New exchange (Bitcoin Market)
Hi everyone. I’m in the process of building an exchange. I have big plans for it, but I still have a lot of work to do. It will be a real market where people will be able to buy and sell Bitcoins with each other. In the coming weeks I should have a website with a basic framework set up. Please bear with me.
I’ve decided its time to try some real trading. I think it will be more exciting for everybody (myself included). If you’re interested there is more info on the site. You can deposit either Dollars or Bitcoins or both. This isn’t a donation! It’s the real thing, but I want to keep it on a small scale for now.
I’m using Paypal for the cash handling, until I find something better. I kept all the accounts from the last update so some of you won’t have to re-register. I also created an account and placed a bid for 500 Bitcoins @ $.0067/BC which I think is NewLibertyStandard’s current exchange rate.
I enabled SSL but it’s a self-signed certificate right now (you’ll get notifications that will try to scare you away).
If you have any questions you can post them here or send them to bitcoinmarket@gmail.com
https://98.168.172.185/
www.bitcoinmarket.com
Is there a human volume to your market, do you have population numbers as of right now DW?
Is there a human volume to your market, do you have population numbers as of right now DW?
There are 9 people signed up but only 3 have made a deposit so far. Myself makes 4. Looks like we had our first real trade around noon!
I’m trying something new…
From now on cash will be sent directly from the Bitcoin buyer to the Bitcoin seller using PayPal. When a trade is conducted on the market, an email is sent to the buyer instructing him/her to send money to the seller. When the seller confirms they’ve received payment, the Bitcoins are released to the buyer. (I hold the Bitcoins). If a trade “goes bad”, I will refund the Bitcoins to the seller. Bitcoin deposits and withdrawals are automated. You can find more info on the site.
This is experimental. It’s going to have some bugs, so please bear with me.
PayPal payments can be easily reversed. Unless an irreversible system like Liberty Reserve is used, it would be better for you to handle the payments.
Does BitCoin Market fill orders partially if the entire amount is not available?
PayPal payments can be easily reversed. Unless an irreversible system like Liberty Reserve is used, it would be better for you to handle the payments.
Does BitCoin Market fill orders partially if the entire amount is not available?
Yes, partial orders are filled, if the whole amount is not available.
Charge-backs are a weakness of this system. I’ve thought about ways to help rectify this weakness. I’ve come up with two so far…
- A user rating system, based on past trades and/or time.
- Forcing the buyer to keep Bitcoins in his/her account for a period of time as collateral.
I haven’t seen a fool-proof exchange method yet. Some would argue that LR can’t be trusted or a centralized account is begging to be confiscated. Who knows… But I do know designing something that fits the needs of a large audience is hard work, especially when our community is still so small. PayPal is fairly common to all.