Topic: Crypto X Change - What would YOU the community like to see and join us???? - page 6. (Read 12290 times)

A business is conducted by individuals. If it is not an open company owned by multiple, unknown people, there's no reason to make a distinction. And that's their case afaik.


They being honest has nothing to do with they disclosing their private financial data. They being honest has everything to do with respecting contracts and being clear with what they do with your money, as I said before. Their money is their business only.


They can't run away as MyBitcoin did. There are multiple ways to track them down. The links with the banking system are already enough. Plus, it seems they even have an insurance, but I haven't checked on that.


Of course they may be personal.

Hi Tony,

This is happening slowly, we have now become #1 in the AUD market and have been #2 & #3 Place in the past few weeks a number of times with our USD market on Bitcoin Charts. This is why we are asking the community what else can we do, natural growth is happening which is great. We have had 0% Comission fees for the past week which finishes the end of tomorrow (31st Jan). We also have some more features and fee structures coming out by the end of this week which the community will enjoy.

Thank You Tony

Regards

Crypto X Change

One more thing I'd like to add to the topic of transparency is that I could see how normally a business doesn't really need to be as transparent as I'm asking cryptoxchange to be because of what their product is. If you produce a gadget I wouldn't care about your financial state of the business or how many clients you have, I'd care about the gadget and your transparency concerning the properties of the gadget. Your financial state of your business wouldn't affect whether or not the gadget does what it's suppose to and is of the desired quality.

However your product isn't a gadget. Your product is a trading platform and if you really want to incentivize people to use your product you should make the best possible effort to be as transparent about the properties of your product as possible. Unfortunately for you part of being transparent about your product in this case is also revealing the financial state of your business.


I know this is hard to swallow because of the weird upside down world we daily operate in. Take for instance banks, the biggest financial businesses. They are all insured by the government everywhere around the world so clients simply don't care about their financial state. They know if the bank isn't being run prudently and is gambling on risky investments such as very risky subprime mortgage instruments, they know that even if their bank loses a ton of money it wont go bust because the government will come to the rescue and make the clients hole. So no one dues any due diligence and these financial businesses have stopped being as transparent about their financial state. Also people have become complacent and somehow convinced this is a natural state of affairs when in facts there is a huge amount of moral hazard present. Well let me assure you, it is not natural for so many clients in the financial world to simply not care about what their chosen bank does. If these banks would want to operate in a free market, such as the Bitcoin economy is, where there are 0 guarantees, where clients are forced to do their due diligence before they trust businesses or face grave consequences in loses, businesses will need to be transparent. And you will have to snap out of that false paradigm of the physical world poisoned with moral hazard you live in and change your attitude if you want to succeed in this truly free market.

Like I said, I will not change to another exchange because of mtgox's liquidity unless an exchange sets a critically higher standard for transparency. Then and only then I'd switch and I know there's a lot of mtgox's clients that think exactly like me.

Ken this is great, but you absolutely need to get the order book filled up.  It doesn't help me if I save a few bucks on the transfer but I pay alot more in wider spreads.  I would suggest a mechanism where you offer commission free trades if someone enters a limit order inside the current spread, and that order is filled by a new order.  you will have people jumping over each other to narrow the spread.

Cheers
Tony

Hi,

As mentioned before, people are asking for more transparency, we have been as transparent as possible. As we mentioned private companies don't disclose absolutely everything, IE even in other industries product purchase prices are not disclosed to staff and various things. We have taken note of everything mentioned and we are discussing the realistic transparency that is required, but anything that isn't necessary will not be.

To date, I hope that we have been as transparent as possible, Exactly as EhVedadoOAnonimato mentioned everything is made very clear upfront in our fee's, limits and everything.

We do not run any dark pools, or hide anything from our clients.

Thank You

Crypto X Change

I agree 100%. However a business isn't an individual. How am I suppose to make an informed decision where to trade my fiat for Bitcoins if all I can see about them is irrelevant when it comes to credibility of being an honest exchange business? How can I not fear it's a scam and they'll run with the money because they aren't making enough profit to dig themselves out of the investment hole? How am I suppose to have confidence their volume is going improve if I can't see that their clientele is actually growing or that they have an ever larger deposit volume..

Yes I'm all for personal privacy of any sorts. Business however isn't personal, in fact it's very public. And the best businesses don't hide much at all. They don't have to.

Right now all my Bitcoins are on mtgox, even though I'm happy they finally show their entire order book, not just a 7.something% up and down from spot like they did for a while, I still have no idea how many active accounts there are, how many dark orders there are, I'm certain they are making a profit by now, so I know they'll keep running but I have no idea if they actually have the funds they are suppose to have, I don't know if their user base is growing or shrinking, if they are receiving more deposits or see more withdrawals, I'm very much in the dark about most things about mtgox.

But because I see the liquidity and I know they are in the black by now by a huge margin and probably aren't likely to kill the goose that lays the golden eggs I settled to keep my money there. That's right, merely settled. But I'm just yearning for an exchange that would show everything they possibly could to move my money there because I feel the more information I have the better decisions I can make when I trade and I strongly believe the more stable the price would get. That's right. All this volatility and bubbles are the results of people trading almost blind. If mtgox gave us full transparency there would be significantly less of that.

