wisard
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May 21, 2013, 01:12:27 PM |
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What are your security measures? What percentage of funds are kept in cold storage? Do you intend to provide 2-factor authentication?
Keeping % of funds in cold storage is not the only solution, ofcourse its a good security measure, when something drastic happens it will minimize the damages, only the funds in the wallet is lost. In one of the recent event, one of the exchange followed the cold storage method still they had to shutdown the exchange. Of course your funds are important to us and we have designed\developed system that in mind and which are hosted in secure servers. We are not intending to provide 2-factor authentication currently, all the communication happens on secure socket layer. You always have 4 attempts to login, if you fail you have to reset the password over your email. Which is simple and still effective. So do you keep funds in cold storage? Cold storages help against theft. Not against regulation that can get an exchange shut down. Also, 2 factor authentication is an absolute requirement as it keeps your money safe even if your laptop is stolen or a spyware gets installed on your computer. Bitfloor and btc-e hacks have shown us that this is the bare security requirement for a bitcoin exchange: cold storages and 2-factor authentication. You can't take a lean startup approach to a venture where money is involved as a product. You can't fix bugs as they occur. You have to provide more security than your usual social media or blogging based startup. If you don't intend to provide these security measures yet, you should re-think and change your intention.
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Buy me a beer or 2 if you enjoy my posts. BTC address: 1976Nb5u1T2haoxSZnJgHaemHYYtgKmTsU
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subvolatil
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May 21, 2013, 02:18:51 PM |
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So basically we have no way to verify if, you are who you say you are. ther is nothing that can link you, no phone number, no proper address. dont even know if you are real.
Secondly you have no two factor auth, so i can safely amuse that your site is venerable to sql injection tooo, if you are not able to even impliment a simple two factor auth on your sites. . come to think of it, it's quite odd that some of the business that sell bitcoin came under a ddos attack before you guys announced your self. coincidence may be may be not .
You guys seems to be highly reluctance to give out your identy to make every one feel secure. that raises a big red flag. as far as i know you could be my neighbor next door, your information is not sufficient .
Let me tell you some thing, in a country filled with scam artist, for you to do business you will have to assure your customers that you can be trusted ., right now there is no trust .
As for now i would put a RED FLAG on i-co.in , Sree Vinayaka Enterprises or iCoin .
P.s - Bitcoin is an open community if you want this community to trust you stay in a open manner. dont try to hide or obscure details and twist things around.
By the way in an earlier post i think you said you were a partnership , now it is a enterprise with a "CEO" Who is the chairman? but then again that is only in a "Company" , some thing is real fishy.
I'm not convinced
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subvolatil
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May 21, 2013, 02:46:15 PM |
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Arjun ( icoinv) you are now making your self look really ignorant, about the bitcoin community , and frankly what you just said suggest that we in the Indian bitcoin community should settle for a bellow standard security. I really wonder what you know about the bitcoin community as a whole.
I really dislike people who see bitcoin as a quick money making scheme. i wonder if that is the same with you . looks like you patched up a website in a hurry with verry little security and used a firm, or some enditity to start up this business (wonder if that enterprise is like a family owned old business you are using as cover). and you have made sure to hide all of your details . so , no can identify you. if you cannot meet the basic security needs and identity disclosure , you are better off working in what ever company you are working as a programmer.
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subvolatil
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May 21, 2013, 02:51:51 PM |
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CEO is just a designation .. looks like you also don have any experience in business. or running a company. let me educate you ,
In a partnership firm the partners are the designation.the profit sharing ration in the business. in a company established by the companies act of 1957, a company is an entity , with shareholders who elect a chairperson who appoints a CEO. (my memory is a bit vague but this is about right.)
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subvolatil
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May 21, 2013, 03:02:04 PM |
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are you a partner , managing director , or a CEO.. If you have partners how many , what are their background and their entire details.
But i guess it useless trying to save a drowning ship.
Awh well best of luck on your other endeavours.
hard to lie you way out of this one chum.
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subvolatil
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May 21, 2013, 03:14:50 PM |
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Thank you for your honesty. in not able to win my trust.
From my side it a Red Flag for you organisation i-co.in or Sree Vinayaka Enterprises[S.V.E] what ever you call it.
I dont know what the others would want to say about this .
So guys a little feedback on this would be appreciated
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Benson Samuel
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May 21, 2013, 03:19:41 PM |
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Icoinv does have a point here. He does not need to prove his identity or the firms as long as he conducts honest business.
