[BitOcean] Bitcoin exchange India [Closed]

[Dashing]

Appreciate the work you are doing and regular updates on progress. We need more and more business and contact points in India to make people aware about Bitcoins, making less painful for them to exchange coins.

One advise, It is much better to have 100% cold wallet. I think people will understand that it is better to have inconvenience  of waiting for 1 or 2 hour to receive their coins, than chance to lose all the coins. Process all the withdraws manually till you can process them without affecting 2-3 hour deadline. Once volume increases you can think about way to securely support instant limited amount withdraws.

Overall its good looking and promising work. Keep it up !!!

Cheers

I completely agree wit you. When it comes to bitcoins, safety of funds and trust is of utmost importance.
In any case, a 2 hour waiting period is not so long compared to online bank transfers or cheque payments.

If you intend on implementing litecoins on your site, the users will have the option of buying Litecoins and getting their transactions confirmed in 10 minutes or so, instead of 2 hours for bitcoin.

Yep, I think cold wallets will be the best way to go

[Dashing]

Okay the API has been updated,

• It shows the trade limit per account per day
• Shows the BTC balance of an address (any)
• Shows the estimated INR balance of an address (any)

[Benson Samuel]

Okay the API has been updated,

• It shows the trade limit per account per day
• Shows the BTC balance of an address (any)
• Shows the estimated INR balance of an address (any)

Are you testing it online anywhere? Would love to take a look and feedback.

[Dashing]

Okay the API has been updated,

• It shows the trade limit per account per day
• Shows the BTC balance of an address (any)
• Shows the estimated INR balance of an address (any)

Are you testing it online anywhere? Would love to take a look and feedback.

Yeah,
http://82.211.30.251/

http://82.211.30.251/login/   --> Login/Signup is there

Lots of work to be done on the home page though.


EDIT : forgot to mention this, but accounts take 1 - 3 hours for activation, only after that do they get a deposit address added to their account, but for now, i've disabled deposit

[Benson Samuel]

Was looking at the UI and just looking at INR all over the page reminds me of my joy when i saw buysellbitco.in for the first time as well.

[Dashing]

Was looking at the UI and just looking at INR all over the page reminds me of my joy when i saw buysellbitco.in for the first time as well.

Thanks We hope to make it more automated once it's launched, but it'll have to be this way for a while, as security is always first.

Here's the API now, much better I guess 

[Benson Samuel]

Was looking at the UI and just looking at INR all over the page reminds me of my joy when i saw buysellbitco.in for the first time as well.

Thanks We hope to make it more automated once it's launched, but it'll have to be this way for a while, as security is always first.

Here's the API now, much better I guess 

esti_inr:152.82 is that a $10 markup?

[Dashing]

Was looking at the UI and just looking at INR all over the page reminds me of my joy when i saw buysellbitco.in for the first time as well.

Thanks We hope to make it more automated once it's launched, but it'll have to be this way for a while, as security is always first.

Here's the API now, much better I guess 

esti_inr:152.82 is that a $10 markup?

Nah, $10 markup is too high heh,

esti_inr is the estimated INR value of the bitcoins in that address

[Benson Samuel]

aaah, missed that, sorry.

[Dashing]

aaah, missed that, sorry.

no probs

We hope to get the domain done by tomorrow max and start public beta testing,

We've also put up some trade restrictions during the beta period and sometime after that too,
http://82.211.30.251/trade.html

[Pinwheel]

aaah, missed that, sorry.

no probs

We hope to get the domain done by tomorrow max and start public beta testing,

We've also put up some trade restrictions during the beta period and sometime after that too,
http://82.211.30.251/trade.html

that is a public forum!!  what you thinking ... putting half cooked site into public?

second web site within last 10 days with a lot of futures!! def we know how to make websites!!

[Dashing]

aaah, missed that, sorry.

no probs

We hope to get the domain done by tomorrow max and start public beta testing,

We've also put up some trade restrictions during the beta period and sometime after that too,
http://82.211.30.251/trade.html

that is a public forum!!  what you thinking ... putting half cooked site into public?

second web site within last 10 days with a lot of futures!! def we know how to make websites!!

Um, The sites ready, the "exchange code" is ready, you can signup, we've just not started the "exchanges" part yet.

