Post
Topic
Board Project Development
Re: New Website - Looking for beta testers
by
busterroni
on 26/03/2015, 04:57:39 UTC
It is impossible for your bitcoins to be compromised since they do not go through my website.

Sorry, am I missing something here? People clearly need to send money to the website in order to buy a bracket.

No, if you read the faq, the bitcoin goes directly to the user without going through my website. The bitcoin spent on the bracket you are sending to the user 2 levels above you. When you purchase your first bracket, it tells you to send the money to an address, and that address is the address of the user 2 levels above you.

Since this isn't clear, where should I put this to make it very clear? I'm pretty sure I state this in the faq and in the payments section.
The FAQ says, "Using the blockchain payments api, a new address is created which forwards any bitcoin sent to it, to the user two levels above you. Our system checks the address that was generated for any transactions, and then retires the address when a transaction comes through, generating a new one for the next transaction. We have no access to the wallet associated with the generated address so their is no way for our users bitcoins to be compromised. If you are waiting on a payment, it may take up to a day which is a flaw in the api."

This makes it seem like the user is not directly sending btc to the user two levels above them, but to the address generated by blockchain.info's API, which then forwards the btc to the user two levels above them. Also, how can we trust that you don't have access to the generated addresses? It seems like you generate them using blockchain.info's API.