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Author Topic: Intersango exchange (formerly Britcoin)  (Read 71023 times)
Timo Y
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February 07, 2012, 01:37:43 PM
 #601

Charge only for fiat withdrawals.

I had this idea too. It would encourage people to trade more, and encourage people to hold bitcoins. I'm going to ask the others why they decided against this (can't remember).

The problem with free trading is that allows people to open multiple accounts and trade with themselves in order to manipulate volume data, at practically zero cost.

Such a manipulator would still face the risk of another user snatching up one of their bids, but if they trade with extremely high frequency and keep their amount of currency in bids and asks at any given times as small as possible, this risk can be minimized.

Free trading also does nothing to prevent an arms race of spammy high frequency trading algorithms which would eventually overload the server.

That's why a minimal trading fee is a good idea, though it could be probably be smaller than 0.6% to prevent the above.

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BTCurious
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February 07, 2012, 01:59:12 PM
 #602

The problem with free trading is that allows people to open multiple accounts and trade with themselves in order to manipulate volume data, at practically zero cost.

Such a manipulator would still face the risk of another user snatching up one of their bids, but if they trade with extremely high frequency and keep their amount of currency in bids and asks at any given times as small as possible, this risk can be minimized.

Free trading also does nothing to prevent an arms race of spammy high frequency trading algorithms which would eventually overload the server.

That's why a minimal trading fee is a good idea, though it could be probably be smaller than 0.6% to prevent the above.
If that's the only reason to introduce fees, then a fee of 0.1% would prevent that, while regaining your previously very competitive pricing.

Alternatively you could just do throttling per account to a maximum of ~2 commands per second. This would prevent any high frequency trading bots from operating.

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February 07, 2012, 02:49:49 PM
 #603

Charge only for fiat withdrawals.

I had this idea too. It would encourage people to trade more, and encourage people to hold bitcoins. I'm going to ask the others why they decided against this (can't remember).

The problem with free trading is that allows people to open multiple accounts and trade with themselves in order to manipulate volume data, at practically zero cost.

Such a manipulator would still face the risk of another user snatching up one of their bids, but if they trade with extremely high frequency and keep their amount of currency in bids and asks at any given times as small as possible, this risk can be minimized.

Free trading also does nothing to prevent an arms race of spammy high frequency trading algorithms which would eventually overload the server.

That's why a minimal trading fee is a good idea, though it could be probably be smaller than 0.6% to prevent the above.

Agree with all including BTCurious. I'm not a fan of the suggestion to charge for Fiat withdrawals as I could see this adding up and also penalise low volume first time traders who just want to dabble (or cash out on their week's mining efforts). However everyone makes valid points. Lower trade fees (or zero) will encourage more liquidity which is a win win situation for everybody.

Going along with the suggestions, how about a fee structure where you charge a small amount for fiat withdrawals... and at the same time have a small (smaller than 0.6%) trading fee with a reduced fee for higher volume traders.

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February 07, 2012, 07:45:03 PM
 #604

We will be switching to a new bank soon. Banking with Lloyds is not a sustainable situation. We have 2 bank accounts ready, and we're going to go ahead with those. The Lloyds account will be closed by the end of this month. More details once I know more.

Is this why my transfer from yesterday isn't fulfilled yet?

Yes, essentially the Lloyds backend is not capable of handling queries as simple as "show me the last 150 transactions on the account"

It is capable of finding results for specific amounts on specific days... but only sometimes.

Basically the result set is too large and the backend server timesout.
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February 08, 2012, 01:59:23 PM
 #605

Dose anyone know if it's possible to convert US dollars to EURO within Intersango? I need to convert some USD to EURO for a SEPA withdraw, and I'd like to avoid a transfer to paxum just to excange the money and then deposit again in Intersango as euro... Any help is appreciated.
You could buy bitcoins for USD, then sell bitcoins for EUR.

