit.

Yup of course we have.

Banks are allowed to join SWIFT so long as we abide by there protocols and have an anti-laundering procedure in place. We also need a stable, safe and secure banking system, which we have met, now its just testing it and getting the last few bugs out of there.

This is still weeks away from implementing at the moment, and will not be used until at-least the pre-release

Who is your AML compliance person?

Do you ask any depositors for the following details? http://www.ecfr.gov/cgi-bin/text-idx?c=ecfr&sid=231e4e1efad92f784ae80b944bcc7498&rgn=div8&view=text&node=31:3.1.6.1.7.2.5.3&idno=31

This will end the way of BitKeys's banking venture / dank.

No we dont as we do not operate within the USA, our head office is located in New Zealand, and therefore New Zealands Bank laws apply.

For deposits or withdrawal transactions that are under $500NZD per calender month, then no i.d is required, any thing over $500NZD then a government issued i.d is then needed along with proof of bank account  and a utility bill with proof of address.

Forgot to mention that the i.d has to be signed and stamped by a "notable person of the public" weither that be a person from the courts, a police officer, a minister of the church etc etc

May be of interest to people: http://www.rbnz.govt.nz/finstab/banking/2969066.pdf

And: http://www.rbnz.govt.nz/finstab/banking/regulation/0094291.html

thanks for that I was trying to locate those files.

We comply with most of the reserve banks protocols and we implement only some of there rules.
We are however not a registered bank under the umbrella of the Reserve Bank of New Zealand
We are a registered partnership bank, registered with the  New Zealand credit union association, which allows us to more easily provide services to international audience,

Our credit union law hasn't been updated since 1982 if I recall correctly, and wont be updated for many years to come (too many land arguments that the NZ govt updating credit union laws is probably at the bottom of there todo list)

So you will lend their own money to them and charge fees. Great (Joke of the day)
Let me tell you, your plan is a big fail and no one will put money in your bank to get same amount of loan.
and no one will trust your bank website unless you register a company. (even companies can do scam but still people trust them) and please don't lie about SWIFT.

And i checked your website, it's not even completed yet.

About us!
TBA

Why choose us?
Because we offer

Hate to flog a dead horse but:


http://www.legislation.govt.nz/act/public/1982/0118/latest/whole.html#DLM60280


And these clauses seem relevant too:

This all seems a bit odd. Why would you borrow if you already have it?

Everybody knows, to obtain a house,car or even personal loan then the bank needs to trust you. right?
Good credit reports, payment history and no defaults all help with this.
I'm not saying that we'll hand out bitcoin loans for house's but the point is about building a good credit report with the bank.
We use your savings to secure loans IF you need one, we also loan your savings to other people in the bank, that how a savings account earns interest etc. You have access to your savings at any time you please, so long as there are no outstanding loans to pay on your account.

After 2 maybe 3 loans, then the bank might be willing to give a loan higher than your savings. at an increase of 0.45bitcoin per loan as an example, depending on the amount in your savings
As for the Fee's, i didn't say its going to be a huge amount, it all depends on the amount loaned.

As for the accusation "please don't lie about SWIFT."  now what makes you think we are lying?
Have you looked into the eligibility and requirements for using SWIFT?
Do you know what category group we as a bank fall into with SWIFT?
Do you know what documents are required to request access to SWIFT and how payments are processed by the bank and SWIFT?

Ok every one, please feel free to login and check out the bank platform using the demo account.

http://btc-escrow.co/login/

Username:demo
Password:demo

i'll add some funds to the accounts shortly to allow you to transfer between the accounts

The SWIFT function is disabled for this account and so is transfer to a bitcoin wallet even though the options is still there.
If you have any input on how i can make this platform better then please let me know.

Also note this is only a BETA, there are more functions that will be rolled out over time.

Don't compare your site  with bank because your process is different and stupid.
Seriously give me 1 reason why anyone will use your site to get something which he already have.
Usually people needs loan when wants to buy something but he don't have enough money. Lets say I have 10$ I want to buy 11$ thing. I need 1$ loan urgently, now thru you site i can't get that 1$ as loan.
You will take my all money and give me my 10$ back as loan and charge fees for that.

