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Author Topic: [ANN] LocalBitcoins.com - a location-based bitcoin to cash marketplace  (Read 95377 times)
kangasbros
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July 23, 2013, 02:25:32 PM
 #521

I know this has been talked about before but I will bring it up again:

I would really really love to see some kind of feature that would allow the price (by formula) to remain variable until the time when the physical meeting takes place.

Fixing a price days ahead of time will always leave one party disgruntled. It helps noone. It also increases the occurence of people just not showing up greatly. Adjusting the amount of fiat cash involves cumbesome calculations (I did this today).

Allowing the price (amount of coins to be transacted) to adjust by pricing formula would solve all these problems.

Let me add that it would probably make me actually use the transaction feature (instead of avoiding it like now, telling people to bring a wallet and do everything on the spot, which is cumbersome and can lead to misunderstandings) and therefore generate revenue for the site (currently the site has close to no revenue from me).

Are there any problems with this approach I'm missing? I don't see any substantial drawbacks of offering this, only advantages.


The only problem is our current dev resources, which are limited. But I can promise you that the floating feature is coming.

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July 23, 2013, 11:57:30 PM
 #522

the easiest online method would probably be to load dollars into a Dwolla account and buy that way
There is a report that Dwolla screwed a Bitcoin user: http://www.reddit.com/r/Bitcoin/comments/1h9iyv/psa_dwolla_worse_than_paypal_for_accepting/

And this is from new Dwolla TOS:
Quote
You understand and agree that You will not engage in the following activities:

    Use of the Dwolla System, without Dwolla's written consent, to operate or engage in any business regulated by FinCEN, including the money service business;
    Use of the Dwolla System without registering as a money services business if required by FinCEN's March 18, 2013 Guidance entitled "Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies" (FIN-2013-G0001);
    Act as a marketplace and/or exchange for virtual currency products without Dwolla's prior written consent, and FinCEN registration if applicable;
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July 24, 2013, 06:29:05 AM
 #523

the easiest online method would probably be to load dollars into a Dwolla account and buy that way
There is a report that Dwolla screwed a Bitcoin user: http://www.reddit.com/r/Bitcoin/comments/1h9iyv/psa_dwolla_worse_than_paypal_for_accepting/

And this is from new Dwolla TOS:
Quote
You understand and agree that You will not engage in the following activities:

    Use of the Dwolla System, without Dwolla's written consent, to operate or engage in any business regulated by FinCEN, including the money service business;
    Use of the Dwolla System without registering as a money services business if required by FinCEN's March 18, 2013 Guidance entitled "Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies" (FIN-2013-G0001);
    Act as a marketplace and/or exchange for virtual currency products without Dwolla's prior written consent, and FinCEN registration if applicable;
I didn't say there was zero risk involved, but mostly the risk on the seller's side, not the buyer's.
Yurock
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July 24, 2013, 08:07:13 AM
 #524

mostly the risk on the seller's side, not the buyer's
Yes. But I would be cautious with banks and payment networks that turned against bitcoiners.
molecular
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July 24, 2013, 01:34:19 PM
 #525

I know this has been talked about before but I will bring it up again:

I would really really love to see some kind of feature that would allow the price (by formula) to remain variable until the time when the physical meeting takes place.

Fixing a price days ahead of time will always leave one party disgruntled. It helps noone. It also increases the occurence of people just not showing up greatly. Adjusting the amount of fiat cash involves cumbesome calculations (I did this today).

Allowing the price (amount of coins to be transacted) to adjust by pricing formula would solve all these problems.

Let me add that it would probably make me actually use the transaction feature (instead of avoiding it like now, telling people to bring a wallet and do everything on the spot, which is cumbersome and can lead to misunderstandings) and therefore generate revenue for the site (currently the site has close to no revenue from me).

Are there any problems with this approach I'm missing? I don't see any substantial drawbacks of offering this, only advantages.


