Apparently Coinffeine is already working on integrating Paypal. There is Paypal irreversible transaction system called "Send money to friends or family" which would make it possible to use Coinffeine's market in incremental, api-driven, low-risk payments in the same way that they already do with OKPay.
https://www.paypal.com/us/webapps/helpcenter/helphub/article/?solutionId=FAQ2398
Topic: [BETA] Coinffeine. Distributed Bitcoin exchange. - page 2. (Read 8586 times)
Wow!
This:
https://twitter.com/coinffeine/status/638284866455490560
This:
https://twitter.com/coinffeine/status/638284866455490560
Quote
New release of #coinffeine: 0.12. Now 20+ currencies are supported: US$, ruble, yuan, yen...
coinffeine.com/download.html pic.twitter.com/odNHm60F4J
coinffeine.com/download.html pic.twitter.com/odNHm60F4J
So i need an OKpay account to collect my API token? registration process is not clear.
Wow!
This:
https://twitter.com/coinffeine/status/638284866455490560
This:
https://twitter.com/coinffeine/status/638284866455490560
Quote
New release of #coinffeine: 0.12. Now 20+ currencies are supported: US$, ruble, yuan, yen...
coinffeine.com/download.html pic.twitter.com/odNHm60F4J
coinffeine.com/download.html pic.twitter.com/odNHm60F4J
Right now, all that Coinffeine would need to start getting traction is to beat the localbitcoins EUR Bid-Ask:
http://bitcoincharts.com/markets/localbtcEUR.html
https://localbitcoins.com/buy-bitcoins-online/eur/okpay/
https://localbitcoins.com/sell-bitcoins-online/eur/okpay
If we believe the numbers on bitcoincharts, LocalbtcEUR does an average volume of BTC 300 a day. That is a juicy market for a startup in beta....
(Of course localbtcUSd does BTC 3000+ a day, so adding $ should be a no-brainer next step if they manage to get € working...http://bitcoincharts.com/markets/localbtcUSD.html).
http://bitcoincharts.com/markets/localbtcEUR.html
https://localbitcoins.com/buy-bitcoins-online/eur/okpay/
https://localbitcoins.com/sell-bitcoins-online/eur/okpay
If we believe the numbers on bitcoincharts, LocalbtcEUR does an average volume of BTC 300 a day. That is a juicy market for a startup in beta....
(Of course localbtcUSd does BTC 3000+ a day, so adding $ should be a no-brainer next step if they manage to get € working...http://bitcoincharts.com/markets/localbtcUSD.html).
They really need to add a table of the order book instead of the graph.
Most exchanges have both depth chart and order table. See:
https://www.kraken.com/charts
Also, a history of executed trades is very useful (for charts and adding to http://bitcoincharts.com/markets/ )
Nice and very good news 
Hope new BTC exchange will start to work soon 
Hope new BTC exchange will start to work soon 
They really need to add a table of the order book instead of the graph.
this is pretty cool!
Quote
1. Must install a desktop program.
This is a massive turnoff for casual users and bitcoin newbies (but these potential users don't care much about decentralised exchanges anyway).
2. Only OKPay available as payment processor.
This excludes (in theory) US users which are still a very large part of the Bitcoin world.
It also excludes users who do not like OKPay's KYC and lack of user privacy (which is one big reason to go P2P in the first place)
3. It takes an average of 20 minutes to execute an order (Must wait for 1 block confirmation to open payment channel)
This excludes any high frequency traders or anyone who needs an immediate one-click execution.
4. Low liquidity. It is hard to buy/sell more than a few bitcents right now.
Excludes everyone. (but should be easy to fix)
So if Coinffeine manages to solve 4. they should be able to compete with Localbitcoins.com at least for those users that already use OKPay... and actually offer better value since Coinffeine's execution time is faster than LBC and there are no escrow or account blocking issues that are often the case with LBC, as well as no scammers.
Eventually, as they fix 2. by adding other payment methods they will be able to reach a much larger market.
They might even be able to fix 3.... although that would take a lot more work and increasing their use of multisig escrow....
