Re: [ANN] Unocoin raises $250,000 from Barry Silbert's Bitcoin Opportunity Corp
Congratulations Unocoin for recent investments!
I got few questions:
Is Unocoin.com 'manual version' for Coinbase?
How you hedge yourself against large buying/selling orders?
Do you forward order to international orderbooks or buy/sell on behalf of customer back by some buffer stock? If yes then, do you have programmed automated bots for your strategies or insist on manual trade?
Are you importing Bitcoins backed by IEC codes and legal research?
Regards,
ZeroSum Believer
We run something similar to coinbase as long as trading is concerned. Coinbase has the payment gateway integration which means when customer is checking out, they can authorize in their onlinebanking to sweep the needed funds etc. This will allow immediate delivery of bitcoins to their wallet. In India, as the payment gateway providers like banks or ccavenue etc want some regulation to be there for them to support bitcoin business, we do not have their support in this aspect and will want customers to send INR to our bank account through NEFT and then we will process the BUY orders manually for them as their funds hit our bank account.I got few questions:
Is Unocoin.com 'manual version' for Coinbase?
How you hedge yourself against large buying/selling orders?
Do you forward order to international orderbooks or buy/sell on behalf of customer back by some buffer stock? If yes then, do you have programmed automated bots for your strategies or insist on manual trade?
Are you importing Bitcoins backed by IEC codes and legal research?
Regards,
ZeroSum Believer
We do not do any kind of order to order hedging. We are ok to take some amount of risks.
No we do not touch international borders and have not programmed anybots. We have IEC code but still do not import bitcoins ourselves.
Regards
I wonder, why Barry invested so much in 'Manual Exchange' when one can have automated at same cost. I never understood investors! Will you be utilizing part of fund to develop automated trading system which can integrate API's when regulation is clear? I'm anxious to know your future plans and as your LinkedIn summary has vague vision.
Why did you stop mining? We've electricity at competitive rates in few states. I personally, consider them more important and basic need than exchanges in very long run.
What is your preference- leading/catalysing India or making money?
Stopped mining as we had to start spending more on expenses. The place where we used to have miners has high rent. Forget about the rent, even if we just consider the electricity, it was still not profitable.
Our preference is of course being a leader in India. Not looking for making money right now but also that we do not want to undergo losses when we are not needed to.
Thank you for your patience and answers!
Wishes!