lost Money in Unocoin: Buy, Use and Accept Bitcoin in India - page 2.

RocketSingh

legendary

Activity: 1662

Merit: 1050

Quote from: legendster on January 14, 2015, 09:06:05 AM

Quote from: cyphos on January 14, 2015, 04:03:07 AM

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

hero member

Activity: 1778

Merit: 764

www.V.systems

Quote from: cyphos on January 14, 2015, 11:52:18 AM

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.

cyphos

newbie

Activity: 58

Merit: 0

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

hero member

Activity: 1778

Merit: 764

www.V.systems

Quote from: cyphos on January 14, 2015, 04:03:07 AM

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.

yaswanthnlr

newbie

Activity: 23

Merit: 0

Quote from: cyphos on January 14, 2015, 06:17:19 AM

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

cyphos

newbie

Activity: 58

Merit: 0

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

newbie

Activity: 23

Merit: 0

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

newbie

Activity: 58

Merit: 0

is unocoin.com an exchange??

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

dashingriddler

legendary

Activity: 1258

Merit: 1001

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.

dashingriddler

legendary

Activity: 1258

Merit: 1001

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.

legendster

hero member

Activity: 1778

Merit: 764

www.V.systems

Quote from: yaswanthnlr on January 14, 2015, 01:39:08 AM

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).

yaswanthnlr

newbie

Activity: 23

Merit: 0

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.

Quote

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) .

Topic: lost Money in Unocoin: Buy, Use and Accept Bitcoin in India - page 2. (Read 3757 times)