I have been trying Coinffeine since they launched their open beta. I am quite surprised by how few nodes are running and how few orders there are on the order book. I have been thinking why... so here's my take. I wish the Coinffeine guys the best, please take this as constructive criticism!
Why are potential users not trying out Coinffeine?
1. Must install a desktop program.
This is a massive turnoff for casual users and bitcoin newbies (but these potential users don't care much about decentralised exchanges anyway).
2. Only OKPay available as payment processor.
This excludes (in theory) US users which are still a very large part of the Bitcoin world.
It also excludes users who do not like OKPay's KYC and lack of user privacy (which is one big reason to go P2P in the first place)
3. It takes an average of 20 minutes to execute an order (Must wait for 1 block confirmation to open payment channel)
This excludes any high frequency traders or anyone who needs an immediate one-click execution.
4. Low liquidity. It is hard to buy/sell more than a few bitcents right now.
Excludes everyone. (but should be easy to fix)
The good news is that 2. and 4. should be easy to fix for the Coinffeine team. They just need to get a few market makers in there and add other payment processors... which they have promised are coming soon.
Why are potential users not trying out Coinffeine?
1. Must install a desktop program.
This is a massive turnoff for casual users and bitcoin newbies (but these potential users don't care much about decentralised exchanges anyway).
2. Only OKPay available as payment processor.
This excludes (in theory) US users which are still a very large part of the Bitcoin world.
It also excludes users who do not like OKPay's KYC and lack of user privacy (which is one big reason to go P2P in the first place)
3. It takes an average of 20 minutes to execute an order (Must wait for 1 block confirmation to open payment channel)
This excludes any high frequency traders or anyone who needs an immediate one-click execution.
4. Low liquidity. It is hard to buy/sell more than a few bitcents right now.
Excludes everyone. (but should be easy to fix)
The good news is that 2. and 4. should be easy to fix for the Coinffeine team. They just need to get a few market makers in there and add other payment processors... which they have promised are coming soon.
Interview with the Coinffeine team:
https://www.bitcoin.com/news/coinffeine-next-gen-bitcoin-exchange/
https://www.bitcoin.com/news/coinffeine-next-gen-bitcoin-exchange/
Quote
Our exchange algorithm is based on game theory and some Bitcoin features as multi-sign transactions or micropayment channels. Each peer makes a deposit with a small amount of bitcoins in a multi-sign transaction. For each deposit, a time-locked refund transaction is created to ensure that funds can be recovered in case of failure. Then, a micropayment channel is established between buyer and seller. On each round, a small amount of fiat is transferred using a payment processor (OkPay, PayPal, etc). Then, the corresponding amount of bitcoins are transferred through the channel. If one of the peers refuses to transfer her part, she would lose her deposit. That incentive makes her proceed with the exchange as expected.
Quote
No user account is needed to operate in Coinffeine. Nevertheless, since the user wants to send or receive fiat to or from other users, a payment processor account is needed. You are as anonymous as the fiat money system allows.
hmmm... New York might be a problem as long as they only use OKPay:
Although there is an easy workaround, especially since you can do up to $300 without verifying or providing PoA... still, not optimal.
Hopefully they will add more payment processors soon.
hmmm... New York might be a problem as long as they only use OKPay:
Localbitcoins, Kraken, Bitfinex, Paxful... all have left New York because of the dreaded BitLicense.
At the same time, the guys at Coinffeine a P2P exchange that is uncensorable and works like Bittorrent, complain that they do not have enough beta testers and that there is tiny liquidity on their market because they don't know how to get traders to try it out.
So here I am making a call to any Bitcoin trader from New York, Germany, China or any of the other jurisdictions that have restricted access to download the Coinffeine Beta and place a limit order on the market, even if it is at a price that will not be executed.
For maximum effect let's all do so at the same time: Thursday 13th August at 11 am New York Time.
https://www.reddit.com/r/Bitcoin/comments/3gquau/bitcoin_has_no_borders_neither_should_a_bitcoin/
At the same time, the guys at Coinffeine a P2P exchange that is uncensorable and works like Bittorrent, complain that they do not have enough beta testers and that there is tiny liquidity on their market because they don't know how to get traders to try it out.
