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Author Topic: [ANN] eCash.io - Bitcoin cold storage wallet service  (Read 1289 times)
morningtime
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January 06, 2014, 07:32:13 PM
Last edit: January 07, 2014, 08:51:38 AM by morningtime
 #1

Bitcoin has been burdened with scams, robbery, theft, loss of funds through accident or stupidity.

At eCash.io we intend to solve that problem. We are the first company to offer a 100% cold storage service using Armory. The web server runs a watching-only wallet without private keys. The private keys are stored offline, on a computer never connected to the internet, at an undisclosed location. Funds are divided over multiple paper wallets, capped at 100-500 BTC per wallet. We are based in The Netherlands, Amsterdam, registered with the Chambers of Commerce nr. 55213170

https://ecash.io

Please test our service and let us know how to improve it!

Security features
  • SMS / text message withdrawal notifications
  • CloudFlare DDOS protection
  • Two-factor authentication
  • Security questions
  • Delayed withdrawals: you can cancel withdrawals up to 6 hours -- combined with SMS notifications, hackers simply have no chance.
  • 100% of funds in cold storage - no funds stored online
  • Webserver runs armoryd.py (Bitcoin Armory technology) and a watching-only wallet

Tell us your ideas for the most secure Bitcoin wallet on the internet!
As usual, startups are playing God by inventing all the features themselves. That's why I'm very interested in YOUR opinion.

What kind of Bitcoin wallet features are you looking for?

How can we secure your funds even more?

What other, related features would you use with a wallet? We're thinking of user-to-user transfers, email transfers, merchant services like BitPay, and so forth. Please let me know.
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articminer
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January 06, 2014, 07:38:29 PM
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January 06, 2014, 07:58:18 PM
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morningtime
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January 08, 2014, 05:43:02 PM
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I've added our co-founder bios and LinkedIn pages, https://ecash.io/about-us

We're working hard on transparency and security. The idea is to apply for a money service business license. And user funds will then be moved to a separate foundation. So if the eCash.io company goes bankrupt, users get their money back from the foundation. I think this is called "ringfencing".

Thanks for the feedback so far (via pm). You guys are great.
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January 08, 2014, 06:04:38 PM
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Hi. Bojan from BitcoinSecurityProject.org here.

First of all, I'd like to thank you for creating another Bitcoin business and contributing to the community!

I just registered and noticed that you guys let me put "abc123" as my password. I think you should definitely enforce a stronger password policy.

Check out our website for more security suggestions and message me if you need any advice. We'd be glad to help Smiley
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January 08, 2014, 06:57:51 PM
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Withdrawals are scheduled at least 6 hours in the future - this gives the opportunity to cancel withdrawals

Does this mean I have to wait 6 hours before my coins come out of cold storage ?

Is your cold storage working similar to trezor wallet ?

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January 08, 2014, 07:17:47 PM
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Why should people trust someone to store their coins offline?
What is your profit from this project (in % of holding deposits)? I wouldn't trust someone who are holding (for example) 3000BTC without any legal responsibility and making <10 btc monthly profit from it.
What if you will be robed (physically) and your paper wallets will be stollen? What kind of insurance can you offer?

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January 08, 2014, 09:31:24 PM
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morningtime
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February 11, 2014, 08:34:12 AM
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Why should people trust someone to store their coins offline?
What is your profit from this project (in % of holding deposits)? I wouldn't trust someone who are holding (for example) 3000BTC without any legal responsibility and making <10 btc monthly profit from it.
What if you will be robed (physically) and your paper wallets will be stollen? What kind of insurance can you offer?


Hi,

building trust remains our priority at the moment. We are having talks with a notary who may keep a copy of the paper wallet/private key in a safe.

Our profits are generated from merchant services built on top of the wallet, i.e. transaction fees. We are currently piloting with hdphns.com, a headphones shop, and appmerce.com, a software plugin shop. Both now accept Bitcoin through our plugin (in private beta).

We will scale up security proportional to the amount of funds stored at eCash.io.
morningtime
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February 11, 2014, 08:35:47 AM
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Withdrawals are scheduled at least 6 hours in the future - this gives the opportunity to cancel withdrawals

Does this mean I have to wait 6 hours before my coins come out of cold storage ?

Is your cold storage working similar to trezor wallet ?

Yes, our storage service works like that. The delay allows you to be notified via SMS or email. You can then cancel withdrawals even if your account was hacked.
morningtime
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February 11, 2014, 08:54:45 AM
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Is your cold storage working similar to trezor wallet ?

In a sense, yes. Private keys are kept offline, but public keys can be generated online. We use a watching-only Bitcoin Armory wallet for this purpose.

Since Trezor will be open source, and Armory will support it, we will also offer linking your Trezor device to eCash.io in the future. (As soon as possible.)
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February 11, 2014, 03:20:33 PM
 #12

What assurance do your customers have that you'll never steal their coins.

Note that when I use the word "you" I mean any present or future employee or owner of the company.
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