CAD-BTC-Ex-comments

This is for comments on djex's draft of a Proposed Canadian Bitcoin Market Transaction Process Using Interac e-Transfer

June 5, 2011 - I've started a Google Group for those interested in collaborating to start a Canadian Bitcoin Exchange. Subscribe at https://groups.google.com/group/btc-cad-ex if you are interested. Please note that this is a public discussion group.

May 29, 2011 - I'm putting together a list of interac transfer fees each bank / credit union that supports interac e-transfers. To my current knowledge a fee is only applied for sending funds not receiving according to the interac website:

Sending: There may be a fee from your financial institution for sending an Interac e-Transfer, so check with your financial institution.

Receiving: There is no fee for receiving an Interac e-Transfer through online banking.

However, if your financial institution does not yet offer the Interac e-Transfer service, or if you don't bank online, you can still receive transfers to any Canadian bank account. You will need to register and provide your banking information in order for the money to be deposited into your bank account. The deposit usually takes 4 - 6 business days to process and a $4.00 fee will be deducted from the deposit amount.

Standard text messaging charges apply. - http://www.interac.ca/consumers/faqs.php

Please feel free to contribute your banks fee in the chart below for sending interac e-transfers. Replace the "--" with the fee amount.

Financial Institution	e-Transfer Fee (CAD)
Auto Workers Community Credit Union	$1.00
BMO Bank of Montreal	$1.50
Caisse Populaire de Clare	$1.50
CIBC	$1.50
City Savings Financial Services	--
Conexus Credit Union Credit Union	--
Copperfin Credit Union	--
Credit Union Atlantic	$1.25
Creston & District Credit Union	--
Eagle River Credit Union	$1.50
Enderby & District Credit Union	$1.50
First Calgary Financial	$1.50
Heritage Credit Union	$1.50
Interior Savings Credit Union	$1.50
Island Savings Credit Union	$1.50
Kingston Community Credit Union	Free - $3.00
Leading Edge Credit Union	$1.50
Libro Financial Group	--
Mennonite Savings and Credit Union	--
Metro Credit Union	--
Newfoundland and Labrador Credit Union	--
Northern Credit Union	$2.00
Northern Lights Credit Union	--
Northern Savings Credit Union	$1.50
OPPA Credit Union	$1.50
PenFinancial Credit Union	$1.50
President's Choice Financial	$1.50
Prospera Credit Union	$1.50
RBC Royal Bank of Canada	$1.50
Rochdale Credit Union	--
Scotiabank	$1.00
Sydenham Community Credit Union	$1.50
TCU Financial Group	$1.50
TD Canada Trust	$1.50
Teachers Credit Union	$1.00
Unigasco Community Credit Union	$1.50
United Communities Credit Union	$1.50
Unity Savings and Credit Union	$1.50
VantageOne Credit Union	$1.50
Westminster Savings Credit Union	$1.00
Windsor Family Credit Union	$2.00
Your Credit Union	--

May 19, 2011 - Updated document with a possible buyer / seller rating system. I believe this system could promote faster transactions. Please have a look. -djex

• Bimmerhead suggested that if the buyer sends less than the total amount (say $15 out of $25), it might be a good option to let the seller cancel the whole transaction rather than automatically allow partial fulfillment.Just because the seller may have wanted an 'all or nothing' sale. (May 17, 2011)

• Added in a possible solution for this. Check the document for latest change. -djex

• Re: "If Seller never confirms payment". This is the crucial scenario, I think, because 1) the seller has no incentive (he already has his money) and 2) The faster the market clears transactions, the more people will want to use it. Buyers will get frustrated if the 'wait time' is too long. I'd give a transactions a ResponseTime field (slow, med, fast, veryfast). Once the email is sent, the seller is expected to respond within a pre-defined timeframe (24hrs, 12hrs, 2hrs, 30min). This might work for other scenarios where a response from the buyer/seller is required -PlasticLiving

• I updated the document with a few changes regarding this. Still not 100% sure on the Response Time field. Is the buyer setting this field? -djex

• Maybe 2 order books? A 'fast' one for the day traders (liquidity being crucial) and a 'slow' one for others? -PlasticLiving