So here I am making a call to any Bitcoin trader from New York, Germany, China or any of the other jurisdictions that have restricted access to download the Coinffeine Beta and place a limit order on the market, even if it is at a price that will not be executed.
For maximum effect let's all do so at the same time: Thursday 13th August at 11 am New York Time.
https://www.reddit.com/r/Bitcoin/comments/3gquau/bitcoin_has_no_borders_neither_should_a_bitcoin/
Hmmm.. I was just told that OKPay does not work for US citizens...
Can anybody from the US confirm this?
Quote
Dear Client! We are currently not able to process financial operation in favor of individuals or companies based in the United States of America. This includes US citizens residing overseas.
Can anybody from the US confirm this?
So far I've done about 10 transactions on Coinffeine. The system seems to work really well, especially with the update to v. 0.11.
http://www.coinffeine.com/download.html
Obviously the one problem right now is that liquidity is tiny. You can buy or sell BTC0.10 , but there isn't enough of a bid-ask that you can easily buy or sell BTC1.00.
Hopefully that will change as more traders start trying it. It is definitely faster, easier and safer than other P2P exchanges like localbitcoins... with none of the hassle of having to worry about a trader's reputation or wait hours for the funds to clear.
Plus it's really amazing that Coinffeine does not ask you for a single piece of personal information. They don't hold your funds and cannot block them, nor do they have access to your private keys. So it is impossible to be "Goxxed" by Coinffeine. (You still have to trust your payment processor.... )
http://www.coinffeine.com/download.html
Obviously the one problem right now is that liquidity is tiny. You can buy or sell BTC0.10 , but there isn't enough of a bid-ask that you can easily buy or sell BTC1.00.
Hopefully that will change as more traders start trying it. It is definitely faster, easier and safer than other P2P exchanges like localbitcoins... with none of the hassle of having to worry about a trader's reputation or wait hours for the funds to clear.
Plus it's really amazing that Coinffeine does not ask you for a single piece of personal information. They don't hold your funds and cannot block them, nor do they have access to your private keys. So it is impossible to be "Goxxed" by Coinffeine. (You still have to trust your payment processor.... )
Where are those "70 countries" listed? It must be easier to find, if there is one such list (I hope so).
It's just the list of countries where OKPay works. You'll probably have to dig into their TOS to find it:
https://www.okpay.com/
More countries should be added as other payment processors are...
OKpay balance is _.__EUR in Coinffeine but I have EUR in my OKpay wallet.
Changed wallet - deleted user-settings.conf went through setup wizard again.
Still no EUR
Changed wallet - deleted user-settings.conf went through setup wizard again.
Still no EUR
Same thing happened to me. Try this:
Quote
Instructions for Okpay:
http://support.coinffeine.com/knowledgebase/articles/626628-how-to-set-up-your-okpay-account-in-coinffeine
http://support.coinffeine.com/knowledgebase/articles/626628-how-to-set-up-your-okpay-account-in-coinffeine
Input your OKPay account ID and password manually.
Thanks for the info.
Tried this, even setup a wallet just for Coinffeine. Still getting _.__EUR
Please check this manual to configure your okpay account manually:
http://support.coinffeine.com/knowledgebase/articles/626628-how-to-set-up-your-okpay-account-in-coinffeine
Regards,
Followed the manual to configure okpay manually - same result - _.__EUR
Deleted ~/.coinffeine/ started again - coinffeine retrieved the id and token correctly (I checked user-settings.conf) - same result - _.__EUR
Set up different wallet manually and checked user-settings.conf - same result - _.__EUR
I would like to test and use this new service.
Software was installed via https://aur4.archlinux.org/packages/coinffeine/
How do "refundable transactions" deal with malleability?
Its success will be based on the fiat options that are offered. OKPay alone won't cut it.
The Coinffeine devs have promised to add other payment processors soon. In theory this tech could be integrated with any system which allows irreversible transfers... including local bank wire settlement systems in some countries.
Which payment processors would you most like to see added?
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