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Price Givens
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April 03, 2014, 05:28:20 PM
 #1

My name is Price Givens and I'm a founder of bitcoinwallet.com.  I'd like to present bitcoinwallet.com to the community with these features:

1. Replacing traditional public addresses with a simple user name.  My bitcoin address (along with my alt coin addresses) is price.bitcoinwallet.com.

2. A simple JSON API that allows developers of third party apps to systematically discover the public addresses (for all coins) of any user based on their user name.  https://price.bitcoinwallet.com/api

3. Deposit bitcoin to your bitcoinwallet.com account with the following benefits:

a. Proof of solvency.  We show the total customer liability and the inclusion of your personal balance via the gmaxwell proposal and the olalande open source implementation.  Corporate hot wallet and cold storage public keys are shown with their balance regularly updated from the blockchain.

b. Instantly transfer coins, as little as 1 satoshi, from your bitcoinwallet.com account to any other bitcoinwallet.com account with no transaction fees and no blockchain confirmation delays.

c. View analytics for visitors and payments to your page. This allows you to track payments and conversion rates and helps you fine tune your own endeavors.

d. User friendly interface of your transactions with other bitcoinwallet.com users.

We're looking for some early adopters to use our system and give us feedback.  Check out our FAQ or send me a private message with questions and concerns.
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April 03, 2014, 05:53:03 PM
 #2

Thanks!
It need some time to get users trust in it but seems interesting ... as an another wallet option...

How you can make your new users feel safe?

 
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April 03, 2014, 06:06:22 PM
 #3

Warning to anybody considering using this, if you don't control the private keys, you don't own the bitcoins. This reminds me too much of inputs.io
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April 03, 2014, 06:12:24 PM
 #4

Yes indeed this is shy I asked about safety for users ... Smiley

I don't want to be harh at the first post, but using any other wallets than suggested by bitcoin.org or by community is rather dangerous.

 
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Price Givens
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April 03, 2014, 06:27:19 PM
 #5

You're right and that's a big question Rosplinpl!  RGBKey we are currently developing private key assignment to users as well as escrow and multisig.  These are my thoughts at a high level.

How you're safe from us: We have the highest level of proof of solvency available.  We use the Gregory Maxwell method of showing the total verifiable amount of user funds.  Any logged in user sees a leaf icon on their dashboard that shows their individual balance included in the hierarchical tree.  Independent auditors are great, we make every one of our users an independent auditor of our funds.

Further, we show the public addresses of our cold storage wallets so you can see the money exists on the blockchain.  You can see them here.  https://bitcoinwallet.com/resource.php

How we're safe from theft: We mandate all users to have 2FA and user data is encrypted.  Our cold storage is actually cold storage.  There is no automatic replenishment of the hot wallet.  We don't disclose our security at an infrastructure level but we know the pursuit of perfect security in the background never ends.

I encourage you to visit our site to see what we're doing, not because we claim to have solved every difficult problem, but because we're trying to make bitcoin more accessible to the mainstream.

Price
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April 03, 2014, 07:57:15 PM
Last edit: April 03, 2014, 08:40:01 PM by BitCoinDream
 #6

My name is Price Givens and I'm a founder of bitcoinwallet.com.  I'd like to present bitcoinwallet.com to the community with these features:

1. Replacing traditional public addresses with a simple user name.  My bitcoin address (along with my alt coin addresses) is price.bitcoinwallet.com.

2. A simple JSON API that allows developers of third party apps to systematically discover the public addresses (for all coins) of any user based on their user name.  https://price.bitcoinwallet.com/api

3. Deposit bitcoin to your bitcoinwallet.com account with the following benefits:

a. Proof of solvency.  We show the total customer liability and the inclusion of your personal balance via the gmaxwell proposal and the olalande open source implementation.  Corporate hot wallet and cold storage public keys are shown with their balance regularly updated from the blockchain.

b. Instantly transfer coins, as little as 1 satoshi, from your bitcoinwallet.com account to any other bitcoinwallet.com account with no transaction fees and no blockchain confirmation delays.

c. View analytics for visitors and payments to your page. This allows you to track payments and conversion rates and helps you fine tune your own endeavors.

d. User friendly interface of your transactions with other bitcoinwallet.com users.

We're looking for some early adopters to use our system and give us feedback.  Check out our FAQ or send me a private message with questions and concerns.

So you bought BitcoinWallet.com @ 250,000 USD ?

