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Topic: The biggest problem with bitcoin is these imcompetent exchanges - page 2. (Read 3640 times)

sr. member
Activity: 252
Merit: 250
kraken
It's not clear who "Kraken" is. Their street address in San Francisco is a cheap mailbox service on Market St. The same one Tradehill used. No audits. No broker/dealer license. And, already, user complaints about failure to pay up.

The biggest issue with Kraken is the low daily volume. I mean its something like 300 btc right now.  Undecided
legendary
Activity: 2156
Merit: 1393
You lead and I'll watch you walk away.
If you have a better way to do it then you should make one yourself. I'm sure that's what Jered Kenna thought too. We all know how that worked out.
sr. member
Activity: 280
Merit: 250
V for Victory or Rather JustV8
There's no reason to be upset about it, as another person mentioned it just shows how early we are in crypto and how much room there is to grow.  You need to guard yourself against well known exchanges going belly up and running off with your coins.  Only do trades in batches you can afford to lose.  

What needs to happen is someone, who is willing to NOT be anonymous, goes offshore (Cayman Islands, etc) and works locally with that gov to establish some rules for how things will go. Then put together a team, also NOT anonymous, that includes people with experience running/maintaining true exchanges like BATS/NASDAQ/ETC.  In addition, they'll need a team of programmers who can put together a website that can handle the volume and also provide support.

If you can do the above, you'll have a golden business, but that's going to take multi-millions of dollars and time to put it together correctly. Based on the market continuing to expand, you can bet someone is working on something similar to what I have described above as we speak.

Why Cayman, when you can go to Cuba?  Cool
newbie
Activity: 26
Merit: 0
There's no reason to be upset about it, as another person mentioned it just shows how early we are in crypto and how much room there is to grow.  You need to guard yourself against well known exchanges going belly up and running off with your coins.  Only do trades in batches you can afford to lose.  

What needs to happen is someone, who is willing to NOT be anonymous, goes offshore (Cayman Islands, etc) and works locally with that gov to establish some rules for how things will go. Then put together a team, also NOT anonymous, that includes people with experience running/maintaining true exchanges like BATS/NASDAQ/ETC.  In addition, they'll need a team of programmers who can put together a website that can handle the volume and also provide support.

If you can do the above, you'll have a golden business, but that's going to take multi-millions of dollars and time to put it together correctly. Based on the market continuing to expand, you can bet someone is working on something similar to what I have described above as we speak.
sr. member
Activity: 303
Merit: 250
just want to drop a note here that btc-e can interface with MT4 (metatrader 4).
legendary
Activity: 1204
Merit: 1000
kraken
It's not clear who "Kraken" is. Their street address in San Francisco is a cheap mailbox service on Market St. The same one Tradehill used. No audits. No broker/dealer license. And, already, user complaints about failure to pay up.
Quote
localbitcoins.
You get to deal with anonymous individuals trying to use PayPal in violation of PayPal's TOS. Plus the spreads are huge.
sr. member
Activity: 252
Merit: 250
bitcoin.de is a blessing compared to all the other exchanges, very nice design and functions, you don't have to deposit money on it, only bitcoins, and you pay directly to the seller with bank transfer, and you can even spend up to $2,500 before needing a complete registration...only problem, if we want to call it so, is that you need to be in the Euro zone, sorry Americans&Asians&rest of the world  Undecided btc-e and the others are good only for coin-coin exchanges...anyway I have no affiliation at all with bitcoin.de, just sharing my experiences, all other exchanges should be like that, and not only for the Euro zone...

bitcoin.de is not a traditional exchange like gox or bitstamp. Pretty much it brings together buyers and sellers and that can cause problems because people often change their mind based on how the price moves and transactions are never completed.
sr. member
Activity: 433
Merit: 250
Crypto Angel
I am using BTC-E for a year now and never had any problems. Still some people spread false rumors, because it is owned by Russians. And BTC-E is the place where you get the cheapest BTCs.

as I said, btc-e works fine for coins-coins exchange, but I don't think I will ever deposit money on it. That's because I actually wanted to but had some issues, contacted support and I got this precise answer from their support team: "change bank coz our details correct"...I swear this was the answer I got, as if it was written by a 12-years old brat...does it seem professional to you?
legendary
Activity: 3654
Merit: 1217
I am using BTC-E for a year now and never had any problems. Still some people spread false rumors, because it is owned by Russians. And BTC-E is the place where you get the cheapest BTCs.
legendary
Activity: 1106
Merit: 1005
kraken

localbitcoins.

two very valid options often overlooked.
newbie
Activity: 42
Merit: 0
I think the big problem is that all the mainstream large bitcoin exchanges have problems with them, but given the fact that massive quantities of people use them and they are considered go-to's they end up getting away with having less than adequate conditions. Furthermore, the fact that you have to have a lot of startup cash, servers, and web/money knowledge means that there is a huge barrier that up and comers have to hurdle just in order to start up. This really puts a damper on innovation.
sr. member
Activity: 433
Merit: 250
Crypto Angel
I am trying to setup a Bitcoin exchange in the UK however I have found it very difficult to get support.  Undecided

btcsense.co.uk

the design looks really cool, good luck!  Wink
sr. member
Activity: 308
Merit: 251
Giga
I am trying to setup a Bitcoin exchange in the UK however I have found it very difficult to get support.  Undecided

btcsense.co.uk

Cool, wish you all the best with that. Funding can be a pain you might try approaching so capital venture and pitch in your idea.
sr. member
Activity: 406
Merit: 250
I am trying to setup a Bitcoin exchange in the UK however I have found it very difficult to get support.  Undecided

btcsense.co.uk
sr. member
Activity: 433
Merit: 250
Crypto Angel
bitcoin.de is a blessing compared to all the other exchanges, very nice design and functions, you don't have to deposit money on it, only bitcoins, and you pay directly to the seller with bank transfer, and you can even spend up to $2,500 before needing a complete registration...only problem, if we want to call it so, is that you need to be in the Euro zone, sorry Americans&Asians&rest of the world  Undecided btc-e and the others are good only for coin-coin exchanges...anyway I have no affiliation at all with bitcoin.de, just sharing my experiences, all other exchanges should be like that, and not only for the Euro zone...

