Hello,

Could you please state your account name in BitCoin7.com in an e-mail to info@bitcoin7.com. After the transition to the new bank we have been checking the old bank (in Bulgaria) every day for late transfers. If we have received it, it is credited to your account. Just to make sure that everything is ok and that nothing is wrong please state all of the details about your transfer in an e-mail to us.

The other 3 markets were closed due to very low activity.

We now have a new management and we are working on major improvements in our service, one of which is the new bank, which is indeed in the SEPA zone.

We have started correcting our faults and are making good progress eliminating all problems we have had in the past. Now we are working on new improvements.

I want to assure you, alpha42, that your funds will not be lost.

Hello,

The reason for the delay that we have been experiencing is that because of a few people that have made an attempt to fraud us by recalling their transfer after having used the money to purchase BTCs and than withdrew them.Considering this our bank stopped all incoming transfers to prevent further issues and this resulted in a delay.

My best.

Hello,

We also keep reserves on different places (online and offline) distributing the risk evenly.
I support the other exchanges in not sharing additional detailed information as this question is directly towards security and any public details may very well compromise any security measures.

Dear Community,

On behalf of the Bitcoin7.com team we would like to comment officially on the events which followed our beta launch a week ago.
We kept silence on most of the topics, as hard as it was to read such criticism (although some points were correct and needed our closer attention).

We wanted bitcoin7.com to present a nice, new, professional alternative to Mtgox, the market almost 95% of the bitcoin supporters use. We wanted to try and offer faster support, faster reaction on add/withdraw funds request. These milestones are still our goal.

We launched the platform as a demo run, but the heat on the forum after its launch made us turn it to an official launch and work 24/7 on the immerse cases we had to solve.

After the launch there was a wave of hate across the Bitcoin.org forum accusing Bitcoin7 in many things, coming from many people, most of who have not even tried the service.

That's why we decided to back off a little and respond officially to all of them. Now let us answer all of the negative questions we encountered:


1. Who is Bitcoin7.com, complete stranger to the community?
It is true, our staff was not heavily involved in the daily discussion in this forum. By the time of our beta launch we didn't even had a whitelisted account so we could defend ourselves in opened topics about us. However our team consists of bitcoin-idea enthusiasts supporting smaller sites, writing local news even tried to launch smaller services like local mining pools.
A lot of the misunderstandings would have been cleared much faster if we were well known to this community, we admit that as our fault.

Bitcoin7.com is a joint venture of 2 companies (US and EU) and more people behind them.
We are working on a blog/press release section on Bitcoin7.com where we will publish more information about the identity of the people behind Bitcoin7

2. Does Bitcoin7 really exist, do they have an office as they claim?
Yes we really exist. Our HQ is in Sofia, Bulgaria.

3. Is it legal?
As a Bitcoin user you probably understand that operating with the brand new decentralized virtual currency is still not an exact subject of almost any legislation. We are subject to the Bulgarian tax and audit authorities, as being part of the EU we are also responsible under the EU jurisdiction. At the moment Bitcoin7's entity is licensed as a deposit collector and trader and we have applied for special revision of the online matching system (trading with user offers) and confirmation if additional license is needed. Bitcoin7 does not allow directly currency exchange of fiat currency, therefore we don't need such license. We are out of the US and unless there is a multinational agreement in force between US-Bulgaria or US-EU, we can't be held responsible for it. This of course doesn't mean we won't be willing to cooperate. Important part of our mission is to defend and improve the Bitcoin image as a whole.

4. Do you have AML policy? (Anti Money Laundering)
Yes we have. We started with no conditions as we monitor each withdraw manually and contact the people with larger amounts over email directly. The current automated conditions are:
- 1000$ per day/individual
- 10 000$ per month
These limits can be lifted upon proper identification. To lift your limits contact us.
Your acquisitions of us being illegal because we started without AML are not correct. At the moment we are being audited and wait for the final report which will tell us which actions we didn't take properly according to our current jurisdiction. During this audit we can operate (being solely responsible for any penalties we might be applied with).

