Any exchange already up?

By the way, how am I to read the security requirement of:

3) Passwords should be hashed at least 10,000 times.

Would sha2(UserPassword+UserID+12 digit random number + the_exchanges_secret_word)   qualify?
Or do I need to loop over this 10000 times (with adding the loop counter to the string before hasing again?

Working on it, I have ordered a "proper" SSL certificate from my hosting provider, hope it doesn't take too long for them to get it installed and configured properly.

You got me pretty much convinced here, give me a day or two to think it over, shouldn't take long to implement the options solution.
 
 

anyone?

Let me explain the loan based on an example:

You offer to loan 10 BTC at an annual interest of 5%, for a period of 3 months with a deposit of 100NMC for each borrowed NMC
Lets assume I take the loan of 10 BTC, then what happens is:
1. 10BTC get transferred from your account to my account
2. 1000NMC get transfered from my account to the exchange's deposit account
3. You get paid the interest for the period that I chose, assuming 3 months, you get 3/12*0.05*10=0.125BTC

Now 3 scenarios can happen:
a) I decide to pay back the loan
-> You get back your 10BTC, you get to keep the paid interest even if I pay back the loan earlier
-> I get back my 1000NMC
b) I decide to forfeit the loan (in other words, I dont want to or I cannot pay back)
-> You receive the 1000NMC deposit
c) The loan is overdue (3 months later)
-> You get back the 10BTC
-> I get back my 1000NMC

In case I have less than 10BTC in my account (for scenarios a) and c)) then
 -> you get whatever amount of BTCs I have
 -> you get the proportional part of the deposit of the BTCs that I was not able/willing to pay back
 -> I get the remaining deposit

Example: At the end of the loan validity period, I have a mere 4 BTC in my account
 -> You get the 4 BTC
 -> You get 600NMC
 -> I get 400 NMC


Considering all this, the choice of deposit is essential. Obviously the deposit should
a) be higher than the current market price, otherwise I would borrow the coins, sell them and immediately close the loan. I this case you would have been better off by selling the coins yourself
b) chose a deposit value that would be equal to the rate at which you would be willing to sell your coins, thus if the borrower forfeits the loan, you get what you would have expected
c) dont exagerate the deposit, the borrower needs to have the deposit in order to borrow.

I haven't planned a ranking at this point in time. I believe the deposit feature will balance the risks of borrowers not paying back.

Yep, this SEPA topic has set that back quite a bit. Busy opening accounts outside of Europe, but that takes a while.

Volume? Yep, that's a b... I guess I need to beef up my marketing skills.

Just for info: Don't use Wuala if you want to reach people in China. The page (and many others: Youtube, Facebook, etc.) is not accessible from there (here).

LTC Exchanges? I know at least one more  See signature.

Vircurex.com is (yet another) Exchange that offers you a wide range of trading facilities for Bitcoin and its most widely used alt-currencies. We will be constantly expanding the range of features, going beyond the typical trading of coins-4-coins.

Currently available features are:
•Trade your coins, be it Bitcoins, Namecoins or Litecoins
•Deposit/withdraw your coins any time
•Loan your coins and earn interest
•Borrow coins from other traders
•Earn with our referral program, discounts and earnings on referrals
•Use the API to retrieve data
 
Additional services planned in the coming weeks:
•Buy/Sell your coins using one of our many supported currencies (planned are: EUR, USD, CNY, HKD, SGD, CAD, JPY)
•Stop-loss orders
•Timelimited trades, sales and purchases
•Additional virtual/P2P currencies: IXCoin, Tenebrix, Fairbrix and others
•Yubikey integration
•Graphs
•Further API features for accesing the orderbook


We just recently released the additional feature of lending and borrowing coins, in addition to our existing trading of LTC/NMC/BTC (in any combination).
•Dont know what to do with your coins, but dont want to sell them? How about lending them and earning interest?
•Want to bet on a dropping coin price, why not borrow some coins, sell them and pay back the loan later (when the price has hopefully dropped).

Try us out.

