[ANN] KRAKEN.COM - US-based Exchange w/ Margin Trading

[btcx]

Hey guys (and gal),

Every day I wake up and look at the bitcoin price and I'm like:  http://www.youtube.com/watch?v=gslOnN3zWmA

Then my girlfriend punches me in the face and I http://www.youtube.com/watch?v=UkhxDFkcGS0

Then I go to work on the latest and greatest thing since Game of Thrones (4 more days!) -- Kraken.com

I know there's a new exchange launching every 5 seconds so you're probably like:  

but stop talking to yourself for a minute and check out what a year of professional development and half a million dollars gets you:



BOOM.  While you've been out poppin' bottles with models, the Payward team has been slaving away at a proper exchange for arbitrary cyborg-alien currencies of the future, and bitcoin.  

Features:  Margin trading, advanced order types, scheduled start/end times, conditional close.. everything your inner pro forex trader desires.


What we need right now:  People who are good at breaking things to help us test.  400 tickets and a zillion hours of internal tinkering later, we're pretty sure we've got most of the kinks worked out but it will help to have a heightened level of use and fresh eyes on everything.  Since we can actually afford to pay if something goes wrong, we'd really prefer to find the bugs sooner rather than later.  Rewards are available for new bug discoveries.

If you're a newly minted bitcoin millionaire, you might be interested in investing in our next round:  https://bitcointalk.org/index.php?topic=116955.msg1252793#msg1252793

Even if you're not an accredited investor, there may be some opportunity for you to lend your funds (at a reasonable interest rate) as reserves for our margin trading.  Note that Kraken is NOT a trading desk.  (no, we won't actually be offering 250:1 leverage.. that's just enabled for testing purposes)

I'd like to limit access to the site for the time being.  If you're interested in any of the above, please PM me on the forums here and I'll give you instructions for creating a test account.  If our limited test group doesn't find anything too heinous within the next couple days, we'll open it up to more people.

-Jesse


12-Apr-2013:  Above obviously written pre-crash

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[TheButterZone]

http://www.youtube.com/watch?v=7SqC_m3yUDU

[🏰 TradeFortress 🏰]

Interesting! Payment methods supported, people from Australia can use?

[btcx]

http://www.youtube.com/watch?v=7SqC_m3yUDU

I was wondering how long it'd take for that to appear.  Nice work  Soon!

Interesting! Payment methods supported, people from Australia can use?

Working on that.  Hopefully, by the time we launch we'll be able to accept AUD deposits.

[toffoo]

It seems you have no problem using valuable forum space for cheap gags, so allow me to be the first to offer this little nugget:

"Rather than getting 'zhoutonged', this new margin exchange will 'fill my kraken'."      

i.e. "Phil McCracken"

[toffoo]

check out what a year of professional development and half a million dollars gets you

You probably should have given that half a million bucks to your lawyer, so a year later he could come back and tell you that opening an unregulated US-based margin trading exchange probably doesn't make too much sense.  (Unless you have a lot more than 1 lawyer and half a million bucks.)


But all kidding aside, welcome aboard and I look forward to checking it out...

[btcx]

check out what a year of professional development and half a million dollars gets you

You probably should have given that half a million bucks to your lawyer, so a year later he could come back and tell you that opening an unregulated US-based margin trading exchange probably doesn't make too much sense.  (Unless you have a lot more than 1 lawyer and half a million bucks.)


But all kidding aside, welcome aboard and I look forward to checking it out...

Definitely wouldn't have gone ahead without our multiple attorneys' blessings.  As far as I'm concerned, 'unregulated' is the best kind of business to be in, that is, unless you own the regulators.  People had their questions when I opened my 'unregulated' virtual items brokerage in 2001 but $10mm/yr and 10 years later, I was retired before I was 30.  Anyway, thanks and it's good to be back

[CharlesPonzi]

Probably not a good idea to name your exchange after a notorious scam that was pulled by Patrick Harnett.

