lost Money in Unocoin: Buy, Use and Accept Bitcoin in India

[yaswanthnlr]

https://pbs.twimg.com/media/B7SjSmKCcAE8gjU.png
https://pbs.twimg.com/media/B7SFCc8CIAEH79q.jpg
https://pbs.twimg.com/media/B7Sm7aHCMAIVG7e.jpg
INRDeposit Receipt pending. no responce from unocoin help me.

i am TRANSFER money thru IMPS service provides instant transaction 24*7.
CONTACT NO HELP THERE HELP ME THANKYOU.
MMID:
9240844
Mobile Number:
9632720333

13 Jan
2015
13 Jan
2015
TO TRANSFERIMPS02/501308XXXXXX/XXXX0
333/-
13 Jan
2015
13 Jan
2015
TO TRANSFERIMPS02/501310XXXXXX/XXXX0
333/-

unocoin say that we discussed with our higher authority and according to our regulations, we processed your buy orders and cancelled your INR deposits for your deposit amount (6200 INR , 6000 INR) .

[legendster]

unocoin say that we discussed with our higher authority and according to our regulations, we processed your buy orders and cancelled your INR deposits for your deposit amount (6200 INR , 6000 INR) .

Wow. Dashing should respond to this.

But just for clarity's sake, what exactly went wrong ?

You deposited 6k and 6.2k in your Uno account through IMPS, did they not credit you the 12.2k ??

Or did they refund it to your bank ??

Or did they credit you the btc equivalent of 12.2k ?

Did you fill your KYC ? Because without KYC I think they will only accept deposits under 10k per month (correct me if I am wrong).

[dashingriddler]

Hello,
You have placed a couple of BUY orders and also a couple of DEPOSIT orders.
As explained to you over your tickets, the deposit you made on 9th was reversed by your bank. Unocoin will not know why it has happened.
However your next payment on the 13th has gone through and we have received it. We have received you the final payent of 6200 inr as well.

We process orders on first in first out basis and the BUY orders were the first that was placed. So we have executed the buy orders for the deposited amount and cancelled the DEPOSIT orders to avoid confusion.

As I understood this confused you even more, I have given the life back to the cancelled DEPOSIT orders - so you can pay for them now and get them executed.

[dashingriddler]

Ok, after receiving your BUY order emails, I understood the exact concern. I am pasting the reply to you here as well:

Hello,
I finally understood the concern. Thank you for forwarding the emails.

We have received 6000 INR instead of 4993 INR for one of your BUY orders. So we have given you 0.33280978 BTC instead of 0.277 BTC you have ordered.

We actually received 6200 INR for one of your order instead of 6187 INR. So we went ahead and have given you 0.34074362 BTC instead of your ordered 0.34 BTC because of that extra 13 INR you have paid.

So overall we have given you more BTC as we received more money that what we were supposed to receive. This means all of your 12200 INR has been acknowledged and BTC issued.

[cyphos]

is unocoin.com an exchange??

i don't see any buy or sell orders/any kind of order chart history like in coinsecure.in???

[yaswanthnlr]

https://pbs.twimg.com/media/B7TPSvyCcAABon3.jpg
i am update for INR DEPOSIT @ 10:45am on 13-01-2015 on www.unocoin.com/depositinr

[cyphos]

Hi yaswanthnlr, is your matter sorted with unocoin?

can you please let me know what is the process, as i don't see any buy/sell orders there?

[yaswanthnlr]

Hi yaswanthnlr, is your matter sorted with unocoin?

can you please let me know what is the process, as i don't see any buy/sell orders there?

the buy and sell rate was fixed by bitcoin real time

[legendster]

is unocoin.com an exchange??

i don't see any buy or sell orders/any kind of order chart history like in coinsecure.in???

There are 2 types of exchanges.

C2C = Customer to Customer exchange, Eg : Btc-e, Cryptsy, Coinsecure etc

and then there are the other kind of exchange, which I think is called M2C = Merchant to Customer exchange.

Basically these type of exchanges dont rely on the price of the sell orders listed by the customers but rather have a predetermined buy/sell rate based on some market parameters.

Unocoin falls in the second category. I operated a similar form of forum exchange a year ago here in the forums.

[cyphos]

Got it. I am just concerned, that if the Bitcoin prices fall too low, unocoin will shut shop & not sell until the prices goes up.

Or even if they sell, it will be at a high premium compared to international prices.

Can somebody from unocoin confirm on this please!

If they shut down & refuse to sell, it will be very sad. I hope it does not happen, with all the funding from Barry Silbert & others.

[legendster]

Got it. I am just concerned, that if the Bitcoin prices fall too low, unocoin will shut shop & not sell until the prices goes up.

Or even if they sell, it will be at a high premium compared to international prices.

Can somebody from unocoin confirm on this please!

If they shut down & refuse to sell, it will be very sad. I hope it does not happen, with all the funding from Barry Silbert & others.

They will probably not shut shop, because just like most M2C exchanges their profits come from the transaction fees paid by the buyers and sellers on their site.

And you will never get international prices in India, blame RBI and the govt for that.