Sehr aergerlich, ich betrachte das Treiben schon seit laengerem, und habe bedingt durch all die Ungewissheit die SEPA Ueberweisungen fuer meine Exchange noch nicht freigeschaltet.

Es wird dann wohl frueher oder spaeter dazu kommen, dass all die Exchanges nur ueber Offshore Firmen und Offshore Bankkonten gefuehrt werden koennen. Das macht das Ganze zwar nicht viel schwieriger zu nutzen, aber versuch doch mal eine Offshore Firma in Belize zu verklagen, geschweige denn herausfinden wer der Eigentuemer ist, fast unmoeglich; mit einem Bankkonto in Deutschland hat man zumindest einen Anhaltspunkt.
Hier wird also ein Spielfeld fuer Gauner und Abzocker eroeffnet. Fuer uns Kleinen welche einen ernstgemeinten Dienst anbieten wollen, wird das Leben ungemein erschwert.

Looks like your right. The hashes are already going down again. I tend to watch this carefully as running an exchange bears certain risks.

Did anyone notice? I just looked on allchains.info.   BTC hashing power shows 15000 GHash, a few days ago it was somewhere around 8000. Who just joined the game? I hope this is not one single entity otherwise we have to fear a 51% attack (though not sure where the economical feasability of that is, adding 8000 GHashes is something like 10000 Radeon 6990 cards plus the power costs). What happens if that entity disappears again soon? We all remember how that went with Namecoin some months ago, a vicious cycle starts.

Got the source downloaded to my Ubuntu machine and compiled it successfully. Started the daemon and it started to download the blocks, but it stopped at 99.

Any ideas why?

Getinfo shows:

{
    "version" : 36977,
    "balance" : 0.00000000,
    "blocks" : 99,
    "connections" : 10,
    "proxy" : "",
    "generate" : false,
    "genproclimit" : -1,
    "difficulty" : 1.00000000,
    "hashespersec" : 0,
    "Likely to be Geistnet?" : false,
    "keypoololdest" : 1319965096,
    "paytxfee" : 0.00000000,
    "errors" : ""
}

Is the item "Likely to be Geistnet?:" supposed to be false?

PS: and yes, my date/time is synched via NTP.

Die Funktionalitaet des Verleihens und des Ausleihens von Coins ist freigegeben. Wichtig, bitte lest die Hilfe Seite bevor ihr dieses neues Feature nutzt.

Wozu das Ganze?

- Verleiht eure Coins und nehmt Zinsen. Seid ihr es nicht leid die Coins nur so rumliegen zu haben?
- Leiht Coins aus und nutzt dies um Short-Selling aehnliches Trading zu verwirklichen. Wie funktioniert das? Leiht Coins aus und verkauft diese, zu einem spaeteren Zeitpunkt (spaetestens bei Faelligkeit) kauft ihr die Coins zurueck um die Leihe zu begleichen.

Gruss
Kumala

Coins werden nur einmal verleiht. Die Exchange selbst nimmt an dem Geschehen nicht teil, ausser den Pfand (Hinterlegungssumme) aufzubewahren, bis der Ausleihende die geliehenen Coins wieder zurueckgibt, oder aber den Faelligkeitstermin verstreichen laesst, und somit auch den Pfand aufgibt, welcher in diesem Falle dann an den Verleiher ueberwiesen wird.

Hier ein kurzer Ablauf wie wir den Verleih entwickelt haben:
Trader 1: Bieter an, 100 BTC fuer 3 Monate zu einem Jahreszins von 10% zu verleihen. Als Pfand verlangt er 50 NMC je ausgeliehenes BTC.
Trader 2: Leiht sich 10BTC von Trader 1. nun geschieht folgendes:
 1. 10BTC werden aus dem BTC Konto des Traders 1 an das BTC Konto von Trader 2 ueberweisen (Trader 2 erhaelt 10BTC abzueglich Zinsen/Gebuehren)
 2. 500NMC werden aus dem  NMC Konto von Trader 2 an das Konto der Exchange ueberwiesen.
 