Source: https://bitcointalk.org/index.php?topic=450778.0



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April 03, 2014, 08:12:47 PM
 #7

@BitCoinDream Yes, the details of the bitcoinwallet.com domain name purchase were announced by the seller and it generated unexpected attention for us. 

We are believers in bitcoin as a technology and we put our names and our money behind our conviction.
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April 03, 2014, 08:27:41 PM
 #8

Warning to anybody considering using this, if you don't control the private keys, you don't own the bitcoins. This reminds me too much of inputs.io

Agree with RGBKey. If you don't own the private keys, you don't own your bitcoin! You are simply depositing money in a bank where funds can be seized, frozen, or stolen. In addition, they need to store most funds in cold storage for security thereby making transfers possibly take VERY long if their hot wallet gets drained by users.
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April 03, 2014, 08:39:28 PM
 #9

Regardless of whether you store your bitcoins at bitcoinwallet.com, you can imagine the advantage of using a bitcoinwallet.com address to receive bitcoin payments.   

paullinator.bitcoinwallet.com is still available but may not be for long!
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April 04, 2014, 05:08:59 AM
 #10

You're right and that's a big question Rosplinpl!  RGBKey we are currently developing private key assignment to users as well as escrow and multisig.  These are my thoughts at a high level.

How you're safe from us: We have the highest level of proof of solvency available.  We use the Gregory Maxwell method of showing the total verifiable amount of user funds.  Any logged in user sees a leaf icon on their dashboard that shows their individual balance included in the hierarchical tree.  Independent auditors are great, we make every one of our users an independent auditor of our funds.

Further, we show the public addresses of our cold storage wallets so you can see the money exists on the blockchain.  You can see them here.  https://bitcoinwallet.com/resource.php

How we're safe from theft: We mandate all users to have 2FA and user data is encrypted.  Our cold storage is actually cold storage.  There is no automatic replenishment of the hot wallet.  We don't disclose our security at an infrastructure level but we know the pursuit of perfect security in the background never ends.

I encourage you to visit our site to see what we're doing, not because we claim to have solved every difficult problem, but because we're trying to make bitcoin more accessible to the mainstream.

Price
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I don't give two shits if you hafe proof of solvency. Proof of solvency would not have stopped what happened at inputs.io from happening. You still have the private keys which means you control the money. You could wait until you store plenty of bitcoins, and then just take them all. Proof of solvency is not going to stop this.
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April 05, 2014, 10:13:11 PM
 #11

http://www.domainanimal.com/after-selling-for-250000-bitcoinwallet-com-now-open-for-business/

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April 05, 2014, 10:48:45 PM
 #12

@BitCoinDream Yes, the details of the bitcoinwallet.com domain name purchase were announced by the seller and it generated unexpected attention for us. 

We are believers in bitcoin as a technology and we put our names and our money behind our conviction.

I have 2 support requests...

1. Dont show any part of the email in the publicly visible home page. At least make it optional, so that the user may hide it.

2. For alternative crypto currencies, please generate the address for the user, just like u r doing it for bitcoin, rather than asking them to put their addresses.

This is a very interesting project. I'll be closely watching it. GooD Luck  Smiley

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April 05, 2014, 11:08:18 PM
 #13

i dont have a phone

{"message":"User was not valid.","country_code":"is invalid","cellphone":"is invalid"}
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April 05, 2014, 11:51:20 PM
 #14

@BitCoinDream  I understand what you're saying.  The reason we show the obfuscated email address is for the security of users that want to make a payment on a page.  The idea is that if you're on a bitcoinwallet.com page that claims to be the Red Cross, and the email used to create that account is *****@hotmail.com you have an idea to look into it further to verify you are where you think you are.  Great idea on the alt addresses!

@genjix We use authy.com for 2FA.  I know they offer a smartphone app that generates keys in lieu of SMS, I'm not sure if there is anything that can be done without a phone of any kind.  We'll check that out.
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April 06, 2014, 08:31:02 AM
 #15

@BitCoinDream  I understand what you're saying.  The reason we show the obfuscated email address is for the security of users that want to make a payment on a page.  The idea is that if you're on a bitcoinwallet.com page that claims to be the Red Cross, and the email used to create that account is *****@hotmail.com you have an idea to look into it further to verify you are where you think you are.  Great idea on the alt addresses!

@genjix We use authy.com for 2FA.  I know they offer a smartphone app that generates keys in lieu of SMS, I'm not sure if there is anything that can be done without a phone of any kind.  We'll check that out.