Did you have ever seen anyone giving 1000$ to bank to get 1000$ loan.
Yes Bank gives loan Good credit reports, payment history and no defaults but they don't ask for money nor they freeze your money that's in your bank account .

oh and sorry i don't know answer of all the questions you asked about swift, so kindly please let me know answer of those questions as you are running a bank.

Don't comapre with a Bank? why not? we are a registered credit union, WE ARE A BANK!
Why will people use our site? because we will offer an exchange rate for local currency anywhere world wide or bitcoin to litecoin conversions, just like a normal bank would USD to AUD or NZD.... ETC'

Your making it sound like we going to charge you $5 bucks for each loan? i havent announced any prices it could be 10cents per loan approval for all you know, we haven't come to an agreement for this on our side yet.
Yes your correct they dont ask you for money, but they do ask you for some type of security instead in-case you default. Did it not occur to you that because we are an international brand its not as easy as signing your house to us in-case you default like it is with your normal bank?
And yes that is how the New Zealand Credit Unions work, especially because when you've got no credit history, the bank doesnt know you, but your still loan, the bank is unlikely to give you anything, simple, we may grant a loan, very unlikely.

===========================================
BETA LAUNCH POSTPONED
===========================================


Because of unforeseen circumstances, the beta trial has to be pushed back 24hours.

We are extremely sorry for the inconvenience caused to those 70 odd people that have pre-registered your interest and were looking foward to using the system today.

Our technical team had found an issue, where under certain conditions and circumstances, would allow a person to initiate a MySQL injection into our database.

We were only made aware of this when doing our final System Security check before launching the BETA service. This was a minor problem and has since been resolved. This issue did not affect our core banking system, but our technical team has adivsed us to hold the launch while they look through the code to make sure there isn't any more hiccups.

Regards

Jason Vitaly

System is now Fully operational.

We are extremely sorry about the delays launching the BETA.


We've also decided to have open registrations to everybody that is interested.

At the end of the Beta Trial, the first 50 people that have signed up will also get some free bitcoins on us.

We also have a prize pool 10Bitcoins that will be given away and announced the day following the end of the BETA trial.

All you have to do is signup with us:

http://btc-escrow.co/Register/user/register.php

You'll need to wait for an email from one of our team members before you can sign into your account with us, this should take no longer than 24hours

WHAT THE FUCK

You are obviously incompetent to do a bank:



> Shows errors

> Is on a shared host

> More than 1000 lines in a single file

> Shows .php

> Trying miserably to do a bank

...

I don't know what else to say other than "what the fuck"

admin@btc-escrow.co via sg2nlhg076.shr.prod.sin2.secureserver.net

Godaddy lol


I thought you honestly couldn't be doing any more things wrong, but this:


Go read every single fucking word on this page and come back after two years of having built real world applications: https://www.owasp.org/index.php/Category:OWASP_Guide_Project

© BTC Escrow Bank, 2008

Your source code also uses tables.. This isn't the Geocities era.

Not only that but you used what looks like to be a website builder to create your main site which crashes when a page does not exist:


... missing closing body/html tags, meaning your PHP has crashed. Is this seriously GoDaddy's website builder?

this is only the beta registration portal. and is no way linked to the core banking system.
The registration page is actually a third party app not designed by us. we just use it for the time being to keep the beta testers seperate from the standard database.  

You are storing passwords in plaintext. I don't care if it is not developed by you, it still interlaces with your database and you are storing passwords in plaintext (showed by the fact that you can retrieve it).

The fact that you are also using shoddy third party apps and what looks like a website builder for your homepage means.. you're not competence enough for anything.

Please delete my account by the way.

for my home page? a website builder? infact your quite abit off there my friend.

Infact the home page is a modular website. There is no direct access to any database.

