Bitcoin Forum

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Nice. But is a PAN needed if a person makes a Bitcoin deposit?

May be required to withdraw INR, but not for a BTC deposit.

That kept me from registering. Any chances of looking into this?

Not necessary that I would withdraw in INR. People can use an exchange for arbitrage as well.

So you need my PAN card. great.

But who are you guys anyway? Why would I send my BTC or INR your way?

http://domaindb.in/i-co.in

Not much to dig into. Registrant name, organization, address, etc, seem to be too new to have trace.

The T&C Page seems to have substance. There has been legal opinion/ advice/ investment involved.

Keen to see some more opinions/ +reps.

banks require PAN only if you deposit 50K cash. If you getting 2 lakh incoming transaction or withdrawing 2-5 lakhs in cash PAN is not required. I think for exchange regulations related PAN will be similar. As you are not taking cash deposits you no need PAN at all.

Second legit question if you asking people to deposit bitcoins or INR that would be reasonable to ask what kind of organization behinde of this exchange. It is some one personal savings account, it proprietorship or partnership, it is private limited company.

certain level of public scrutiny and transparency is requited before anyone will deposit anything.

Might want to think about that, what If I want to withdraw say Rs, 200 ? I'll end up losing Rs. 99 (as you say "Whichever is higher")

common dont be sily if you have question you can write it here Email:����support@i-co.in

wicked sick one week exchange next week a coin.

I assume that pinwheels question is geared more towards:

1. Who are you guys?
2. Are you scamming? Genuine Question. Although answer may not be.
3. Most of the WHOIS details looks like a fly-by-night op.
4. SVE does not have internet presence, that makes Pinwheel a bit anxious.

Rest assured that we all want an exchange to succeed.
Hoping that you are genuine and will be able to run this business with transparency.

I like the minimalist design of the site. If you guys are able to pull this of , this is seriously going to be a game changer. I will be monitoring the progress. Good Luck :)

If that;s referring to BitOcean, Let me make things clear,

A week after I opened BitOcean, I did consult a lawyer about it, while he did not have much knowledge about bitcoin, he did explain a few cases and situations which we could encounter on the way and NONE of the situations/cases he mentioned were good, all ended up in either the owners getting arrested on running a Exchange Racket and the funds being seized or a HUGE HUGE fine and the license to run a exchange is NOT cheap either.

I NEVER took a single deposit from ANYONE, not even 0.0000001 Bitcoin.

I closed it for the better of Bitcoin in India, if BitOcean exchange were to get say seized or bank accounts frozen, it would SERIOUSLY dent the image of Bitcoin in India and that would be pretty bad.

I coded it from scratch after weeks of coding and could have just kept it going, but I didn't just for the better of Bitcoin in India, like I mentioned above.

Heck, At least I listened to the suggestions that were given in the forums and made needed changes, even if they involved coding a WHOLE new module in a day.

And again, I don't know why you're being so angry against me, As I was not trying to be arrogant or rude and I was just asking why the fee was so high and maybe the question I asked about the fee could trigger an idea in their minds to make a way for cheaper withdrawals.

C'mon guys relax..
Dishwara.. dude dont just go on a rampage over every small detail.. people do ask quesyions and it isnt a bad thing..
Dashing.. chillax man.. we are all brothers here..

Cheers guys..

Dishwara?
when i asked/said anything in this thread?

Who are you  guys   a  little  details  will help .  i really  don  trust "the  fly  by night  operators. "

and  not  some   crappy  word  about  being  a  bitcoin  believers and   for the  community  crap .

your  supporting  evidence is that, you  guys  are   a  registered   company   with your   company  details .  office  phone  numbers,  office  address, list of  partners, and  your  photographs.  

and  do  you have  permission  to  run  a bitcoin  based  business  with the  bank  you  are  operating with  ?

Straight  froward  questions and  require  straight  forward  answers  .

Thanks :-)

O i forgot  to ask  you, how  are you getting  around  the  RBI  guidelines  of  withdrawing  INR from you  e-wallets  .

Sooo sorry dishwara.. i meant pinwheel.. apologies.