Feel free to login and see in the live test account,

http://82.211.30.251/login/
User : test
Pass : test

[Benson Samuel]

Tips: Noisy person thinking out loud

1. I would get rid of the e-mail MTCN number option. Something more elegant should be allowed, such as a form that captures the MTCN number?
2. Would be good to see some disclaimers on time frames to complete buy and sell.
3. Any anonymous methods for purchasing?
4. Would be nice to know your physical security around the hosting.
5. Any possibility of Merchant tools and plugins or is it too early to ask?
6. Would be nice to know upcoming payment methods and features to allow for future options.
7. Is this only for India? you do have Location (City, Country) in your withdraw details.

Hope some of that helps.

[Amitabh S]

Considering the recent and previous hacks, I have to ask: what language is this coded in?

[Benson Samuel]

Very nice.

Let me guess: Clojure? :p

Clojure looks nice, we may use that for the next version to make it scale well or even maybe Node.js

Currently its mySQL + PHP based, with a lot of JSON to pull live exchange values (BTC -> USD -> INR etc)

Hope that answers Amitabh. As he is maintaining his funds offline, cannot see why this is going to be a problem.

Of course DDOS is another story, but may not effect user balances and transactions.

Am I correct with this Dashing?

[drdanishkhan]

So when can we expect a fully functional exchange.. also can you import the usd/btc graph from mtgox or bitcoin charts.. Would be better to have all the data on one page.. and how much time will it take to get the bitcoins from the moment i transfer via western union.. also is there an option via onlinesbi?? Thanks in advance..

[Dashing]

Tips: Noisy person thinking out loud

1. I would get rid of the e-mail MTCN number option. Something more elegant should be allowed, such as a form that captures the MTCN number?
2. Would be good to see some disclaimers on time frames to complete buy and sell.
3. Any anonymous methods for purchasing?
4. Would be nice to know your physical security around the hosting.
5. Any possibility of Merchant tools and plugins or is it too early to ask?
6. Would be nice to know upcoming payment methods and features to allow for future options.
7. Is this only for India? you do have Location (City, Country) in your withdraw details.

Hope some of that helps.

1. That could be done

2. Yep, I'll add those in too, generally 1 - 3 days max at the start (due to low volume) and later on should be same day / hour.

3. anonymous methods could be added, but depending on a few things, we could add LibertyReserve etc but then again it depends on if other people would like payouts in Libertyreserve too.

4. Basically, no funds are stored on the server, no bitcoind runs on it. Just a webserver + php + mysql, mysql will be locked down to connections from incoming (localhost) only once the dev work is done.

5. Merchant tools may take a bit to come up as we'll need regular INR volume to manage that part.

6. We'll look at other funding methods like OkPay / LibertyReserve, but mostly OkPay as they are pretty okay towards Bitcoin

7. Well, as long as WesternUnion allows us to send / receive the cash from anywhere around the world, we're okay with it

Considering the recent and previous hacks, I have to ask: what language is this coded in?

PHP + MySql, no funds stored on the server, 100% funds in the cold wallet.

Very nice.

Let me guess: Clojure? :p

Clojure looks nice, we may use that for the next version to make it scale well or even maybe Node.js

Currently its mySQL + PHP based, with a lot of JSON to pull live exchange values (BTC -> USD -> INR etc)

Hope that answers Amitabh. As he is maintaining his funds offline, cannot see why this is going to be a problem.

Of course DDOS is another story, but may not effect user balances and transactions.

Am I correct with this Dashing?

Yep, thats correct, I'll store a hourly backup of the DB on my PC too and on another server too so that we can keep a ready-to-go backup incase of DDoS's so we can continue our local processing for orders already in the queue.

So when can we expect a fully functional exchange.. also can you import the usd/btc graph from mtgox or bitcoin charts.. Would be better to have all the data on one page.. and how much time will it take to get the bitcoins from the moment i transfer via western union.. also is there an option via onlinesbi?? Thanks in advance..

Hmm, I'd say around 9th evening if everything goes best, Graphs yes, I can import those, WesternUnion should take 1 - 2 days max for import of funds. Online Bank transfers will come in a few weeks depending on how things go at the start.

[Benson Samuel]

Would you be joining us at Bitfest?

[Dashing]

Would you be joining us at Bitfest?

Could try, It's in Bangalore right ? 13th ? Any address/location?

[Benson Samuel]

It is at the CIS campus in Domlur.

And yes, it is on the 13th in Bangalore.