While I would still advice everyone to tread cautiously, I have seen looser knit businesses than these making a good trust based product by the end of their stint.
Its an open market. I won't be registering yet as there is a need for PAN card and I do not need INR, hence I can't proceed as per the sites rules. If anyone feels that trust is lacking, then please do not register/ trade.
But let us avoid accusations. This is a new business and as the Bitcoin India community, we have a duty to help everyone grow.
Hope that made sense.
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subvolatil
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May 21, 2013, 03:22:52 PM Last edit: May 21, 2013, 03:47:29 PM by subvolatil |
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Agreed Benson Samuel there is no accusations here just a red flag of caution.
be careful. people.
icoinv build your trust. hope you do business in a fare manner.
Edit :- Forgot to mention , most of the questions i asked was not answered. so before signing up and transferring your funds think twice.
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Benson Samuel
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May 21, 2013, 03:56:36 PM |
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Edit :- Forgot to mention , most of the questions i asked was not answered. so before signing up and transferring your funds think twice.
And for the rest of you toddlers out there, make sure you drink your milk. :p
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subvolatil
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May 21, 2013, 04:19:43 PM |
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Edit :- Forgot to mention , most of the questions i asked was not answered. so before signing up and transferring your funds think twice.
And for the rest of you toddlers out there, make sure you drink your milk. :p was that for me . :-) Awwww that so sweet. Benson stop pulling my chain . arnt you out of cigs yet..
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ninjarobots
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May 21, 2013, 04:52:18 PM |
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icoinv Arjun Kumar +91.9902695939 Tech Name: Sujathamma K A Tech Email:icoinv@gmail.com Name Server:GNS19.HOSTGATOR.IN Hostgator? hmm.... Sundeep +919902695939 Karnataka Telecom Circle, Airtel India ~ Unleash the Great Ninja Power.
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wisard
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May 21, 2013, 06:04:03 PM |
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Many banks dont have 2 factor authentication, one cannot assume the security features about a system.
Oh come on - why would you even compare bitcoins with fiat currency? Bank transactions are reversible. Bitcoins are not. A bank is insured. Your exchange is not. You cannot make things right like a bank can if theft occurs. You need to provide security that BSE provides - if you want to compare yourself, compare yourself with an exchange. Match their security standards.
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Buy me a beer or 2 if you enjoy my posts. BTC address: 1976Nb5u1T2haoxSZnJgHaemHYYtgKmTsU
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wisard
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May 21, 2013, 06:14:02 PM |
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Icoinv does have a point here. He does not need to prove his identity or the firms as long as he conducts honest business.
While I would still advice everyone to tread cautiously, I have seen looser knit businesses than these making a good trust based product by the end of their stint.
Its an open market. I won't be registering yet as there is a need for PAN card and I do not need INR, hence I can't proceed as per the sites rules. If anyone feels that trust is lacking, then please do not register/ trade.
But let us avoid accusations. This is a new business and as the Bitcoin India community, we have a duty to help everyone grow.
Hope that made sense.
No. No. No. Just because Bitcoins is not too popular in India does not mean we shouldn't question people who try to build businesses around the bitcoin ecosystem. Bitcoins - because of its value - attract attacks. You actually have to expect attacks if you start a bitcoin related business. That is why you should absolutely challenge an exchange on their security procedures. Its not about my trust in whether the company will run away with my bitcoins. Its about my trust whether the company is even capable to protect my bitcoins from attacks. If you don't question them, they won't improve, and it will lead to a few people losing their bitcoins before the community learns a lesson. We don't need to learn these lessons first hand - when we have seen what has happened to other exchanges already. We don't have a duty to help any business grow, we have a duty to make sure that only the right business can grow.
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Buy me a beer or 2 if you enjoy my posts. BTC address: 1976Nb5u1T2haoxSZnJgHaemHYYtgKmTsU
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Benson Samuel
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May 21, 2013, 06:27:02 PM |
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Icoinv does have a point here. He does not need to prove his identity or the firms as long as he conducts honest business.
While I would still advice everyone to tread cautiously, I have seen looser knit businesses than these making a good trust based product by the end of their stint.
Its an open market. I won't be registering yet as there is a need for PAN card and I do not need INR, hence I can't proceed as per the sites rules. If anyone feels that trust is lacking, then please do not register/ trade.