Its a problem in that case as well. Imagine a situation when RedCross decides to open an account with u. They may not do it with a RedCross email ID in the first hand and may open with a board member's gmail ID. Once the board memeber assures everything is ok, they'd change the email ID to their official one. But your system will still show the one that created it... creating another account wont work either, coz redcross.bitcoinwallet.com is gone by then !!!

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April 07, 2014, 02:28:45 AM
 #16

nice to see such enthousiasm and work, around btc, a quarter of a million sounds a lot, i myself have a pet btc project which is nowhere near that kind of budget, but still, its an unborn market full of opportunities i guess.
 but maybe its a little bit soon for adresses like ###.bitcoinwallet.com ? I mean, first page i come accross snowden.bitcoinwallet.com, dnakamoto.bitcoinwallet.com i cant help myself to think those are not legitimate accounts   Grin for the "trust"  part  maybe its not such a good thing, i would be afraid not to give the right person.
  As for the website owning the private key... thats "middle man", i don't know its kind of missing the point of btc here from what i understand ?  ( also having to give up my cell phone number just isnt cool Sad

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You are a crypto-friendly artist ? You'd like to sell your production for bitcoin, litecoin or monero ? Contact me !
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April 07, 2014, 02:33:06 AM
 #17

You should have used multi-sig for the wallets but I guess not so I can't recommend this to anyone. I still don't get why someone paid $250K and made this with bitcoinwallet.com such a good domain yet a horrible service.

Edit: you made a graph that shows your solvency? How do we trust the code? I know you are an internet entrepreneur, but bitcoin is a different beast, send me your skype I gladly sit down with you and tell you how to make this a trustless service. It may cost you some bitcoins due to my time is not cheap.
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April 07, 2014, 05:05:36 AM
 #18

@gweedo Thanks for taking the time to check out the site.  The issue of trust is a challenge obviously.  We feel like we've gone beyond the current state of bitcoin custodian sites from a transparency standpoint but you can never remove enough needed trust from the system.  Our proof of solvency, which is available for each logged in account by clicking the green leaf icon, is open source as published by olalonde on github. 

Publishing the source code for our entire site isn't out of the question, but we want to get through our initial bursts of traffic and make the necessary adjustments as efficiently as we can.  The interest and demand for the site has far exceeded our expectations.  Just two unexpected articles on domain name industry sites produced a response that was encouraging and surprising.  Our real press coverage doesn't start until Tuesday/Wednesday. 
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April 07, 2014, 05:40:14 AM
 #19

@gweedo Thanks for taking the time to check out the site.  The issue of trust is a challenge obviously.  We feel like we've gone beyond the current state of bitcoin custodian sites from a transparency standpoint but you can never remove enough needed trust from the system.  Our proof of solvency, which is available for each logged in account by clicking the green leaf icon, is open source as published by olalonde on github. 

Publishing the source code for our entire site isn't out of the question, but we want to get through our initial bursts of traffic and make the necessary adjustments as efficiently as we can.  The interest and demand for the site has far exceeded our expectations.  Just two unexpected articles on domain name industry sites produced a response that was encouraging and surprising.  Our real press coverage doesn't start until Tuesday/Wednesday. 

Don't confuse transparency with a trustless service. You are very transparent, giving us your history and your real name, there is no issue there. Transparency is great for a web 2.0 startups, but this is bitcoin, and transparency means nothing. We have anonymous people running companies that are multi-million startups. The issue is when a person using your service is locked into your service. If you used multi-sig, I would never have to worry that one day you would run off with my funds, that you are holding. I can be 100% sure that no matter what day, time, if your service is up or down, I have completely 100% control over the funds. This can easily be implemented on your site and just take a day of testing. This would eliminate your hot wallet system and even if you were hacked no one would be able to steal anything.

Also you should have done more research and made this an exchange not just some id to address type. With this multi-sig, you would be the first mover in this area, forcing companies like bit-pay and coinbase to take notice and hopefully implement it.
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April 07, 2014, 05:51:52 AM
 #20

Is there any actual hard proof that you spent $450k on two domains. It just seems unusual that someone who spends that much on domains would settle for a twitter handle with numbers in it to represent their company. I can't say I'd be surprised if that was just some sort of publicity stunt to try and gain artificial trustworthiness. Anyone considering using this should proceed with caution.

Also, if you actually are legitimate and spent $450k on domains, please spend $100 to pay someone to redesign your site.

Don't confuse transparency with a trustless service.

Well stated.

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