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February 08, 2012, 03:40:32 PM
 #606

You could buy bitcoins for USD, then sell bitcoins for EUR.
Good idea... don't know why I didn't think about that in the first place.[...]

Keep in mind that you pay double fees doing this.
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February 08, 2012, 03:58:33 PM
 #607

You could buy bitcoins for USD, then sell bitcoins for EUR.

Good idea... don't know why I didn't think about that in the first place. Anyhow, wouldn't it be a good idea to implement such a conversion system?

My guess would be that that would open Intersango up to a whole new set of legal requirements.

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epetroel
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February 08, 2012, 04:08:12 PM
 #608

You could buy bitcoins for USD, then sell bitcoins for EUR.

Good idea... don't know why I didn't think about that in the first place. Anyhow, wouldn't it be a good idea to implement such a conversion system?

Would be nice, even if it was via user-to-user transfers.  I'm in the opposite position (would like to exchange some EUR and/or GBP for USD) but there's currently no way to do that on the platform.  Something similar to "gox codes" would be helpful here.
phantomcircuit
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February 09, 2012, 01:41:21 AM
 #609

You could buy bitcoins for USD, then sell bitcoins for EUR.

Good idea... don't know why I didn't think about that in the first place. Anyhow, wouldn't it be a good idea to implement such a conversion system?

Would be nice, even if it was via user-to-user transfers.  I'm in the opposite position (would like to exchange some EUR and/or GBP for USD) but there's currently no way to do that on the platform.  Something similar to "gox codes" would be helpful here.

vouchers constitute eMoney and require licensing by the FSA in the UK
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February 09, 2012, 05:38:25 AM
 #610

You could buy bitcoins for USD, then sell bitcoins for EUR.

Good idea... don't know why I didn't think about that in the first place. Anyhow, wouldn't it be a good idea to implement such a conversion system?

Would be nice, even if it was via user-to-user transfers.  I'm in the opposite position (would like to exchange some EUR and/or GBP for USD) but there's currently no way to do that on the platform.  Something similar to "gox codes" would be helpful here.

vouchers constitute eMoney and require licensing by the FSA in the UK

Whats a bitcoin classified as then?

phantomcircuit
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February 09, 2012, 06:00:19 AM
 #611

You could buy bitcoins for USD, then sell bitcoins for EUR.

Good idea... don't know why I didn't think about that in the first place. Anyhow, wouldn't it be a good idea to implement such a conversion system?

Would be nice, even if it was via user-to-user transfers.  I'm in the opposite position (would like to exchange some EUR and/or GBP for USD) but there's currently no way to do that on the platform.  Something similar to "gox codes" would be helpful here.

vouchers constitute eMoney and require licensing by the FSA in the UK

Whats a bitcoin classified as then?

As far as I can tell (which includes inquiring with the FSA) a bitcoin is not classified as anything.
muyuu
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February 09, 2012, 09:46:10 AM
 #612

As far as I can tell (which includes inquiring with the FSA) a bitcoin is not classified as anything.

Thankfully. Let's call a bitcoin just a bitcoin. No regulation at all > a world of massive regulation to justify banks and government agencies.

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BTCurious
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February 09, 2012, 10:46:14 AM
 #613

Are inter-account transfers legally classified or restricted? Doesn't need to be via a voucher, just an option to "Send €###.## to account ######".

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February 09, 2012, 12:06:08 PM
 #614

You could buy bitcoins for USD, then sell bitcoins for EUR.

Good idea... don't know why I didn't think about that in the first place. Anyhow, wouldn't it be a good idea to implement such a conversion system?

Would be nice, even if it was via user-to-user transfers.  I'm in the opposite position (would like to exchange some EUR and/or GBP for USD) but there's currently no way to do that on the platform.  Something similar to "gox codes" would be helpful here.

vouchers constitute eMoney and require licensing by the FSA in the UK

Whats a bitcoin classified as then?

As far as I can tell (which includes inquiring with the FSA) a bitcoin is not classified as anything.

