[OFFICIAL] AllCrypt.com - Your CryptoCurrency Exchange

[allcrypt]

We had a few requests for a bitcointalk official thread, so this is here to start it. I'll update this OP lateron today once I had some time (we're implementing some new security features this weekend, and that sort of comes first), but we'll be sure to post all updates here, and TRY to read this as much as we can to deal with issues that arise.

As always, the BEST way to contact us about an issue is to use the support system at http://support.allcrypt.com

The blog, where all news is posted: http://www.allcrypt.com/blog

Our t-shirt slogan contest (Win .1 BTC if your entry is chosen - ending tomorrow, Sunday, March 30): https://www.allcrypt.com/blog/2014/03/allcrypt-t-shirt-slogan-contest-win-btc/

[ebliever]

I have an account and appreciate your service. But one question: Why is the fee to withdraw Bitcoin set at 0.01 BTC? That's $5 at the moment, which is way too high.

[Macno]

Great! Thanks!

[allcrypt]

I have an account and appreciate your service. But one question: Why is the fee to withdraw Bitcoin set at 0.01 BTC? That's $5 at the moment, which is way too high.

It's not - it's .001 - 50 cents. Tho I admit you did make me mumble "dammit!" and log in and check and see if I typoed it

[ebliever]

My fault, I'm sorry. I just remember trying to withdraw a small amount and realized it was going to eat a big chunk of it. I thought the general transaction fee on BTC was quite a bit lower.

[Raxe.io]

If you need a security audit on your site please contact us.

https://twitter.com/RaxeSoftware
contact@raxe.io
Skype: raxe.io (Raxe.io Support)

Raxe.

[beetterer1]

Why are you using an exchange as a wallet? We're not a coin storage system. Using an exchange as a coin storage system or a wallet is a horrifically bad idea. We will NEVER make a change that ENCOURAGES people to store their coins with us long term and use us as a wallet. Use a wallet service if you want a wallet. You use an exchange if you want to trade coins. Paying services from your exchange wallet is... it blows my mind.

[allcrypt]

Added a pile of coins in the last 48 hours:
CryptoEagle (CREA)
H2OCoin (H2O)
CryptoMeth (METH)
SocialCoin (SOC)
MemoryCoin (MEM)
CACHeCoin (CACH)
OlympicCoin (OLY)


We also updated the trade engine speeding it up by about 20x, as well as lowering the delays between trades by about 5x.

Coming this week/hopefully within a few days, user configurable hot/cold wallets. You state how much you want to have hot-and-ready (pizza pizza! Please tell me someone else gets that...) for immediate withdrawal, the rest is in cold storage.

If all your coins are in cold storage, unless the private keys are physically stolen (physically, like a burglar breaks into where we have them stored, and takes them), it will be nearly impossible to steal your coins. We are testing the system now and hope to have it online within a few days.

[allcrypt]

New blog post about new ways we're adding coins:

https://www.allcrypt.com/blog/2014/03/voting-has-died-trying-something-new/

[cryptowho]

add karmacoin

[allcrypt]

Its been on for weeks.

[eddy937]

Added a pile of coins in the last 48 hours:
CryptoEagle (CREA)
H2OCoin (H2O)
CryptoMeth (METH)
SocialCoin (SOC)
MemoryCoin (MEM)
CACHeCoin (CACH)
OlympicCoin (OLY)


We also updated the trade engine speeding it up by about 20x, as well as lowering the delays between trades by about 5x.

Coming this week/hopefully within a few days, user configurable hot/cold wallets. You state how much you want to have hot-and-ready (pizza pizza! Please tell me someone else gets that...) for immediate withdrawal, the rest is in cold storage.

If all your coins are in cold storage, unless the private keys are physically stolen (physically, like a burglar breaks into where we have them stored, and takes them), it will be nearly impossible to steal your coins. We are testing the system now and hope to have it online within a few days.

That's probably a world first. None of the other exchanges I can think of offer a similar service. How long will it take for a request to transfer funds from cold storage to a hot wallet take?

I assume we cannot trade with funds in cold storage.

[kache]

I have an account and appreciate your service. But one question: Why is the fee to withdraw Bitcoin set at 0.01 BTC? That's $5 at the moment, which is way too high.

