Re: Order Book-ibitcointrade.com: Off thread topic

[dashingriddler]

From what i understand, ibitcointrade.com works similar to bitquick.in but the difference being, there is no need to deposit first to place a buy/sell order and also there is a possibility to place a buy order as well instead of just sell orders ?

According to me, you earn more through penalties than transaction fee due to volatility on bitcoins

[devansh1991]

From what i understand, ibitcointrade.com works similar to bitquick.in but the difference being, there is no need to deposit first to place a buy/sell order and also there is a possibility to place a buy order as well instead of just sell orders ?

According to me, you earn more through penalties than transaction fee due to volatility on bitcoins

1) Yes it is possible to quote prices for both buy and sell orders.

2) As you said there is no need to deposit money/coins with us before hand. However this does not affect the time taken to close a transaction by a great deal. Every user is sent our bank details after he signs up so that he can add us to his payee list. As soon as a counter party is found, the buyer is sent a notification to deposit the money in our bank account and send us the e-receipt. After this the seller is asked to deposit the coins directly to the buyer's wallet. We confirm the transaction and release the payment to the seller. You will have a better picture once our clients post some testimonials.

3)"According to me, you earn more through penalties than transaction fee due to volatility on bitcoins"

I am not sure whether to take the above statement with a pinch of salt or feel offended.

Firstly, every penalty will be imposed keeping in mind the recent price movements.
Secondly, that is a trade off that people make for-

1) getting to choose a price at which they want to sell/buy.

2) freedom to sell/buy from other websites before a counter party is found.

3) Safety of keeping their coins in their own wallet rather than some company's vault and risk being targeted by hackers. Recent events should serve as a lesson.

Moreover the fine will be used to console the agrieved party (not mentioned on our website) and recover whatever cost that we might have incurred.

[buysellbitcoin]

Sorry, if I am missing something.

How are you enforcing penalty ?


Regards

[devansh1991]

Freezing of  account.

[dashingriddler]

Oh i was just joking.. don't take that seriously. Yeah i doubt as well how exactly do you implement penalty - freezing account may not be enough as they can open another account. Yeah i agree with your points related to penalty. In your trade model it really is needed. On the other hand i am not sure if a 1000 INR can really console the aggrieved party especially if that trade was not negligible - like a couple of bitcoins.

Also if the guy who have put order defaults and do not pay penalty, how are you going to console the aggrieved party? Do you pay from your own pocket?

[dashingriddler]

The idea of making fiat route through you than the crypto is a good idea even though you cannot automate in this case. You can easily verify the transfer of bitcoins and then release fiat. This is easier than verifying neft or some other mode of bank transfers where you need to call the bank and you may not get proper response from them as you are neither the remitter nor the beneficiary.

Also how exactly do you change the commission on both buyer and seller in this model?

[devansh1991]

Oh i was just joking.. don't take that seriously.

We are good 

Yeah i doubt as well how exactly do you implement penalty - freezing account may not be enough as they can open another account.

The person can open another account but would have to provide us with a different person's PAN and account details. Its not 100% air tight but this is the best we can at the moment.

On the other hand i am not sure if a 1000 INR can really console the aggrieved party especially if that trade was not negligible - like a couple of bitcoins.

1) It is 10% of trade value or Rs.1000 which ever is lower.

2) The user always has the option of exploring other websites after we notify him(which won't take more than a few mins) about the cancelled trade.

Also if the guy who have put order defaults and do not pay penalty, how are you going to console the aggrieved party? Do you pay from your own pocket?

We have never claimed on the website nor in T&C that entire/part of the fine will go to the agrieved party. This is coz we'll be dealing with this on a case to case basis taking into consideration things like price swings before levying the penalty. I feel this is too wide an area to come out with a rigid policy.We may consider paying the agrieved party out of our own pockets.

P.S- 1)We will continue to tweak or model in the best possible way so as to suit our customers.
       2)This thread was for our order bbok. I request you to post other queries on other ibitcointrade posts.

[Benson Samuel]

Split the topic.