Now  ive  got  more  questions. guess after looking through your  site  and  details  there is  a larger  Question mark.


You are  located in a  town  no bigger  than 10 football fields big in the middle  of  nowhere.  you contact numbers  not there  .
owners  name not there.  atleast  we  could  see  the people  before  doing  business with.  

you  still  have not  been able to  answer  how  you  are  working  around  the RBI  guidelines  of  withdrawing  money  from  the e wallets .

awaiting  your  answer  eagerly .

This may not be a problem if it is confirmed to be unregulated.
Dunno who is the person who confirms that though.

What are your security measures?
What percentage of funds are kept in cold storage?
Do you intend to provide 2-factor authentication?

Why are you hesitant in revealing the names behind the entity?
Your terms and conditions say legally this is done by an entity formed in 10 years back. Why not form a new company? What else is this existing company involved in?

So do you keep funds in cold storage? Cold storages help against theft.
Not against regulation that can get an exchange shut down.

Also, 2 factor authentication is an absolute requirement as it keeps your money safe even if your laptop is stolen or a spyware gets installed on your computer.

Bitfloor and btc-e hacks have shown us that this is the bare security requirement for a bitcoin exchange: cold storages and 2-factor authentication.

You can't take a lean startup approach to a venture where money is involved as a product. You can't fix bugs as they occur. You have to provide more security than your usual social media or blogging based startup. If you don't intend to provide these security measures yet, you should re-think and change your intention.

So  basically we  have  no  way to  verify  if,  you  are  who  you  say you  are.  ther is  nothing  that can  link  you,  no phone  number,   no  proper  address.  dont  even know  if  you  are  real.

Secondly  you  have  no  two  factor  auth,  so i  can  safely  amuse  that your  site  is  venerable  to sql injection  tooo, if  you  are  not  able  to  even impliment  a   simple  two factor  auth  on  your  sites.   .   come to  think  of  it, it's   quite  odd  that  some  of the  business that  sell bitcoin  came under  a ddos  attack   before  you  guys   announced  your  self.  coincidence may be may be not .

You guys  seems  to  be  highly  reluctance  to  give out  your   identy  to  make  every one  feel secure. that raises  a  big  red  flag.  as  far  as  i know  you  could  be  my neighbor next  door,  your  information  is  not   sufficient .

Let  me  tell you  some  thing, in a  country  filled  with  scam  artist,  for you  to  do  business  you  will have  to   assure  your  customers  that you can  be  trusted .,  right  now  there  is  no  trust .

As  for  now  i  would  put  a   RED FLAG  on  i-co.in , Sree Vinayaka Enterprises or iCoin .

P.s - Bitcoin is an  open  community   if you  want  this  community  to   trust  you  stay in a  open  manner.   dont  try  to  hide  or   obscure   details  and  twist  things  around.  


By  the  way in  an  earlier  post  i think you  said  you  were  a  partnership ,  now  it  is a  enterprise  with a  "CEO"  Who is the  chairman?  but  then again  that is only in  a  "Company" ,  some  thing  is  real fishy.

I'm not  convinced

Arjun  ( icoinv)  you are now making  your  self look really ignorant, about  the  bitcoin community , and  frankly  what you just  said  suggest  that  we  in the Indian  bitcoin  community  should  settle  for a  bellow  standard  security.  I really wonder  what you know  about  the  bitcoin community  as a  whole.

 I really  dislike  people who  see bitcoin as a  quick money  making  scheme. i wonder  if that is  the  same  with you .  looks like  you  patched up a  website in a  hurry  with  verry  little  security  and  used a  firm, or  some  enditity to  start  up this  business (wonder  if  that enterprise is  like a  family  owned  old  business  you are  using  as  cover).  and  you have  made  sure  to  hide  all of  your  details  .  so , no can  identify you. if you cannot  meet  the  basic  security needs and  identity  disclosure , you  are  better  off  working  in what ever  company you are  working  as a  programmer.  