It's not - it's .001 - 50 cents. Tho I admit you did make me mumble "dammit!" and log in and check and see if I typoed it

That's still a huge lot...

[allcrypt]

Added a pile of coins in the last 48 hours:
CryptoEagle (CREA)
H2OCoin (H2O)
CryptoMeth (METH)
SocialCoin (SOC)
MemoryCoin (MEM)
CACHeCoin (CACH)
OlympicCoin (OLY)


We also updated the trade engine speeding it up by about 20x, as well as lowering the delays between trades by about 5x.

Coming this week/hopefully within a few days, user configurable hot/cold wallets. You state how much you want to have hot-and-ready (pizza pizza! Please tell me someone else gets that...) for immediate withdrawal, the rest is in cold storage.

If all your coins are in cold storage, unless the private keys are physically stolen (physically, like a burglar breaks into where we have them stored, and takes them), it will be nearly impossible to steal your coins. We are testing the system now and hope to have it online within a few days.

That's probably a world first. None of the other exchanges I can think of offer a similar service. How long will it take for a request to transfer funds from cold storage to a hot wallet take?

I assume we cannot trade with funds in cold storage.

Here's how it will basically work:
Certain coins will be 'cold storage enabled' - to launch with just BTC, and if we have time, a few others. As we learned in the hack, we were storing a huge value of BTCS, more than triple the value of the BTC we held.

On your account page you list how much of your coins you want to keep in a hot wallet. We were considering making it a percentage, but then it's always changing... if you state keep 2 BTC in a hot wallet and the rest in cold storage, you'll always have 2 BTC ready to withdraw.

Once you save the settings, a short time later accounts will be swept and anything above that threshold will move into a cold storage wallet. ALL of your funds, hot and cold, will be available to trade. Funds trade from cold storage first - otherwise managing that 2 BTC you have in a hot wallet will be a nightmare. It will constantly be either moving more to cold storage, or refilling from cold storage. If you tell the site you want to have 2 BTC in a hot wallet ready to move at any time, it abides by that.

If you deposit funds, and your hot wallet is already full, they immediately move to cold storage.

When you make a withdrawal, you are limited to your hot wallet funds.  Once they are depleted, you cannot withdraw more.

Every 24 hours or so, the system does an audit check and refills any hot wallets with funds from cold storage. This is NOT automated. The calculations are, the refill is checked and Ok'd by a human being. The reason we do this is if we did not, everyone's hot wallets would quickly deplete. If you don't want an auto-refill, just set your hot wallet limit to 0 coins. No reason to have a hot wallet if you're not going to use it. Think of it, in other terms, as a daily withdrawal limit, with the added security that the coins are not digitally in that wallet to withdraw, even if your account was compromised.

To withdraw more than your hot wallet has, there will be a request button you can use. You MUST enable 2FA to be able to use this button. Almost all of our security is optional. We enforce 2FA for cold storage withdrawals. Once you make the request, a human being gets the request and will manually approve the fund transfer. The time for this can be as soon as 15 minutes if someone's watching, or as long as 12 hours if you submit the request before we all go to bed for the night. By utilizing the cold storage feature, you acknowledge that withdrawing those funds will be slow.

The cold storage system is on a different network, in a different physical location. There is never a connection made between the AllCrypt.com system database or process daemons to or from the cold storage system. If the AllCrypt.com network is hacked and compromised, the cold storage is safe as it is completely isolated and inaccessible.

Well, that was longer than I intended. We welcome any thoughts, comments, feedback or suggestions.

[allcrypt]

I have an account and appreciate your service. But one question: Why is the fee to withdraw Bitcoin set at 0.01 BTC? That's $5 at the moment, which is way too high.

It's not - it's .001 - 50 cents. Tho I admit you did make me mumble "dammit!" and log in and check and see if I typoed it

That's still a huge lot...

A good deal of the withdrawals we process have a .0005 network fee by default, and we add a .00015 TX fee on top to ensure the funds move. We had a ton of .0001 withdrawals sit for an hour or more with 0 confirmations because the miners wouldnt pick up the minimum fee transactions.

We've also had some withdrawals be complicated enough that the fee was even higher.

So assuming the withdrawals with the .0005 fee, and we add the .00015 for a total of .00065, we're keeping .00035 of that to cover costs. Right now thats 16 cents.

