Bitcoin Forum

Hi Bitcoin Community,

I am a co-owner of a technology company. My partners and I decided to jump into a huge project and the first part of that would be the creation of the ultimate bitcoin exchange. We have begun fundraising and have obtained enough funding to pay coders to start the development of the exchange. The project is starting Monday and it will approximately take 4 weeks to 6 weeks to finalize our first phase.

As time goes, I will keep everyone updated who is interested about the progress on this forum. We will soon have our homepage up with a countdown and a subscribe option as well.

In this thread I would like to ask for your opinions. We have the proper funding and coder resources to create the best and most user friendly exchange. But in order to do so, I would like to reach out to you guys: the users.  If you have anything you lack form exchanges, anything you are annoyed with, anything you would like to add and use, please let me know! We have resources and ideas, all we need is your input!

Thank you so much for your time and your ideas. As I mentioned earlier I will keep everyone updated on bitcointalk. We'll have our Facebook, Twitter, and our homepage up and running very soon, with the option to become part of our mailing list.  If interested, please sign up so that we can keep you updated with regards to our progress.

Yours Truly,

Coinster

Hello..
Will you be having all sorts of alts there as well as the main p2p currencies?
I would love a trading platform that doesn't lag and is super fast and efficient. Also will you be doing an IPO and offering shares up for grabs? It would be nice if we were allowed to purchase some stock.
 :)

Hi,

Thank you for your interest in the exchange and your suggestions. We are planning on accepting a few alts as we expand. We are going to start off with bitcoin and expand to all real currencies, and then we will add litecoin and alts that we feel have potential and real market value. As for the speed, I know what you mean... I have been in the bitcoin business for many years. We will provide the best user experience. Stocks are also part of the project. A couple of months after the release, we will offer a certain amount of shares that costumers will get extra interest on top of the interest on bitcoins holding in wallet and users will also have the opportunity to trade those shares.

Coinster

I suggest you consider structuring this as a decentralized exchange, exploiting OpenTransactions. If you're not familiar with the idea, this is a good place to start:

https://soundcloud.com/mindtomatter/miami-2014-chris-odom-on-1?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheDailyBitcoinShow+%28Let%27s+Talk+Bitcoin%21%29
 (https://soundcloud.com/mindtomatter/miami-2014-chris-odom-on-1?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheDailyBitcoinShow+%28Let%27s+Talk+Bitcoin%21%29)

1. Fast Transfers in
2. Fast Transfers out
3. Routine Pen Testing/Security Audits
4. Insurance for coins held by the exchange.

Interest on BTC balance? The only way you could swing that that comes to mind is you're contemplating extending margin loans and letting people short BTC. Which sounds like a good way to self detonate, and lose people's BTC.

Thank you for this suggestion. We will definitely look into it.

Sorry I was not clear enough. The interest is going to come form the trading fees. We will be giving away a certain % of the income from the trading fees.

I would like to see a LOT of transparency regarding who owns and operates the exchange and what safeguards are in place to protect funds. I would also like to see the option of lending out my coins to short-sellers at reasonable (possibly floating) interest rates.

how difficult will deposits/ withdrawals be in the US?  How ado you plan to avoid the issues in this area that all the other exchanges have encountered?

In what country are you located?  Are you licensed as a money services business in the US and compliant with all other regulations? 

Just check out the service discussion subforum on what not to do.  If you respond to service requests within a few weeks, then you will be ahead of the competition.

If structured legally with a smooth, seamless interface and good customer service, you are likely to garner a large percentage of the bitcoin trading market.  People are fed up with the current bitcoin trading experience.

Thank you for your questions and suggestions. I am going to try to answer everyones questions. We are a start up company, that is located in Texas. We are in the process of writing our business module to present it to potential investors. My marketing president is reading out to potential developers non-stop. The interest is huge, due to our unique ideas and projects that are confidential at this point. At this point we are able to potentially obtain 50k+ from investors. This will be spent on the exchange, the iOS and android app that we are developing. We are also putting high emphasize on security and the user friendly interface.


At this point we are not considering a lending features, due to the anonymous and nonreversible nature of bitcoin transactions. But as I said, we are going to give a certain amount of the trading fees back to our users that keep bit coins on their wallets.