5. Bitcoin7's entity is a Bulgarian company, Bulgaria is well known for its cyber crimes!
In one of the forum's topics there were 3 pages of offensive posts about our nation. We admit that Bulgaria has a bad control over IP and IT piracy, but that doesn't mean every single business is fraudulent. Are there fraudulent, phishing, spamming illegal porn or gambling sites in the US? Or in any other country with decent internet society? Yes there are.
Out of pure patriotic feeling we would like to remind you that the most famous Bitcoin miner - Poclbm was created by a remarkable Bulgarian developer - m0mchil (Momchil Georgiev, applause!) and many of you owe your mined coins to his creation. Don't underestimate the enthusiasm of our local community )

6. Security flaws. Did you really had security gaps once you started?
We can't guarantee 100% bulletproof-ness and we strongly believe that everyone who claims that is lying. We admit that there was a single CSRF security gap in our code, which was immediately closed upon reporting. We would like say a big THANK YOU for the forum users who didn't took part of the ugly, offensive posts versus Bitcoin7, speculating with the security issues and took their time helping us improve the security. We are the first bitcoin exchange to implement personal id certificates, we are manually monitoring most of the operations, we do invest most of our time on that matter. We have still a lot to do to improve the security of the whole platform and we hope that you will support us and help us eliminate any future threat.

7. Did you really started with ripped-off texts from another website?
As shameful and painful as it is we have to admit our guilt here. We contracted copywriters to assist us with the content of the website. We didn't check the validity and originality of the texts and we ended having a great designed website with stolen texts... We have been working on that since we learned about it. Most of the texts have been rewritten, the rest are being finished as we write this topic. I hope you even the original creators of the texts will understand us - it's not logical to create a new service, much more beautiful and useful in terms of UI than the current alternatives, to translate it on 20 languages .... and to have non-original texts (it really doesn't make any sense). This is a fault we admit as well. I hope our fast reaction on this topic will return your fate in us.

8. Do you really store values in floats?
Yes we did. Now we don't. By the time of our launch we kept most of the data with greater accuracy in integer format. However there were parts which used floats to preserve data. After some sleepless hours we rewrote everything which was stored as float. We can't show any extract of the DB or code as this could compromise our security. We hope, admitting our initial mistake and making up for it asap, would be enough for you to trust us on this matter.

9. Did you really reverted 4 transaction on your Euro market?
Yes we did. We had a problem with a local payment method, which we couldn't identity fast enough. The decision we made was to revert 4 deals on the Euro market in order to keep the buyer and seller 100% safe from fraud. We take this very seriously and if we need to protect the users rights and funds we will do everything possible to.
We removed the questionable payment method anyway, so we don't anticipate such situation to repeat itself.

10. Did you hacked Mtgox? 3 days after your launch the biggest exchange got hacked.
No, we didn't. We support the free trade, evidence for that is having the Mtgox payment API integrated as a payment method in our own system. We would gladly partner with any other exchange network. If you wish to talk more about it, please send us an email.


We believe that these answers cover all the bad, stupid non-sense (plus the correct acquisitions versus us) the last week.

We would STRONGLY appreciate if you test our system before commenting or posting. We would also very much appreciate if the moderators of this forum could keep the topic clean of any non useful comments. We would gladly receive any feedback, even if harsh criticism - as long as it's coming from someone who actually know what he is talking about.

The system is automatic and upon receiving on funds they appear in the recipient's account.

However, as I said, we missed a payment method which appeared as instant to our system, but was marked as pending in the payment provider's system. This also triggered the manual check and led to the taken actions.

Hello,

Please accept this as an official reply from Bitcoin7.com

We admit we had to reverse 4 transactions on the Euro market. The cause of the problem was a bigger delayed transaction through the German payment method Micropayment.de. As we couldn't identify on time if the payment was correct or not we had to reverse these transactions in order to defend the seller of the BTC. All BTC have been returned to the sellers.

We don't expect such problem with the following method to occur again as we removed the methods from their base, which would allow delay or even reversal/chargeback.

Our goal is to defend both the buyers and sellers on the bitcoin7 platform. Reversing the BTC to the seller's wallet was the only 100% defensive method we could have done. Otherwise if the money transaction wouldn't prove to be correct and we haven't responded quickly, we would have needed to reimburse the sellers.

How simple is what? The exploit should bring result, right? We tested it and there was no result. (we saw you tested it too, selling 1 BTC for 1$ -> if it was you, you made someone very happy )

Did you have any result? Yes or no?


P.S. We offered cuddlefish to test additionally for us, but he preferred to spam the forum with his first discovery. Pity this was more important to him.

davout did you see a real result of the "exploit"? Yes or No?

We had a CSRF which could not be used at all anyway. Of course the spot was fixed in a minute after reporting.

Part of the data is still stored in floats, we are upgrading at the moment and we aim to release the new version live this night.

On both points I can say honestly that neither the found CSRF could have harmed a user, nor the floats (on the datatypes we still use them) could cause crucial loss of data.

