Bitcoin7 a new exchange

[digimag]

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.

[1714880345]

1714880345

[Chucksta]

I've just signed up... nice interface, and sensible transaction prices <gives TradeHill the evil eye>

[Calavera]

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]

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]

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]

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.

[jdebunt]

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]

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]

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:

"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]

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]

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]

Bitcoin is nice, but Dwolla and Liberty Reserve withdrawals don't work ("delayed"  ) for a while now...

[ananas5]

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.  

...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.

[jkminkov]

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:

"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

[iBug]

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

on page 60

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 

[elements]

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!

[jkminkov]

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...

[PandaMiner]

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?

[jkminkov]

https://bitcoin7.com/index.php?show=withdraw_bitcoins

[PandaMiner]

Thanks.

I'm a dummy.  Well, mostly a dummy. I blame firefox.

You see, the "label" for the receive address is called "address" and firefox pre-populates all fields labeled "address" with my email address associated with a domain root name.  Sigh.

I didn't think anything of it. It says Address. In my humble opinion, to avoid other dummies like me from getting confuzzled, the html should be changed to call it "Your Bitcoin Address" (like the software does), and the label too.

I see they don't have the for="" filled out. Tsk tsk.

Code:

<div class="row">
  <div class="text"><label for="">Address:</label></div>
  <div class="field"><input type="text" name="address" value="" size="25" /></div>
</div>

valid html should be the following....

Code:

<div class="row">
  <div class="text"><label for="btc_address">Your Bitcoin Address:</label></div>
  <div class="field"><input type="text" name="btc_address" value="" size="25" /></div>
</div>