Right now, that is all i can share with you guys about the exchange. We are just starting the development of the exchange and the feature in it.

I was just curious what you guys thought about other exchanges and I wanted to get your feedbacks on necessities, that we can make with coinster.

Our homepage is going to be up in the next week on the following website: coinster.co

Our Facebook, and twitter pages are under development as well.

I will keep posted everyone here. As we move forward. Until then I would love to here your feedback on exchanges and your necessities. We will make them happen.

Coinster

My suggestion, create something that bitcoin actually needs.

Another exchange is not needed.
There are numerous already.

This is our second project that will come after the exchange is made. I cannot tell you that idea just now. We are going to copy right it first. Based on my personal experience with exchanges (there is 4000$ stuck on my mtgox account) and other users experience and the news from the media, there are really not many services out there that should be called an exchange. Our exchange builds up from a great fund and great idea, and we are making it based on the other exchanges out there. We are going to mix all the great features of the exchanges out there, creating a secure, fast, reliable and trustworthy exchange that is backed by our own company.

Amateur hour is over.

Either become an SEC licensed broker/dealer, with audits, capital backing, and SIPC insurance, or go home.  We have enough wannabe exchange operators.

This is becoming a big issue as Mt. Gox collapses.

As I said, fast money in ....fast money  out...fast response to customer queries.... that should give you a head start.

If you really wanted to be funky then why not setup a portal where I can buy from any exchange through your portal...and you maintain the accounts required on the other exchanges....

Right, My suggestion then, establish the exchange in a location where the patriot act(or similar) does not exist.
Also, offer many different currencies, not just USD and Euros.

Before I forget, The patriot act is a joke, it only hurts law abiding citizens, criminals still launder money just as easy, and since when have terrorists needed funding?
How much did a plane ticket cost back in 2001? Maybe a few hundred bucks to destroy both towers.

EDITED. changed my mind

There are numerous already but I wouldn't trust any of them with any large amount of BTC or fiat - so create something Bitcoin actually needs - a trustworthy, reliable and quick exchange with proper contact information, details of the owners and ease of use and you've cracked it.

The more exchanges there are... the less liquidity there is :(

This is exactly what we are aiming for. A secure, fast and reliable exchange and merchandise site for bitcoin that is backed by our technology  company. With our exchanges and coin pairs we are aiming for the ultimate exchange experience for users.

There's a reason no US exchange is quick in/quick out due to massive bank fraud where you must hold transactions unless you take cash (good luck with that) and regulatory nightmare of registering msb licenses in every state in order to operate. I'd base in the US and run a Brazillian exchange or Chilean or some other country until you are established then can go get VC funding for the multi millions needed to get state MSBs and hire independent compliance officers.

In fact I'd say forget USD completely, and instead code a Gold buillion to BTC exchange due to way less requirements for exchanging gold and silver. Or you could make a live pricing gold site. Buy up stock at bordergold in Canada and store it. Sell it for live pricing, keep the profits in bitcoin and exchange the rest through bitpay to dump back into bordergold. They do all the 3rd party secure mail order to US/Can residents. Now we can all buy gold for BTC through a reliable, audited service and you could also facilitate p2p gold for bitcoin sales with escrow if licenses allow. Forget USD it's a lost cause unless you have wallstreet money or only operate in texas

So you got a good idea and maybe some good code. Good. give it away like Satoshi did. I here this stuff all the time over and over. Get real money to back you. Coinbase has 31MM in VC backing. It's why I do business with them. I trust the VCs to do diligence and vetting these guys because I just don't have the time to research every swing dick like you who claims to have a great idea for a new exchange. What makes you less likely to close shop than Trade Hill, Bitmarket.eu, bitoption or a dozen others. They were undercapitalized, which is the reason the vast majority of small business fail. You should have a pile of money from buying BTC at $12/BTC and if you don't, you haven't been around long enough and have the experience to run a quality bitcoin exchange.

See here (https://bitcointalk.org/index.php?topic=124441.0).

Bitcoin is inundated with services started by anonymous, unestablished "I"s and "our team"s "reaching out" and so forth. What's needed is competence. What you're offering is marketing babble.