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1  Local / India / Re: IRS visit to CoinMonk Ventures office in Tumkur on: January 01, 2014, 05:48:24 AM
Those numbers seem way too high. Considering that only 411 people bought from buysellbitco.in, the number of people seen on this forum, the fact that mining became out of reach of most people here before awareness, and that it was very tough to buy after that due to lack of exchanges, it seems way too farfetched. RBI's statement had no effect on bitcoin prices. i.e very few were trading on exchanges abroad.
2  Local / India / Re: iBITCOINTRADE-bitcoin exchange India on: December 23, 2013, 08:54:02 AM
Iv had the code checked by security experts. They could not find any loop hole !!

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.
3  Local / India / Re: iBITCOINTRADE-bitcoin exchange India on: December 15, 2013, 02:28:34 AM

The site is 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


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.
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