Just to mention that we are monitoring the topic closely, without taking part of it as it seems whatever we write there will always be people like davout who will speculate and turn the exchange to be a fraud. Luckily there are more and more successful trades and people with positive reaction.
We had flaws, we still have, we were not ready for the start yesterday, but we are working 24/7 on all requests.

Again thanks for all who are trusting us and also starting to defend us -> it really helps and motivates us people!

Security is no joke indeed, thanks for reporting.
The glitch has been fixed. We review any single transaction manually at the moment anyway.
Our commitment is to ensure maximum stability, even if we have to restore damage.

@ Cuddlefish, I PMed you for more details.

Bitcoin7 keep the records with extreme accuracy, there is really nothing to be fixed.
We are now working on something we can show the forum, hoping to close this discussion and continue to further
improvements of the site or trade options.

Davout, I think we understand it pretty good, but I will gladly hear what you mean over PM. Also if your feedback is valuable I can assure you it will
come live on the site within hours. I don't want to spam the topic about our new exchange with such information.

Just FYI, we keep the records according to the IEEE 754 decimal32 format - I am sure you are familiar with it if you are asking us about it

Tolsi,

We are experiencing some problems with the LR integration at the moment.
Funds are not lost, but a bit delayed.
I am sure they should be in your account by the time you will be reading this.

We hope next LR transactions will occur much faster.

Sukrim,

We keep all data actually in different formats to ensure security + redundancy.

How data is kept and how it is displayed is a different thing. I agree with you that seeing such thing doesn't make any sense.
We will format the numbers better. For BTC we will use max 8 decimals to show and we will keep even more exact decimals on our records.

The 2 decimal places you talk about are probably in the tables with the current offers for Buy/Sell ? We think that 2 places for the fiat currency is more than enough. If we receive more feedback on that case changes are possible too.


@ EU bank transfer:
Bulgarian banks are indeed overcharging for SEPA transfers. We are now working out banking solutions in other EU countries to ensure the lowest fee for the end user.

1. Lowest Ask/Bid amounts are fixed. The translation strings were wrong. Please address such issues to info@bitcoin7.com, so we can respond immediately and fix the bug.

2. REFERRAL PROGRAM AT Bitcoin7: User A invites User B to register with his link
* User A:
  - will receive 20% of Bitcoin7's commission on each trade User B does. Lifetime

* User B:
  - registers regularly. There is currently no bonus. We are discussing options for adding bonus for the invited player as well.

3. Ponzi Scheme acquisation and explanation of the promo.
We suspected this might happen, that's why we created this page: https://bitcoin7.com/index.php?show=promo

The idea is that Bitcoin7 will not take commission in fiat currency (e.g. USD), but will give the commission (0.30%) to the person who buys the Bitcoins. This will be valid through 21. June as start promo. After that Bitcoin7's promo commission will be 0.30%

We do that as an incentive for the people who wish to invest in BTC. To get more buyers in the site.

At the moment we are working without profit, so the users can get the commission as bonus - for trusting us and starting to trade with us.

Hello,

I wanted to reply faster, we have just been whitelisted.

First of all thanks for posting about the site, it was a really hard first day. We are still working out the delays in withdraw/add funds, but everything is going
good and great and we think we will stabilize normal speed of operation within a day or two.

However, I have to admit that after reading Jered's post I am really ashamed. We contracted external copywriters for most of the texts on the side. Indeed there are 100% exact extracts from Tradehill (at least in English). It seems they have really misunderstood what "copywriter" means ... We certainly didn't want that to happen, originality and imagination is one of the most important thing when building up a web business.
After dealing with all the organizational problems we will work out all texts and compliment Jered.

We want to present another alternative and we are sure we will offer the best service to customers, you can even see that we allow transfers from MTGOX (if Tradehill agrees we can do that with them too). We see a great opportunity in Bitcoin7 and we really believe it is very important to diversify the markets on such early stage. For a decentralized currency we can't allow to have 90% of all transactions to go through 1 market...

We have the experience to do it. JKMinkov, your check is correct. The management of Bitcoin7 is the management of XS-Software.com, an international mio company in the gaming industry. We know virtual currency for quit a long time and we recognized the potential of Bitcoin. I hope we will be able to push Bitcoin7 to be a leading trading platform in the area of Bitcoins.

I hope even after the not so good start you will hear good words about us the following days.

Come and try us, some people made already AWESOME deals, taking advantage of the early start

Hello this would be the official account of Bitcoin7.com - new Bitcoin exchange offering 5 markets: USD/EUR/PLN/SAR/BGN.
Let us take part in the rest of the discussions if possible. Thank you in advance.