[ANN] LibertyBit Exchange (CAD/USD)

[LibertyBit]

Hey Everyone,

Just wanted to reach out today and formally announce the launch of our new exchange: https://www.libertybit.com. We've been running a soft launch successfully for about two weeks and received both positive and constructive feedback. Currently working in both CAD and USD, and offer a flat exchange rate of 0.5%.

We are expanding the platform with an API, payment system, more funding options, 2-Step Authentication, email transfers, and more. Our roadmap is here: https://www.libertybit.com/roadmap. Anyone can vote on the features they'd most like to see implemented and will affect how we dedicate resources.

Have a look, give it a try, and let us know what you think. Questions, criticisms, and suggestions welcome.

[TheButterZone]

1) On the My Account/Deposit pages, they absolutely need to have the fees enumerated at https://www.libertybit.com/funding listed. Especially since wires cost to send (and go through intermediate banks), it's pretty much insult to injury to have a wire receipt fee taken out by surprise as well.
2) "Postal/Zip Code is too short (minimum is 6 characters)." - this happens when entering US state zip codes, which are 5 digits, or 5+4. In the meantime, to get it to submit, I put in 123456. ETA2: Fixed!
3) 3.4 BTC is showing "insufficient funds" to withdraw. ETA: putting 3.39999999 BTC instead of the balance of 3.4 got the withdrawal to work. There's also a floating penny that I couldn't get all the way in my current bid. Smallest unit bug? ETA2: Seems fixed, BTC withdrawal in full worked, and the floating penny no longer floats.

Thanks for quickly crediting the USD deposit to my account today and the bug report bounty (effectively)!

[LibertyBit]

Thanks for the feedback TheButterZone!

1) Good point. Updated this to be clearly visible when selecting a funding method.
2) Not sure how this one slipped through the cracks, but as you know, resolved.
3) First time we've seen this, due to TX fee. Resolved.

Appreciate you taking the time. Dropped a few bits in your account as a thank you.

[moni3z]

Surprised you accept EMT deposits, that's insane it's gonna get raped by fraudsters unless you are set up to eat the fraud in order to provide the instant service.

[LibertyBit]

It's not as insecure as you describe. I'll refer you to: http://www.interac.ca/index.php/en/interac-etransfer/etransfer-detail

An Interac e-Transfer transaction cannot be reversed once the recipient of the funds has deposited the transfer. You must obtain a refund directly from the recipient. You can ask the recipient to send you an Interac e-Transfer for the refund amount.

Or here: http://www.interac.ca/en/interac-etransfer/etransfer-faq

If I pay with Interac e-Transfer, is it the same as paying by Interac Debit or Interac Online?

No. While it is possible to pay for things using any of these Interac branded services, Interac e-Transfer is different because it is a way to electronically transfer money directly from one party to another.

As such, the service has some of the advantages and disadvantages of paying with cash.

Once a transfer has been deposited, it cannot be cancelled or reversed.

Which isn't to say that fraud is impossible. But after consulting with our banking, we are confident that this can be avoided.

[moni3z]

True, they can't be reversed in any sort of disgruntled customer chargeback. However they can and will be reversed in case of fraud, which is the same for all soft bank fund transfers. There's guys with botnets selling Canadian bank account logins all over the darknet and now they have a place to go cash them out (your exchange )

I'd recommend you look into internet billing in Canada, so you can accept payments through online billing instead of EMTs, it's slightly safer due to at least the timeframe it takes to receive a payment. Hopefully in 2 days the frauded customer realizes this and cancels before you accept it and provide untraceable bitcoins.

Just my recommendation if you're gonna keep accepting interac EMTs I'd definitely at least limit them to $200 max and hold them for at least a day.

[LibertyBit]

I will have to follow up on that scenario. My understanding was that is only possible if both parties involved in the transfer are fraudulent. For instance, if someone uses a stolen bank account to transfer funds into their own personal bank account - that transfer can be reversed. If however that person uses the bank account to make a purchase at a third party, the 3rd party is not necessarily responsible for the loses. This is also the case when debit cards are cloned and used without someone's knowledge. One added layer of protection may be to require EMT transfers to be verified first. I will however enquire further and update you. In the mean time, we will be holding payments for a 24-36 hour period.

As for internet billing, we have been pursuing this method for quite some time. One major obstacle has been that this method is not intended for use with prepayment/trust type transactions. As a result, banks are very hesitant to provide this service and create a lot of red tape. We have made progress however, but we first need to average a minimum number of transactions over a 6-month period in order to qualify. Hopefully this obstacle will be overcome in the near future.

[TheButterZone]

Attention LibertyBit traders:
I have $0.76 USD semi-stuck on there, because the minimum order is 0.01 BTC (which means the max bid would be $7.555 USD/BTC, and I don't want to wait for a crash like that, indefinitely)

If anyone wants the admin to transfer this $0.76 USD to your account in trade for off-exchange BTC to me (and then on to my partner SuperBit), please let us know here and/or in PM.

Thanks.

[bccdn]

Are you still accepting deposits? It says $0.00 for EMT transfer limit?
thanks

[LibertyBit]

We have a rolling 24-hour EMT limit. Unfortunately the INTERAC network caps our daily amounts, so we can only accept so much each 24-hour period. You can check back in an hour or two, as this number will change throughout the day. We're working to expand this capacity.

All other deposits do not have such limits. We've also raised the daily cash amounts for verified members.

[purelithium]

I'm wary of supporting this exchange, since there is no contact information beyond a web form available.

What is your business name? Where are your offices located? Are you a registered corporation? What is your address?

It just seems a little shady when this information isn't freely available on your website.(Which your main competitor(CaVirtEx) does provide.)

[LibertyBit]

I'm wary of supporting this exchange, since there is no contact information beyond a web form available.

What is your business name? Where are your offices located? Are you a registered corporation? What is your address?

It just seems a little shady when this information isn't freely available on your website.(Which your main competitor(CaVirtEx) does provide.)

Hi purelithium,

I'd be happy to point you in the direction of verifying this information. We do mention that we are a registered British Columbia Corporation on our website, which has been verified through the EV (Extended Validation) process of Verisign (Symantec). You can view our current status by clicking on the Verification link at the bottom-right of our website, or here: https://trustsealinfo.verisign.com/splash?form_file=fdf/splash.fdf&dn=www.libertybit.com&lang=en. This is the same 3rd-party corporate verification which endorses Mt. Gox and provides their security certificate. The process requires providing corporate documentation (Articles, Certificate, etc), as well as a letter of endorsement from a registered lawyer who verifies identity, address, and banking. The link above does more than provide the info you asked for, but also provides 3rd-party validation of that info. But for convenience sake:

Business Name: LibertyBit
Owned By: Spontaneous Equity Inc.
Location: Vancouver, B.C.
Toll-free: 1-888-BIT-4233

I believe all of the above information is available freely on our website, but perhaps visibility could be improved. I'll make a note of that, because I'm sure you are not the only one to have missed it.

I hope this clears up some of the concerns, but if you have any further questions don't hesitate to ask.

[purelithium]

Thank you for the information. Maybe have some of that info on your About Us page, the more information you provide freely, the more comfortable people will be with trusting money and personal information with you.

[chriswen]

Liberty bit seems to be down for me right now.