Silk Road forums

Discussion => Security => Topic started by: Blumbptt on December 01, 2012, 06:16 am

Title: What would make the best BitCoin Exchange website? Ideas for a page Ima make
Post by: Blumbptt on December 01, 2012, 06:16 am
What would make the most best, simple BitCoin Exchange website.
- No cash limit
- No i.d.
- Fast services
what else would you want to make up your favorite Bitcoin Exchange webpage. I linked up with the guy who created GnuPG and he's going to help teach me how to make a pro looking web page with lot's of traffic.
And how do bitcoin site owners make money? Do you think it's a lot if it's good enough?

C' mon everyone, pop an addie, speed up and concetrate here this is an important question!  ;D
Title: Re: What would make the best BitCoin Exchange website? Ideas for a page Ima make
Post by: BTCmonkey on December 01, 2012, 11:41 pm
What would make the most best, simple BitCoin Exchange website.
- No cash limit
- No i.d.
- Fast services
what else would you want to make up your favorite Bitcoin Exchange webpage. I linked up with the guy who created GnuPG and he's going to help teach me how to make a pro looking web page with lot's of traffic.
And how do bitcoin site owners make money? Do you think it's a lot if it's good enough?

C' mon everyone, pop an addie, speed up and concetrate here this is an important question!  ;D

This is quite a difficult question. There are lots of factors to consider. No cash limit would be great, but to operate legally in the United States, there are very strict requirements for businesses that exchange more than $1000 with any person in a day. You have to register with FinCEN as Money Service Business and keep all kinds of records.

Are you considering a peer to peer exchange or just becoming a buyer and seller? Because creating a peer to peer exchange is an enormous feat. These things like to get hacked. If you want to go this route, make sure you hire a good security specialist.

Also, the idea that you don't know how bitcoin "site owners" make money hints that you need to do an insane amount of research before you seriously consider this. Better exchanges are popping up all the time, and I think it will just take time to weed out the bad ones. I mean Mt. Gox is secure and reliable and liquid, but it's a bitch to get money in and out. Bitcopia is anonymous and fast, but they have a transaction limit of $999 a day. I asked them why and the dude explained the whole FinCEN record keeping requirements for money service businesses and said that they'd rather not have to keep records. So as of now, it seems to me that offering total anonymity plus no limits on transactions is not a legal business model in the United States. If this is what you're looking for, you'd be best to deal on bitcoin-otc or with some private individuals on community forums.