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Author Topic: What do you want to see in an exchange?  (Read 2649 times)
Kazimir
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March 13, 2014, 12:00:57 AM
 #21

  • Only Bitcoin and fiat. No altcoins, leave that to the tons of crypto-only exchanges out there. The more focus on Bitcoin, the stronger Bitcoin will become.
  • Trust Lack of need for trust
  • Fast fiat deposits and withdrawals without ridiculous fees (a SEPA withdrawal should cost like €0.50 ~ €1.00, and NOT 1% of the amount)
  • Full disclosure about the company and owners/administrators
  • A helpdesk that actually replies to messages in 24 hours
  • Decent order interface, ability to edit open/partially filled/pending orders on the fly (instead of having to cancel them and starting all over, like other exchanges)
  • No market orders, only limit orders. Market orders (especially big ones) only cause trouble. If people REALLY want it they can manually fill in a limit of €0.01 (when selling) or €9999999 (when buying) per BTC.
  • Decent API
  • Minimum order volume of ± €5 (or the equivalent in BTC at current rates) to prevent flooding the orderbook with dust/spam/fake orders.

In theory, there's no difference between theory and practice. In practice, there is.
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itod
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March 13, 2014, 12:01:19 AM
 #22

Wanted to see what the community is looking for in a new exchange

Looking for an exchange with fees which are not daylight robbery current BTC echanges use (0.5%). Use regular exchange fees on other markets, something at the 0.1% - 0.15% level. At todays fees you have to earn almost 6US$ price difference on one sell/buy cycle just to pay the exchange fee, it's ridiculous. Decent fees will bring you tons of customers.
waldox
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March 13, 2014, 12:14:22 AM
 #23

decentralized exchange

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   * Dental Hygiene Cleaning in Toronto & Mississauga accepts Bitcoin  * Downtown Toronto Real Estate Realtor Blog & News * Toronto House Evaluation * Toronto Dental Cleaning Hygiene Centre
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TheButterZone
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March 13, 2014, 12:41:59 AM
 #24

Exchange cannot have exclusive control over users' BTC.

Saying that you don't trust someone because of their behavior is completely valid.
teukon
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March 13, 2014, 12:54:44 AM
 #25

sometimes the 2 things above cant work together. revealing all the code allows hackers to learn the layout. pretty much like revealing the blueprints to your house, where the safe is, and where all the security features are. allowing thieves to target a specific area as soon as they gain access to the secured outer doors. i know the open source wont reveal the owners access codes. but allowing hackers to easily find the weaknesses, even in the most secured systems should not be allowed.
opensource policy should be made for client downloads. not server scripts.

id say nothing can be truly hack proof, but ensuring you don't give hackers any advantage helps.

also to note that source code doesn't show what's happening to actual FIAT or actual bitcoins. all it shows are trades using a binary database.. not a block chain or bank account. so the benefits of opensource are not that big.

This is just an argument in favour of security through obscurity.
HeliKopterBen
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March 13, 2014, 01:15:49 AM
 #26

Proof of solvency or some other real-time auditing tool that can be used by customers.  Obviously, this is not possible with fiat but bitcoin has a publicly verifiable block chain.

Edit:  or at least have a page with a running total of all cold storage balances with addresses

Counterfeit:  made in imitation of something else with intent to deceive:  merriam-webster
teukon
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March 13, 2014, 01:16:46 AM
 #27

The only thing which should be mandatory is a strong password.

If there is to be mandatory "strong" passwords, please don't use arbitrary password schemes such as "Must begin with a letter, contain at least 2 numbers and 2 symbols, and be between 7 and 15 characters long".  Instead use an entropy calculator (one that makes use of a comprehensive database of common passwords) and require passwords to reach a certain score.
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March 13, 2014, 02:28:48 AM
 #28

"Must begin with a letter, contain at least 2 numbers and 2 symbols, and be between 7 and 15 characters long".  
Yes, requiring a number actually lowers the entropy of a password because there are only 10 to choose from. I get annoyed when supplying a high-entropy password, I have to go over 16 characters, because just sticking a number on the end would be cheating/lowering the entropy.

James' OpenPGP public key fingerprint: EB14 9E5B F80C 1F2D 3EBE  0A2F B3DE 81FF 7B9D 5160
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March 13, 2014, 02:47:20 AM
 #29

"Must begin with a letter, contain at least 2 numbers and 2 symbols, and be between 7 and 15 characters long".  
Yes, requiring a number actually lowers the entropy of a password because there are only 10 to choose from. I get annoyed when supplying a high-entropy password, I have to go over 16 characters, because just sticking a number on the end would be cheating/lowering the entropy.