The only problem is our current dev resources, which are limited. But I can promise you that the floating feature is coming.



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cardcomm
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July 24, 2013, 05:07:10 PM
 #526

Hello,

I've just started looking at LocalBitcoins.com for an online buy funded from within the US. I'm having a little trouble sorting through and understanding all the available funding options, and their costs. I see many funding options listed - including OKPay, MoneyGram, Western Union, bank transfers from specific banks, etc.

Is there somewhere I can easily find out more about the cost and restrictions of each funding option, without researching each one individually? I'm a little overwhelmed by the funding options. I've tried doing the research myself, but some of the funding options (like MoneyGram) offer different services at different fees. I'm not sure even which service is correct.

Sorry for the noob question, and thanks in advance for any helpful response Smiley

Thanks again for the responses. Dwolla it out of the question, for quite a number of reasons.

As for coinbase... well, linking my bank account, providing personal info, and waiting a month just doesn't strike my fancy either, for some reason Smiley Although admittedly the prospect of purchasing bitcoin with little fee IS enticing.

I've been away from it for a few days. I'll start looking at the possible funding options again.

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RandomQ
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July 26, 2013, 01:39:03 PM
 #527

Can i request that Bitstamp Pricing be added to the site.
Because I don't consider MtGox to be a valid pricing right now (due to wire delays)


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molecular
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July 26, 2013, 10:30:38 PM
 #528

Can i request that Bitstamp Pricing be added to the site.
Because I don't consider MtGox to be a valid pricing right now (due to wire delays)



+1 on bitstamp
+0 for bitcoin.de

(been using bitcoin.de for quite some time now (making price on spot base on bitcoin.de), mtgox is just erratic and can't be used)

using gox as basis may be good for most here (sellers), but I'd like to make fair prices. mtGox doesn't represent a fair price for instant cash deals because of the liquidity crisis there.

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Yurock
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July 27, 2013, 08:38:03 PM
 #529

Can i request that Bitstamp Pricing be added to the site.
Type "bitstampUSD" into "Price equation".
molecular
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July 27, 2013, 08:58:45 PM
 #530

Can i request that Bitstamp Pricing be added to the site.
Type "bitstampUSD" into "Price equation".

is this documented somewhere? I had checked for this recently, for example in the pricing faq: https://localbitcoins.com/cash_exchange_howto#howto_pricing, but couldn't find it.

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Yurock
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July 28, 2013, 02:04:16 PM
 #531

is this documented somewhere? I had checked for this recently, for example in the pricing faq: https://localbitcoins.com/cash_exchange_howto#howto_pricing, but couldn't find it.
Quote
  • Selling equation: (mtgoxEUR_ask + intrsngEUR_ask + EUR_24h ) / 3 * 1.05
  • Selling equation #2: max(max(mtgoxUSD, bitstampUSD), USD_24h)
  • Buying equation: (mtgoxEUR_low + intrsngEUR_low + EUR_24h ) / 3
As parameters you can use any currency averages from bitcoincharts.com, for example USD_30d, EUR_24h, SEK_7d. Also market data can be used by combining the market like mtgoxUSD and a parameter like ask, bid, low, high and close.
RandomQ
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July 31, 2013, 03:53:48 PM
 #532

Minor bug on the map

when using anaheim,ca or 92806 in the location i get 71486, Zwolle, United States

which is the first 3 of the phone area code (714) of the anaheim area

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2weiX
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July 31, 2013, 04:21:14 PM
 #533

I'd like a complete list of usable variables.

For example, btcdeEUR_24h gives a different number from the one on bitcoincharts.com.

Also, when adding two 24h-averages, the formula gives an average of both values.
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July 31, 2013, 05:09:05 PM
 #534

Minor bug on the map

when using anaheim,ca or 92806 in the location i get 71486, Zwolle, United States

which is the first 3 of the phone area code (714) of the anaheim area

I also get 71486, Zwolle, United States, when I use Minooka, IL or 60447.  There is no connection at all between Zwolle and Minooka, (zip, phone area code, alphabetically close, etc).  It looks like the map is just broken right now, always showing Zwolle.