So right now you can't convince me to switch away from mtgox, unless you can be more transparent, their liquidity simply outweighs anything you could possibly offer, except that.

You either are very naive, or you're some kidnapper or other kind of criminal operating in Australia.
Seriously, you really don't see any problem on making all your revenues public information like that? Really!?

It disappoints me seeing such thing here, in this community. One would hope that at least bitcoiners would understand the importance of financial privacy, banking secrecy and so on. But no... even them have already fell for the ridiculous propaganda claiming that those who search for privacy are actually conducting "bad/shady business".

The profits and earnings of an individual are his private information, and wise individuals would not disclose such information carelessly.


The kind of transparency you should expect from exchanges is upfront information on how their service will treat your money. For example, the "Surprise! Give me your passport or forget about your money!" thing is an absurd. A respectable business should let everything clear from the start, before you put your money there you should know which are the limits, when you may be required to provide personal data etc.
I've seen CryptoXChange been transparent about these issues in other threads.

Hi, we have recently been discussing adding a Euro market, at the moment everyone can deposit into the USD market for the same fee $5, with Euro's and 25 other currencies, and also withdraw to Euro's for the $5 without any wire fee's or bank fee's.

However we will add a Euro Market ASAP.

Thank You

Crypto X Change

Hi sorry for missing this one.

yes we have something very cool coming out for this which should be before the end of this week!

It is different but a huge incentive for everyone

Thank You

Crypto X Change

Hi, sure you can transfer any of the major 25 currencies to either our USD or AUD markets for just $5.00 flat fee, there are no charges from your bank or wire fee's.
It usually takes 24-48 Hours, it is the same for withdraws the flat fee of $5 to 120 different currencies.

So basically any where in the world is just $5.00 transfer fee, no wire costs or bank fees. Our deposit system is 100% Automated, so all transactions we provide a unique reference ID for you to use as reference so the money credits to your Crypto account as soon as it lands. Withdraws are processed manually at the moment, but will also be automated soon.

Also for clients in USA we have BitInstant available for Cash deposits, Dwolla etc.

If anyone has any questions please don't hesitate to ask.

Thank You

Crypto X Change

If I wish to transfer fiat Canadian or United States dollars in or out of a Canadian bank account to Crypto X Change what is the process and how long does it take?

Hi, yes we do have credit cards coming. We have it setup in our back end we are just awaiting our merchant / banking guys still, it was meant to be turned on January, however there is some delay still.

In regards to PayPal, if we are able it will only be small withdrawal amounts we have been looking into it and talking with them, and definitely only withdraw not deposit, but it is still not yet 100% certain we can do withdraws even, we were given an example by another company in the community who allowed withdrawals, and it turned out to be a nightmare with funds frozen etc. So these things need to be risk free to us. If we can do it, we will surely let everyone know ASAP.

The credit cards will be a huge thing, the customers will have to be verified with Identification etc for using those when the system is ready. We are waiting on a new ETA for the credit cards.

Thank you for your input!

Regards

Crypto X Change

Find a way to except and receive transfers from paypal, or the ability to use a credit card to directly fund the account.

Looking quickly at your site, seems like there's a lot of different features, clicked on the forum link and found this:

http://www.cryptoxchange.com/boards/topic/11/bad-customer-service

If that's a legit customer concern, it's odd it haven't been adressed for 21 days by you.

IMO, what the bitcoin community needs are services that are serious and that reply swiftly to customers with real solutions.

If you don't intend to watch over your forum, then don't put up one.

Sorry if this seems a bit harsh, as I'm sure you have a lot of good things going on, but customer service really is paramount to grow a successfull business. It strikes me as a little bit odd that you come on here asking what you can do to attract more customers, while I'd reckon the most important thing would be to take care of existing customers first.

Also I have a question for you: How many people are behind the exchange, seems like you have a lot of options and features, and if there's only two (?) people working on it, isn't that a bit too few ? Esp. for keeping up with customer service and everything.

Could you perhaps give a list of everyone working for the exchange, and a brief background of those ? Not necessarily full names if you don't want to disclose that, but it would be interesting knowing how big your team is, and how much resources you've dedicated to every aspect of your business.

And of course, since you've already been in business for 15 years with a successfull company, you know that in the long run it's patience and quality services that brings in more customers. So don't rush it. If you're promising and delivering on your promises, people will notice and switch to your exchange.

But be late on payments and customer requests, and you will be nothing but one of many troubbled exchanges.

When will Euros be traded?

Yes! doubleplus!

I sent two messages via the "contact us" form on your web site. Yesterday Mahin contacted me and requested I email him directly. I did that within minutes of his PM with full details. I will now also PM the same message directly here. I guess fixing your web form for contact would be a good thing.

Hi,
We have not received your email, please PM us here with the information so we can take care of this or contact us Via our live support.
You would have had a response same day or next day definitely. So we are not getting your emails.

Thank You

Crypto X Change