Topic: [ANN] Beaxy - Shady exchange locking your funds, do not use! - page 25. (Read 39520 times)

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@Khilone7:

Thanks for getting back to me, and attracting my attention to the points I missed. Indeed, I admittedly skipped the PLUS token part when reading. Actually the words "Loyalty Rewards Program" triggered my skipping reflex - the name didn't suggest anything of interest, or anything related to profit share

I had a bit of negative bias towards the project - I think mostly caused by the annoying KYC requirement, even for small users and small transactions. There is something making me very uncomfortable when I have to submit my documents and selfie photos to some entity in the internet (I would say, requirement to submit a selfie with doc in hand is kinda humiliating too). I still believe this should be avoided at least for smaller trades, and in especially in the trial stage, until exchange get popular.

In general, on the second thought, I agree, the program sounds interesting, though still at current entry cost, I would not consider this to be a steal, though it is comparatively low-risk and still could provide a 110-120% [almost] immediate returns. But that's just my problem - I should have found this and entered earlier.

Regarding your statement on utility tokens without any utility, couldn't agree more - there are heaps of them, but they do not deserve any consideration, as those are mostly just a pump'n'pump trading toys. This one at least has a clear usage, so is worth considering.

So first let's start with the3M USD is not a small amount in an exchange. Do you have any idea how much it costs legally to get all the paperwork for FIAT in the EU and USA, that alone costs millions. After that they have to developer a whole exchange, set up customer service, marketing etc.

I have seen exchanges raised much more and offering way less, so based on all those comparisons, I would say its a fair amount that Beaxy is raising.

I didn't say 19M in general is a small raise, I stated that for what they want to achieve (their ambition), 19M is a fair raise.

As with almost any ICO, an investor invests in the token and not in the company, unless you buy equity. So I don't get your point on that, that's pretty standard, that's every single ICO.

The utility token has an important role to play in the exchange though, so that creates the value for you as an investor in the token. So when you invest in an utility token, you have to check what utility it gives you and what the chances are that it makes you profit next to the speculation part of the token. In almost every other utility token you would invest you only buy it for speculation, because next to exchanges there is almost no utility token that brings value to the token right away. Most of them are years away from adding utility to their token, because they need adoption etc.

You have to read better next time, because you mention if the exchange would share the part of revenue with the investors, that would be quite a different story. Well that's exactly what they do. As mentioned in my article:

Beaxy chose to use an alternative token for their Loyalty Rewards Program, the PLUS ($PLS) token. The $PLS token will apply to be a registered security token in applicable jurisdiction.
$PLS tokens may not be transferred or sold to a third-party but can be exchanged for $BXY tokens at a 1:1 rate. It will not be a part of the Token Sale process. Important to note is that due to regulatory uncertainty, $PLS will not be available for United States citizens.

So how does the program work? Qualified holders will receive a percentage of transaction fees collected based on the duration the $PLS tokens are locked, and the percentage of each user’s share among all locked $PLS tokens.
Up to 1 month: receive 15% of fees collected
1–6 months: receive 20% of fees collected
Beyond 6 months: receive 25% of fees collected

This is a very innovative approach that could mean that a lot of the $BXY tokens are of the markets and as a staker, you can earn a nice amount of fees if the Beaxy Exchange is a success.

So Beaxy is sharing 25% of their fees collected with their stakers. This is next to their discount in fees you get with paying in the BXY token.

You wrote in your article 3M USD is not a small amount in exchange for just some utility token. As far as I understand developers retain 100% of exchange ownership and profit to themselves. So in fact the private investors invest not in the project or the company, but just buy some utility token with expectations of a fast profit. During the public sale (where the tokens will be 2-4 times more expensive, than they were for the private 'whale' investors), those private investors will sell their tokens for 2x-4x immediate ROI, so I am sure the token could be bought from the market much cheaper than for $0.41 the company is going to sell it. Maybe $0.2 in average, taking into account that most private investors entered considerably cheaper than that.

In any case I would not consider the token being a good investment at the current price of $0.2. If the exchange would share the part of revenue with the investors, or use the part of profit to buy back and burn some of the coin from market, that would be quite different story.

That could be the reason why investments are not flowing in at the moment, and project funding is not going that well.

They require KYC now, while they will provide FIAT trading only in Q4 2019 !?? Why!?

Requiring KYC will put off many users, including many real Bitcoin enthusiasts. People do not like to provide their personal data to everyone who requests it, especially when there is no proof of integrity provided by the requesting party. Why would I believe they do not collect my personal data to sell it, like some much bigger notorious companies did. In any case going through the hassle and risk of KYC is the last thing I would want to do, before entering a new unknown exchange.