But let us avoid accusations. This is a new business and as the Bitcoin India community, we have a duty to help everyone grow.
Hope that made sense.
No. No. No. Just because Bitcoins is not too popular in India does not mean we shouldn't question people who try to build businesses around the bitcoin ecosystem. Bitcoins - because of its value - attract attacks. You actually have to expect attacks if you start a bitcoin related business. That is why you should absolutely challenge an exchange on their security procedures. Its not about my trust in whether the company will run away with my bitcoins. Its about my trust whether the company is even capable to protect my bitcoins from attacks. If you don't question them, they won't improve, and it will lead to a few people losing their bitcoins before the community learns a lesson. We don't need to learn these lessons first hand - when we have seen what has happened to other exchanges already. We don't have a duty to help any business grow, we have a duty to make sure that only the right business can grow. I am not asking anyone to stop questioning them. Was pointing more towards mild accusations. Rest assured, they will be questioned way way more when the general public gets involved.
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subvolatil
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May 22, 2013, 01:26:42 AM |
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Hey hey hey Benson , if you are pointing at "mild accusations" at me. dont worry. my accusation will start when people start signing up with them and their money and bitcoins start to disappear. a firm created in secret no verifiable information, dont really know who this person is. trust is hard to gain but like i said before . when people dont answer questions asked that becomes suspicious. may be you are ok when people dont fully answer questions . but not me. Question being avoided and twisted are signs of anterior motives. There are alot of underlying problems to this, that has not been cleared out. the fact being that a exchange holding a client money basically turns an entity into a bank, meaning that all withdrawals have a interest amount attached to it. (RBI norms). if they are going as a Trading firm then the SEBI is involved. which has more rules than a banking regulation. there are too many rules to counter money laundering in india. many are pointed to stop withdraws of cash, and transfer of cash outside india. A exchange in india still holds INR in its account for a client after the sale of bitcoins . making it a deposit felicity . then comes the problem of withdrawing money from the account or the ewallet, and that is prohibited . this is the only thing that needs to be worked around. once this problem is solved then an exchange can operate within india without government interference, atleast for some time. If these problems have not been solved by an exchange opening in india, then the risk of this, being a temp operation is high. The main problem, security of the site is not ensured and the people starting this has a more or less a carefree attitude towards security , showing verry little care about the clients money that are going to be entrusted in them. So Benson if you call this an mild accusation then you are mistaken, ckz this is an observation. the accusation will come later on.
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subvolatil
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May 22, 2013, 03:07:06 AM |
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Good initiative, i will suggest you to start a new post with a bounty, and a legal disclaimer absolving the testers of legal action.
Its a good step you have taken
+1
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subvolatil
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May 22, 2013, 03:47:01 AM |
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As far as bounty goes, as i said there is a wallet with my own BTC inside it. Legal action?? I can assure anyone NOT for time being. Lets continue the thread.
Hum.. guess no one is gona be willing to help you out on this. (-1) for lack of effort. if you think someone is gona come over to this thread and announce that they will do a pen test for your website without you giving any type of legal disclaimer. you are sadly mistaken. you efforts to entrap people would not really work . Why do you always respond to thing making it more suspicious and harder to trust you . your comments "I can assure anyone NOT for time being. " makes you look highly untrustworthy.
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Benson Samuel
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Landscaping Bitcoin for India!
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May 22, 2013, 04:49:15 AM |
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icoinv, do you have any registered users/ deposits on the site as yet?
If yes, would they be able to recommend your work? This may work better towards building your reputation.
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subvolatil
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May 22, 2013, 04:57:49 AM |
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OK show me a thread of that kind regarding legal disclaimer etc etc, i will just follow those rules.
so basically you want me to hand hold you through this process icoinv, do you have any registered users/ deposits on the site as yet?
If yes, would they be able to recommend your work? This may work better towards building your reputation.
Hum.... interesting... wonder what this may pan out. lets watch and see.
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ninjarobots
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May 22, 2013, 01:42:56 PM |
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icoinv, do you have any registered users/ deposits on the site as yet?
If yes, would they be able to recommend your work? This may work better towards building your reputation.
We have registered user, deposit transactions haven't taken place yet. I will try asking the person for feedback anyway. Now this is interesting... Do you accept cash deposits w/o PAN?? If yes then myself or someone here might deposit.
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