Topic: [BETA] Coinffeine. Distributed Bitcoin exchange. - page 3. (Read 8528 times)

This is great news! I will download and have a play.

Its success will be based on the fiat options that are offered. OKPay alone won't cut it.

<<The Technical WIKI says you need to create a REFUNDABLE BTC deposit.. This is currently NOT possible with Bitcoin as you have TXN malleability issues.. ? They don't mention this in 'Threats and Mitigation' section. >>

This is currently possible with Bitcoin. We are not using the same definition of "refundable deposit" as defined in the Bitcoin wiki.
The malleability issues might affect to exchanges in some cases but it doesn't affect to Coinffeine. Please read about the Coinffeine protocol, what is transaction malleability and how it can be exploited.
https://github.com/Coinffeine/coinffeine/wiki/Exchange-algorithm

<<Also - they say you need to use a FIAT payment processor that does not support chargebacks.. That's up to the BANKS isn't it ? I don't know of any fiat processor that does this. And if you need to use Kraken or another exchange, they WILL require KYC ?>>

All FIAT payments are reversible. We are using payment methods without a arbitration process. In the real life this means "a not reversible payment" and people are using Okpay and Paypal for buying large amount of bitcoins in LocalBitcoins for example.

https://localbitcoins.com/buy-bitcoins-online/usd/paypal/
https://localbitcoins.com/buy-bitcoins-online/usd/okpay/

Think about it.

PayPal invoices is an example of a payment method which is not valid for buying bitcoins, but there are other payment methods in paypal or many other payment processors we can use. By now we are using OkPay and we held meetings many payment processors to discuss about this point, including PayPal.

<<And finally - in the example they use 100 steps to transfer $100 - $1 at a time.. the fees on that will be monstrous.. since the min fee will be a huge amount of the $1 transfers ? >>

Buying 1BTC/100€ in coinffeine has a total fee of 0% for the seller and 0.5% (okpay fees) for te buyer. Try to do the same operation in Coinbase and you will get 1% fee for the buyer and 1% fee for the seller.
So at this moment Coinffeine is 100% cheaper than Coinbase for bitcoin sellers and 50% cheaper for buyers.

This is because transferring 10€ in many transactions of 2€ has a fee of 0.5% for each 2€, which is the same as 0.5% for the total amount.

You are right, the status go from submitting --> in market --> matching --> processing --> completed.

An order should go from "in progress" to "in market" and keep in this state if there is no orders matching with your order. When te order is in state "in market" it is just waiting for a cross.

<>

You can cancel your order safely in any moment if there is no active exchanges. The cancel button is disabled when Coinffeine cannot cancel an order because there are active exchanges, so if you are able of clicking the "cancel" button you can cancel the order.
You'll never lose your deposit (2€ in bitcoins) for cancelling an order because orders cannot be cancelled when they are in progress.

If you shutdown Coinffeine app or your computer in the middle of an exchange, the app will continue when you get back. If you don't get back in more than 24h you'll lose your deposit for the exchange in progress: an amount of money of 2€ in bitcoins.

Regards,

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,

Hello!

Yes, there are many payment processors like that in USA. For example Dwolla, PayPal, etc. Yes!, PayPal. After talk with them we will integrate PayPal in Coinffeine soon using non reversible payments.

Regards,

Another important thing.. don't forget to set your OKPay "publicity level" to anonymous.. otherwise your Coinffeine counterparties will see your name in their activity log!


...and also set your options to not show your e-mail address!

I have bought a few bitcents and I have sold some. It seems to work fine, with a few delays. I have never waited so intently for block confirmations!

It seems that orders go from submitting --> in market --> matching --> processing --> completed

...but if my computer goes to sleep in the meantime, it seems that I have to start all over again. Once order is "matching" you have to wait for a block confirmation for it to go into "processing".


Can somebody from the @Coinffeine team please confirm what happens to orders if you drop off at any of these stages?

When do you lose the BTC escrow?

What happens if an order is only partially filled?

Why can't you cancel market orders like you can cancel limit orders?

Watching 

Thanks for the info.

Tried this, even setup a wallet just for Coinffeine. Still getting _.__EUR

Same thing happened to me. Try this:


Input your OKPay account ID and password manually.

I think that you can do up to $300 without verification.

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

Only those payment processors can be added to Coinffeine, which fulfils the following criteria...

i. FIAT payment is irreversible.

ii. An API that notifies instantly about send/receive of FIAT along with the amount associated.

Is there any such payment processor in USA ?

Does anyone have any pointers as to how they get "refundable transactions" working if lock_time transactions can fail to be redeemable when they become final due to malleability?  Or have I missundstood something?

Do you have the addition of other payment processors in the roadmap? OKPay doesn't support US users at the moment.

I've downloaded it for archlinux.. was trying to register for okpay but they require like 5 types of verification and they have really high withdrawal fees; (3% USD + 5 USD to visa/mastercard) thats 35 USD per 1000 usd

30 peers online

Instrunctions for Okpay:
http://support.coinffeine.com/knowledgebase/articles/626628-how-to-set-up-your-okpay-account-in-coinffeine

I tried it yesterday. It works!

It takes some getting used to because instead of waiting days to verify an account and wire money to an exchange, but then having instant order execution, with Coinffeine you don't need to register or verify, you can be using it right away... but orders take time (10-20 minutes) to be executed (because they have to wait for blocks to be confirmed).

http://blog.coinffeine.com/2015/07/21/coinffeine-launches-worlds-first-decentralized-bitcoin-exchange-70-countries/

Download links!

http://www.coinffeine.com/download.html