CEO is  just  a  designation ..  looks like  you   also  don  have  any   experience  in   business. or  running a   company.  let  me  educate  you ,


In  a  partnership  firm  the  partners  are the  designation.the  profit   sharing   ration  in the business.  in a   company  established  by the  companies act  of  1957,  a  company is an  entity ,  with   shareholders   who  elect  a  chairperson who   appoints  a  CEO.  (my memory is  a bit  vague  but  this  is  about  right.)

are  you  a  partner ,  managing  director , or  a  CEO..
If  you have   partners how  many , what  are their  background   and their  entire  details. 

But  i  guess  it  useless  trying  to  save a  drowning  ship. 

Awh  well best  of  luck  on  your  other  endeavours.

hard  to lie  you  way out of this  one chum.

Thank you  for  your  honesty. in not able  to  win  my  trust.

  From  my  side  it  a  Red  Flag for  you  organisation  i-co.in or  Sree Vinayaka Enterprises[S.V.E]  what ever  you call it.


I  dont  know  what the others   would  want to  say  about this . 

So  guys   a  little   feedback on  this  would  be  appreciated 

Icoinv does have a point here. He does not need to prove his identity or the firms as long as he conducts honest business.

While I would still advice everyone to tread cautiously, I have seen looser knit businesses than these making a good trust based product by the end of their stint.

Its an open market.
I won't be registering yet as there is a need for PAN card and I do not need INR, hence I can't proceed as per the sites rules.
If anyone feels that trust is lacking, then please do not register/ trade.

But let us avoid accusations. This is a new business and as the Bitcoin India community, we have a duty to help everyone grow.

Hope that made sense.

Agreed  Benson Samuel there is no  accusations here  just a  red flag  of  caution.

be careful.  people.

icoinv build  your  trust.  hope you  do  business  in a  fare  manner.

Edit :-
Forgot  to mention  ,  most  of the  questions  i asked  was not  answered.  so  before signing up and   transferring  your  funds   think twice.

And for the rest of you toddlers out there, make sure you drink your milk.

:p

was  that  for me . :-) 

Awwww  that so  sweet.  Benson stop pulling my chain . arnt  you  out  of cigs yet..  :P

icoinv

Arjun Kumar

+91.9902695939  ???

Tech Name: Sujathamma K A  ::)
Tech Email:icoinv@gmail.com
Name Server:GNS19.HOSTGATOR.IN
Hostgator? hmm....

Sundeep +919902695939
Karnataka Telecom Circle, Airtel India  :o

~ Unleash the Great Ninja Power.

Oh come on - why would you even compare bitcoins with fiat currency?

Bank transactions are reversible. Bitcoins are not.
A bank is insured. Your exchange is not. You cannot make things right like a bank can if theft occurs.

You need to provide security that BSE provides - if you want to compare yourself, compare yourself with an exchange. Match their security standards.

No. No. No.

Just because Bitcoins is not too popular in India does not mean we shouldn't question people who try to build businesses around the bitcoin ecosystem.

Bitcoins - because of its value - attract attacks. You actually have to expect attacks if you start a bitcoin related business. That is why you should absolutely challenge an exchange on their security procedures. Its not about my trust in whether the company will run away with my bitcoins. Its about my trust whether the company is even capable to protect my bitcoins from attacks.

If you don't question them, they won't improve, and it will lead to a few people losing their bitcoins before the community learns a lesson. We don't need to learn these lessons first hand - when we have seen what has happened to other exchanges already.

We don't have a duty to help any business grow, we have a duty to make sure that only the right business can grow.

I am not asking anyone to stop questioning them. Was pointing more towards mild accusations.
Rest assured, they will be questioned way way more when the general public gets involved.

Hey hey hey Benson , if you are  pointing  at "mild  accusations"  at me.  dont  worry. my  accusation  will start  when  people  start   signing up  with them and  their money and  bitcoins  start  to  disappear. a  firm created  in  secret no verifiable  information,  dont  really  know  who  this  person is. trust is  hard to gain but  like  i  said  before . when people  dont  answer   questions   asked  that  becomes  suspicious.  may be  you  are ok when  people  dont  fully  answer   questions  .  but  not me.

Question  being  avoided and  twisted  are  signs  of  anterior  motives.