And it's very annoying to not be allowed to have the password that you want. I tried to use a system for creating strong passwords that were unique to specific domains. But there were always some annoying rules that would disallow the passwords on some sites. Sometimes too long, need to have number, special character required or forbidden etc.

btcxyzzz
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Monero - secure, private and untraceable currency.


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March 13, 2014, 06:44:58 AM
 #30

see litecoin and bitcoin and no other crap coins.

BTC, LTC, PPC, XPM, everything else is more or less crap.

Token Bubbles – Transforming the ICO Rating and Analysis Space.
cbeast
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Let's talk governance, lipstick, and pigs.


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March 13, 2014, 07:24:55 AM
 #31

Licensed registered brokers only. Then a SR type exchange with Ripple to trade hookers and blow for Bitcoin. /S

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
Buffer Overflow
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March 13, 2014, 06:25:07 PM
 #32

The most important thing in an exchange?

Decentralisation.

mustyoshi
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March 13, 2014, 06:45:24 PM
 #33

Exchange cannot have exclusive control over users' BTC.
Sounds like a double spend waiting to happen.

Explain how you think an exchange can accomplish this?
acoindr
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March 13, 2014, 07:35:42 PM
 #34

This just occurred to me: please have redeemable codes for exchange credit. BTC-e has these and Gox used to have them.

If enough exchanges do this it will allow a marketplace to spring up around these codes allowing users to convert various forms of currency easily. This is the problem Ripple purports to solve, but does it without being shady about it.

For example, at some point users will be able to convert physical gold to cryptocurrency easily, if only one physical location accepts it and has a redeemable code.
Bitalo_Maciej
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March 13, 2014, 09:18:36 PM
 #35

- Mandatory 2FA
Check.

- Actually encouraging strong passwords
Check.

- Verifiable user funds
Check.

- User KYC documents encrypted and stored in Canada, backed-up offline
Stored in EU.

- Incorporated outside of the US, so that user privacy is protected.
Check (Germany).

Full disclosure about the company and owners/administrators
Check.

No non-free web elements; certainly no Flash.  No obfuscated javascript.
Check.

Visit us at www.bitalo.com Smiley

Web wallets get hacked all the time. Computer wallets get hacked all the time as well.
Solution? Hybrid P2SH wallets - safer than your online and offline wallets combined. Check it out, store and trade your Bitcoins with ease of mind!
Timo Y
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March 13, 2014, 09:59:07 PM
 #36

I don't want my "KYC documents" stored anywhere. Not even encrypted.  There is absolutely no reason for an exchange to store this type of information. If you want to verify my identity, then ask for a letter from my lawyer (if you are old fashioned) or for my government-issued digital signature.

I want to see time-quantized trading, so I am certain I have no unfair disadvantage against bots with low latency connections.

GPG ID: FA868D77   bitcoin-otc:forever-d
Hans0
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March 13, 2014, 11:00:05 PM
 #37

currently we have the following:
- Mandatory 2FA

Why would anybody want mandatory 2FA? That is an anti-feature.
Bitalo_Maciej
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March 13, 2014, 11:05:34 PM
 #38

currently we have the following:
- Mandatory 2FA

Why would anybody want mandatory 2FA? That is an anti-feature.

Because sometimes you need to be forced to do something so you can do the right thing. Otherwise people tend to be lazy and pass on doing some things for their own protection. Wearing seatbelts in a car is mandatory as well and I don't think anybody says that is an "anti-feature". It's just common sense.

Web wallets get hacked all the time. Computer wallets get hacked all the time as well.
Solution? Hybrid P2SH wallets - safer than your online and offline wallets combined. Check it out, store and trade your Bitcoins with ease of mind!
LiteCoinGuy
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March 14, 2014, 12:55:07 AM
 #39

(optional) insurance for the funds.

vielleicht noch son TÜV zertifikat, auch wenn das nicht viel aussagt  Wink

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March 14, 2014, 01:23:18 AM
 #40

Sounds to me like more and more a central bank isn't such a bad idea when I read what people discover they actually want...

I disagree with it of course but realize I give things up to break from bankers. Bitcoin becomes not a revolutionary moment but rather a banker controlled investment like anything else.
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