I HACKED A BANK!!!1111

https://i.imgur.com/Gn2nMjv.png

Learn what XSS is before you go launch your "BTC-escrow Bank"

Re: free btc for testers: I just pointed out a bunch of horrible security practices as well as an XSS vulnerability.  Addr: 1GLadosEkeAsLReqS3yQ51E1R3wVtbJCDF

Also, delete my account.

TF's checklist for what to do before launching a bank:

1) Don't call yourself a bank
2) Learn to program
3) Learn web security
4) Draft your bitcoin storage plan
5) Discuss the plan with bitcoin experts
6) Code your site
7) Launch with logging of every single activity
8) Hire multiple (at least 3) different pentesters or a respected firm
9) ???
10) You probably didn't even read this far.

7 is important, because that's how I caught a pentester keeping a XSS vuln for themselves.

no you hacked a MySQL databse. get it right.

Go try actually hack the bank by playing with the demo account my friend.

http://btc-escrow.co/login

User - demo
pass - demo

if you can do some damage, then ill pay you 20bitcoins straight off.

What is a databse  ??? ??? ???

There's nothing to hack for btc-escrow.co/login because there are practically no attack vectors. When you've actually finished building something, come back (and get pwnt).

Correction: BTC-escrow Bank was using an off the shelf FOSS banking system or something ::)

ACTUALLY, I just hacked your bank.

20 BTC please, see next post for proof.

https://i.imgur.com/l8oVILI.png

https://i.imgur.com/2MzQo11.png

20 BTC like you promised to 1GLadosEkeAsLReqS3yQ51E1R3wVtbJCDF please - everyone can see if you sent the coins or not.

mmm no thats not hacking, believe me, you cannot acutally create an account that way. give it a try

LOL, http://en.wiktionary.org/wiki/hacking

You can't "acutally" (is that a mash of an acute angle and actually?) create an account because you haven't hooked a MySQL database to it.

You should probably pay me the 20 BTC you promised before I post in scammer accusations.

yes but the damage to the bank is???

Interested in testing.

Hacking doesn't have to result in damage, I don't hack to damage sites for example.

When you had hooked a mysql DB to it, then I could issue money, see user's details, etc etc etc.

umm actually there is a MySQL database attached. but the result from you accessing the admin page doesnt do anything

type this into google: "unauthorized access"

Love this line of text btw: Modified without permission

https://bitcointalk.org/index.php?topic=206835.0

Awww. Your site went down.

it did? when? i can't see it on the logs?

Hmm. My mistake. Must have been my own spotty internet because it seems fine now.

As an aside, what is the difference between 1. "Buy Bitcoins" and 2. "Sell You Bitcoins"
They sound the same:
1. Me buying bitcoins.
2. You selling me bitcoins.

No were right, it seems theres a ddos (Distributed denial of service) happening against my site at the momment, i've contacted my host (godaddy) and they are sorting the problem as we speak

sorry i forgot to answer the last part of your question.

Sell your bitcoins is when you cash in for your local currency example is: 100 bitcoins to 100usd if the rate was 1btc=1usd
We then send the payment via SWIFT or Western Unions Money in minutes(INCUR FEES)

Visa Debit card out yet? I would like to order it.
BTW, OP, please my PM as I did not get a reply from you,
thanks!
 :D

sent a PM to you,
is your SWIFT integration online yet?

yes it is. but it needs to be activated on each account after the ID process has been completed

Great. My account is live now. Will PM you with more info.

@btc-escrow.co - If you need a good security consultant, I can recommend one. Just want to make sure your site is "super" secure.

Yea sure, any "good" input is helpful.

Also like to setup a video conference sometime with you re: our phone call.

Also those people that signed upto the beta should have received there new account email

After reading this thread I would never consider using this service.

Add me to the list.

Still need testers? I'm up for it.

video conference - yes I would like that, details in the PM to you. I'm still waiting for you to send me an email.

I'm up for some testing!

http://btc-escrow.co/Register/user/register.php


Thats the registration Link, you sign up and within 24 hours someone from the processing team should have picked up the application and setup your account, You'll receive an email  giving you the login details and you will be able to use our system immediately after receving those details

Do you need another tester?