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Author Topic: Bitcoin Market 2 Testing  (Read 4785 times)
nanotube
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January 02, 2011, 09:45:44 PM
 #21

So, how do you ensure that the paypal scamming don't come back?

The first line of defense, is an invitation only membership.  Be mindful of who you invite.  If you invite two or three scammers in a week it's not going to be good for your membership.  Secondly, you will have to have a high enough rating and/or special approval for PayPal deposits.  Traders will also be able to use the rating system when making escrow trades for PayPal or any processor for that matter.  If it gets too bad, I'll shut PayPal down for awhile.  The scammers will be back.  But, we can make it difficult for them.


I've been thinking about this a lot.  I if I was a scammer I would register a user1.  Using that user1 name I would invite another user2 (which would be fake).  I would use user2 to invite user3 (another fake account).  Then use user3 to invite fake user4 and so on.

in addition to invitation, it would take explicit approval to use paypal - i.e., personal reputation with dwdollar, or the vouching of other high-reputation people. so just inviting a bunch of fake users won't grant you paypal access.

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January 02, 2011, 09:52:04 PM
 #22

A better measure would be to allow PP globally and ask for a 14 day maturing fee. You would get onsite credits. The best part is that you can still sell Bitcoins and get USDs quickly. This could help adoption.

dwdollar
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January 03, 2011, 04:32:26 AM
 #23

Quote from: jimbobway
So my point is this...if you catch scammer user4 then you have to ban the entire tree of users down to user1.  So anyone underneath user4 would be banned including user1, user2, user3, and user4.  I think this is the safest way to allow PayPal.  Can you do this?

Yes, that is the idea.  Walk up the trunk by suspending/banning until the scamming stops.  As Nanotube mentioned, this will be just one tool for using PayPal.  The others will be rating, time, and maybe manual approval.  I understand the frustration of making it too hard to use PayPal.  We'll try to strike a balance.
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January 03, 2011, 04:38:59 AM
 #24

Quote from: jimbobway
So my point is this...if you catch scammer user4 then you have to ban the entire tree of users down to user1.  So anyone underneath user4 would be banned including user1, user2, user3, and user4.  I think this is the safest way to allow PayPal.  Can you do this?

Yes, that is the idea.  Walk up the trunk by suspending/banning until the scamming stops.  As Nanotube mentioned, this will be just one tool for using PayPal.  The others will be rating, time, and maybe manual approval.  I understand the frustration of making it too hard to use PayPal.  We'll try to strike a balance.

i think taking it slow rather than fast is not a bad idea. also, consider requiring verified paypal accounts, and doing email confirmation for the primary email listed on the paypal account, as extra steps to avoid fraud. also, daily paypal spending limits for users just starting without much of a reputation, is probably a good idea as well.

that said... starting with a core of known and trusted users... you already can easily have dozens of approved paypal users to start with, and go from there.
just throwing out some ideas. Smiley

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January 10, 2011, 03:56:46 AM
 #25

Quote from: jimbobway
So my point is this...if you catch scammer user4 then you have to ban the entire tree of users down to user1.  So anyone underneath user4 would be banned including user1, user2, user3, and user4.  I think this is the safest way to allow PayPal.  Can you do this?

Yes, that is the idea.  Walk up the trunk by suspending/banning until the scamming stops.  As Nanotube mentioned, this will be just one tool for using PayPal.  The others will be rating, time, and maybe manual approval.  I understand the frustration of making it too hard to use PayPal.  We'll try to strike a balance.

i think taking it slow rather than fast is not a bad idea. also, consider requiring verified paypal accounts, and doing email confirmation for the primary email listed on the paypal account, as extra steps to avoid fraud. also, daily paypal spending limits for users just starting without much of a reputation, is probably a good idea as well.

that said... starting with a core of known and trusted users... you already can easily have dozens of approved paypal users to start with, and go from there.
just throwing out some ideas. Smiley

One thing that bugs me is that scammers work by stealing other people's paypal username and password.  They could steal the credentials of a member who has a good rating.  This is very hard to stop/detect.  One way a lot of companies do to protect users from this is to have a RSA keyfob. Maybe you can look into this.  http://en.wikipedia.org/wiki/SecurID

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January 10, 2011, 11:01:20 AM
 #26

I second the idea of a keyfob. My bank uses one and generates a different password with it each time I log in.
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January 10, 2011, 03:34:43 PM
 #27

Loving the new design, congrats sir  Shocked
Babylon
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January 15, 2011, 01:53:52 PM
 #28

I don't understand the site.

I registered my processors for paypal and bitcoin, looks like I can deposit and withdraw (only not really of course since it is not real bitcoins or dollars)  but I cannot find how to trade.

dwdollar
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January 15, 2011, 04:32:54 PM
 #29

I don't understand the site.

I registered my processors for paypal and bitcoin, looks like I can deposit and withdraw (only not really of course since it is not real bitcoins or dollars)  but I cannot find how to trade.

You have to create an order.  Select the 'My Orders' tab and click 'Open New Order'.  Here is an explanation for the currency pairs the new site will use.  The old site's 'PayPalUSD' will become BMBTC/PPUSD on the new site.  Currency pairs are the norm for traditional currency trading and it's drifting that way in the Bitcoin community I think.
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January 17, 2011, 05:57:57 AM
 #30

I don't understand the site.

I registered my processors for paypal and bitcoin, looks like I can deposit and withdraw (only not really of course since it is not real bitcoins or dollars)  but I cannot find how to trade.