If a 16 cent fee to cover our costs is too rich for your blood... I really have no defense to that. I'll just have to apologize and hope you believe us when we say no one is retiring to a tropical island on a 16 cents per withdrawal 'profit'.

[eddy937]

Added a pile of coins in the last 48 hours:
CryptoEagle (CREA)
H2OCoin (H2O)
CryptoMeth (METH)
SocialCoin (SOC)
MemoryCoin (MEM)
CACHeCoin (CACH)
OlympicCoin (OLY)


We also updated the trade engine speeding it up by about 20x, as well as lowering the delays between trades by about 5x.

Coming this week/hopefully within a few days, user configurable hot/cold wallets. You state how much you want to have hot-and-ready (pizza pizza! Please tell me someone else gets that...) for immediate withdrawal, the rest is in cold storage.

If all your coins are in cold storage, unless the private keys are physically stolen (physically, like a burglar breaks into where we have them stored, and takes them), it will be nearly impossible to steal your coins. We are testing the system now and hope to have it online within a few days.

That's probably a world first. None of the other exchanges I can think of offer a similar service. How long will it take for a request to transfer funds from cold storage to a hot wallet take?

I assume we cannot trade with funds in cold storage.

Here's how it will basically work:
Certain coins will be 'cold storage enabled' - to launch with just BTC, and if we have time, a few others. As we learned in the hack, we were storing a huge value of BTCS, more than triple the value of the BTC we held.

On your account page you list how much of your coins you want to keep in a hot wallet. We were considering making it a percentage, but then it's always changing... if you state keep 2 BTC in a hot wallet and the rest in cold storage, you'll always have 2 BTC ready to withdraw.

Once you save the settings, a short time later accounts will be swept and anything above that threshold will move into a cold storage wallet. ALL of your funds, hot and cold, will be available to trade. Funds trade from cold storage first - otherwise managing that 2 BTC you have in a hot wallet will be a nightmare. It will constantly be either moving more to cold storage, or refilling from cold storage. If you tell the site you want to have 2 BTC in a hot wallet ready to move at any time, it abides by that.

If you deposit funds, and your hot wallet is already full, they immediately move to cold storage.

When you make a withdrawal, you are limited to your hot wallet funds.  Once they are depleted, you cannot withdraw more.

Every 24 hours or so, the system does an audit check and refills any hot wallets with funds from cold storage. This is NOT automated. The calculations are, the refill is checked and Ok'd by a human being. The reason we do this is if we did not, everyone's hot wallets would quickly deplete. If you don't want an auto-refill, just set your hot wallet limit to 0 coins. No reason to have a hot wallet if you're not going to use it. Think of it, in other terms, as a daily withdrawal limit, with the added security that the coins are not digitally in that wallet to withdraw, even if your account was compromised.

To withdraw more than your hot wallet has, there will be a request button you can use. You MUST enable 2FA to be able to use this button. Almost all of our security is optional. We enforce 2FA for cold storage withdrawals. Once you make the request, a human being gets the request and will manually approve the fund transfer. The time for this can be as soon as 15 minutes if someone's watching, or as long as 12 hours if you submit the request before we all go to bed for the night. By utilizing the cold storage feature, you acknowledge that withdrawing those funds will be slow.

The cold storage system is on a different network, in a different physical location. There is never a connection made between the AllCrypt.com system database or process daemons to or from the cold storage system. If the AllCrypt.com network is hacked and compromised, the cold storage is safe as it is completely isolated and inaccessible.

Well, that was longer than I intended. We welcome any thoughts, comments, feedback or suggestions.

Thanks for replying so quickly. I am surprised nobody else thought of this idea already, but the simplest ideas are usually the hardest ones to come up with. This should make your exchange one of the most secure ones, with the added bonus for users that they control cold storage.

[allcrypt]

Thanks for replying so quickly. I am surprised nobody else thought of this idea already, but the simplest ideas are usually the hardest ones to come up with. This should make your exchange one of the most secure ones, with the added bonus for users that they control cold storage.