Makes it difficult for customers to find me on a site that is intended to be used to find "local" buyers and sellers, if the only location anyone can find is Zwolle.  Perhaps I should put an ad in Zwolle?

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July 31, 2013, 05:54:47 PM
 #535

I've got a question as to how a certain situation should be resolved.

Let's say there is some technical issue at the time of the exchange, where the seller sends the SMS text message to release the funds but there is no SMS text response from Local Bitcoins (e.g., service stops servicing SMS texts temporarily).

If the release was processed and the funds did transfer, then the buyer might receive a text notification that the transfer has completed, but that is if the buyer has verified an SMS number with a LocalBitcoins account (and for anonymity the buy may not have that established).

And then let's say that neither the seller nor the buyer has web connectivity to determine whether or not the funds truly had transferred.

Then that puts these two in a predicament.  Neither the seller nor the buyer knows if the coins transferred.   But if it was a technical issue in getting the SMS text response, then the transfer did occur.  If the buyer has not yet already handed over the cash then the seller is at risk of a loss if the two agree to part ways (as the seller can't force the buyer to wait, or to visit another location where web access is available).   If the seller has already received the cash, the buyer would then be at risk of a loss in trusting the seller to later transfer the coins if that had not already actually occurred.

I don't know -- perhaps there being a voice response (IVR) system available would be something that would help in this instance?  Or perhaps a phone-based support method such that the buyer can call to verify whether or not the seller released the funds?

Or how about this phone-based support being able to help these two parties who don't trust each other to resolve their situation.

molecular
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July 31, 2013, 06:52:51 PM
 #536

I'd like a complete list of usable variables.

For example, btcdeEUR_24h gives a different number from the one on bitcoincharts.com.

Also, when adding two 24h-averages, the formula gives an average of both values.

I +1 this. Becomes especially important once the "floating" is implemented.

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August 02, 2013, 01:07:19 PM
 #537

REQUEST:

incorporate the BITPAY-EXCHANGE-RATE as displayed here: https://bitpay.com/bitcoin-exchange-rates
They're accessible via API, which can be called every 10 minutes.


pseudo-edit: I don't even know if the rates in the link above are the actual factual rates since reading this: http://blog.bitpay.com/2013/06/important-update-on-bitpay-exchange.html
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August 03, 2013, 12:52:18 PM
 #538

REQUEST:

incorporate the BITPAY-EXCHANGE-RATE as displayed here: https://bitpay.com/bitcoin-exchange-rates
They're accessible via API, which can be called every 10 minutes.


PLUS http://bitcoinaverage.com/
API is here: http://api.bitcoinaverage.com/

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August 06, 2013, 06:23:06 PM
 #539

The signature below was generated at blockchain.info--and verifies just fine on their site--but doesn't verify on the LocalBitcoins.com signature verification page (https://www.localbitcoins.com/verify_signature/):

Address:
15YHUwqfkBWNe6czXAqQMwEW6hzgTs9q7X

Message:
I have at least 1.1 BTC, whalng&n@)/@/&*]%]¥\; 7/20/13

Signature:
G3OE5Vnd7GjzwZ/E5+jAKpjOXV/+glfqWCLrCSMey+jVA0ymayynMVWKuDS10WiedyFcLq8Ghjk6CtBF7W7/KTk=

Is anyone else having problems validating signatures at LocalBitcoins.com or am I doing something wrong?

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August 08, 2013, 05:04:26 AM
 #540

Feature request: 

I'ld like to continue receiving notifications via e-mail, but I'ld like those to be encrypted with my GPG public key.   If that is a little too advanced for public use, then I'ld like the notification to simply send me a prod ..., something like:  "New Notification For You - Login To View".

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