There are  alot  of  underlying  problems  to this,  that has not been  cleared  out. the  fact  being  that a  exchange  holding a client  money  basically  turns an  entity into  a   bank,  meaning  that all  withdrawals have a interest amount  attached to it. (RBI norms). if they are  going  as a Trading firm  then  the  SEBI is involved. which  has  more   rules  than a  banking  regulation.  there  are  too many  rules   to   counter  money laundering  in  india. many  are  pointed  to  stop  withdraws of  cash, and   transfer  of   cash  outside  india. 

A exchange  in  india  still  holds  INR in  its   account   for a  client  after  the  sale of  bitcoins .  making  it  a  deposit  felicity .   then  comes  the  problem  of   withdrawing   money  from  the  account   or  the ewallet, and  that  is  prohibited .  this is the  only  thing  that needs to  be  worked  around.  once  this  problem is  solved  then an  exchange  can  operate within  india  without  government  interference, atleast  for  some  time.     

If these problems  have  not  been  solved  by  an  exchange  opening in india, then  the  risk  of this,  being  a  temp operation  is high.   The main  problem, security  of the  site  is not  ensured  and the  people  starting  this  has  a  more or less a carefree  attitude  towards  security ,  showing  verry  little  care  about  the clients  money  that are  going  to  be  entrusted  in them. 

So  Benson if you  call this an  mild accusation then  you are  mistaken, ckz this is an  observation. the  accusation  will come  later on.  ;D

Good  initiative,  i will suggest  you  to  start  a  new  post  with a  bounty, and a  legal  disclaimer absolving the  testers  of  legal action. 

Its a  good  step  you have  taken 

+1

Hum.. guess  no one  is gona  be willing  to help you out  on this. 

 (-1)
 for lack of  effort.

if  you think someone  is  gona  come  over to this  thread  and  announce  that they  will do a pen  test  for  your  website  without  you  giving  any type  of  legal disclaimer.  you are  sadly  mistaken.  you  efforts  to entrap people  would not  really  work .


Why  do  you  always  respond  to thing  making  it  more  suspicious  and  harder to trust you .  your  comments "I can assure anyone NOT for time being. "  makes you look highly untrustworthy.

icoinv, do you have any registered users/ deposits on the site as yet?

If yes, would they be able to recommend your work? This may work better towards building your reputation.

so  basically  you  want me  to  hand  hold  you  through this  process ???



Hum.... interesting... wonder  what this  may  pan  out.  lets  watch and see.

Now this is interesting... Do you accept cash deposits w/o PAN??

If yes then myself or someone here might deposit.

It does seem like you have not yet straightened out your legal bits.
If you have PAN numbers and customer data and if your legal is not rock solid, all your customers WILL suffer.

The forums here are a boiling pot of entrepreneurs, technologists and legal researchers. It also happens to be the place where 99% of Bitcoin related businesses can expect any kind of traction.
Please do not expect an easy entry into this space, especially due to evasive answers and text book customer service responses.

The reason for me to outline this is due to several PM's from India forum members raising doubts about your business.

Everyone wants a Mt Gox for India, but no one in the current ecosystem will move away from trust based providers as yet.

You may get few registrations and maybe even few deposits if you are very lucky.
But I can see that the exchange may not take off for months, until there is a critical mass that trusts your operation.

Thank you Benson for clearing  that up,  you have  elegance in your  words. 

Point taken.

After 3 pages of this banter, I agree that we should work in that direction.

This is where you made a big blunder. If you guys really had the legal backing, govt approval, etc, the owner of the mega-ship mentioned in the above post will not matter at all.

You are doing something under the radar which is absolutely fine as something unregulated does not risk anything much. Maybe laws, disclaimers and few inquiries at the most will be the risk to bear.

Now, even though you are aware that your business model is not 100% sound, you are still asking for customer identification data and you even claim to have legal counsel to run an Exchange.

To me, this is very very very fishy.

If you had the legal bits in place, then it makes sense. Unfortunately, we know that is not the case, so consider altering your business model to reflect that.

