[BETA] Coinffeine. Distributed Bitcoin exchange.

[flix]

OKpay balance is _.__EUR in Coinffeine but I have EUR in my OKpay wallet.

Changed wallet - deleted user-settings.conf went through setup wizard again.

Still no EUR

Same thing happened to me. Try this:

Instructions for Okpay:
http://support.coinffeine.com/knowledgebase/articles/626628-how-to-set-up-your-okpay-account-in-coinffeine

Input your OKPay account ID and password manually.

[1715499788]

1715499788

[1715499788]

1715499788

[1715499788]

1715499788

[iHashFury]

OKpay balance is _.__EUR in Coinffeine but I have EUR in my OKpay wallet.

Changed wallet - deleted user-settings.conf went through setup wizard again.

Still no EUR

Same thing happened to me. Try this:

Instructions for Okpay:
http://support.coinffeine.com/knowledgebase/articles/626628-how-to-set-up-your-okpay-account-in-coinffeine

Input your OKPay account ID and password manually.

Thanks for the info.

Tried this, even setup a wallet just for Coinffeine. Still getting _.__EUR

[Hunyadi]

Watching 

[flix]

I have bought a few bitcents and I have sold some. It seems to work fine, with a few delays. I have never waited so intently for block confirmations!

It seems that orders go from submitting --> in market --> matching --> processing --> completed

...but if my computer goes to sleep in the meantime, it seems that I have to start all over again. Once order is "matching" you have to wait for a block confirmation for it to go into "processing".


Can somebody from the @Coinffeine team please confirm what happens to orders if you drop off at any of these stages?

When do you lose the BTC escrow?

What happens if an order is only partially filled?

Why can't you cancel market orders like you can cancel limit orders?

[flix]

Another important thing.. don't forget to set your OKPay "publicity level" to anonymous.. otherwise your Coinffeine counterparties will see your name in their activity log!


...and also set your options to not show your e-mail address!

[gotoalberto]

Do you have the addition of other payment processors in the roadmap? OKPay doesn't support US users at the moment.

Only those payment processors can be added to Coinffeine, which fulfils the following criteria...

i. FIAT payment is irreversible.

ii. An API that notifies instantly about send/receive of FIAT along with the amount associated.

Is there any such payment processor in USA ?

Hello!

Yes, there are many payment processors like that in USA. For example Dwolla, PayPal, etc. Yes!, PayPal. After talk with them we will integrate PayPal in Coinffeine soon using non reversible payments.

Regards,

[gotoalberto]

OKpay balance is _.__EUR in Coinffeine but I have EUR in my OKpay wallet.

Changed wallet - deleted user-settings.conf went through setup wizard again.

Still no EUR

Same thing happened to me. Try this:

Instructions for Okpay:
http://support.coinffeine.com/knowledgebase/articles/626628-how-to-set-up-your-okpay-account-in-coinffeine

Input your OKPay account ID and password manually.

Thanks for the info.

Tried this, even setup a wallet just for Coinffeine. Still getting _.__EUR

Please check this manual to configure your okpay account manually:

http://support.coinffeine.com/knowledgebase/articles/626628-how-to-set-up-your-okpay-account-in-coinffeine

Regards,

[gotoalberto]

I have bought a few bitcents and I have sold some. It seems to work fine, with a few delays. I have never waited so intently for block confirmations!

It seems that orders go from submitting --> in market --> matching --> in progress --> completed

...but if my computer goes to sleep in the meantime, it seems that I have to start all over again. Once order is "matching" you have to wait for a block confirmation for it to go into "processing".


Can somebody from the @Coinffeine team please confirm what happens to orders if you drop off at any of these stages?

When do you lose the BTC escrow?

What happens if an order is only partially filled?

Why can't you cancel market orders like you can cancel limit orders?

You are right, the status go from submitting --> in market --> matching --> processing --> completed.

An order should go from "in progress" to "in market" and keep in this state if there is no orders matching with your order. When te order is in state "in market" it is just waiting for a cross.