[RocketSingh]

is unocoin.com an exchange??

i don't see any buy or sell orders/any kind of order chart history like in coinsecure.in???

There are 2 types of exchanges.

C2C = Customer to Customer exchange, Eg : Btc-e, Cryptsy, Coinsecure etc

and then there are the other kind of exchange, which I think is called M2C = Merchant to Customer exchange.

Basically these type of exchanges dont rely on the price of the sell orders listed by the customers but rather have a predetermined buy/sell rate based on some market parameters.

Unocoin falls in the second category. I operated a similar form of forum exchange a year ago here in the forums.

There is also another type, which is a platform only and do not touch FIAT, e.g. localbitcoins.

[legendster]

There is also another type, which is a platform only and do not touch FIAT, e.g. localbitcoins.

Localbitcoins is not an exchange but essentially an escrow service. Think about it.

[yaswanthnlr]

dashingriddler as Sathvik Vishwanath Co-Founder, CEO of www.unocoin.com

[yaswanthnlr]

 i am paid for Deposit INR not for buy btc the unocoin create fake orders process the order. loss of my money.he say deposit paid the money process the order. the say the unocoin rules.any buddy say comments.

 

Ok, after receiving your BUY order emails, I understood the exact concern. I am pasting the reply to you here as well:

Hello,
I finally understood the concern. Thank you for forwarding the emails.

We have received 6000 INR instead of 4993 INR for one of your BUY orders. So we have given you 0.33280978 BTC instead of 0.277 BTC you have ordered.

We actually received 6200 INR for one of your order instead of 6187 INR. So we went ahead and have given you 0.34074362 BTC instead of your ordered 0.34 BTC because of that extra 13 INR you have paid.

So overall we have given you more BTC as we received more money that what we were supposed to receive. This means all of your 12200 INR has been acknowledged and BTC issued.
Sure, Please update the new reference numbers once you do the payment for those two orders and we will process them. You will be able to buy bitcons using that money after that.

Ok, then you need to pay for the BUY orders first before you pay for DEPOSIT orders.

That is not an issue. We just process the orders in the way they are received. You can pay for DEPOSIT orders now and get it processed.

Kindly make sure you pay for the orders in the way you placed them. We cannot process new orders before processing the old orders.

[cyphos]

Hey thankx legendster, RocketSingh, yaswanthnlr.

Can @dashingriddler or somebody from uncoin confirm on this please?

[yaswanthnlr]

Hey thankx legendster, RocketSingh, yaswanthnlr.

Can @dashingriddler or somebody from uncoin confirm on this please?

yes @dashingriddler real name Sathvik Vishwanath Mobile Number:
9632720333 landline number 08164011655. sathvikv@unocoin.com Co-Founder, CEO of www.unocoin.com
https://www.unocoin.com/team
Phone : 1800-103-2646

[yaswanthnlr]

https://pbs.twimg.com/media/B7SjSmKCcAE8gjU.png
https://pbs.twimg.com/media/B7SFCc8CIAEH79q.jpg
https://pbs.twimg.com/media/B7Sm7aHCMAIVG7e.jpg
INRDeposit Receipt pending. no responce from unocoin help me.

i am TRANSFER money thru IMPS service provides instant transaction 24*7.
CONTACT NO HELP THERE HELP ME THANKYOU.
MMID:
9240844
Mobile Number:
9632720333

13 Jan
2015
13 Jan
2015
TO TRANSFERIMPS02/501308XXXXXX/XXXX0
333/-
13 Jan
2015
13 Jan
2015
TO TRANSFERIMPS02/501310XXXXXX/XXXX0
333/-

unocoin say that we discussed with our higher authority and according to our regulations, we processed your buy orders and cancelled your INR deposits for your deposit amount (6200 INR , 6000 INR) .

i am deposit for inr money unocoin[/quote] INR Payment InstructionsYou can maintain an INR balance in your Unocoin account that you can use to buy Bitcoins instanteneously. Complete the form above before you go ahead to transfer INR to our bank account. We do not accept cash deposits and you need to use NEFT/RTGS/IMPS. Once you transfer INR, come back to this page and update the REFERNCE NUMBER of your transfer against the deposit order you have created. Once we receive INR to our bank account, your DEPOSIT order processed with in 24 hours and usually it will happen with in 2 hours. We can only hold your INR for 90 days. If you do not completely use your INR balance for 90, then we will refund it back to your bank account. We have limits on the amount of INR you can hold in your INR balance. We have accounts with HDFC bank to which you can send INR payments.[/quote] that purpose hold money for waiting buy btc but the unocoin is fake me process the create of fake orders and loss of my money.

[cyphos]

I am requesting from the team unocoin to confirm, that exchange would function smoothly even if the prices hit low & there would be no significant premium charged to loot customers.
Anybody from unocoin please?

[legendster]

I am requesting from the team unocoin to confirm, that exchange would function smoothly even if the prices hit low & there would be no significant premium charged to loot customers.
Anybody from unocoin please?

I dont think you will hear from them on that particular question.
No one can officially state that their business wont shut down due to unforeseen events.

Glad to be of help.