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Evercoin: A cryptocurrency exchange platform
- jerguismi 9y agoLooks like a shapeshift/changelly clone.
- StavrosK 9y agoIt very much does, what's the advantage?
- donpdonp 9y agoThe simplicity of the conversion is fantastic, but I am perplexed as to how an anonymous exchange exists when there are KYC requirements.
- ringaroundthetx 9y agofirst by admitting that KYC wouldn't help stop terrorists even if it was implemented how you imagined it. Even Shapeshift wrote that in response to the WannaCry investigations. One hop to Monero and the whole money firewall regime is foiled, hopefully enough that the people of any nation ask their governments to stop spending their money on that task, and focus on the economy in more productive ways. KYC laws apply to national currencies. Any cryptocurrency exchange that has limits is just trying to run a show to appease some senators for the time being.
- JumpCrisscross 9y ago> KYC laws apply to national currencies Assuming federal laws don't apply because you sprinkled some magic around you is a pretty awful way to end up in jail. KYC violations are criminally punishable. Anyone operating a non-compliant exchange is subject to investigation, arrest and asset freezes. Disclaimer: I am not a lawyer. This comment does not constitute legal nor investment advice.
- ringaroundthetx 9y ago> Assuming federal laws don't apply because you sprinkled some magic around you is a pretty awful way to end up in jail. AML/KYC apply to institutions that apply for Money Service Business licenses, MSBs for short. This is promulgated by FinCEN agency of the US Treasury department. FinCEN has comprehensive definitions of what kind of digital currency use is subject to MSB registration. It is easy for digital currency to other digital currency exchangers to be exempt from those regulations, via one of the codified exemptions, because your straw man argument about federal laws not applying wasn't the argument I was making at all. So now that we've established that, let me know if you want to discuss the something closer to reality.
- JumpCrisscross 9y ago> AML/KYC apply to institutions that apply for Money Service Business licenses MSBs have KYC requirements. It does not follow that non-MSBs have no KYC requirements. FINRA-member firms, for example, are not MSBs and have strict KYC rules [1]. FinCEN has nowhere said that non-MSBs are exempt from KYC. Nobody can competently say that. All American businesses are subject to the minimum threshold of KYC responsibility in coöperating with OFAC restrictions [2]. [1] http://www.finra.org/industry/notices/11-02 http://www.finra.org/industry/notices/11-02 [2] https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_general.aspx https://www.treasury.gov/resource-center/faqs/Sanctions/Page... Disclaimer: I am not a lawyer. This comment does not constitute legal nor investment advice.
- 9y ago
- jpatokal 9y agoIt's not clear that KYC requirements apply when you're not handling fiat money, which these exchanges aren't. Although I agree with other comments noting that it's pretty ballsy to make that argument if you're incorporated in the US...
- sturmeh 9y agoWhy are you all so keen on a monopoly? Competition = better rates for both services.
- pc86 9y agoNobody is arguing for a monopoly, but you need some differentiating factor until your service grows to the point of being a commodity.
- jliptzin 9y agoNo you don't. Businesses like to claim some profound difference that makes them better than the competition, when in reality it's just a thinly veiled gimmick around a clone of the exact same business model.
- deleted 9y ago[deleted]
- erikpukinskis 9y ago"Were parked on different marketing channels" is the only differentiation you need. If your competitors join you, there are infinite incremental improvements you can make tailoring your offering to submarkets within those channels. It's a neverending arms race for specificity and anyone can play. Google for birds Google for tropical birds Google for sick tropical birds Google for birds in social media Google for flying mammals Google for virtual flying animals ...ad nauseum... You just have to keep noticing things about your audience your competitors.havent noticed yet.
- earthly10x 9y agoThis kind of activity spurs 'The Dawn of $1B ICO's' https://hackernoon.com/the-dawn-of-the-1b-ico-a0486f6587a2 https://hackernoon.com/the-dawn-of-the-1b-ico-a0486f6587a2
- uncletammy 9y agoOh, so it's like https://shapeshift.io/ https://shapeshift.io/ except subject to the arbitrary and Orwellian US financial regulations! All jokes aside, I'm not knocking Evercoin. It looks beautiful and I welcome anyone and everyone who wants to bring liquidity to crypto markets. I'm just concerned about the sustainability of any platform based in the US. Maybe Evercoin knows something I don't though. I feel like the smartest thing we can do is exactly what Bitfinex has done. Shut out US customers and put pressure on regulators to be sensible.
- komaromy 9y agoShapeshift is very convenient but the fees are exorbitant compared to other platforms.
- xur17 9y agoAnd Evercoin's fees are even higher.
- gst 9y agoI just tried placing an order and Evercoin's fees appear to be significantly lower. Shapeshift: 1 BTC -> 14.20477011 ETH Evercoin: 1 BTC -> 14.25967407 ETH Changelly: 1 BTC -> 14.35434362 ETH While Changelly appears to have the best rate they don't guarantee the rate. In my experience the actual rate is often much worse than the estimated rate (and unfortunately it's too late to cancel once you see the rate).
