Quote from: legendster on December 01, 2013, 12:07:44 AM

Quote from: inrbtcad on November 30, 2013, 11:52:48 PM

Quote from: legendster on November 30, 2013, 08:50:58 PM

How can your platform safeguard against such 'hacks' ?

Rather than obsess ourselves with trying to solve the question of "How to not get hacked ?"

the question we tried to answer was "How to setup a system such that the users fund and bitcoins are always protected ?"

The answer to that questions is INRBTC - Bitcoin Trading Platform

Neither do we store user's bitcoins nor their funds. Once a trade is executed, the Seller sends us the bitcoins and the buyer sends the funds directly to the Seller. After the seller confirms the deposit in the bank account, we transfer the bitcoins to the buyer and also release the bitcoins deposit of both the buyer and the seller. ( More info is at FAQ )

For the whole duration of a trade, we hold the bitcoins deposit of the buyer and seller and for a very short duration, we are the custodians of the bitcoins of the seller.

As the trades are being continuously settled, at any point of time we do not hold more than 10 -15% of the bitcoins being traded on our platform. This ensures that even if by any circumstance our system gets compromised/hacked, the damage is very minimal.

Along with all this, we also have a Service Guarantee. As part of our service guarantee we cover up to 25 BTC or the equivalent in value of Indian Currency.

This Service Guarantee Fund will be updated based on the average trading volume on our platform.

What if one hacks your site, and messes with your trade bot/system ?

instead of connecting the original buyers/sellers what if they connect the buyers/sellers with a scammer ?

You must understand that these are all just hypothetical questions. Btw check your mail.

Every Order placed on our platform has to be backed by a deposit equal to 10% of order value.

After a trade takes place, the seller is asked to transfer the bitcoins for the trade to a specific bitcoin address and buyer is also sent this address to verify.

So, until the scammer has the intention to lose the 10% order value for every scam trade, he might as well honor the trade agreement.

Your, next question might be "what if those bitcoin addresses are also of the scammer ? "

Well, in that case either us or the buyer will notice that the bitcoins are not there and we can immediately halt the trading system and take immediate action.

Like I said "We have designed our system such that at most there can be only minimal damage"

I appreciate your questions and also the follow up, and I am more than glad to answer them. It will also help others who have similar concerns regarding safety.