Bitcoin Forum

I am finally ready to roll out the..... within 10 days. In the mean time I would like the members to......and report any bugs and suggest ways to beef up security.For testing there is no need to enter correct user details.Upload any file in place of PAN.However do use a valid mail id phone no(used for OTP and notification of trade).The website lin..........
NOTE:Currently login is possible only in business hours as our SMS gateway account has not been converted to transactional

There is no need to ...... with us.Once an order is executed, the ..................b] directly to the buyer[/b].We'll track t.................., we will release the payment to the seller. I will be offering the ........] free of cost for about a month[/b] and plan to charge a small fee (not decided yet but should be around [........ to be .............b], by both the buyer and the seller individually.

The..........s currently open to only Indian citizens and yes, we will require PAN.We have taken certain measures to protect user details and will keep on improving them. Even if the site is hacked, neither any monetary loss can occur nor PAN details will be compromised.
Security Features(some still to be implemented before the launch)

1.sha1 encryption for passwords
2.encryption for what ever data is transfered
3.ssl keeps data over network secured
4.cookies for maintaining session which is also secured by encryption plus ssl

About Us

One small thing, if you are collecting Service Tax, than you must display your Service Tax number. Do not collect until you have registered Service Tax number.

Regards

Perfect. You are alright than :)

Best of luck.


Regards

If no bitcoins are getting trasferred online its not an exchange aka trading site then, you are just acting as escrow for INR payment and it has big risks.
A scammer can use your site to do scam, he can use your bank account to accept payment and cashout scammed/stolen/fraud funds to bitcoins.

Make sure to do proper verification .

You will not get scammed, but you can get into problems if you didn't verified users account and started accepting payments from any bank account.

30% fine for not executing the order!! i think thats waay too much. whatever  you are trying to regulate in the process, the fine is too high, given the volatility of btc, ppl may not want to sell at price they might have earlier quoted.

interesting. Will watch this thread.

Great news

Interesting.!  This week btcchina became No.1 in volume.
Hopefully you can bypass them someday..! All the best guys.!

P.S : Is there a way that you can get away from having the users to deposit payment to your account. When you start getting volumes, the banks start getting all cranky. If there is no transfer happening on the site, then why would you want them to deposit it to you rather than directly to the seller's account.
That is a overhead cost and time delay to deposit it to your account and you then transfer it to the seller.

I would suggest talk to INRBTC. He might have some ideas.!

Does this differ anyway round from mtgox or things are same ?

Good to see another Indian BTC exchange company. I am curious about one thing, and it applies to all indian bitcoin exchanges.

Most Indian buyers resort to bank transfer in order to buy BTC. Few banks provide instant transfer option, yet some banks take a couple or more hours to finish the transfer. If the transfer is between 2 different banks, I guess it will take even bit longer to complete it. Then there is another factor of bank timings. NEFT feature is not 24/7.
Last night I saw BTC price dropping to $265 and climbing back to $310 all within a couple of hours. I was wondering what is your normal policy about this intense fluctuation that can happen between my order and by the time my money reaches you? Just my curiosity.

at INRBTC (https://inrbtc.com) a buyer will be given 24 Hrs to deposit the amount to the Seller's Bank account. The price fluctuation does not matter, the price at which the Trade has been executed is the Final price. Sometime the buyer is given more time especially if the Trade happens after Markets hours or on a Bank Holiday but the price still remains the same.

Thanks INRBTC and Devansh,

I would suggest HTTPS protocol for your new website as it provides another layer of security and confidence to your customers.

Lol, dont tell me this is a copy paste gone wrong. Lmao

oh cmon his site is not ready yet, its too early to criticize. you can easily spot few elements of his site are still nt developed, footer is an example.
wat u pointed out is ofcourse a classic copy paste, but let him finish his site, then we can decide its reliability.

Absolutely nothing wrong in that. Its the best way to setup a framework for documentation on a website.

Nothing wrong with that. It happens, not a big deal till you get launched officially. Just remove reference and you are good. Please note that once you are launched officially and you make users accept your terms and conditions, each word of that document is legal binding contract so be careful with that once you launch.

Anyways again best of luck for your adventure :)

@dishwara, really impressed that you read the terms of use of the site you are using it. Normally people simply click, I accept :)

Regards

Someone on the site is selling one BTC for 200 bucks? Is this site even functional at the moment?

Also, if you are calling this as a "project" then I better stay away from it.

Your opening post says it is a "project."