<<Can somebody from the @Coinffeine team please confirm what happens to orders if you drop off at any of these stages?>>

You can cancel your order safely in any moment if there is no active exchanges. The cancel button is disabled when Coinffeine cannot cancel an order because there are active exchanges, so if you are able of clicking the "cancel" button you can cancel the order.
You'll never lose your deposit (2€ in bitcoins) for cancelling an order because orders cannot be cancelled when they are in progress.

If you shutdown Coinffeine app or your computer in the middle of an exchange, the app will continue when you get back. If you don't get back in more than 24h you'll lose your deposit for the exchange in progress: an amount of money of 2€ in bitcoins.

Regards,

[gotoalberto]

Hmm..

The Technical WIKI says you need to create a REFUNDABLE BTC deposit.. This is currently NOT possible with Bitcoin as you have TXN malleability issues.. ? They don't mention this in 'Threats and Mitigation' section.  

Also - they say you need to use a FIAT payment processor that does not support chargebacks.. That's up to the BANKS isn't it ? I don't know of any fiat processor that does this. And if you need to use Kraken or another exchange, they WILL require KYC ?

And finally - in the example they use 100 steps to transfer $100 - $1 at a time.. the fees on that will be monstrous.. since the min fee will be a huge amount of the $1 transfers ?

Transferring 1BTC in 100 steps will incur 100 * fees. This is not a small amount.

I really hope they can get this to work, it's way cool, but currently, i don't see it..  

<<The Technical WIKI says you need to create a REFUNDABLE BTC deposit.. This is currently NOT possible with Bitcoin as you have TXN malleability issues.. ? They don't mention this in 'Threats and Mitigation' section. >>

This is currently possible with Bitcoin. We are not using the same definition of "refundable deposit" as defined in the Bitcoin wiki.
The malleability issues might affect to exchanges in some cases but it doesn't affect to Coinffeine. Please read about the Coinffeine protocol, what is transaction malleability and how it can be exploited.
https://github.com/Coinffeine/coinffeine/wiki/Exchange-algorithm

<<Also - they say you need to use a FIAT payment processor that does not support chargebacks.. That's up to the BANKS isn't it ? I don't know of any fiat processor that does this. And if you need to use Kraken or another exchange, they WILL require KYC ?>>

All FIAT payments are reversible. We are using payment methods without a arbitration process. In the real life this means "a not reversible payment" and people are using Okpay and Paypal for buying large amount of bitcoins in LocalBitcoins for example.

https://localbitcoins.com/buy-bitcoins-online/usd/paypal/
https://localbitcoins.com/buy-bitcoins-online/usd/okpay/

Think about it.

PayPal invoices is an example of a payment method which is not valid for buying bitcoins, but there are other payment methods in paypal or many other payment processors we can use. By now we are using OkPay and we held meetings many payment processors to discuss about this point, including PayPal.

<<And finally - in the example they use 100 steps to transfer $100 - $1 at a time.. the fees on that will be monstrous.. since the min fee will be a huge amount of the $1 transfers ? >>

Buying 1BTC/100€ in coinffeine has a total fee of 0% for the seller and 0.5% (okpay fees) for te buyer. Try to do the same operation in Coinbase and you will get 1% fee for the buyer and 1% fee for the seller.
So at this moment Coinffeine is 100% cheaper than Coinbase for bitcoin sellers and 50% cheaper for buyers.

This is because transferring 10€ in many transactions of 2€ has a fee of 0.5% for each 2€, which is the same as 0.5% for the total amount.

[Scott J]

This is great news! I will download and have a play.

Its success will be based on the fiat options that are offered. OKPay alone won't cut it.

[flix]

Its success will be based on the fiat options that are offered. OKPay alone won't cut it.

The Coinffeine devs have promised to add other payment processors soon. In theory this tech could be integrated with any system which allows irreversible transfers... including local bank wire settlement systems in some countries.


Which payment processors would you most like to see added?

[No_2]

How do "refundable transactions" deal with malleability?

[iHashFury]

OKpay balance is _.__EUR in Coinffeine but I have EUR in my OKpay wallet.

Changed wallet - deleted user-settings.conf went through setup wizard again.