- xur17 9y agoI was originally testing BCC to BTC, so it looks like it depends upon what you are exchanging: Shapeshift: 1 BCC -> 0.06773499 BTC Evercoin: 1 BCC -> 0.06682701 BTC
- clemens2000 9y agoMaybe someone should build a Kayak for Bitcoin exchanges, that picks the cheapest exchange for each trade...
- hackerboos 9y agoAny plans to support Monero?
- talipozturk 9y agoWe just added Monero today!
- tyrust 9y agoAs others have noted, this is a clone of https://shapeshift.io/ https://shapeshift.io/. Clones are fine: it's possible that evercoin does something different/better than shapeshift. What is not fine is the apparent lack of transparency in fees [0]. evercoin says that they charge both exchange and miner fees but do not specify either; just because they include the fees in the final price does not mean they do not exist. Compare this to shapeshift [1], which only charges a miner fee, specifying exactly what that fee is. [0] - from their FAQ (https://evercoin.com/faq https://evercoin.com/faq): > How about fees? > Let's assume Evercoin tells you that you will receive 7.55 LTC for depositing 1 ETH. All fees (our fee and miner/blockchain fee) are all baked into our pricing so there is no additional fee. That means if we receive -exactly- 1 ETH then you will get -exactly- 7.55 LTC in your LTC wallet. No playing with the numbers, no surprises. [1] - from https://info.shapeshift.io/about https://info.shapeshift.io/about: >With ShapeShift, what you see is what you get. The exchange rate shown is exactly what you'll receive, minus only the "miner fee." There is no exchange fee, or service fee. > [fee schedule follows]
- donpdonp 9y agoIt sounds like using Foreign-exchange with an ATM card - there's no explicit fee except the conversion rate is adjusted to work in the bank's favor as a cut of the total amount transfered.
- csomar 9y agoI'm pretty sure Shapeshit charges a fee (spread).
- corford 9y agoThey do and explain as much in their FAQs.
- amingilani 9y agoIt doesn't matter. At the end of the day, all you care about is the exchange rate (e) for the number of tokens you send (x) and the number of tokens you get (y). i.e (x/y = e) The way the exchange determines this rate is entirely upto them. If it's too high, go somewhere else.. but no exchange is required to disclose how they derived their rate. Just because one did, doesn't mean it's any better than the other. If the e(shapeshift) < e(evercoin), I'd go for Shapeshift, or vice-versa. In the real world, I wouldn't expect a money-exchange at the airport to include a full breakdown of their costs on their exchange schedule.
- aphextron 9y agoThis seems so wacky to me. Are you guys seriously going to start sending thousands of dollars in currency through some random website with a marketing page and a blog?
- eterm 9y agoWelcome to the "new normal" in crypto-currency. There's so much money floating around it ends up everywhere.
- EthanHeilman 9y agoYou just described 90% of online merchants. ...and you're right, plenty of online merchants rip people off. This is one reason that large trusted merchants dominate the space (overstock, amazon, newegg, etc..). If a shapeshift clone exit scam [0] hasn't happened yet it will happen soon. People should do careful research on these sites before using them, just like people should do research on online merchants. That being said I don't think evercoin is a scam. I'm glad to see competitors to shapeshift and innovation in this space. The website looks great! I wish evercoin all the best. [0]: https://en.wikipedia.org/wiki/Exit_scam https://en.wikipedia.org/wiki/Exit_scam
- ourmandave 9y agoBut aren't you protected by your credit card if the merchant fails to deliver?
- aphextron 9y ago>But aren't you protected by your credit card if the merchant fails to deliver? Yes, among other legal protections. The reason this seems so crazy to me is because you have absolutely no recourse in the event of a mishap. The company doesnt even have a published address or phone number. I cant even find a support e-mail. A Google search yields nothing about the company but this announcement. The blog is run entirely by their "Chief Marketing Officer". I guess my skin is not thick enough for the crypto world.
- 9y ago
- loppers92 9y agoUnfortunately, they don't have IOTA listed... What is IOTA? https://m.youtube.com/watch?v=h09z2N0MtuQ https://m.youtube.com/watch?v=h09z2N0MtuQ
- paulius005 9y agohnnnng http://imgur.com/a/XhHlH http://imgur.com/a/XhHlH
- base698 9y agoWhy not Neo? Seems like the hottest one to support right now. Would probably test it out if you get that working :)
- gst 9y agoIs the rate shown when placing an order guaranteed or an estimate?
- 2paisay 9y agoTheir LinkedIn profile doesn't inspire much confidence except for everyone is Turkish and they keep recommending each other there.
- choffman 9y agoA noble attempt, but without supporting Monero you're not supporting fungibility and privacy. I hope this is an oversight that you'll correct.
- discombobulate 9y agoThis is correct. Without private (anti-1984 cypherpunk) money the exchange is junk.
- talipozturk 9y agoThis is Talip@Evercoin. Yes we are currently working on adding Monero. Should be ready in a week. Thanks for the feedback.
- talipozturk 9y agoNow Monero is supported!
