Reddit Feather coin community

motherlode1

Hi there,

I am the current mod of the Reddit Feather coin community. We are an active community and we cover a broad range of topics from mining to trading and anything in between. We have some excellent write ups that will help you and guide you in setting up your rigs or finding the best locations or websites to conduct your trading. We are adding new members daily and we have monthly competitions where FTC is awarded to the winner.

I want to take this opportunity to announce our new Reddit feather coin exchange that is due to go online sometime this month. It is near completion and is going through some final tweaks. The exchange is like an escrow service. So for instance if you want to buy FTC from a fellow Redditor who has already put his FTC up for sale then this is how the transaction is conducted. The FTC that is put up for sale are deposited into a wallet that is controlled by a bot. Once the seller of the FTC receives money from the buyer, he sends a confirmation to the bot. The bot then automatically releases the FTC to the buyers wallet minus a small amount of fees (initially there will be no fees and will be implemented later on). In this way you are guaranteed a safe trade. In case escalation is required the mods have the ability to control the bots behavior. And in fact we can check a log file for every transaction whether completed or not and take action accordingly. Paypal and many other forms of payment are accepted and in fact the trading parties can use whatever method of payment they are comfortable with. We don’t take any cuts on the fiat transaction. I look forward to seeing some of you there.

Links for the lazy: [url=http://www.reddit.com/r/fcfeathercoinmining]www.reddit.com/r/fcfeathercoinmining[/url] ----> Feathercoin community
[url=http://www.reddit.com/r/FeathercoinExchange]www.reddit.com/r/FeathercoinExchange[/url] ----> Feathercoin exchange

Kevlar

This is fantastic! Very exciting!

Have you considered using multi-sig transactions for this? That way, even if the bot died, a buyer and seller in agreement can still release the funds.

motherlode1

[quote name=“Kevlar” post=“50558” timestamp=“1389134017”]
This is fantastic! Very exciting!

Have you considered using multi-sig transactions for this? That way, even if the bot died, a buyer and seller in agreement can still release the funds.
[/quote]

I just had a quick word with the developer of the exchange and so far he says the bot is stable as it runs on an independent system. In case if the bot was to die, all transactions can still be manually completed by any of the mods. We have three mods in three time zones so one of us will always be available. But having said that, He is working on a backup implementation.

Wow. This sounds really really cool…

Could there be any charge backs when using paypal? Would the bot be able to respond or is this a way to make paypal purchases safer and be able to avoid charge backs all together?

motherlode1

[quote name=“Calem” post=“50589” timestamp=“1389141189”]
Wow. This sounds really really cool…

Could there be any charge backs when using paypal? Would the bot be able to respond or is this a way to make paypal purchases safer and be able to avoid charge backs all together?
[/quote]

We are trying to see if we can find a way to limit charge backs. For now though we have implemented a very strict screening process for potential buyers and sellers. We are taking into account a lot of things like account age, karma, past transaction on other alt coins. One solution that we found with paypal was to leave the FTC deposited in the wallet for upto 3 days after payment had been made and then release it on the fourth day. In this way we think charge backs will be limited. Also after the three day period the FTC will be released at some random time to the buyer and at most he may not be aware that ftc has been deposited to his wallet. I personally do not know what the time on charge backs for paypal is but we are looking into it and trying to implement paypal api as well (although the developer tells me that this part is almost done).

Another thing that might interest you is that besides cash you can even trade for FTC. Such as steam keys, GMG keys, other alt coins and whatever your heart desires (rules will limit certain items).

kinsi

I decided to take a word here too, im the dev

not everything motherlode said is right. I have no plans to do anything against chargebacks, the only thing i can really do is prohibit them as good as possible, which is why there is certain limits that need to fit so you can register at the exchange in first place, which are…

Your email needs to be verified
Your account needs to be atleast 4 months old
Your account needs to have atleast 400 comment karma, and atlest 1000 comment + link karma

Your paying information is hidden from the public, and so are you(unless you dont submit as an anonymous trade, which it defaultly doesnt).
Paying info is only given to the one person that accepts the trade, and unless you are doing the trade option, you never really get in contact with the buyer, everything is logged though. The process is: make offer(at this time, you arent able to do any payouts which is for protection, payouts are only possible when you dont have any active offers), buyer accepts offer which locks it from getting accepted by others(doing this multiple times without actually doing your payment will lead in a ban), buyer pays and confirms his payment, you get notified, check if the payment arrived and notify the bot if it did(if somebody scams you on this side, as of not confirming the payment you can simply get in contact with the mods which will handle it, at the point of where the buyer accepted the trade, the seller cannot cancel his trade anymore without getting in contact with a moderator), that will then transfer over the feathercoins to the buyers system-wallet and delete / close the trade, logs are still kept though.

motherlode1

[quote name=“kinsi” post=“50765” timestamp=“1389203086”]
I decided to take a word here too, im the dev

not everything motherlode said is right. I have no plans to do anything against chargebacks, the only thing i can really do is prohibit them as good as possible, which is why there is certain limits that need to fit so you can register at the exchange in first place, which are…

Your email needs to be verified
Your account needs to be atleast 4 months old
Your account needs to have atleast 400 comment karma, and atlest 1000 comment + link karma

Your paying information is hidden from the public, and so are you(unless you dont submit as an anonymous trade, which it defaultly doesnt).
Paying info is only given to the one person that accepts the trade, and unless you are doing the trade option, you never really get in contact with the buyer, everything is logged though. The process is: make offer(at this time, you arent able to do any payouts which is for protection, payouts are only possible when you dont have any active offers), buyer accepts offer which locks it from getting accepted by others(doing this multiple times without actually doing your payment will lead in a ban), buyer pays and confirms his payment, you get notified, check if the payment arrived and notify the bot if it did(if somebody scams you on this side, as of not confirming the payment you can simply get in contact with the mods which will handle it, at the point of where the buyer accepted the trade, the seller cannot cancel his trade anymore without getting in contact with a moderator), that will then transfer over the feathercoins to the buyers system-wallet and delete / close the trade, logs are still kept though.
[/quote]

Apologies for the incorrect information everybody.

kinsi

Just a little info and reminder, i am currently searching for beta testers for the exchange!

More infos: [url=http://redd.it/1v9jsw]http://redd.it/1v9jsw[/url]

motherlode1

Hey guys,
The Feather-coin exchange is complete and we want to take it for a spin. We are looking for a few brave individuals who are looking to buy and sell FTC. The beta test will be monitored at all times by mods. Most of the tests will be carried out during the weekend’s. If you are interested in becoming a beta tester please leave a comment on the original post. Make sure to include whether you are looking to buy or sell and please include your availability. At first we will carry out dry tests (no real fiat transactions) and then we will proceed to real transactions.
The purpose of these tests is to see the reliability of the system and its ability to handle transactions but more importantly we want buyers and sellers to have a safe place to trade.
It is not necessary that you buy FTC with just money but we are also offering the option to trade for FTC. An example would be trading for steam game keys or trading for another alt coin.

Link: [url=http://www.reddit.com/r/FCFeathercoinMining/comments/1vg6wi/looking_for_beta_testers_for_the_new_exchange/]http://www.reddit.com/r/FCFeathercoinMining/comments/1vg6wi/looking_for_beta_testers_for_the_new_exchange/[/url]

estrabd

I’ll take a spin as soon as I get a chance!