No one thought of the coin voting yet either - and once we brought it to market, EVERYONE has copied it. Imitation is the sincerest form of flattery after all. I'm sure this will be copied as well. We're trying to innovate and fix the "brokenness" of current exchanges. We're currently excelling in many areas that other exchanges fail. Our deposits are lightning fast. We're adding coins at a pace no other exchange matches. We have more security settings than any other exchange - and to not annoy people less concerned with security - all are optional and can be configured by the user. We were the first to have voting, and now that that is dying (voting competition has watered down the usefulness) we're the first to be listing some new coins on the day they launch.

We're proud to be the first to not only have user configurable cold storage, but to actually show our numbers. Sure, you assume other exchanges have your coins in some secure storage, right? Its only smart and common sense - but how many actually tell you they do (or do at ALL? CoinEx recently "lost all their coins as the wallet server was hacked"), and how much, or what percentage are safe, offline? None. Once we perform security audits on the new system, we're considering posting a guarantee that any coins we hold that you send to cold storage cannot be lost. No other exchange will make that assertion.

We want users to be in control of their coins - not us.

The only area we are currently failing in - and failing bigtime - is volume. We're not the 'big boys'. Not yet. We've been open 30 days so far. But no one booms right out of the gate. We're hoping these features we add, the security, the transparency and integrity we show, early adopting and having faith in brand new coins brings us the trust and attention of the users who are sick and tired of dealing with the hassle of the exchange they are on now.

Earlier today I personally had a pile of a coin on AllCrypt.com that had no market at all... no one buying. So I transferred it out to a larger exchange so I could unload this coin I was no longer interested in. AllCrypt showed 26 confirmations on the withdrawal. The other exchange didn't even show a hint that they had received notice that I was making a depost. That is unacceptable. And we aim to be the alternative to all that is unacceptable in other exchanges.

[allcrypt]

On that note - if you're currently unhappy with an aspect of another exchange: Tell us. Don't name names. No need. Tell us what you don't like about it. We'll do our best to fix it, or add it, or change it, so that you want to trade on AllCrypt.com and say "Well thank god they don't do XXXX like YYYY does!"

[kache]

I have an account and appreciate your service. But one question: Why is the fee to withdraw Bitcoin set at 0.01 BTC? That's $5 at the moment, which is way too high.

It's not - it's .001 - 50 cents. Tho I admit you did make me mumble "dammit!" and log in and check and see if I typoed it

That's still a huge lot...

A good deal of the withdrawals we process have a .0005 network fee by default, and we add a .00015 TX fee on top to ensure the funds move. We had a ton of .0001 withdrawals sit for an hour or more with 0 confirmations because the miners wouldnt pick up the minimum fee transactions.

We've also had some withdrawals be complicated enough that the fee was even higher.

So assuming the withdrawals with the .0005 fee, and we add the .00015 for a total of .00065, we're keeping .00035 of that to cover costs. Right now thats 16 cents.

If a 16 cent fee to cover our costs is too rich for your blood... I really have no defense to that. I'll just have to apologize and hope you believe us when we say no one is retiring to a tropical island on a 16 cents per withdrawal 'profit'.

Then how does Bittrex have zero issues with confirmations (most it took for first confirmation was half an hour) with only 0.0001 fee?
Regardless of cents or whatnot, I do 0.002-0.003BTC withdrawals for renting on betarigs.com, so a 0.001 fee would be a BIG chunk of that.

[allcrypt]

Then how does Bittrex have zero issues with confirmations (most it took for first confirmation was half an hour) with only 0.0001 fee?
Regardless of cents or whatnot, I do 0.002-0.003BTC withdrawals for renting on betarigs.com, so a 0.001 fee would be a BIG chunk of that.

Why are you using an exchange as a wallet? We're not a coin storage system. Using an exchange as a coin storage system or a wallet is a horrifically bad idea. We will NEVER make a change that ENCOURAGES people to store their coins with us long term and use us as a wallet. Use a wallet service if you want a wallet. You use an exchange if you want to trade coins. Paying services from your exchange wallet is... it blows my mind.

And I cannot comment on how or what Bittrex does. Thirty minutes for first confirmation is, in my opinion, 22 minutes too long, given BTC's tendency to run on 8 minute blocktimes before a difficulty change. If you're trading in a fast market and trying to take advantage of arbitrage between different exchanges, 30 minutes may as well be four hours. We are built for speed and efficiency in trading coins.

Not being used as a wallet to make payments.