Evercoin: A cryptocurrency exchange platform

https://evercoin.com/

by mcone • 9 years ago

134 74 9 years ago

evercoin.com

jerguismi2• 9 years ago

Looks like a shapeshift/changelly clone.

StavrosK• 9 years ago

It very much does, what's the advantage?

ukd1• 9 years ago

More profit? http://sharing.rainforestqa.com/3X1E1h2V1c0d

jerguismi2• 9 years ago

I guess the only difference between these services is pricing... It is very nice concept because of the simplicity. Hope we'll see more competition in this field.

donpdonp2• 9 years ago

The simplicity of the conversion is fantastic, but I am perplexed as to how an anonymous exchange exists when there are KYC requirements.

ringaroundthetx3• 9 years ago

first by admitting that KYC wouldn't help stop terrorists even if it was implemented how you imagined it. Even Shapeshift wrote that in response to the WannaCry investigations.

One hop to Monero and the whole money firewall regime is foiled, hopefully enough that the people of any nation ask their governments to stop spending their money on that task, and focus on the economy in more productive ways.

KYC laws apply to national currencies. Any cryptocurrency exchange that has limits is just trying to run a show to appease some senators for the time being.

jpatokal2• 9 years ago

It's not clear that KYC requirements apply when you're not handling fiat money, which these exchanges aren't.

Although I agree with other comments noting that it's pretty ballsy to make that argument if you're incorporated in the US...

sturmeh• 9 years ago

Why are you all so keen on a monopoly?

Competition = better rates for both services.

pc86• 9 years ago

Nobody is arguing for a monopoly, but you need some differentiating factor until your service grows to the point of being a commodity.

earthly10x• 9 years ago

This kind of activity spurs 'The Dawn of $1B ICO's' https://hackernoon.com/the-dawn-of-the-1b-ico-a0486f6587a2

uncletammy3• 9 years ago

Oh, so it's like https://shapeshift.io/ except subject to the arbitrary and Orwellian US financial regulations!

All jokes aside, I'm not knocking Evercoin. It looks beautiful and I welcome anyone and everyone who wants to bring liquidity to crypto markets. I'm just concerned about the sustainability of any platform based in the US. Maybe Evercoin knows something I don't though.

I feel like the smartest thing we can do is exactly what Bitfinex has done. Shut out US customers and put pressure on regulators to be sensible.

komaromy• 9 years ago

Shapeshift is very convenient but the fees are exorbitant compared to other platforms.

xur173• 9 years ago

And Evercoin's fees are even higher.

chatmasta• 9 years ago

The gambling industry tried that ~10 years ago, but it's still very difficult to gamble online with a us bank account, so I'm not sure how well it worked.

corford2• 9 years ago

Pick your poison I guess. Skimming Shapeshift's T&Cs, it seems their maximum liability to you is $50. So if you want to convert 1BTC to ETH (for example) and something goes wrong at Shapeshift's end and they don't transmit ETH back to you, the best you can hope for out of them is $50. They also put you on the hook for uncapped admin fees at their discretion.

Finally, there's no company info in their T&Cs (just a vague mention that they are incorporated in Zug, Switzerland).

So... all dandy when it works. Pretty scary if shit goes wrong and you were doing a largish trade at the time.

Edit: I have no affiliation with Evercoin or Shapeshift (learnt about both in this thread)

tryingagainbro• 9 years ago

> except subject to the arbitrary and Orwellian US financial regulations!

abiding by those seems to be the only recipe for long term. Otherwise you're talking about living in interesting times. Never know when or how they come for you

uncletammy3• 9 years ago

Widespread global liquidity on an in invisible commodity that has high demand all across the world is a complete game changer.

In the very long run, I think state funded consumer protection organizations will become obsolete. I only hope we can educate consumers as quickly as we've created the networks. Otherwise, a lot of people will get hurt.

Either way we live in interesting times.

zeep2• 9 years ago

Btc-e was was not based in the US and see what happened?

uncletammy3• 9 years ago

I don't actually. Tell me what you think happened with BTC-E. I'm aware of the recent headlines but I feel like it's way too early to know the whole story.

hackerboos• 9 years ago

Any plans to support Monero?

talipozturk5• 9 years ago

We just added Monero today!

tyrust• 9 years ago

As others have noted, this is a clone of https://shapeshift.io/. Clones are fine: it's possible that evercoin does something different/better than shapeshift. What is not fine is the apparent lack of transparency in fees [0]. evercoin says that they charge both exchange and miner fees but do not specify either; just because they include the fees in the final price does not mean they do not exist. Compare this to shapeshift [1], which only charges a miner fee, specifying exactly what that fee is.