As of now, most in the community already understand legal implications of exchanging BTC and until the RBI or a similar authority mentions something concrete about 'Bitcoin', it will remain unregulated. But we all understand the madness involved with INR conversions.

There is nothing new in what you have done. I was hoping that there was.


Please outline your accordance with SEBI, FEMA, Prepaid regulations and FERA.

I understand you cannot, because none of these regulators are willing to issue any public statement until there is sufficient time spent understanding Bitcoin.

Please do not consider this criticism, it is honest advice to help you get this kicked off in the right fashion. This is a trust and reputations market that you have entered into. None of that dodgy keynesian stuff for us.

Do you now understand why most of us are skeptical about this?

If I deposit 100 BTC into your exchange and if the funds then get frozen, no one will answer for my losses.

Now I understand that people may deposit INR as well, but that is not as big a problem as BTC deposits. INR depositors can always go to the courts. Bitcoiners cannot.

If you do want a clean start, talk to people like buysellbitcoin, his business model is the closest that I have seen to a clean implement with full working knowledge of the law in India.

Keep space open for miners to deposit BTC without a PAN card. Upto 20K INR withdrawals do not need to be reported to the RBI, or is it up to 50K.

Without BTC deposits, INR is useless in an exchange.

Keep the PAN card as an optional requirement. But make it a mandate to provide that information before withdrawing INR.

This will allow for a lot more flexibility and realism in your operation.

There is no lack of technology providers in India. Building a robust exchange system is easy peasy.

Getting the trust of users, most importantly engaging in deposits is where the key problems in Bitcoin lie.

Ok now we are talking on correct points.

1) A person deposits >50K and does not operate his account(this may go not reported, since no identity).
You must have daily and monthly or overall limit say 20k. If transaction or overall goes above that you need copy of PAN and verification mandatory for the same. If he is not operating his account, you should just carry forward his balance. Its not your issue and as long as money is not withdrawl to some else account, there is nothing to worry about it. Remember if someone deposits some money in your account, its not your money, its still his money as long as its there. Make sure your transaction account is different bank account and it does not involve your daily other business transactions. This account must be used only for exchange transactions that is only deposit and withdrawl. You can have a periodic evaluation period where you transfer profit to your other account from where exchange pays its operation costs.

2) A person hacks another bank account and transfers money to the exchange account, buys bitcoins and withdraws bitcoins. This is a huge issue.
Support only NEFT. NEFT requires user to add payee and mostly have two factor + cooling period enabled. So if transfer is coming from NEFT in 99.99% cases you can prove them user has transferred funds himself. Still want to ensure that user is the actual person to transfer money, for transaction above some value say 20k, ask him to send you notorized affidavit stating that they are going to use X account for transaction to your account. Ask them to provide a physical copy of bank statement obtained from bank branch.

3) Person deposits >50K without learning there needs to be PAN and while withdrawing, if we demand PAN while withdrawal of INR he might feel cheated. Many of international payment solution does similar to this.
Thats their problem. Make deposit order based. Allow them to book order in your system. Make it very very noticeable in instructions. Dont allow them to even book order if they do not meet your verification requirement.

And on top of all, PLEASE use 100% cold storage. Anything in hot wallet will be stolen, write this on your spects.

Everyone in India wants an exchange. We want it badly because that will allow us to find actual INR price and will save us lot of costs.

Cheers

Or, new decentralized courts will be setup to identify non-jurisdictional crime. This is in the purview of a Libertarians aspect of Private law.


Thank you. This will help you move forward for sure.


And everyone will help answer to our best ability.


If INR is deposited over specified limit, then PAN must be provided. This is a simple argument that needs to be coded into your deposit rules function. If BTC is deposited, nothing matters on the deposit as there is no regulation 'yet' (24th May 2013). Accounts can even be anonymous until the person wishes to 'Withdraw in INR'. But allowing anon accounts is a strategy decision and I will not advise on that.
Your withdrawal rules need to use the same identifier from your database as PAN received. If the PAN has been received then Withdrawal/ Deposit of specified amounts may continue. If no PAN card is received, then no withdrawals in INR will be permitted.

So that way, you have no deposits in INR over specified limits and you will not have any Withdrawals from peeps who do not have the required KYC/ AML.

