Coinsetter - New transparent bitcoin forex trading platform intro/feedback

[Jaron @ Coinsetter]

No worries, I'm just glad we're on the same page and will be offering what you wanted. I'd hate to be a bitcoin company that didn't accept bitcoin transfers!

[1715072295]

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[hazek]

I'd hate to be a bitcoin company that didn't accept bitcoin transfers!

lol that would be weird

Btw nice professional response in your post before last.

[jchysk]

Thought I'd provide a little bit more information:


Stack:
The production stack will have HAProxies that manage the database, and instances underneath. It's Nginx, Uwsgi, Python.
Beta is currently on AWS but we plan on migrating to the SuperNAP, a Tier-4 elite datacenter and easily the best in the world.

Security:
We are taking security very seriously considering how poor practices or weaknesses have been the downfall for many before us. I don't wish to go into full specifics right now, but will publish a much more detailed guide to what measures we're taking to ensure everyone's security after everything has been audited by a reputable security firm and we can use their name as a stamp of approval.
I will tell you that we'll be having regular penetration tests, anything that we don't need to know is SCrypt hashed, all sensitive data is encrypted with 2048-bit RSA public/private keys or AES256, and access to keys extremely regulated. After reviewing the threat models we also designed the system in such a way that a compromised system won't provide keys to the entire kingdom. The application server will very regularly (multiple times an hour) have audits to ensure the integrity of the files. If anything has been altered it will automatically be pulled from live. Also, the production servers won't have compilers on them.
This is all really scratching the surface of everything we're taking into consideration and doing.

My connection to Coinsetter and a little about me:
My name is Yo Sub Kwon.
I serve as an advisor to the company and I made the original tech stack decisions and built out majority of the initial design patterns. I designed the first iteration of the database, API, security, and scaling.
I've designed deployment systems to update, balance, and scale websites handling millions of users in my past and I'm familiar with building high performance web applications.
I currently work for a cyber-security startup called LaunchKey where our primary focus is private, secure authentication.

My connection to Bitcoins:
I was the one originally hosting and sponsoring britcoin.co.uk with Amir Taaki which later turned into Intersango.
I donated over $2000 to the libbitcoin project to move forward its development from my personal finances.
I was a sponsor of Bitcoin Conference London 2012 (Shirtsbyme)
Although I have very few posts, I've also been a member of this forum since Dec 2010.

[MPOE-PR]

I was the one originally hosting and sponsoring britcoin.co.uk with Amir Taaki which later turned into Intersango.

Say no more. How did you and IdiotParade, Inc. part ways? Or moreover, did you part ways?

[jchysk]

Amir (I assume you're referring to as IdiotParade) and I haven't spoken since April of last year. I don't know very many of the details on what went down, but it seems he made some grave mistakes regarding the Bitcoinica fiasco. From my interactions with him he seems like a very hard-working and idealistic individual.

The Britcoin project I only hosted the alpha for about 2.5 months from March 2011 to the beginning of June 2011. I had consulted many major law firms in the US at the time on the legalities of handling the project. Amir had wanted to make a trustworthy and security-focused exchange, so he wanted financial backing with a reputable company supporting the project.

One law firm stated they would give their legal backing but would require a $10MM retainer. Another firm needed $50,000 just to come to a decision whether or not they would be able to give their legal backing. The reason we wanted a major law firm's legal backing was in case anything were to happen with the (at the time) extremely uncertain currency involving the company's legalities we would feel better protected. Unfortunately, the legal costs were far more than we were willing to allocate towards what was a personal pet project of mine. As such I had to withdraw my support and Amir continued on.

[MPOE-PR]

Amir (I assume you're referring to as IdiotParade) and I haven't spoken since April of last year. I don't know very many of the details on what went down, but it seems he made some grave mistakes regarding the Bitcoinica fiasco.

Taaki, McCarthy, Strateman, a dozen or so names could be tacked on. When I say parade I mean parade, but let's just say a lot of unseemly activity occurred not by any means limited to Bitcoinica and leave it at that.

[dirksizzlebod]

RyNinDaCleM, we plan on offering the option to have your account balances earn interest by being lent out to other users. Sort of like how your bank has a checking and savings account, you would have a trading and savings account on Coinsetter. It will be structured in a way where there is never a situation where someone can't immediately access their funds, even in unlikely events such as a market crash.