I hope they won't take it too far. If the FSA starts to pick it apart, then I doubt it'd be good news for all us bitcoiners. The Uk finance industry and all those associated are over regulated, the last thing we want is them becoming curious about what they should dictate when it comes to bitcoins.

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February 09, 2012, 07:40:48 PM
 #615

I have found a complete work around to lloyds technical troubles.

UK bank transfers will now work smoothly.
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February 19, 2012, 01:26:43 PM
 #616

Dear Intersango Customers,

A week from now, on Sunday 26th February 00:00:00 UTC (midnight 25th), we will modify the fee schedule to reward Market Makers. This change is designed to improve liquidity.

The average fee users pay will not change.

Orders are either fulfilled right away by 'taking' a current order or they sit on the orderbook before fulfilling another order. Takers will pay an extra fee that is given to Makers as a Market Maker Bonus.

Current site-wide fees are a flat 0.65%. The Taker fee will be an extra 0.30% which is given directly to Makers.

Example:

John places an order to sell 10 BTC @ 1.0 USD. His order is not immediately matched.
Beth places an order to buy  10 BTC @ 1.0 USD. Her order is immediately matched against John's order.

John pays a fee of 10 USD * (0.65% - 0.30%) = 10 USD * 0.35% = 0.035 USD
Beth pays a fee of 10 BTC * (0.65% + 0.30%) = 10 BTC * 0.95% = 0.095 BTC

Beth's Taker-fee is given to John as a Market Maker Bonus.

New bonuses and a VIP system to be announced shortly. By developing the service to reward market makers, users will benefit from having quick access to a more liquid marketplace.

Patrick Strateman, CTO

Intersango

Compliant with our site terms of notifying users 1 week in advance for fee changes, we are announcing a new fee schedule.

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February 19, 2012, 01:27:47 PM
 #617

Dear Intersango Customers,

I personally would like to appologize to all our users for the recent privacy lapse.

We take security and privacy very seriously and we are all very sorry for the recent failure.

Due to an oversight in which "emails" was written instead of "email" in our bulk mailer, all users emails where included in our recent announcement.

Patrick Strateman, CTO
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February 19, 2012, 02:25:56 PM
 #618

So, to change my login name on the site, I add an email address in "Settings", click the confirmation link in the email, then "make primary"?

How do I remove the old (highly publicised) one? Can a non-primary be used to (attempt to) log in?
intersango
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February 19, 2012, 02:41:48 PM
 #619

So, to change my login name on the site, I add an email address in "Settings", click the confirmation link in the email, then "make primary"?

How do I remove the old (highly publicised) one? Can a non-primary be used to (attempt to) log in?

Even if your password is simple, we have security measures in place. A brute force attack basically will not work as even with the user's emails you can only try 3 per minute (or maybe 10 per 10 minutes, not sure of the exactly amount but there is a conservative limit)

However, to replace the email log in please follow the following steps

1) Register a new email: When logged in click the settings tab to register a new email with the account.

2) Set the new email as the primary email on the account

3) Email support (FROM THE EMAIL TO BE DELETED) asking for it to be deleted.

We apologize for the the privacy failure and the inconvenience it caused.

Support@Intersango.com
Intersango.com - The only exchange owned and operated by core bitcoin developers. We have NO hidden fees and do not deceptively advertise. We offer the safest exchange with a proven track record.
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February 20, 2012, 02:09:05 PM
 #620

Not sure I understand how this works. Is it only orders which aren't immediately matched that qualify for market maker bonus?
Yes, indeed. If you place an order that's matched immediately, you get 0.95% fee. If your order goes onto the orderlist, and then later someone else matches it, you pay 0.35%.
For intersango this has the advantage that people will want to place their bitcoins for sale on intersango, since the fees are low if you just keep them there for sale. It should as such decrease the spread between buy and ask, and increase the liquidity; the amount you can sell immediately without moving the price too much.

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