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Author Topic: TradeHill - Person to Person BTC Transfers Now Live!  (Read 3482 times)
Jered Kenna (TradeHill)
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July 23, 2011, 06:05:59 AM
 #1

Person to Person BTC Transfers Now Live!

It is now possible to transfer BTC from person to person on TradeHill.
Initiate a person to person transfer by going to withdraw funds, selecting BTC then "user to user transfer"
It will start instantly and take up to a maximum of 1 minute.


Jered

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A Great Time to Start Something!


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July 23, 2011, 06:22:47 AM
 #2

Sounds great, thanks Jered.
Is there an API, or anything, where you can automate a payment (i.e. shopping cart integration) as long as both users have a Tradehill account?

15DYJpWJe9H1YofsNQbP9JEWWNn7XPZgbS
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July 23, 2011, 07:20:45 AM
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like an escrow?

if so, that is awesome.
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July 23, 2011, 12:33:49 PM
 #4

Person to Person BTC Transfers Now Live!

how about transfer of usd funds?
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July 23, 2011, 03:14:41 PM
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Nice, TradeHill keeps becoming more and more liked in my book.
Jered Kenna (TradeHill)
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July 23, 2011, 03:47:55 PM
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Person to Person BTC Transfers Now Live!

how about transfer of usd funds?

We're looking in to it.
It's simple from a technical perspective but legally it changes the business.

A few thousand dollars to lawyers and a little wait > getting shut down.

If we can do it legally we will asap.

Jered

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July 23, 2011, 04:25:38 PM
 #7

Can the law do anything about Tradehill facilitating P2P transfers? Seems like a difficult thing to outlaw, as compared to outlawing exchange trades, and might be a good way to keep exchanges running if public market trades are banned.
Jered Kenna (TradeHill)
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July 23, 2011, 04:44:57 PM
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Can the law do anything about Tradehill facilitating P2P transfers? Seems like a difficult thing to outlaw, as compared to outlawing exchange trades, and might be a good way to keep exchanges running if public market trades are banned.

We're taking a "better safe than sorry" approach. We've submitted the needed paperwork but want to be 100% sure we're in compliance with the law before we proceed.
TradeHill and Mt Gox are the two biggest targets for opponents to Bitcoin and we both owe it to the community to be on our toes. I've been personally involved with Bitcoin for a while
and want it to succeed for a variety of reasons. If greed motivates me to cut corners and risk damaging the community then I'm no longer the same person that started this company.

Jered

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July 23, 2011, 09:47:27 PM
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Can the law do anything about Tradehill facilitating P2P transfers? Seems like a difficult thing to outlaw, as compared to outlawing exchange trades, and might be a good way to keep exchanges running if public market trades are banned.

We're taking a "better safe than sorry" approach. We've submitted the needed paperwork but want to be 100% sure we're in compliance with the law before we proceed.
TradeHill and Mt Gox are the two biggest targets for opponents to Bitcoin and we both owe it to the community to be on our toes. I've been personally involved with Bitcoin for a while
and want it to succeed for a variety of reasons. If greed motivates me to cut corners and risk damaging the community then I'm no longer the same person that started this company.

Jered

+1 We want bitcoin to be around long term and compliant exchanges are critical. Thanks Jered!
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July 23, 2011, 10:31:34 PM
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PMI, but can't we already do this w/o Tradehill?

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Jered Kenna (TradeHill)
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July 23, 2011, 11:12:19 PM
 #11

PMI, but can't we already do this w/o Tradehill?

Yes but if you want to send to someone else on TradeHill it's instant (1 min max).  No waiting for confirmations.
More importantly you can use their email instead of remembering the hash. Also you don't have to pull the funds out then send them (1 instead of 2 transfers).
Sending BTC with client is normally almost free but internal TradeHill transfers are 100% free.

