Recent Mt.Gox fiasco shows: we present a better secure way to store/trade coins

[Bitalo_Martin]

http://www.youtube.com/watch?v=EcYHOZeb6LA

Bitalo is a first online wallet utilizing multi-signature wallets, in which we don't access to your Bitcoins. Neither site administrators nor any hacker can ever steal coins from your free online wallet. Also, the exchange part is done in a peer to peer fashion - you send fiat directly to Bitcoin seller, and we are just an escrow for the time of trade.

Oh, and the address is: www.bitalo.com

If you want to know more, please contact us:
Martin (business stuff) - martin@bitalo.com
Me (technical stuff) - maciej@bitalo.com
Isaac (marketing stuff) - isaac@bitalo.com

[roslinpl]

http://www.youtube.com/watch?v=EcYHOZeb6LA

Bitalo is a first online wallet utilizing multi-signature wallets, in which we don't access to your Bitcoins. Neither site administrators nor any hacker can ever steal coins from your free online wallet. Also, the exchange part is done in a peer to peer fashion - you send fiat directly to Bitcoin seller, and we are just an escrow for the time of trade.

Oh, and the address is: www.bitalo.com

If you want to know more, please contact us:
Martin (business stuff) - martin@bitalo.com
Me (technical stuff) - maciej@bitalo.com
Isaac (marketing stuff) - isaac@bitalo.com

seems interesting

I must check how it look inside.

Regards!

[Bitalo_Martin]

From now on we also offer the "backup transaction"

You (and ONLY you) can even recover your bitcoins when the service is completely offline or the complete database is erased.

We can proudly state that we now have the most secure bitcoin platform ever.




Also starting from today, a free mining pool, integrated into the service. More services based on our extremely secure wallet will come soon, we will keep you updated.

[CounterEntropy]

How do u make sure that a bitalo user's private key wont be accidentally created by some non-bitalo user ?

[Bitalo_Martin]

I do not quite understand the question.

Are you referring to the general problem to have the same private key generated twice by "accident"? This is so extremely unlikely that we could exclude it. See
https://bitcointalk.org/index.php?topic=233503.0

Or are you referring to the "provability" that we did not create the same private key before somewhere else. This is easy to answer: The key generation is taking place outsite of Bitalo in the user's browser and encrypted there. As the code is in javascript and executed in the browser (= open source and publicly verifiable) it can be proved that the user private key is NEW and random.

You can follow the single steps by decoding the executed browser commands.

[CoinBand]

How you handle this case - me as seller will not receive fiat money and buyer will claim that he sent already sent and there are two options: 1. i lie 2. buyer lies?

[Bitalo_Martin]

We would request a payment receipt from the bank account (and/or a proof of non-receipt by the seller).

Whenever a seller sells coins he would have to sign a so called N-Time Lock transaction which is currently dated 2 weeks in the future of the current trade.

When buyer and seller do not agree for two weeks (and ONLY in this case) Bitalo will receive AFTER the expiry of the given two weeks N-Time Lock transaction the power to handle the bitcoins (as escrow for all kind of scam cases).

If buyer and seller agree on their trade within the two weeks there is no possibility for Bitalo to intervene. And since the transactions take place on the blockchain it is very easy to audit this.