Euro zone , or European Union?
Cause I'm getting interested on this , heard a lot of good stuff about it.



well, I can tell you that you have to pay through SEPA bank transfer (or national bank transfer, if the seller's bank is in the same nation as your bank), which is only available for banks of the countries that are in the Euro Zone I think...quote from Wikipedia: "The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. As of November 2013, SEPA consists of the 28 EU member states, the four members of the EFTA (Iceland, Liechtenstein, Norway and Switzerland) and Monaco"

As I said, I recommend bitcoin.de, I personally made more than 10 trades, all successful, and the community is generally friendly, and the coin disbursement doesn't usually take more than half an hour...in addition the possibility to spend up to 2,500 euros before a complete verification (only with a bank account verification) is a great feature

The euro zone means the states that adopted the euro as a currency. That got me curios.
SEPA is for the whole Eurpean Union.

I'll give it a try , what the hell!

alright, my mistake  Grin by the way I think you will not regret it, it is really worth trying! It is obviously not intended for daily traders since the bank transfers can take up to one or two days, but if you just want to get some bitcoins to store away or move to other exchanges, or don't want to/can't get a full verification, it is the best site at the moment in my opinion!

EDIT: I think it is important to add that the 2,500 euros without verification are annual, so if you start trading now, in less than a month you will be able to spend 2,500 more euros without verification  Wink
hero member
Activity: 826
Merit: 501
in defi we trust
[...]Yea we really need a truly decentralized exchange, which allows trading of any crypto currency.[...]

+1

...and we need it now. Urgently!

https://bitcointalksearch.org/topic/p2p-exchange-for-bitcoin-172705
Unfortunately.....

did that project die ?

Yeah , and all others like it.
Of course you can't say it died for sure but no news from them .
sr. member
Activity: 308
Merit: 251
Giga
[...]Yea we really need a truly decentralized exchange, which allows trading of any crypto currency.[...]

+1

...and we need it now. Urgently!

https://bitcointalksearch.org/topic/p2p-exchange-for-bitcoin-172705
Unfortunately.....

did that project die ?
hero member
Activity: 826
Merit: 501
in defi we trust
bitcoin.de is a blessing compared to all the other exchanges, very nice design and functions, you don't have to deposit money on it, only bitcoins, and you pay directly to the seller with bank transfer, and you can even spend up to $2,500 before needing a complete registration...only problem, if we want to call it so, is that you need to be in the Euro zone, sorry Americans&Asians&rest of the world  Undecided btc-e and the others are good only for coin-coin exchanges...anyway I have no affiliation at all with bitcoin.de, just sharing my experiences, all other exchanges should be like that, and not only for the Euro zone...

Euro zone , or European Union?
Cause I'm getting interested on this , heard a lot of good stuff about it.



well, I can tell you that you have to pay through SEPA bank transfer (or national bank transfer, if the seller's bank is in the same nation as your bank), which is only available for banks of the countries that are in the Euro Zone I think...quote from Wikipedia: "The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. As of November 2013, SEPA consists of the 28 EU member states, the four members of the EFTA (Iceland, Liechtenstein, Norway and Switzerland) and Monaco"

As I said, I recommend bitcoin.de, I personally made more than 10 trades, all successful, and the community is generally friendly, and the coin disbursement doesn't usually take more than half an hour...in addition the possibility to spend up to 2,500 euros before a complete verification (only with a bank account verification) is a great feature

The euro zone means the states that adopted the euro as a currency. That got me curios.
SEPA is for the whole Eurpean Union.

I'll give it a try , what the hell!
hero member
Activity: 826
Merit: 501
in defi we trust
[...]Yea we really need a truly decentralized exchange, which allows trading of any crypto currency.[...]

+1

...and we need it now. Urgently!

https://bitcointalksearch.org/topic/p2p-exchange-for-bitcoin-172705
Unfortunately.....
sr. member
Activity: 433
Merit: 250
Crypto Angel
bitcoin.de is a blessing compared to all the other exchanges, very nice design and functions, you don't have to deposit money on it, only bitcoins, and you pay directly to the seller with bank transfer, and you can even spend up to $2,500 before needing a complete registration...only problem, if we want to call it so, is that you need to be in the Euro zone, sorry Americans&Asians&rest of the world  Undecided btc-e and the others are good only for coin-coin exchanges...anyway I have no affiliation at all with bitcoin.de, just sharing my experiences, all other exchanges should be like that, and not only for the Euro zone...

Euro zone , or European Union?
Cause I'm getting interested on this , heard a lot of good stuff about it.



well, I can tell you that you have to pay through SEPA bank transfer (or national bank transfer, if the seller's bank is in the same nation as your bank), which is only available for banks of the countries that are in the Euro Zone I think...quote from Wikipedia: "The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. As of November 2013, SEPA consists of the 28 EU member states, the four members of the EFTA (Iceland, Liechtenstein, Norway and Switzerland) and Monaco"

As I said, I recommend bitcoin.de, I personally made more than 10 trades, all successful, and the community is generally friendly, and the coin disbursement doesn't usually take more than half an hour...in addition the possibility to spend up to 2,500 euros before a complete verification (only with a bank account verification) is a great feature
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