This is a model where you play entirely in unregulated space.

Assuming that your legal strategy was to circulate money and free accounts within the 7 day deposit rule period, then that is not possible. You 'NEED' a quasi banking licence in order to accept INR deposits. I would advice you to look toward forming your own co-operative society bank for this. Co-operative banks have recently been granted further freedoms from the RBI and they look very promising for community/ local space banking and investments.
luckyindia (from our forum) had proposed this model to me some time ago, but the regulations did not look as good as they do now. Please do message him to understand more. He has been a lifetime entrepreneur and loves to help.

2) A person hacks another bank account and transfers money to the exchange account, buys bitcoins and withdraws bitcoins. This is a huge issue.

Thats what you hire Fraud and Risk people to deal with. Of course, you need to partner with few banks as well for this. This is a problem that even Flipkart face, so you need to seek guidance in Fraud and Risk.

3) Person deposits >50K without learning there needs to be PAN and while withdrawing, if we demand PAN while withdrawal of INR he might feel cheated. Many of international payment solution does similar to this.

If you read point 1, then you will see that a single condition in your code can prevent this.

Ok one more suggestion :

Try to open a testnet....  Let people register, Give them initial fake balance like 50k INR, and 100 fake BTC.. Let them trade.. Let them use system and know how it works. Let them withdraw fiat balance, let them withdraw fake BTC balance and see how it works...

It will also serve as great testing ground for you. it will also serve as awesome trial for your trading engine.

let people hack it in your testnet and you will know exactly what is the issue before it hurts you.  it will also allow people to understand you, your system and it will build trust for your system at least. You will also be able to test your support channel efficiency and you will realize that its easy to setup a phone support for at least paying customer. If this idea gets viral and its hit, you owe us Pizaa delivered to our places :)

Once again : Please do not put anything in hot wallet, it will get stolen...Two factor is more important than anything else. Spend all money you can to make sure your DNS is with provider whom you can trust, make sure your mail server is secure like (?) and  has SPF records, I am sure you have dedicated server ( No VPS, dedicated is must with no hosting company management account ) and truecrypt installed there, you have offline backups in encrypted drives and internal messaging in your company is all PGP based, and above all you have death switch which will allow next competent official in your team access to cold wallet.

Cheers

I accept BTC at 1DZ24R5X4yvmvdAzj7TMnFqWBfv6KPDef5 for the above mentioned advice :p

Finally some humour.. it was gettin intense.. :P

nah.. all Benson wants is BTC.. No fun intended :)

OMFG.. That was supposed to  be our secret!

LOL..

Humour plus a friday mini rally..  ;D

129 and then bust to 109 :p

Call me on Monday!. I will let ya know 7000 ways that you guys can improve your business model.

If you were able to speculate on my accumulated BTC wealth, I would be impressed/ Shocked!
Hardly 0.05% of my BTC is in Hard wallets :p, so that would mean that you either sold me BTC to find my ID, which is not the case or you know my cold wallet pub key, which is not the case as well. As I have never sold BTC 'ever' from my income wallets, I can be assured, that no one knows what I own.

I do not need any more money. That sorted itself few years ago.

I want a movement. I want a change. I want real true freedom and peace! I want free market that my children will prosper in; And I do mean better than others!

I am also willing to fight for it like a true Anon! With code, discipline and true passion.

And no, I cannot be traced :p. I may not be a text book lawyer, but I will sure put those bitches to shame ;0

sorta like a future hitman.. no traces.. whatsoever.. i like.. teach me o master benson  ;D

+10 for sharing your competitive advantage!

Hey !  icoinv

can i  see  the UI  for your  site. i really love to  see how  it is  and  how  you have  configured the   trading  platform for  sellers and  buyers. after  which i  will  regester  on your  site and  make  a  deposit. would  20,000/- deposit  be  fine  in the beginning. 

Deflection, Answer my Questions first!

What  question, your questions  are irrelevant .

Me first.