- DeepRote 9y agoHigh fees, no good coins, bare bones functionality. Why would I use this when there a dozen better products that do this and more?
- talipozturk 9y agoThis is Talip@Evercoin. We will be adding more coins over time starting with Monero in a week. We think support matters a lot. We want to make sure we are quickly reachable via anonymous chat on the website when needed.
- SubiculumCode 9y agoI am naive but why is there not a decentralized service for exchanging cryptocurrency (or is there?)?
- kingjacob 9y agoThere are, see Etherdelta. And also projects like 0xproject.com are working on going entirely trustless.
- hossbeast 9y agoI was hoping to learn that the in game coin for EverQuest was backed by a public blockchain
- rhcom2 9y agoCouldn't that stop gold farming / selling? Proof of work (proof of grinding)?
- itsnotlupus 9y agoOnline games give gold to their users liberally as positive reinforcement for playing the game. That's probably not compatible with a strict minting schedule constrained by a proof of work system.
- AgentME 9y agoAlso, making it super easy for gold farmers to cash out probably isn't great if you don't want large gold farming groups affecting the game economy and making it harder for legit non-gold-buying players.
- timothyjj 9y agoHow is different than having a Bittrex account and then using Bittrex's API to perform trades based on people's request on the website?
- aqsheehy 9y agoAn exchange for unlicensed securities, hope they enjoy what's coming for them
- coinhipster 9y agowhat do you mean by unlicensed security?
- vit05 9y agoIs there any simple exchange like this that accept Paypal? I am losing too much in fees buying locally. And using places like Localbitcoin is too much expensive.
- peepopeep 9y agoSure, let's just hide the fees and not tell users they are getting taken. How about some transparency?
- talipozturk 9y agoThis is Talip@Evercoin. We have mainly two kinds of fees. Miner/Network fees, which are fixed and can be listed (and we will). Second one is our fee, which is dynamically calculated based on multiple parameters such as our reserve, market trend and recent transactions. It is basically a risk calculation. We can and should say that on our FAQ but not sure if that is going to be 'transparent' enough. Btw, we are a new service, we need feedback from the community to know how to make our service better and time to get them done. We are committed to become better. So please keep the feedback coming.
- mikojava 9y agoHi everyone. I am Miko from Evercoin and I'm happy to answer your questions. The People Behind EverCoin I'm happy to see people on this board looking at our service with suspicion, this is normal and the community needs to protect itself from scammers. We do show our own faces and linkedin profiles on the front page of our exchange. Yes, it is possible that people are just using the identities of others. We are obviously not so prominent or famous but I do have a number of fairly prominent people in crypto who could vouch for us or who have met us including general partners at Pantera Capital, Jackson Palmer, originator of Dogecoin, Robert CEO of ZenCash, Zooko from Zcash and many others. I know these aren't necessarily the gods of crypto like Vitalik Buterin, but I havent met him so he can't say if I'm a real person or not. I am one of the organizers of the SF Advanced Crypto Asset Trading group and Crypto Underground meetup, so 3500 people in that community know who I am at some level. Anyhow, I welcome the suspicion, I hate scammers as much as anyone and feel like everyone who asks you to "send bitcoin to this address" deserves to be checked out. I've been in Silicon Valley for 25 years working in tech. Check out our Linkedin here Miko (me) https://www.linkedin.com/in/mikomatsumura/ https://www.linkedin.com/in/mikomatsumura/ Talip's linkedin is here https://www.linkedin.com/in/talipozturk/ https://www.linkedin.com/in/talipozturk/ Yasin's https://www.linkedin.com/in/yasin-tamer/ https://www.linkedin.com/in/yasin-tamer/ Ahmed's https://www.linkedin.com/in/ahmet-alptekin/ https://www.linkedin.com/in/ahmet-alptekin/ Ismael's https://www.linkedin.com/in/ismaelkose/ https://www.linkedin.com/in/ismaelkose/ Talip created the open source project Hazelcast. https://github.com/hazelcast/hazelcast https://github.com/hazelcast/hazelcast a github based Apache open source licensed project with over 24,000 commits and 143 committers. Honestly, we are a BRAND NEW service, so there are very few reviews. Here is us on Product Hunt https://www.producthunt.com/posts/evercoin https://www.producthunt.com/posts/evercoin Here is our Blog https://blog.evercoin.com/ https://blog.evercoin.com/ We need to get more reviews. it will take time to become a trusted and reliable member of this community, we get it. We will keep working hard to earn your trust. If you want to see our offices, this is what it looks like: https://cdn-images-1.medium.com/max/800/1*5NMG03OXtNCUzXnKYjQr-g.jpeg https://cdn-images-1.medium.com/max/800/1*5NMG03OXtNCUzXnKYj... Meet us better on this blog post https://blog.evercoin.com/meet-evercoin-exchange-4506f8975459 https://blog.evercoin.com/meet-evercoin-exchange-4506f897545... Happy to answer any other questions you all may have. How to start As with any crypto service, start small. Just try a very small transaction to see how the system behaves. It's a fully functional system, so you'll immediately get the feeling of that. And yes, do your homework.