You have to create an order.  Select the 'My Orders' tab and click 'Open New Order'.  Here is an explanation for the currency pairs the new site will use.  The old site's 'PayPalUSD' will become BMBTC/PPUSD on the new site.  Currency pairs are the norm for traditional currency trading and it's drifting that way in the Bitcoin community I think.

ok, I just didn't see the button.

The way the simple orders work seems wrong to me.  it does make it easy to buy or sell bitcoin, but without being able to set a price on the simple order I feel like I lose the function I use the most.  Having to dig into the complex trade in order to set a price seems like a bad setup, to me.

stop orders don't seem to be working, although I may just be misunderstanding how they work.

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January 20, 2011, 05:07:37 PM
 #31

I don't understand the site.

I registered my processors for paypal and bitcoin, looks like I can deposit and withdraw (only not really of course since it is not real bitcoins or dollars)  but I cannot find how to trade.

You have to create an order.  Select the 'My Orders' tab and click 'Open New Order'.  Here is an explanation for the currency pairs the new site will use.  The old site's 'PayPalUSD' will become BMBTC/PPUSD on the new site.  Currency pairs are the norm for traditional currency trading and it's drifting that way in the Bitcoin community I think.

ok, I just didn't see the button.

The way the simple orders work seems wrong to me.  it does make it easy to buy or sell bitcoin, but without being able to set a price on the simple order I feel like I lose the function I use the most.  Having to dig into the complex trade in order to set a price seems like a bad setup, to me.

stop orders don't seem to be working, although I may just be misunderstanding how they work.

The simple order form is just a start.  I can add a price.  If you have anymore suggestions for it let me know.  What exactly was wrong with the Stop Orders?  Market and Stop Orders might be confusing until the liquidity builds up.  Limits and Stop Limits should behave better.
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January 20, 2011, 05:16:58 PM
 #32

I'll try to have the stream and API finished by this weekend, plus some fixes.
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January 20, 2011, 08:46:01 PM
 #33

I don't understand the site.

I registered my processors for paypal and bitcoin, looks like I can deposit and withdraw (only not really of course since it is not real bitcoins or dollars)  but I cannot find how to trade.

You have to create an order.  Select the 'My Orders' tab and click 'Open New Order'.  Here is an explanation for the currency pairs the new site will use.  The old site's 'PayPalUSD' will become BMBTC/PPUSD on the new site.  Currency pairs are the norm for traditional currency trading and it's drifting that way in the Bitcoin community I think.

ok, I just didn't see the button.

The way the simple orders work seems wrong to me.  it does make it easy to buy or sell bitcoin, but without being able to set a price on the simple order I feel like I lose the function I use the most.  Having to dig into the complex trade in order to set a price seems like a bad setup, to me.

stop orders don't seem to be working, although I may just be misunderstanding how they work.

The simple order form is just a start.  I can add a price.  If you have anymore suggestions for it let me know.  What exactly was wrong with the Stop Orders?  Market and Stop Orders might be confusing until the liquidity builds up.  Limits and Stop Limits should behave better.

The stop orders did not go through.

My understanding of a stop order is that it waits for the market price to reach the stop price and then executes as a market trade.  I set several limit orders at the stop price, as well as a stop order at the stop price and neither of my stop orders went through.

dwdollar
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January 20, 2011, 09:45:31 PM
 #34

Quote
The stop orders did not go through.

My understanding of a stop order is that it waits for the market price to reach the stop price and then executes as a market trade.  I set several limit orders at the stop price, as well as a stop order at the stop price and neither of my stop orders went through.

That's correct.  I'll look at it tonight and see what the problem is.
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February 01, 2011, 05:32:09 PM
 #35

I'm opening it up to real trade.  BMBTC/BMUSD and BMBTC/BMGAU are the currency pairs.  These pairs are automated.  Funding for USD is restricted to LibertyReserve for now.  Funding for GAU is restricted to Pecunix.  Deposits and withdraws for both LibertyReserve and Pecunix are automated.

I didn't see any problems with the Stop Orders/Stop Limit Orders.  Both use the last trade price and not a limit price from a Bid/Ask in order to execute.  Maybe the confusion is coming from this?  This prevents some one from opening an order with the sole intent of 'unlocking' all of the Stop Orders//Stop Limit Orders.

I'm putting the API on the back burner, but the stream is up and should be running.

The following fees apply.  I'll post these on the site.  .5% per trade for all currencies.  1.0% for BTC withdraws, 2.0% for LibertyRerserve withdraws, 2.0% for Pecunix withdraws.

I'll be watching everything carefully for any problems.

If everything goes well, I'll open it up to escrow trades in a week.  This will include the PayPal type trading people are familiar with on the old site.
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February 21, 2011, 11:05:26 PM
 #36

So, BitcoinMarket v2 is open for public now ?
Is there a domain name already ?

Or is it still in "testing mode" ?

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March 26, 2011, 10:20:44 PM
 #37

There seems to be a problem with the timestamps:

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March 28, 2011, 09:05:33 PM
 #38

Ok, the timestamp thing still isn't fixed.

Also, I had 500 Bitcoins in my account and when I wanted to withdraw them it said "insufficient funds".
I could only withdraw 499 Bitcoins. I guess this is a bug ?
EDIT: oh wait, it didn't withdraw anything at all.
Something seems seriously broken there.
EDIT2: ok, i got my 499 BTC now.
EDIT3: shame on me, didn't know there was a withdrawal fee.
but still no comments to the timestamp thing ?
it appears when I am logged in only. without login the timestamp is shown correctly. any ideas ?

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March 28, 2011, 09:31:32 PM
 #39

Source code for Britcoin: http://gitorious.org/intersango/master/trees/master
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April 30, 2011, 02:18:54 AM
 #40

If I were to get an invite, can I deposit via Moneybookers?

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