I  want to be the  first to  signup for this  service and  will then monopolize the entire  market. open offer to iconiv. 10% of all profits  to you if you  show me the UI and  if i like it  is signup and  become  the dominant  player  in you  exchange  monopolizing  every one .
I will become rich and will buy  a  house  with ten buffaloo, five horses, two  cows and a  rice field.  i will be self  sustained and  will cut off from this  world and  live  in a isolation.  My dream. :-)  oops  i forgot and  also a want a nice  honey pot gift for  icoinv website  business they love it.  they  have  one  already. 

no chappals for PW???

Hey  how  about  just a  screen  shot. that would be  fun.

Why does every thing inside you  site  look  so fake. its like nothing works  properly. a  few tables nothing  showing any sale and purchase, no graphs on the number  of  sale taking place no comparison chart.

And  are you  for  real,  a  freaking  table, in a  website.that is  what you are using .  

My money is in, that this  is  just  another  Scam.

and yes i am accusing  you  of a scam. Looks  like  some  thing  a  fly by operator  would be using  to   lure  unsuspecting  victims.

Reasons for  Scam Accusation :-

1. Website registered in a  town in the middle  of nowhere.
2. company  registered under looks like a proprietorship, owned by some one else.
3. The person who says he is, is not  identified.
4. There is no clear understanding of who the partners  are in this venture.
5. Site registered under some one  else name
6. The owner  refuses  to  identify  him  self, and not  provide  any  identification of him or his partners, but  expects the customers  to  provide  identifying documents  in the start of the signup (Intel gathering)
7. As the owners  refused to identify him self , there fore for customers  to use this  site is highly dangerous and potentially points  in the  direction of a  scam.
8. People who  made  this  site made it like a  5 year old  kid making a website  for the first time.
9. There is no visible indications  in their video that this  site can  actually work  as a  exchange.
10.The site  seems  to be  faulty and not  in operation at the time of  writing  this. The site in the registration field behaves like a  Intel gathering  system rather than a  customer signup form.  registration does not go through but the file gets uploaded. (fishy)
11.The biggest problem  is that there deposit address does not have a  auto  generate option, which means  they never  coded a  wallet in the site.(biggest  give off on the video that made me  suspect that this is a  scam)
12. site vulnerable to customers, (no verifiable  ssl cert)
13. Site  does not  have password  recovery options.
14. Site  also does not  provide  any 2 factor auth
Looks like some guy got a  cheap web hosting and  did not bother  to even make it look convincing  enough, then saying this is a minimalist design.

Reporting to Mod for immediate  action against the site before some one  looses their  money and  bitcoins.

Clean up your  act.  put you sit down under maintenance.  discuss  with your  so call partners. to have your details and information open for  public  scrutiny, get a working portal up and  running , and then announce the release.   the beta tests, you can  do  with the members here. till then  i have placed  the tag,  up to the other  mods  to decide  what to  do .

you dont have the luxury to stay anonymous, when people  will entrust  you to  keep their  money  while  trading.  and let  security to laps.

I want to trust  you guys  but  it  is  getting  harder  every time.  sorry .

But the Scam Tag  stays for now.

 

theymos guidelines are not to remove or do anything to possible scams.

Scam accusations can be published under https://bitcointalk.org/index.php?board=83.0 and the community will arbitrate.

Cool would  do that asap.  

Edit :- is it ok i  request this post to be unpinned. dont want any one  to be caught in the dragnet.

That sounds like a fair request until this gets sorted.

same question

Any update on the testnet?

Would be awesome if this project kicked off.

i've  been  waiting  for  a  proper  response   from these  guys  before  i  posted on the scam    section  . its been  more than  24 hr still no  updates  or   explanation .  think its  time  for  me to  lay in the   accusation now.

Hi Subvolatil,

I understand your concerns, but I feel its a bit too early too call them scam. Give them some more time. I know it will take some time for them to release testnet, at least a day or two. Posting a scam accusation at the moment will give them bad publicity without even starting. I believe you should give them some more time before going with scam accusation.

But again, its my view and you can disagree with that.

Cheers

The website is still up and OP has not responded since 25th.

If this is a scam, then it is on the main India thread of the forums and I am getting a bit worried about it.