Nun koennen drei Situationen eintreten:
1. Der Ausleihende gibt die geliehenen Coins wieder zurueck
2. Der Ausleihende entscheidet sich, die Coins nicht zurueckzugeben
3. Die Laufzeit der Leihe ist ueberschritten

Fall 1: Die BTC Coins von Trader 2 gehen zurueck an Trader 1, der Pfand der 500NMC gehen zurueck an Trader 2. Sollte Trader 2 weniger Coins haben als er ausgeliehen hat, dann wird enstprechend proportional vom Pfand abgezogen und Trader 1 erhaelt diesen Teil vom Pfand. Z.B: Trader 2 hat nur 8 BTC, damit erhaelt Trader 1 diese 8 BTC plus 20% des Pfandes. Trader 2 erhaelt die verbleibenden 80% des Pfandes.
Fall 2: Trader 1 erhaelt von der Exchange den gesamten Pfand
Fall 3: Analog zu Fall 1

Zu beachtende Nebeneffekte sind:
- Das Ausleihen von Coins erlaubt dem Ausleihenden auf fallende Kurse zu spekulieren, er leiht die Coins und verkauft sie sofort. Wenn dann der Ausleihung faellig wird, kauft er vom Markt die entsprechenden Coins ein, mit dem Risko natuerlich, dass der Kurs nicht faellt sondern steigt.
- Der Verleiher muss beruecksichtigen, dass der Ausleihende die ausgeliehenen Coins nicht zureuck gibt, in anderen Worten den Pfand verfallen laesst. Dagegen kann sich der Verleiher schuetzen, indem er einen Pfandwert eingibt, zu dem er gewillt ist, die Coins zu "verkaufen".

Somit werden hier zu keiner Zeit Coins mehrfach verliehen.

Wir haben vor ein paar Tagen einen neuen Handelsplatz eroeffnet http://www.vircurex.com Ziel ist eine Handelsplatform anzubieten, welche sowohl die gaengigsten ***Coins handelt als auch mehrere Waehrungen unterstuetzt.

Abgesehen von den gaengingen Funktionen wie handeln, verkaufen oder kaufen von Coins, werden wir auch anbieten:
 - Verleihen von Coins  (bringt Zinsen)
 - Stop Orders
 - Yubikey Integration
 - Short-Selling (kann man ueber das Verleihen/Leihen von Coins nachahmen)
 - weitere Coins (Geistgeld, Solidcoin, etc.)
 - und mehr

Derzeit ist die Webseite nur in Englisch vorhanden. Wir arbeiten an einer Uebersetzung ins Deutsche.

Gruss
Kumala

Thanks for the reminder, totally forgot about the certificate application, have been to busy releasing the Exchange and now implementing all the additional functionality that we are planning (translations into German/Chinese, Loans, Stop Orders, Currency support).

As for the question, who is behind Vircurex: this is a German owned family business - read: yes a small organization at this point in time but as and when the volume grows, we'll adjust accordingly. We had the intention to incorporate in Germany. Now with the legal battles going on in France (between MT Gox and the French Authorities) about the treatment of Bitcoin and related bank transactions, we are rethinking the location; Hong Kong is surely one of them, China or other offshore locations are also being evaluated. The bank we are planning to use is HSBC (Hong Kong and/or China) hence the list of currencies.

Best regards
Kumala

thread closed

We have just released the exchange (http://www.vircurex.com) for Litecoin trading. The exchange supports the free trade between
 - Bitcoins
 - Namecoins
 - Litecoins

and more to come if there is sufficient interest from the user community.

Planned features to be released in the next days:
 - Loan/borrow your coins and earn interest
 - Yubi Key integration

Planned features in the coming weeks:
 - Stop orders
 - Sell/buy in EUR/USD

Planned features in the coming months:
 - further currencies

Regards
Kumala

Hi everyone,

we have released the trading on Vircurex (http://www.vircurex.com) for Litecoins. You can trade your Litecoins to and from other coins (currently Namecoind and Bitcoins). The next features that will be released in the next days will be:
 - Loaning and borrowing of coins will be coming in the next few days
 - Yubi Key integration

Regards
Kumala