[0] - from their FAQ (https://evercoin.com/faq):

How about fees?
Let's assume Evercoin tells you that you will receive 7.55 LTC for depositing 1 ETH. All fees (our fee and miner/blockchain fee) are all baked into our pricing so there is no additional fee. That means if we receive -exactly- 1 ETH then you will get -exactly- 7.55 LTC in your LTC wallet. No playing with the numbers, no surprises.

[1] - from https://info.shapeshift.io/about:

With ShapeShift, what you see is what you get. The exchange rate shown is exactly what you'll receive, minus only the "miner fee." There is no exchange fee, or service fee.
[fee schedule follows]

donpdonp2• 9 years ago

It sounds like using Foreign-exchange with an ATM card - there's no explicit fee except the conversion rate is adjusted to work in the bank's favor as a cut of the total amount transfered.

csomar• 9 years ago

I'm pretty sure Shapeshit charges a fee (spread).

corford2• 9 years ago

They do and explain as much in their FAQs.

amingilani• 9 years ago

It doesn't matter. At the end of the day, all you care about is the exchange rate (e) for the number of tokens you send (x) and the number of tokens you get (y). i.e (x/y = e)

The way the exchange determines this rate is entirely upto them. If it's too high, go somewhere else.. but no exchange is required to disclose how they derived their rate. Just because one did, doesn't mean it's any better than the other.

If the e(shapeshift) < e(evercoin), I'd go for Shapeshift, or vice-versa.

In the real world, I wouldn't expect a money-exchange at the airport to include a full breakdown of their costs on their exchange schedule.

jpatokal2• 9 years ago

Actually, in most of the world money exchangers are required by law to state if they charge flat fees/commissions/etc on top of exchange rates, and having "NO FEES/COMMISSIONS" is an advertising point.

So it looks like Evercoin is in the "NO FEES" camp, which would usually mean crummier rates for larger sums, and Shapeshift is in the fee camp, again usually meaning you take a hit on small sums but get better rates for larger sums. (Note that I'm not sure if this is actually the case.)

aphextron2• 9 years ago

This seems so wacky to me. Are you guys seriously going to start sending thousands of dollars in currency through some random website with a marketing page and a blog?

eterm• 9 years ago

Welcome to the "new normal" in crypto-currency. There's so much money floating around it ends up everywhere.

EthanHeilman2• 9 years ago

You just described 90% of online merchants.

...and you're right, plenty of online merchants rip people off. This is one reason that large trusted merchants dominate the space (overstock, amazon, newegg, etc..).

If a shapeshift clone exit scam [0] hasn't happened yet it will happen soon. People should do careful research on these sites before using them, just like people should do research on online merchants.

That being said I don't think evercoin is a scam. I'm glad to see competitors to shapeshift and innovation in this space. The website looks great! I wish evercoin all the best.

[0] https://en.wikipedia.org/wiki/Exit_scam

ourmandave• 9 years ago

But aren't you protected by your credit card if the merchant fails to deliver?

mikojava2• 9 years ago

thanks. we're working hard to earn trust from the community we want to serve.

base6982• 9 years ago

Generally I send $10s, then maybe $100s, and if all goes well I may do $1000s if they are still around in a few years.

Risk management 101.

loppers92• 9 years ago

Unfortunately, they don't have IOTA listed...

What is IOTA?

https://m.youtube.com/watch?v=h09z2N0MtuQ

base6982• 9 years ago

Why not Neo? Seems like the hottest one to support right now. Would probably test it out if you get that working :)

gst3• 9 years ago

Is the rate shown when placing an order guaranteed or an estimate?

2paisay• 9 years ago

Their LinkedIn profile doesn't inspire much confidence except for everyone is Turkish and they keep recommending each other there.

choffman• 9 years ago

A noble attempt, but without supporting Monero you're not supporting fungibility and privacy.

I hope this is an oversight that you'll correct.

discombobulate• 9 years ago

This is correct. Without private (anti-1984 cypherpunk) money the exchange is junk.

talipozturk5• 9 years ago

This is Talip@Evercoin. Yes we are currently working on adding Monero. Should be ready in a week. Thanks for the feedback.

talipozturk5• 9 years ago

Now Monero is supported!

DeepRote• 9 years ago

High fees, no good coins, bare bones functionality.