I will add a Mod edit to the OP, but would be good if there was something moving forward to clear this up.

For  some  strange  reason  i feel that a  testnet is not  coming up  any time  soon.  and  its not the  test net  i  am concerned about i just  want them to  start  acting  in a   truthful  manner. They keep  dodging  questions, nothing  they  say  matches the  actual reality  we  see.

I know   we  should   give  proper  chances to indian  businesses  coming up, and  i like  to  help  every type  of  business related  to  bitcoin  to  be  successful, my  main fear is  that a  person  new  to bitcoin  comes  across  this  site  signup and gets  defrauded, then  we  get  bad  publicity . its our  job  to ensure   fraud with  bitcoin  in India  does  not  happen.  Our  job to clean up the  bad  rep  we have  in the  world  community .


I  will take  your  advise  and  will  stop my  self and  add another  72 hours before  i  go ahead  with the scam accusation. If they are  ligit  they  will  resort to  a  transparent  business, if they are  not  then  those  who  trust them,  is   in  for a  ride  of their  life.

Superstar!

I agree that there should be more frequent updates and they should convey this on the site too, but come on its Monday morning and we should give them at least a decent amount of time to react.

@icoinv, just a humble suggestion, Running exchange requires lot of trust from people. Try to earn that from this community and trust me people here are amazing to help you if you have right intentions and on right track.

Great.
keep us posted :)

Cheers

On a side note, that was amazing line :)

Cheers

buysellbitcoin You  guys are  doing an  awesome   job,  keep  up the  good  work.  and  in my books  you  are the right  business .

What is cold storage? I have heard the terms hot wallet elsewhere, what are these two ?

Hot wallet is the one which is hosted on computer with internet connection. Simple like the bitcoin client you have installed on your computer which is connected to internet and you are using it for your daily transactions or your blockchain.info account which is hosted there for you buy blockchain.info so that you can use it any time you want. It is convenient to have such wallet as you can use them for your transactions instantly. Same as rupees in your wallet. You can use them instantly.

But this wallet are highly vulnerable to security risks and thefts. Same as your current Indian rupees wallet. So what you will do to resolve this, you will place your most of rupees in some isolated place where it is difficult for any one to find it or steal it. With bitcoins  to resolve this issue you can take backup of your wallet.dat ( Your wallet ) in encrypted drive ( optional but highly recommended ), or on paper using some paper wallet generator ( You can use blockchain.info or Armory for this ) and store them in some safe place. Such wallets are known as offline wallets as normally they are stored in manner where they are not connected directly with internet.

I hope this helps :)

Cheers

Throwing a 404 Page not found error.!
I don't think the site has been uploaded properly.!

Good One.

Your login  does not  work. !!!!

 ???

Yeh that is  some of the  major  problems  they have  on the system.

Lag on the  site.

values  changes , the  changes  are on the  wallet  value . (Serious)

nothing is  properly made. nothing  is  explained  in the  site.

https://i.imgur.com/3H5XjCl.jpg


More Pics : http://imgur.com/a/EEtpy

I was banned? Auto Spam  :o

banned ? means ?

buysellbitcoin Got banned on forum temp. now its restored.

But icoinv does give error msg when signing up from TOR...
That is why couldn't register.. figured this out and posted screenshots post registration!

+0 for icoinv  :-\

Actually I will give +1 for that TOR thing. Accessing exchange from TOR should not be allowed. But thats my view again :)

Cheers

Agreed for a functional exchange makes total sense.. same view... :)

But for testnet testing smth like icoinv a bit of caution/safety is needed.

just  use a vpn service, Tor is any ways insure when it  comes to exit nodes.

but the  above  posts  does  make  my spidey sense tingle.

dude your spidey senses have been rattling for a few days now. how did you even detect the tingling? :D

Over sensitive paranoia .

Pothead :p

those are crackheads you referring  to. We are the peace loving kind. singing near the rivers of Ganges,  :P

oh really..? lol

Any updates ?

Can you publish trade volume etc data, for the exchange if it is not a trade secret. It will help everyone here to understand current Bitcoin market in India. If you can not, I can understand.

Cheers