Any other questions feel free to post or email info@tradehill.com

Jered

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GeniuSxBoY
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July 23, 2011, 11:18:33 PM
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So if two people have an account at tradehill, someone can pay me using bitcoins instead of waiting 3 hours for the regular person to person btc transfer?
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July 23, 2011, 11:34:13 PM
 #13

Person to Person BTC Transfers Now Live!

It is now possible to transfer BTC from person to person on TradeHill.
Initiate a person to person transfer by going to withdraw funds, selecting BTC then "user to user transfer"
It will start instantly and take up to a maximum of 1 minute.

Very cool! Thank you!

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Jered Kenna (TradeHill)
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July 23, 2011, 11:43:59 PM
 #14

So if two people have an account at tradehill, someone can pay me using bitcoins instead of waiting 3 hours for the regular person to person btc transfer?

Exactly. Looking forward to seeing where this goes.

Jered

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July 23, 2011, 11:55:57 PM
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Where's the decentralization, anonymity crowd? They must be upset!

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July 24, 2011, 12:00:20 AM
 #16

Be careful.  I have been advised that facilitating intra-exchange transfers could be construed as a money transmitting business. 

One of the major benefits of Bitcoin is the ability to send P2P.  Why do you feel a need to centralize that?
GeniuSxBoY
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July 24, 2011, 12:03:08 AM
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Maybe you can setup a complaint department that can deal with fraud?


For instance, if there is proof of illegal, fraudulent, or shady bitcoin practices, you can

A. reverse the transaction
B. Put a hold on the questionable amount/account for x days until item arrives


I know it takes time and resources, so of course charge a fee for "insurance". Else free will be "at-your-own-risk".

Perhaps allow people to leave positive and negative feedback on these accounts.



...opening a big can of worms here.
GeniuSxBoY
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July 24, 2011, 12:04:30 AM
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Quote
Where's the decentralization, anonymity crowd? They must be upset!



It's still available... but the convenience of instant transfers isn't.
Jered Kenna (TradeHill)
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July 24, 2011, 12:28:03 AM
 #19

Where's the decentralization, anonymity crowd? They must be upset!

Ideally we'll have plenty of exchanges which will keep it decentralized.
It's an option but not at all required. You can maintain your anonymity by sending BTC in a regular manner.

Be careful.  I have been advised that facilitating intra-exchange transfers could be construed as a money transmitting business.  

One of the major benefits of Bitcoin is the ability to send P2P.  Why do you feel a need to centralize that?

Thanks for the advice, MSB something we're very concerned with and acting on.


The decentralized nature of BTC is one of the biggest points that drew me in personally. I don't believe that this will change that much.
It would be better to have individual groups of BTC IE Mybitcoin.com TradeHill / Mt Gox than one central location and it will hopefully stay that way.
We've received a lot of requests for this feature and if we don't offer it someone else will and we will lose users.

Jered

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Jered Kenna (TradeHill)
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July 24, 2011, 12:50:24 AM
 #20

Maybe you can setup a complaint department that can deal with fraud?


For instance, if there is proof of illegal, fraudulent, or shady bitcoin practices, you can

A. reverse the transaction
B. Put a hold on the questionable amount/account for x days until item arrives


I know it takes time and resources, so of course charge a fee for "insurance". Else free will be "at-your-own-risk".

Perhaps allow people to leave positive and negative feedback on these accounts.



...opening a big can of worms here.


Very big can of worms  Grin

We actually spend a lot of time and money on fraud prevention. We have prevented hacked Dwolla accounts from being used and cooperated with Dwolla on getting the money returned.
We've had one compromised TradeHill account (he used the same login / password at Mt Gox and didn't change it) and implemented 2 factor authentication to prevent that in the future.
With that said we're evaluating the way we provide internal transfers and may make changes. At this point treat an internal transfer the same as an external transfer of BTC. Send it to people that you trust.

I like the idea of feedback. It can obviously be gamed but we can look in to it.

Jered

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