I guess spending half a million bucks means you forget to google your own domain in relation to bitcoin's past.

https://bitcointalk.org/index.php?topic=100913.0

[btcx]

Probably not a good idea to name your exchange after a notorious scam that was pulled by Patrick Harnett.

I guess spending half a million bucks means you forget to google your own domain in relation to bitcoin's past.

https://bitcointalk.org/index.php?topic=100913.0

Actually, I was aware of Patrick Harnett's scam and I don't think it'll matter one bit.  Lots of people have used the Kraken name for lots of things and our exchange certainly wasn't named after the scam.  Most people don't even know about the Bitcoinica scam, which was orders of magnitude worse.  Not a big deal

[moni3z]

annnnddd it's gone. site dead

[btcx]

annnnddd it's gone. site dead

looks like there may be an ssl issue for some users.  working it out.  thanks for the report.

[Jackten]

Really stoked about this.  Wish I could log in. PM sent

[btcx]

annnnddd it's gone. site dead

looks like there may be an ssl issue for some users.  working it out.  thanks for the report.

This should be fixed now.  Please give it another shot.

[gweedo]

I clicked a link https://www.kraken.com/signup and keep getting 503 Error, I am sorry but every time I try your site, there is an issue, and I haven't even signed up, so I can't keep my money in a place that doesn't even work when I just trying to sign up.

[ahbritto]

I clicked a link https://www.kraken.com/signup and keep getting 503 Error, I am sorry but every time I try your site, there is an issue, and I haven't even signed up, so I can't keep my money in a place that doesn't even work when I just trying to sign up.

Maybe the instructions from the OP will help you:

I'd like to limit access to the site for the time being.  If you're interested in any of the above, please PM me on the forums here and I'll give you instructions for creating a test account.  If our limited test group doesn't find anything too heinous within the next couple days, we'll open it up to more people.

[MPOE-PR]

I can't believe I'm saying it but this superficially looks like it may have half a chance.

[moni3z]

81,000 volume BTC/USD already? Are you still on testnet?

[btcx]

I can't believe I'm saying it but this superficially looks like it may have half a chance.

Thanks!  Get a beta account and have a closer look!

81,000 volume BTC/USD already? Are you still on testnet?

BTC/USD is simulated but all funds being traded on the site presently are test funds.  No actual BTC is being traded.  Anyone with an account at this point has been credited fake test funds to play with.  If you want to test a non-simulated pair, try any of the XRP pairs.

[starsoccer9]

pretty sure today is day 4 and its still not up.....

[btcx]

pretty sure today is day 4 and its still not up.....

Can you be more specific about the issue you're having? 

[starsoccer9]

pretty sure today is day 4 and its still not up.....

Can you be more specific about the issue you're having? 

sure, march 28 you said 4 days until launch. Today is april 1st. 4days exactly. I tried to sign up and i cant i get

503

Service Unavailable

The requested service is currently unavailable.

[btcx]

pretty sure today is day 4 and its still not up.....

Can you be more specific about the issue you're having?  

sure, march 28 you said 4 days until launch. Today is april 1st. 4days exactly. I tried to sign up and i cant i get

503

Service Unavailable

The requested service is currently unavailable.

It was 4 days until Game of Thrones Season 3 launched.  There is no launch date set for Kraken.com but it is stated in the original post that if you want access to the private beta, you should send me a PM as registration is disabled (503) at kraken.com.

[starsoccer9]

pretty sure today is day 4 and its still not up.....

Can you be more specific about the issue you're having?  

sure, march 28 you said 4 days until launch. Today is april 1st. 4days exactly. I tried to sign up and i cant i get

503

Service Unavailable

The requested service is currently unavailable.

It was 4 days until Game of Thrones Season 3 launched.  There is no launch date set for Kraken.com but it is stated in the original post that if you want access to the private beta, you should send me a PM as registration is disabled (503) at kraken.com.

sorry that wasnt very clear to me. I will pm you right now

[btcx]

Then even worst cause there should be no sign up button then or a button that gives those instructions...