This is huge disadvantage over Binance. I am not sure they can attract enough audience with such over-compliant approach. This is crypto, a place where people prefer to remain anonymous and free of corporate/government control as much as its possible. Binance would have never gained so much popularity if they made KYC mandatory.

This thread was made in February and has been eight months gone, but ico hasn't started yet.
Unfortunately, even though there are many investors waiting to participate in this ico.
I hope the information I read here is true and the ico can begin in December.

Has MVP been released? or can we try the beta version or the demo?

Thank you for additional links but important infos still missing.
 How much is 1 $BXY ?
 "Only raised $ 3 million USD so far, with a fair soft cap of $ 4.2 million and a fair hard cap of $ 19 million" seriously?
  And minimal investment is $200,000 ?

 Plus where is demo or beta of your exchange, as I understood you working more than year on it.

[/quote]

Currently, in the private sale till the softcap is reached, one $BXY is 2 cents.

Minimum investment is 200 ETH.

A video of the beta version will be pushed out in the nearby future.

https://medium.com/@khilonecrypto/beaxy-exchange-token-sale-review-1f6b0893e190?source=linkShare-620e9fe22188-1538515519

https://medium.com/@cblackbeard/interview-with-artak-hamazaspyan-co-founder-and-ceo-of-beaxy-103d745650da?source=linkShare-5f10c47af1b0-1538524942

https://twitter.com/CryptoBulld0g/status/1047488814296588289?s=19

We have a lot of content being generated by the community. Check these out:

https://medium.com/@cblackbeard/interview-with-artak-hamazaspyan-co-founder-and-ceo-of-beaxy-103d745650da

https://medium.com/@khilonecrypto/beaxy-exchange-token-sale-review-1f6b0893e190

Cool Podcast with Beaxy speakers often:
http://bullishpodcast.libsyn.com/

Our Twitter:
https://twitter.com/BeaxyExchange

#bullishpodcast

Thanks for all your support guys! We're seeing a lot of interest! 


[/quote]

Thank you for additional links but important infos still missing.
 How much is 1 $BXY ?
 "Only raised $ 3 million USD so far, with a fair soft cap of $ 4.2 million and a fair hard cap of $ 19 million" seriously?
  And minimal investment is $200,000 ?

 Plus where is demo or beta of your exchange, as I understood you working more than year on it.

Nothing much there
[/quote]

We have a lot of content being generated by the community. Check these out:

https://medium.com/@cblackbeard/interview-with-artak-hamazaspyan-co-founder-and-ceo-of-beaxy-103d745650da

https://medium.com/@khilonecrypto/beaxy-exchange-token-sale-review-1f6b0893e190

Cool Podcast with Beaxy speakers often:
http://bullishpodcast.libsyn.com/

Our Twitter:
https://twitter.com/BeaxyExchange

#bullishpodcast

Thanks for all your support guys! We're seeing a lot of interest! 

Beaxy Referral Contest Guide
*IMPORTANT CONTEST ANNOUNCEMENT, PLEASE READ ENTIRE MESSAGE*

"Hello everyone! We’re excited to announce the ultimate exchange referral contest. This contest has been gamified and boosted with incentives at every turn to create hype and drive competition. The point of this contest is simple: acquire users for Beaxy. The contest will run from October 1st until December 12th. ..."


=> https://medium.com/beaxy-exchange/beaxy-referral-contest-guide-c80a3c7ae93b

Oh really^^ then Google is your friend.

Here many infos => https://medium.com/beaxy-exchange
[/quote]

Nothing much there

Here many infos => https://medium.com/beaxy-exchange

 Interesting project, where can we see more info about Beaxy token (huge amount printed!?) and where can we see beta of exchange?

The plan is to release around December. The referral contest will continue until then too!

this is a great step dev and I think many participants will respond. surely they don't want to miss the prize given, 50 BXY for the 10 BXY KYC fan for referrals. if I may know, when will Beaxy exchange be released?

Hello everyone! 

It's been a while, but today we are launching our Referral Contest! 

-50 BXY for finishing KYC
-10 BXY for each referred user
- HUGE weekly/monthly/overall prizes
- 25% of trading fees for six months, 10% lifetime
- Register at http://beaxy.com/registration

Read here for a complete guide on how to participate:
https://medium.com/beaxy-exchange/beaxy-referral-contest-guide-c80a3c7ae93b

Be sure to read: https://medium.com/p/beaxy-exchange-token-sale-review-1f6b0893e190

They have been developing greatly, the Beaxy Exchange will be live in December/January!

They raised $ 3 million and this is a very small amount to contribute to this project more successfully. Currently, Beaxy is looking for traders to trade this as it will be a big exchange in the future including many big investors around the world. I will personally invest in this project and hope for a good future for Beaxy