Crazy Land Rush

[the founder]

I strongly urge you guys to get an invite now for flexcoin because when the invite system is off we're going to stop accepting new registrations for roughly a day.   So the only way to get in is via invite and we're sending out all the invites in a few hours..

Meaning that you can get a generic flexcoin id "coffeeshop", "money" , "webhosting" or whatever now but in 24 hours most likely you won't be able to.

This reminds me of a 1990's domain name rush...   that ID is staying with people for life.. so people are looking for generic ones like mad.  

[BitMofo]

Just requested one... Haven't read much about flexcoin yet but what ensures it's security over any other escrow service?

[Piper67]

I strongly urge you guys to get an invite now for flexcoin because when the invite system is off we're going to stop accepting new registrations for roughly a day.   So the only way to get in is via invite and we're sending out all the invites in a few hours..

Meaning that you can get a generic flexcoin id "coffeeshop", "money" , "webhosting" or whatever now but in 24 hours most likely you won't be able to.

This reminds me of a 1990's domain name rush...   that ID is staying with people for life.. so people are looking for generic ones like mad.  

Could you give us as much info as possible on all your security measures? I suspect I won't be the only one asking this (and I know I am not the most qualified to).

Thanks,

[the founder]

Just requested one... Haven't read much about flexcoin yet but what ensures it's security over any other escrow service?

Everything is encrypted with high grade encryption, salted.. etc etc..  Comodo "green bar" SSL, firewalled...  We had it audited by a bank auditing company.  It exceeds banking compliance standards. The main site is just a standard http .. the banking area (on a differing server cluster) goes to the secure system.

Is it foolproof?  No.

Many of you guys know the only "100% secure  system" is one that is physically unplugged and turned off...   and like any website on earth it can be brought down by DDOS attack....   but it does exceed what many would consider "normal security" or even "high grade security".  

I threw the entire weight of my company,  Yooter InterActive Marketing ( http://www.yooter.com )  into it... we normally do design, SEO for fortune 100 firms.    It's most likely the first corporate backed bitcoin startup.

[Piper67]

Just requested one... Haven't read much about flexcoin yet but what ensures it's security over any other escrow service?

Everything is encrypted with high grade encryption, salted.. etc etc..  Comodo "green bar" SSL, firewalled...  We had it audited by a bank auditing company.  It exceeds banking compliance standards. The main site is just a standard http .. the banking area (on a differing server cluster) goes to the secure system.

Is it foolproof?  No.

Many of you guys know the only "100% secure  system" is one that is physically unplugged and turned off...   and like any website on earth it can be brought down by DDOS attack....   but it does exceed what many would consider "normal security" or even "high grade security".  

And how do you guys make your money? I read the FAQ, but haven't found anything about fees yet.

[the founder]

The fee schedule is here:

http://www.flexcoin.com/?page_id=148

You're best bet is to navigate to the "FAQ"  you'll notice a drop down there and all the info I think you need will be there.

[enmaku]

Just requested one... Haven't read much about flexcoin yet but what ensures it's security over any other escrow service?

Everything is encrypted with high grade encryption, salted.. etc etc..  Comodo "green bar" SSL, firewalled...  We had it audited by a bank auditing company.  It exceeds banking compliance standards. The main site is just a standard http .. the banking area (on a differing server cluster) goes to the secure system.

Is it foolproof?  No.

Many of you guys know the only "100% secure  system" is one that is physically unplugged and turned off...   and like any website on earth it can be brought down by DDOS attack....   but it does exceed what many would consider "normal security" or even "high grade security".  

What hashing algorithm do you use? As we all learned from the Mt Gox debacle, simply hashing and salting isn't enough, you've got to hash and salt with the right algorithms.

Also, an unplugged and turned off system still isn't secure against social engineering so long as someone has the ability to plug it back in and turn it back on for me.  

[the founder]

oh Trust me...  Mt. Gox is the whole reason we went haywire on security...  I know what happened with them using decade old encryption...  

