Hello,
Lately, the forums are talking about the bitcoin price manipulation. That is related to the possibility of some exchanges generating some sort of “fractionary reserve” with their client’s bitcoins.
An exchange, no matter how big it is, cannot influence the dollar or euro exchange rate. But in a market that is so small, in relative terms, as the bitcoin market is, an important exchange where their clients have accounts with balances similar to a bank’s balance, but in bitcoins, it is possible to influence the exchange rate.
This is the opposite of the bitcoin philosophy and harms those exchanges client’s interests in benefit of the exchange. In fact, is much worse than that because if there are appropriate circumstances, the exchange could go bankrupt, as it has occurred many times before.
Another serious problem of the largest exchanges is the more than likely "hack" of their wallets.
Reality is sometimes more complex than it looks and in hacks as MtGox, Bitstamp or, very recently, Bter nobody can assure nothing a 100%. Not even that the attack comes from the outside...
What it is for sure is that, in case of a market as the MultiSigna market, all the bitcoin addresses are multisignature addresses, where three public keys compound the multisignature address, two private keys are needed in order to perform a transaction and MultiSigna only has its own. We do not store our client’s private keys and we don’t know them. So it is completely impossible that a hacker steals our user’s bitcoins.
The question is: do I trust enough an exchange to let them store my fiat money and crypto currency or do I prefer working in a market where the fiat money and crypto currency go straight from one user to the other and does not go through the exchange's bank account and bitcoin address ?
We believe the bitcoin world should support initiatives as MultiSigna and any other market that works with the bitcoin philosophy arrangement. Is bitcoin’s own future what is at stake. We must avoid letting greed or power corrupting something that is designed for a transparent and democratic functioning, not to inherit the vices from the fiat currencies and the financial markets. Every time that an exchange falls or someone steals a significant amount of bitcoins, the black legend raises.
Let’s fight against that!
MultiSigna has created the infrastructure and the protocols needed in order to perform “bitcoin style” safe transactions: We never own neither your fiat money nor your crypto currency.
- The fiat money transfers are made straight between the users.
- The bitcoin transfers are made using always an intermediate multisignature address that can be checked by our users from the very beginning of the transaction.
-We do not store (or even know) our users private keys.
-We are not going to request a never-ending list of data in order to validate your user account.
For further and exhaustive information about our functioning you can go to the “FAQ” section in our website:
www.multisigna.comThe app is ready. Now we need the market, but for that we need all of you, the users. Your collaboration is essential!
In MultiSigna there are no bots executing orders. We need real users that make real transactions. We need you !
In order to enliven the market at the beginning, MultiSigna will not charge any fees in beta phase. In fact, we will offer as a reward the amount of 0.05 Btc to the 300 first users that perform a transaction in MultiSigna, of any amount.
Try it!
You can bring a friend and perform a transaction with him/her. We need “bitcoiners” using our website, giving feedback, contacting and helping us to improve.
We encourage you to share this message between your friends. Thank you so much for your collaboration !
www.multisigna.com