Why would I use this when there a dozen better products that do this and more?

talipozturk5• 9 years ago

This is Talip@Evercoin. We will be adding more coins over time starting with Monero in a week. We think support matters a lot. We want to make sure we are quickly reachable via anonymous chat on the website when needed.

SubiculumCode• 9 years ago

I am naive but why is there not a decentralized service for exchanging cryptocurrency (or is there?)?

kingjacob• 9 years ago

There are, see Etherdelta. And also projects like 0xproject.com are working on going entirely trustless.

hossbeast• 9 years ago

I was hoping to learn that the in game coin for EverQuest was backed by a public blockchain

rhcom2• 9 years ago

Couldn't that stop gold farming / selling? Proof of work (proof of grinding)?

itsnotlupus• 9 years ago

Online games give gold to their users liberally as positive reinforcement for playing the game.

That's probably not compatible with a strict minting schedule constrained by a proof of work system.

timothyjj• 9 years ago

How is different than having a Bittrex account and then using Bittrex's API to perform trades based on people's request on the website?

aqsheehy• 9 years ago

An exchange for unlicensed securities, hope they enjoy what's coming for them

coinhipster• 9 years ago

what do you mean by unlicensed security?

vit05• 9 years ago

Is there any simple exchange like this that accept Paypal? I am losing too much in fees buying locally. And using places like Localbitcoin is too much expensive.

peepopeep• 9 years ago

Sure, let's just hide the fees and not tell users they are getting taken. How about some transparency?

talipozturk5• 9 years ago

This is Talip@Evercoin. We have mainly two kinds of fees. Miner/Network fees, which are fixed and can be listed (and we will). Second one is our fee, which is dynamically calculated based on multiple parameters such as our reserve, market trend and recent transactions. It is basically a risk calculation. We can and should say that on our FAQ but not sure if that is going to be 'transparent' enough. Btw, we are a new service, we need feedback from the community to know how to make our service better and time to get them done. We are committed to become better. So please keep the feedback coming.

mikojava2• 9 years ago

Hi everyone.

I am Miko from Evercoin and I'm happy to answer your questions.

The People Behind EverCoin

I'm happy to see people on this board looking at our service with suspicion, this is normal and the community needs to protect itself from scammers. We do show our own faces and linkedin profiles on the front page of our exchange. Yes, it is possible that people are just using the identities of others. We are obviously not so prominent or famous but I do have a number of fairly prominent people in crypto who could vouch for us or who have met us including general partners at Pantera Capital, Jackson Palmer, originator of Dogecoin, Robert CEO of ZenCash, Zooko from Zcash and many others. I know these aren't necessarily the gods of crypto like Vitalik Buterin, but I havent met him so he can't say if I'm a real person or not. I am one of the organizers of the SF Advanced Crypto Asset Trading group and Crypto Underground meetup, so 3500 people in that community know who I am at some level. Anyhow, I welcome the suspicion, I hate scammers as much as anyone and feel like everyone who asks you to "send bitcoin to this address" deserves to be checked out. I've been in Silicon Valley for 25 years working in tech.

Check out our Linkedin here Miko (me) https://www.linkedin.com/in/mikomatsumura/ Talip's linkedin is here https://www.linkedin.com/in/talipozturk/ Yasin's https://www.linkedin.com/in/yasin-tamer/ Ahmed's https://www.linkedin.com/in/ahmet-alptekin/ Ismael's https://www.linkedin.com/in/ismaelkose/

Talip created the open source project Hazelcast. https://github.com/hazelcast/hazelcast a github based Apache open source licensed project with over 24,000 commits and 143 committers.

Honestly, we are a BRAND NEW service, so there are very few reviews. Here is us on Product Hunt https://www.producthunt.com/posts/evercoin Here is our Blog https://blog.evercoin.com/

We need to get more reviews. it will take time to become a trusted and reliable member of this community, we get it. We will keep working hard to earn your trust.

If you want to see our offices, this is what it looks like: https://cdn-images-1.medium.com/max/800/1*5NMG03OXtNCUzXnKYj...

Meet us better on this blog post https://blog.evercoin.com/meet-evercoin-exchange-4506f897545...

Happy to answer any other questions you all may have.

How to start As with any crypto service, start small. Just try a very small transaction to see how the system behaves. It's a fully functional system, so you'll immediately get the feeling of that. And yes, do your homework.

Evercoin: A cryptocurrency exchange platform

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