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Author Topic: Bitcoin7 a new exchange  (Read 19550 times)
Chucksta
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June 24, 2011, 10:52:15 AM
 #101

I don't even get a clue how much it will cost to get my money back:

EURO wire transfer: 12-22 EUR (!)

Not only it is an excessive amount, but giving only a range of price seems very odd to me.

I also dislike their incompetence in computer science (as if what happened to Mt Gox wasn't enough!).

Even if it's a major problem, their lack of expertise in computer science is not blamable. They can always hire a good IT team if they want to. But what I really hate here, is their way to communicate with people and to deal with different issues. An apparent lack of transparency and authenticity. Instead of recognizing their incompetence and get their shit together, they just pretend to be smarter than they actually are. I would never trust someone who behaves this way.

Pot calling the kettle black ?

What exactly are you classing as "computer science" ?

I see nothing that is true computer science. Information technology, yes, but not computer science.

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digimag
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June 24, 2011, 07:01:42 PM
 #102

Pot calling the kettle black ?

What exactly are you classing as "computer science" ?

I see nothing that is true computer science. Information technology, yes, but not computer science.
You sir are right, it is not computer science, just information technology.

I hope, sir, you've understood my message in spite of my inadequate vocabulary.

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Chucksta
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June 24, 2011, 09:12:20 PM
 #103

I've just signed up... nice interface, and sensible transaction prices <gives TradeHill the evil eye>
Calavera
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June 25, 2011, 02:54:29 AM
 #104

As we couldn't identify on time if the payment was correct or not we had to reverse these transactions in order to defend the seller of the BTC.

Hang on, I'm not sure that I understand this correctly.  You credited an account with a certain amount of $ based on a report from one of your payment processors.  You then cleared the $ for a purchase order of BTC on your exchange, and this order was filled.  You then reversed this transaction because you realised that the payment processor hadn't actually cleared the funds.

My problem with this is that it's your responsibility to ensure that funds you allow onto the exchange are cleared, not the end user's.  If you let the funds on to the exchange then you're responsible for them.  You should not have reversed the transactions.  You should have covered the $ yourselves if the deposit turned out to be fraudulent.  I would see this responsibility as one of the core features of an exchange, otherwise it's just a glorified bulletin board. 

Am I wrong here?
Chucksta
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June 25, 2011, 07:43:19 AM
 #105

As we couldn't identify on time if the payment was correct or not we had to reverse these transactions in order to defend the seller of the BTC.

Hang on, I'm not sure that I understand this correctly.  You credited an account with a certain amount of $ based on a report from one of your payment processors.  You then cleared the $ for a purchase order of BTC on your exchange, and this order was filled.  You then reversed this transaction because you realised that the payment processor hadn't actually cleared the funds.

My problem with this is that it's your responsibility to ensure that funds you allow onto the exchange are cleared, not the end user's.  If you let the funds on to the exchange then you're responsible for them.  You should not have reversed the transactions.  You should have covered the $ yourselves if the deposit turned out to be fraudulent.  I would see this responsibility as one of the core features of an exchange, otherwise it's just a glorified bulletin board. 

Am I wrong here?

+1

sonba
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June 25, 2011, 05:12:06 PM
 #106

As we couldn't identify on time if the payment was correct or not we had to reverse these transactions in order to defend the seller of the BTC.

Hang on, I'm not sure that I understand this correctly.  You credited an account with a certain amount of $ based on a report from one of your payment processors.  You then cleared the $ for a purchase order of BTC on your exchange, and this order was filled.  You then reversed this transaction because you realised that the payment processor hadn't actually cleared the funds.

My problem with this is that it's your responsibility to ensure that funds you allow onto the exchange are cleared, not the end user's.  If you let the funds on to the exchange then you're responsible for them.  You should not have reversed the transactions.  You should have covered the $ yourselves if the deposit turned out to be fraudulent.  I would see this responsibility as one of the core features of an exchange, otherwise it's just a glorified bulletin board. 

Am I wrong here?

+1



+1
Folax
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June 26, 2011, 09:10:49 AM
 #107

As far as I can tell, the EU cashouts are free of charge, and this makes B7 more interesting than the other exchanges, where a cashout to SEPA zone is insanely pricey.

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jdebunt
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June 26, 2011, 07:19:18 PM
 #108

made a transaction on this site yesterday, deposited 25 eur with direct bank transfer & it showed up instant, 3% fee is a bit high but acceptable.

Very pleased with this exchanger so far.
sceptre
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June 27, 2011, 09:08:21 AM
 #109

As far as I can tell, the EU cashouts are free of charge, and this makes B7 more interesting than the other exchanges, where a cashout to SEPA zone is insanely pricey.
Where do you see that?
This page: https://bitcoin7.com/index.php?show=withdraw_funds
states: EU Bank Transfer   FIBank (EU)   EUR bank transfer to EU bank   12-22 EUR

Which is insane for an EU2EU transfer and means that I am not trading there.
Or did I miss something?
iBug
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June 27, 2011, 12:14:33 PM
 #110

EU Bank Transfer   FIBank (EU)   EUR bank transfer to EU bank   12-22 EUR

Which is insane for an EU2EU transfer and means that I am not trading there.
Or did I miss something?