Still no EUR

Same thing happened to me. Try this:

Instructions for Okpay:
http://support.coinffeine.com/knowledgebase/articles/626628-how-to-set-up-your-okpay-account-in-coinffeine

Input your OKPay account ID and password manually.

Thanks for the info.

Tried this, even setup a wallet just for Coinffeine. Still getting _.__EUR

Please check this manual to configure your okpay account manually:

http://support.coinffeine.com/knowledgebase/articles/626628-how-to-set-up-your-okpay-account-in-coinffeine

Regards,

Followed the manual to configure okpay manually - same result - _.__EUR

Deleted ~/.coinffeine/ started again - coinffeine retrieved the id and token correctly (I checked user-settings.conf) - same result - _.__EUR

Set up different wallet manually and checked user-settings.conf - same result - _.__EUR

I would like to test and use this new service.

Software was installed via https://aur4.archlinux.org/packages/coinffeine/

[flix]

Where are those "70 countries" listed? It must be easier to find, if there is one such list (I hope so).

It's just the list of countries where OKPay works. You'll probably have to dig into their TOS to find it:
https://www.okpay.com/

More countries should be added as other payment processors are...

[flix]

So far I've done about 10 transactions on Coinffeine. The system seems to work really well, especially with the update to v. 0.11.
http://www.coinffeine.com/download.html


Obviously the one problem right now is that liquidity is tiny. You can buy or sell BTC0.10 , but there isn't enough of a bid-ask that you can easily buy or sell BTC1.00.

Hopefully that will change as more traders start trying it. It is definitely faster, easier and safer than other P2P exchanges like localbitcoins... with none of the hassle of having to worry about a trader's reputation or wait hours for the funds to clear.

Plus it's really amazing that Coinffeine does not ask you for a single piece of personal information. They don't hold your funds and cannot block them, nor do they have access to your private keys. So it is impossible to be "Goxxed" by Coinffeine. (You still have to trust your payment processor.... )

[flix]

Hmmm.. I was just told that OKPay does not work for US citizens...

Dear Client! We are currently not able to process financial operation in favor of individuals or companies based in the United States of America. This includes US citizens residing overseas.

Can anybody from the US confirm this?

[flix]

Localbitcoins, Kraken, Bitfinex, Paxful... all have left New York because of the dreaded BitLicense.

At the same time, the guys at Coinffeine a P2P exchange that is uncensorable and works like Bittorrent, complain that they do not have enough beta testers and that there is tiny liquidity on their market because they don't know how to get traders to try it out.

So here I am making a call to any Bitcoin trader from New York, Germany, China or any of the other jurisdictions that have restricted access to download the Coinffeine Beta and place a limit order on the market, even if it is at a price that will not be executed.

For maximum effect let's all do so at the same time: Thursday 13th August at 11 am New York Time.

https://www.reddit.com/r/Bitcoin/comments/3gquau/bitcoin_has_no_borders_neither_should_a_bitcoin/

[flix]

hmmm... New York might be a problem as long as they only use OKPay:

[flix]

hmmm... New York might be a problem as long as they only use OKPay:

Although there is an easy workaround, especially since you can do up to $300 without verifying or providing PoA... still, not optimal.

Hopefully they will add more payment processors soon.

[flix]

Interview with the Coinffeine team:
https://www.bitcoin.com/news/coinffeine-next-gen-bitcoin-exchange/

Our exchange algorithm is based on game theory and some Bitcoin features as multi-sign transactions or micropayment channels. Each peer makes a deposit with a small amount of bitcoins in a multi-sign transaction. For each deposit, a time-locked refund transaction is created to ensure that funds can be recovered in case of failure. Then, a micropayment channel is established between buyer and seller. On each round, a small amount of fiat is transferred using a payment processor (OkPay, PayPal, etc). Then, the corresponding amount of bitcoins are transferred through the channel. If one of the peers refuses to transfer her part, she would lose her deposit. That incentive makes her proceed with the exchange as expected.

No user account is needed to operate in Coinffeine. Nevertheless, since the user wants to send or receive fiat to or from other users, a payment processor account is needed. You are as anonymous as the fiat money system allows.