Regarding "turned off"  most likely you're right...  perhaps I should have stated "the only safe computer is a machine running Windows ME...  not because it's secure, but because no one wants to even bother"  

[Chick]

Just requested one... Haven't read much about flexcoin yet but what ensures it's security over any other escrow service?

Everything is encrypted with high grade encryption, salted.. etc etc..  Comodo "green bar" SSL, firewalled...  We had it audited by a bank auditing company.  It exceeds banking compliance standards. The main site is just a standard http .. the banking area (on a differing server cluster) goes to the secure system.

Is it foolproof?  No.

Many of you guys know the only "100% secure  system" is one that is physically unplugged and turned off...   and like any website on earth it can be brought down by DDOS attack....   but it does exceed what many would consider "normal security" or even "high grade security".  

I threw the entire weight of my company,  Yooter InterActive Marketing ( http://www.yooter.com )  into it... we normally do design, SEO for fortune 100 firms.    It's most likely the first corporate backed bitcoin startup.

omg, a green bar! we should totally trust them because of that!

lolwut? high grade encryption? for what? if you're using high grade encryption for passwords then you're doing it totally wrong. what could you possibly be encrypting other than the ssl payload?

yay, banking compliance standards, sounds like pci compliance to me! i should totally trust the security simply because it has 'bank' in it!

[nafai]

From your website:

Fees:
Flexcoin to Flexcoin = FREE
Bitcoin to Flexcoin = FREE
Flexcoin to Bitcoin = .01 BTC or 0.05% (one half of one percent), whichever is greater

0.05% is not one half of one percent.

One half of one percent is 0.5%.  0.05% is one twentieth of one percent, or one half of one tenth of a percent.

Which is it?  Not exactly confidence-inspiring.

[Chick]

From your website:

Fees:
Flexcoin to Flexcoin = FREE
Bitcoin to Flexcoin = FREE
Flexcoin to Bitcoin = .01 BTC or 0.005% (one half of one percent), whichever is greater

0.05% is not one half of one percent.

One half of one percent is 0.5%.  0.05% is one twentieth of one percent, or one half of one tenth of a percent.

Which is it?  Not exactly confidence-inspiring.

yay

[the founder]

it's 1/2 of 1 percent... that was a typo

[Piper67]

it's 1/2 of 1 percent... that was a typo

Yup, that explains it, because at 0.05% your interest payment structure was never going to fly.

[Oldminer]

This sounds like it could be a good idea.

Can you explain more how the interest is calculated?

[the founder]

I fixed it on the page.. thanks for finding that!! 

Fees:
Flexcoin to Flexcoin = FREE
Bitcoin to Flexcoin = FREE
Flexcoin to Bitcoin = .01 BTC or  (one half of one percent), whichever is greater and this charge is all inclusive.

- NOTE: the bitcoin miner fees will be distributed from the fees we collect on outbound transfers, not added on.  The fee listed above is the only fee you will pay for an outbound transfer.  We will add the bitcoin miner fee from this amount.

[the founder]

This sounds like it could be a good idea.

Can you explain more how the interest is calculated?

It's listed on that same page:

Your flexcoin fee schedule is below, however it’s worth noting that a large percentage of the “fees” collected come back to you in the form of interest paid on your account balance.

70% of the fees collected are disbursed to the account holders as interest payments, based on the following formula…

(your account balance / total balance of all flexcoin accounts) * ((all fees collected – miner fees) * 0.7)

http://www.flexcoin.com/?page_id=148

[Jaime Frontero]

i've requested an invite as well.

this is a very interesting service.  my book business needs something like this.

[the founder]

i've requested an invite as well.

this is a very interesting service.  my book business needs something like this.

That's why you need to register the second you get the invite... because flexcoin "books" or "bookstore" for example is currently available.

[foggyb]

Invite requested.

[Jaime Frontero]

i've requested an invite as well.

this is a very interesting service.  my book business needs something like this.

That's why you need to register the second you get the invite... because flexcoin "books" or "bookstore" for example is currently available.

i put in name and email, then hit enter.  it appeared to do stuff - although no confirmation was forthcoming.

what's the line for that says:

Send *Required

i couldn't type anything there, so i'm assuming it's not for anything?