Just as a suggestion you could also use  IMPS for transfering funds , its 24/7 and money comes in instantly. This could minimise the time delays in associated tranactions. There are quite a few banks having this service, and its really instant :P
because I was not expecting it to be so fast.

Anyways just a suggestion.

iBITCOINTRADE - By when the site will be up and running? Another thing why dont you display In-Progress or Site under construction on Website so that all know the rates displaying their are just on test and easy of you as well.

How's the progress going on Devansh?

So when is the website going to start trading?

Hi devansh. First of all congratulations for your project. Its a really interesting one. I was just checking your site and I have 2 questions...

1. How do u handle NEFT ? Manually check your/company's account and approve or taking some other automated method ? If u r using any automated method I would like to know what it is and how secure it is ?

2. I am interested in a buy offer on your site and as I can see u r going to charge from December 12, 2013. So am I allowed to perform that transaction beforehand ?

Hi
New hopeful bitcoiner here.. :D
I was wondering if you people take in cash with no bank trails ? like some local meet up trade ???? I want to buy my first coins as anonymously as possible...

Does acceptance of direct cash comply with Indian AML policy ?

Plain hashing is highly insecure for passwords. sha1 is not encryption. The passwords are just begging to be stolen. You have to spend a lot of time learning about security best practices, and you should pause release until then. Please use bcrypt, pbkdf2 or scrypt.

+1
Agreed

Excellent point. Thumbs up for you!

Ignoring the security of your customers, is not a wise thing to do...

Nice, hope to see you'll launch soon.

This seems rather vague and uninformative, and people would be right to be very very careful. I would however give you the benefit of doubt for now, till you provide more information. Since the features you claimed such as ssl etc seems to be still missing from your beta site, I am not sure what all measures security experts tested.

I dont  think he is concerned with the  loop holes  on the  website at the moment. Security of a  website  can be  compromised  even  with a  simple  0 day. or  even a sql injection attack .  the  problem  here is that  you dont  have  a contingency  plan  regarding security breach, what if your password  file  gets  stolen, you  have only  hashed you password with a SHA1 hash, which can be broken  using  a rainbow table easily. SHA1 and MD5 is not  recommended  any more.  you can use scrypt hash, or  if you dont  want  to  atleast  Salt  your  hashes.

Remember  an  unsalted hash is like passwords  without cloths. 

By the  way  what type of  pentest  did  the company you talked about  do?

 

There is always more than 1 way to learn :)

So are you still working with the site or have stopped for the while before RBI comes with the proper guidelines.

Still On ? Good Luck :)

No update? What is the status is it still in progress or worked stopped due to regulations?

Never stopped working on the website. A visit to the website should provide a pretty clear picture regarding the status. I won't say anything till I have everything in place.

pls check if the How It Works page is still displaying a crossed out https or not

I have all the pieces in place now. All set to launch tomorrow i.e Sunday, 2nd March

Why did u remove all your previous comments from this thread ?

I panicked a bit after the ED raids in India, thats all.

........hmmmmmm :)

Advantages of ibitcointrade.com (http://ibitcointrade.com)-

1) No Holding wallets for fiat/btc- Have bitcoins sent directly to your wallet and money transferred to your bank account.It also prevents the user from any financial loss in case user's account is compromised.

2) Speed- In the past 12 days we have executed a handful of deals. The least time taken was less than an hour and max time was around 1 day. It all depends on how swiftly the user responds to our notifications.

3) Trust- Here is our LLP Identification Number: AAC-0377. Can verify the details on MCA website.Our FB page https://www.facebook.com/ibitcointrade (https://www.facebook.com/ibitcointrade) . We are not going to run away with your money!

4) Fee- It is 1.5% only!

5) SECURITY- Our entire efforts have been geared towards safety. We have all the fancy featured like 2fa SSL salted passwords etc etc BUT our business model has been designed assuming that any website, no matter how secure can be hacked. In case of a hack, only user e-mail id & phone no will be compromised. We can GUARANTEE no financial loss can be caused to the user due to our mistake.

Our motto-"Think outside the rules"
It's not that we like to think outside the box-we think outside the rules.To forget everything about the way things have always been done & think about how we'd do it if no rules existed. Visit https://www.ibitcointrade.com/ (https://www.ibitcointrade.com/) today  :)

Clarifying that I am not actually selling my website/domain. Had posted about it in other sections just to gauge its market value. Kindly stop posting about it on my order book.

The iBITCOINTRADE Team is shifting base to Gurgaon. The exchange will be down for a few weeks.

Growth? or simple relocation?

Or your real life job transferred you to Gurgaon ? ;)

Lol dashingriddler :)

Regards