What features would you want in an Exchange?

burnside

legendary

Activity: 1106

Merit: 1006

Lead Blockchain Developer

Quote from: Deafboy on September 09, 2012, 02:51:09 AM

All partitions encrypted (unlike bitfloor)

Not sure how this helps an operating exchange? If the encrypted partition is mounted and the running daemon can access the wallet, then so can the attacker. Unless I'm missing something, encrypted disk only helps secure cold storage. (backups & stolen drives)

Deafboy

hero member

Activity: 482

Merit: 502

Public source code of actual running instance so anyone can check. (unlike all except intersango for a while)
Not hosted on VPS (unlike bitcoinica)
All partitions encrypted (unlike bitfloor)
Two factor auth (yubi key / google auth / oath)
Clear terms and conditions, so the account is not frozen AFTER the money arrives. (unlike Mt.Gox)
Possibility to lock withdraw info. So potential hacker cannot do the worst.
Prefer security over comfort (larger offline wallet even if it means longer waiting time)

Phinnaeus Gage

legendary

Activity: 1918

Merit: 1570

Bitcoin: An Idea Worth Spending

Now I know gdw that there was a similar thread, and for the life of me I can't figure out how Roman missed it, for it too listed SECURITY.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: Gaff on September 08, 2012, 10:37:10 AM

Can't believe nobody has said this already:

Two Factor Authentication

Also make sure you're immune to social engineering, I don't want someone ringing up on my behalf claiming I've lost my token in order to get the security downgraded.

I'd expect both the Two Factor Authentication and social engineering issues to be identified during the audit and before any insurance company would present any affordable insurance, so while I didn't specify either of those I figure I've got them covered.

Gaff

hero member

Activity: 924

Merit: 502

Can't believe nobody has said this already:

Two Factor Authentication

Also make sure you're immune to social engineering, I don't want someone ringing up on my behalf claiming I've lost my token in order to get the security downgraded.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Audited business and security process.
Insurance.
Sufficient capital to weather small losses and costs of growth
Anonymity when converting fiat to BTC
Competitively low fees

DonShrents

member

Activity: 96

Merit: 10

All Exchanges, being either old or new, should specify their level of willingness to assume the role of "Bitcoin Police" in reference to tainted coins, or coin origin tracking in general. Users or Depositors should know well in advance that there is a possibility that their bitcoins will be subject to seizure if the level of taint is greater than what is acceptable by that particular exchange. Bitcoin deposit seizures by Exchanges, with virtually no avenue of recourse or protection for regular users should be a concern for everyone.

~DonShrents

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

Just a sound security concept.

Bitcoin Oz

hero member

Activity: 686

Merit: 500

Wat

Offer interest to people who keep their coins there providing liquidity and make sure you use a cold wallet.

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

Quote from: photoa6155 on September 05, 2012, 10:36:04 AM

If there are any programers out there who would be interested to build or contribute to building such an exchange feel free to PM me.

BitFloor's operator has tossed out the idea of open sourcing his code for BitFloor.

Intersango has open sourced an old version of their exchange (before it was rewritten).

Bitcoin-Central (Paymium) operates their exchange using exchange software they've open sourced.

Open Transactions (OT) is likely to be a good starting point for building an exchange today:

- https://bitcointalksearch.org/topic/proposal-for-safe-blockchain-storage-pools-for-exchanges-using-multisig-96391
- https://bitcointalksearch.org/topic/proposal-for-security-standards-for-bitcoin-exchanges-95745

photoa6155

newbie

Activity: 28

Merit: 0

I am no one of any importance. Why will I succeed will others have failed. Did not say I could, I was just looking for suggestions on what people need and want from an exchange. I am just gauging what the community needs and wants.

thezerg

legendary

Activity: 1246

Merit: 1010

Who are you and why will you succeed where others have failed?

photoa6155

newbie

Activity: 28

Merit: 0

With all the recent hacks and poor service of the exchanges, I am looking into starting an exchange. I would like input from the community on what some features would make you switch from mtgox or other exchanges. Here are a few thoughts I have.

#1 Security, Security and more Security
ACH withdrawals
Deposits through a major bank Branch
Built in Real time trading platform with charts, depth of market and time and sales built for real traders. Take a look at Lightspeed.com thats what I would aiming for eventually-Not sure if that would be cost effective at the beginning.

Any suggestions or ideas either negative or positive would be greatly appreciated.

I have been trading stocks and futures for quite some time and have connections with hedge funds, Investment advisors and others in the financial industry.

If there are any programers out there who would be interested to build or contribute to building such an exchange feel free to PM me.

Thanks

Topic: What features would you want in an Exchange? (Read 1507 times)