Topic: UpComing Exchange - Coinster - User Suggestions Thread (Read 1137 times)

See here.

Bitcoin is inundated with services started by anonymous, unestablished "I"s and "our team"s "reaching out" and so forth. What's needed is competence. What you're offering is marketing babble.

So you got a good idea and maybe some good code. Good. give it away like Satoshi did. I here this stuff all the time over and over. Get real money to back you. Coinbase has 31MM in VC backing. It's why I do business with them. I trust the VCs to do diligence and vetting these guys because I just don't have the time to research every swing dick like you who claims to have a great idea for a new exchange. What makes you less likely to close shop than Trade Hill, Bitmarket.eu, bitoption or a dozen others. They were undercapitalized, which is the reason the vast majority of small business fail. You should have a pile of money from buying BTC at $12/BTC and if you don't, you haven't been around long enough and have the experience to run a quality bitcoin exchange.

There's a reason no US exchange is quick in/quick out due to massive bank fraud where you must hold transactions unless you take cash (good luck with that) and regulatory nightmare of registering msb licenses in every state in order to operate. I'd base in the US and run a Brazillian exchange or Chilean or some other country until you are established then can go get VC funding for the multi millions needed to get state MSBs and hire independent compliance officers.

In fact I'd say forget USD completely, and instead code a Gold buillion to BTC exchange due to way less requirements for exchanging gold and silver. Or you could make a live pricing gold site. Buy up stock at bordergold in Canada and store it. Sell it for live pricing, keep the profits in bitcoin and exchange the rest through bitpay to dump back into bordergold. They do all the 3rd party secure mail order to US/Can residents. Now we can all buy gold for BTC through a reliable, audited service and you could also facilitate p2p gold for bitcoin sales with escrow if licenses allow. Forget USD it's a lost cause unless you have wallstreet money or only operate in texas

This is exactly what we are aiming for. A secure, fast and reliable exchange and merchandise site for bitcoin that is backed by our technology  company. With our exchanges and coin pairs we are aiming for the ultimate exchange experience for users.

The more exchanges there are... the less liquidity there is

There are numerous already but I wouldn't trust any of them with any large amount of BTC or fiat - so create something Bitcoin actually needs - a trustworthy, reliable and quick exchange with proper contact information, details of the owners and ease of use and you've cracked it.

EDITED. changed my mind

Right, My suggestion then, establish the exchange in a location where the patriot act(or similar) does not exist.
Also, offer many different currencies, not just USD and Euros.

Before I forget, The patriot act is a joke, it only hurts law abiding citizens, criminals still launder money just as easy, and since when have terrorists needed funding?
How much did a plane ticket cost back in 2001? Maybe a few hundred bucks to destroy both towers.

As I said, fast money in ....fast money  out...fast response to customer queries.... that should give you a head start.

If you really wanted to be funky then why not setup a portal where I can buy from any exchange through your portal...and you maintain the accounts required on the other exchanges....

Amateur hour is over.

Either become an SEC licensed broker/dealer, with audits, capital backing, and SIPC insurance, or go home.  We have enough wannabe exchange operators.

This is becoming a big issue as Mt. Gox collapses.

This is our second project that will come after the exchange is made. I cannot tell you that idea just now. We are going to copy right it first. Based on my personal experience with exchanges (there is 4000$ stuck on my mtgox account) and other users experience and the news from the media, there are really not many services out there that should be called an exchange. Our exchange builds up from a great fund and great idea, and we are making it based on the other exchanges out there. We are going to mix all the great features of the exchanges out there, creating a secure, fast, reliable and trustworthy exchange that is backed by our own company.

My suggestion, create something that bitcoin actually needs.

Another exchange is not needed.
There are numerous already.

Thank you for your questions and suggestions. I am going to try to answer everyones questions. We are a start up company, that is located in Texas. We are in the process of writing our business module to present it to potential investors. My marketing president is reading out to potential developers non-stop. The interest is huge, due to our unique ideas and projects that are confidential at this point. At this point we are able to potentially obtain 50k+ from investors. This will be spent on the exchange, the iOS and android app that we are developing. We are also putting high emphasize on security and the user friendly interface.


At this point we are not considering a lending features, due to the anonymous and nonreversible nature of bitcoin transactions. But as I said, we are going to give a certain amount of the trading fees back to our users that keep bit coins on their wallets.

Right now, that is all i can share with you guys about the exchange. We are just starting the development of the exchange and the feature in it.

I was just curious what you guys thought about other exchanges and I wanted to get your feedbacks on necessities, that we can make with coinster.

Our homepage is going to be up in the next week on the following website: coinster.co

Our Facebook, and twitter pages are under development as well.

I will keep posted everyone here. As we move forward. Until then I would love to here your feedback on exchanges and your necessities. We will make them happen.

Coinster

In what country are you located?  Are you licensed as a money services business in the US and compliant with all other regulations? 

Just check out the service discussion subforum on what not to do.  If you respond to service requests within a few weeks, then you will be ahead of the competition.

If structured legally with a smooth, seamless interface and good customer service, you are likely to garner a large percentage of the bitcoin trading market.  People are fed up with the current bitcoin trading experience.

how difficult will deposits/ withdrawals be in the US?  How ado you plan to avoid the issues in this area that all the other exchanges have encountered?

I would like to see a LOT of transparency regarding who owns and operates the exchange and what safeguards are in place to protect funds. I would also like to see the option of lending out my coins to short-sellers at reasonable (possibly floating) interest rates.

Sorry I was not clear enough. The interest is going to come form the trading fees. We will be giving away a certain % of the income from the trading fees.

Thank you for this suggestion. We will definitely look into it.

Interest on BTC balance? The only way you could swing that that comes to mind is you're contemplating extending margin loans and letting people short BTC. Which sounds like a good way to self detonate, and lose people's BTC.

1. Fast Transfers in
2. Fast Transfers out
3. Routine Pen Testing/Security Audits
4. Insurance for coins held by the exchange.