Indeed, that seems really overpriced.
And that's why I contacted them, together with some other question.
Here's their explanation to the high EU bank transfer fee:

Quote
"The fees are so big because there is a 10 EUR SWIFT tax. Other than that the taxes are - to 500 EUR - 2 EUR tax, from 500 up - 0.12% from the sum (minimum 12 EUR)"

Can anybody confirm that there's such a tax in Bulgaria ?

If it's the case, then it's not Bitcoin7's fault. Then they should consider cooperating with a different bank ... EU <-> EU bank transfers in € are mostly free (if the provided IBAN & BIC/SWIFT codes of the destination account are correct).
Calavera
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June 27, 2011, 12:40:58 PM
 #111

http://news.guide-bulgaria.com/News.aspx?9269=10%_tax_on_all_bank_transactions_to_offshore_zones

Regardless of whether it's their "fault", from our perspective it's still a fee they charge that another exchange won't.
sonba
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June 27, 2011, 07:14:39 PM
 #112

On a seperate note - every EU country/EU bank has to offer SEPA for the same price as transfers within the country. Hence, I kind of doubt that Bulgaria takes a tax on that? Might be the case, of course, but that this should not only be for SEPA but also for Bulgarian internal transfers.
dr.bitcoin
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June 28, 2011, 05:11:06 AM
 #113

Bitcoin is nice, but Dwolla and Liberty Reserve withdrawals don't work ("delayed"  Grin ) for a while now...
ananas5
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June 28, 2011, 07:27:22 AM
 #114

I was about to buy some cheap coins from here so I transferred money from my LR account. Almost 3 hours later all the cheap coins are sold and I still can't see my funds. Great.  Angry

...and as usual, no response from customer service even though I sent an email over an hour ago. How this reminds me of MtGox. Yeah, maybe I'm being unpatient but it still pisses me off that estimates are always incorrect in a negative way.

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jkminkov
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June 28, 2011, 12:56:43 PM
 #115

EU Bank Transfer   FIBank (EU)   EUR bank transfer to EU bank   12-22 EUR

Which is insane for an EU2EU transfer and means that I am not trading there.
Or did I miss something?

Indeed, that seems really overpriced.
And that's why I contacted them, together with some other question.
Here's their explanation to the high EU bank transfer fee:

Quote
"The fees are so big because there is a 10 EUR SWIFT tax. Other than that the taxes are - to 500 EUR - 2 EUR tax, from 500 up - 0.12% from the sum (minimum 12 EUR)"

Can anybody confirm that there's such a tax in Bulgaria ?

If it's the case, then it's not Bitcoin7's fault. Then they should consider cooperating with a different bank ... EU <-> EU bank transfers in € are mostly free (if the provided IBAN & BIC/SWIFT codes of the destination account are correct).

http://fibank.bg/uploads/Docs_download/Tariff.pdf

on page 60

Bleutrade
600 dollars in one place talking - Dudes, hooray, Bitcoin against us just one, but we are growing in numbers!
iBug
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June 28, 2011, 04:14:07 PM
 #116

Ok, thanks.
But there's no way I can read this, and I don't want to copy the text over to translate it. So there actually is a 10 € SWIFT fee (+ additional fee depending on the amount) for bank transfers out of Bulgaria ?

A European Bitcoin exchange with a EU bank account is a great alternative to TradeHill and Mt. Gox for the European traders ... but that fee makes the smaller trades and withdraws really expensive  Embarrassed
elements
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June 28, 2011, 04:33:55 PM
 #117

They simply need to open an account in one of the Euro participating countries.
For example in Greece - it's only about 300 km south of Sofia.
Then the problem should be solved. They really should know that (high fee) is a complete no-go within the EU!

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duffy22
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June 28, 2011, 06:16:09 PM
 #118

Decided to give Bitcoin7 a quick test and did my first trade, very impressed. Fast transfer of Dwolla to account and even faster withdrawal of BTC to wallet.  Will be using them more often.  Grin
jkminkov
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June 29, 2011, 07:19:53 AM
 #119

They simply need to open an account in one of the Euro participating countries.
For example in Greece - it's only about 300 km south of Sofia.
Then the problem should be solved. They really should know that (high fee) is a complete no-go within the EU!

I don't think opening an account in a bankrupt country is a good idea in this very moment...

Bleutrade
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PandaMiner
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June 29, 2011, 12:11:29 PM
 #120

I can't seem to find a place to input my btc address. I deposited money with Dwolla, I made a buy, now I wanna remove the BTC but I can't. There's no place for me to put my address.  (unless I'm blind to it)

How did you do it duffy?

My Litecoin address: Lf9WKM61AhmXchG2Ph2cftHKSQhxHutcdk
My Bitcoin address: 1Hwem4GSQWPCtBTKcSpXg2jYwxF6PtTjZx
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