Sounds a lot like Interactive Brokers. As someone who is a longterm bitcoin investor only, what other reason would I have, if any, for using your site?

[Jaron @ Coinsetter]

Hey dirksizzlebod, just so I'm clear, the purpose of our platform is to trade bitcoin (BTCUSD followed by other bitcoin-related currency pairs), not traditional forex currencies as you would on Interactive Brokers. You're right in noting that our platform is primarily targeted towards active traders. However, as a long term investor, the benefits to using Coinsetter over another exchange are a better (more enjoyable-to-use) interface and higher security standards. Exchange pricing should be about the same, and you'll have access to more orderbooks with us (i.e. access to the best market prices). We also plan on insuring our exchange against hacks, which is a protection no other exchange offers.

[jokerdragon]

(11) I will soon bring it on a full report about my relationship with exxe and 1BTCroker. Stay tuned.    (11)

[Seth Otterstad]

Oh hey something is happening!  Private beta!

[sd]

BitCoin needs a simple exchange more than it needs a levered forex trading platform. It's amateur-land at the moment and one well built exchange will quickly replace all the current offerings. If this isn't your focus just ignore me but I see no reason why your trading platform can't also act as a regular exchange.

If you could build the following things into your platform many people would be very grateful:

1) A clean and functional way to transfer fiat into BitCoins and BitCoins into fiat.
2) A clean and functional way to deposit and withdraw BitCoins and fiat using normal bank transfers.
3) A trade engine that keeps on running under heavy load.
4) A site that keeps going under DDOS, application level attacks, or hardware failure.
5) Good security including options like 2-factor authentication and sms or email confirmations, and locked-in withdrawal addresses.
6) Legal compliance in everything you do so that you don't get shut down as 'terrorists' like bitcoin-24.
7) Agreement from all the banks you deal with on what you are doing so they don't freak out and freeze your accounts.
Insurance for all assets so that should you get robbed your customers don't.
9) Support that actually supports. Instant chat would be very nice but a ticketing system with knowledgeable people who answer helpfully within an hour would be great too.
10) Reasonable fees.

OK, I ask for a lot. If you can offer the greater part of the above you would quickly become the number 1 BitCoin exchange.

[patryn]

Prices of 101/106, no dates listed on the open trades section. Is this service still active?

[001sonkit]

We are in development and will launch in beta late February/early March. If you're interested in receiving an invitation to our beta, you can sign up via our contact form at www.coinsetter.com.

He probably mean at 2014's Feb/March

[hazek]

Prices of 101/106, no dates listed on the open trades section. Is this service still active?

They are in a friends and family closed beta testing phase atm.

[zedicus]

Just signed up .. got my fingers crossed. I barely escaped the bitfloor fiasco..

Hopefully these guys pan out.

Good luck Coinsetter!

[BCB]

Just signed up with coinsetter from the US.  I entered all my personal details, passport, electric bill and got this:
Could you put that sooner in the process??

[zedicus]

Anyone using the beta a US user? Coinsetter is looking good but i have a US users question ..
Lets say the price of bitcoin is $720 like it is now and I deposit a single bitcoin into my coinsetter account.


If i then sell the bitcoin for $800, am i left with $800 in dollars on the exchange which i then have to purchase bitcoins to withdraw it?


OR


Or does my single bitcoin turn into 1.111 btc immediately?
( the .111 representing the $80 bucks or so that was profited in the sale )



 Zedicus

[akaman]

I have a question about the BTC derivative that is traded on Coinsetter. Are all trades still backed up by real BTC and real fiat? And, are the order books from BTC denominated and USD denominated accounts the same?

Other than that, it would be great with updates as to how things are developing and when you plan on exiting 'beta' and launch public access?

[YipYip]

Just signed up with coinsetter

Looks like the instrument & platform we have been waiting for

I did not see the btc\$ account type selection stuff ... as I think this was an old idea etc (I hope)

Having said that how do i get BTC onto the exchange ??

[Kerrai]

Anyone still looking for a beta invite, I'm running a contest:

http://theblogchain.com/misc/coinsetter-beta-code/

Three people will also win .1 BTC