The Signup and Login pages now give you a more helpful message.  Thanks for the suggestion!

[ErebusBat]

Saw this while testing and thought I would share with the world at large as it gave me quite a chuckle.

[ErebusBat]

Unfortunately I haven't had a ton of time to test, but what I have seen I am really wishing was live right now...

All the nice order types (not even talking about margin) and only allowing funded orders I think would have helped remove alot of the strain that gox suffered from yesterday.

[btcx]

Unfortunately I haven't had a ton of time to test, but what I have seen I am really wishing was live right now...

All the nice order types (not even talking about margin) and only allowing funded orders I think would have helped remove alot of the strain that gox suffered from yesterday.

No worries. We've got a bunch of testers on it now (though we wouldn't mind more).  It certainly has been difficult to resist the temptation to launch amidst all the hype at the moment but we're going to do this right.  It's looking like it'll be about 1 more week to open up trading to the public.  Spread the word

Also, there is a bug bounty thread going here:  https://bitcointalk.org/index.php?topic=166828.0

[Zedster]

Really looking forward to the site.  Would be nice to hear what testers are saying about it.

I sadly hear rumblings of scam on IRC and I think you may need to squash that a bit.  People are always going to be weary and/or intimidated by a new exchange.  

Any news on when you think you will let her fly?

Wow and now I notice the name Kraken already has a bad rep in the community. https://bitcointalk.org/index.php?topic=100913.0  Were you aware of this? 

If this question has been asked in the thread prior I apologize.  I didn't read the entire thread. 

[Zedster]

Well no answer for a week.  Not a good sign.  Too bad.

[ErebusBat]

Just saw this.  I have a testing account and I can say that I really hope they launch (but who knows with FinCEN) because their interface is superb!

[Zedster]

Just saw this.  I have a testing account and I can say that I really hope they launch (but who knows with FinCEN) because their interface is superb!

So you are actively trading on the site?  woot! Because it does look very nice. 

FinCEN is not out to get exchanges (yet) but they do want to make them adhere to the laws in place for fiat, KYC and such.  That is totally fair in my book.  I know the total anarchists are opposed but each to his own opinion.  The more BTC tries to stay in some guidelines the farther it will go.

Thanks for the update sir.

[ErebusBat]

I agree that KYC and AML and generally good things.  I was more referring to the startup costs of a new exchange. 

Yes I can actually trade, although with test funds 

[teflone]

I'd like to try the trading out..  long time bitcoiner, I've traded on them all..

This looks promising. 

[ErebusBat]

I'd like to try the trading out..  long time bitcoiner, I've traded on them all..

This looks promising. 

PM the OP and he will get you setup

[bassclef]

Looks great. Can't wait for the launch.

I also got a chuckle out of the FAQ page. Heehee.

[chsados]

is there an ETA when it comes out of beta - on reddit last week they said it would go live "sometime next week" i believe.

[papamoi]

hi

sending you a pm now

thanks

[epetroel]

is there an ETA when it comes out of beta - on reddit last week they said it would go live "sometime next week" i believe.

Last I heard was on May 3rd saying middle of next week - which would be about now.  I suspect it'll still be a week or two at least though - software projects have a tendency to always be late, especially things of this magnitude

[btcx]

Last I heard was on May 3rd saying middle of next week - which would be about now.  I suspect it'll still be a week or two at least though - software projects have a tendency to always be late, especially things of this magnitude

You called it.  We'd like to launch before the conference but we'll see.. we're getting good feedback from the beta and we've got a couple more things we'd like to improve before we take your money.  Funny thing is, 95% of reports/complaints/criticism so far have been about the lorem ipsum text.  I just want to let you know that we've hired 6 more guys to hunt down and squash this elusive lorem ipsum bug, which has plagued us for the past 18 months.  Thanks for all the concern

[myself]

the only question is do you use mtgox to provide liquidity or not ? (on the beta test there was some mtgox data)