Topic: Deleted - page 2. (Read 16645 times)

When did I ever promote on ponzi? I once participated in one, which is gambling. Can't see any issues around that myself. _{Not that I like to gamble any more, though.  I never threw more than $5 into it (regardless of what I said)}

Also we have a fully working platform, but thats different from complete. We just need to add various features to make it more manageable.

As for the valuation, if we were to make a valuation based upon current assets and profits we wouldn't make enough to launch, in the same way as a lot of the BTC based companies that IPO here. The valuation is based on potential, and the performance of similar services. As well as the value simply held by our possession of a UK bank account.

Damn, I was seriously seriously thinking of throwing a few bitcoin at this.

Anyone who'd fall for a ponzi is clearly not the type of person who should be operating an exchange.

https://bitcointalksearch.org/topic/scam-leancy-ltd-bitcoin-investment-150-return-5-daily-interest-448250


You openly promote a known ponzi before. You may be sincere in trying to run a legitimate service.

But I question your competency in decision making and project management.

Please have a fully working platform before asking other for money and you should not value a no profit, no sales company at 500k.

And be transparent about who invest how much. There is a reason why it is called "IPO".




 

No, you don't need to get registered.

The facts are accurate but they do not apply to us, that being said we are going to apply for that license but it is really only for appearance and at £50 no reason not to. Same reason why coinfloor got it.

The FCA is responsible for licensing companies like ourselves, but we don't fit in the current framework. That being said they plan to add firms like ourselves to the framework in the future with "project innovate".

You said you don't need license in UK?

http://www.hmrc.gov.uk/mlr/getstarted/register/who.htm


The facts from the link above, is it not accurate?

How does customer deposit get assigned to his account?

Fairly standard, presuming the funds are in the hot wallet it will be withdrawn to their address.

The cold wallet is a 2 of 3 multi-sig address.

Of course I follow news.

For an exchange operator, I just like to know if you know the specific nature of security threat. And have measure in place to prevent and minimize it. And not playing with fire.

The fiat, if you have license as you claimed, will be sitting in your bank account. It is pretty obvious that no one can "steal" or hack the fiat sitting in your company bank account. Which leave the coin wallet the source of vulnerability.

When customer deposit coin in, how was the coin being handled? And what is the withdraw policy for coin?

Have you not been following the news. All of the break ins at various exchanges/services resulting in the loss of their funds.

Just to clarify, by exchange we mean a service like BitStamp, which holds the coins and fiat and allows people to trade.

As for how we prevent it, we find the security holes before the bad guys do and fix them.

Since you are running an exchange, what is the nature of this hack? How does people actually lose money?

What measure is taken to prevent this kind of "hack"?

1) We're now a month away from launch. We should have the platform finished (from your perspective) in about two weeks. We'll still need some security and back end work done though.

2) They didn't approach us, we approached them. They will accept multiple exchanges. As for why we have been speaking with one of their board members for about six months, they advised we use their services.

3) If an exchange gets hacked, people lose money. Thats why we need security. Colocation is hosting not security.

4) I did address the main advantage for the UK market. Trust shouldn't be too difficult, just time and features. For example proof of solvency.

5) Received 8.5btc in investment so far. All profits go to those who invested until they earn ROI.

6) No, I have no names. I don't want to know names, I don't need to know names.

1) The started date of this IPO dated April 24th. The link you provided belong to someone else. How much longer do you need to let potential investor see a fully functional working platform?

2) Campbx, based in US, has a fully functional exchange (and customer) without the license; Cryptsy (US based) also have a fully functional exchange that is running without license to handle fiat, why Cryto Financial approach you and not them?

3) The exchange platform, is just a front end portal to run the trade engine and account for balances. What is this security issue you speak of which need co-location? What is the nature of security threat for an exchange?

4) You have not address the issue of competitive advantage. For any user currently using an exchange out there, why would anyone use a brand new exchange without trust? Bitstamp is located in Euro zone, SEPA transfer already work for bistamp. As for people in Australia, they can use itbit, bitfinex and coinjar with same 1 day wire transfer. Merchant service is already covered by bitpay and coinbase. And margin trading is covered by bitfinex.

5) The 8.5 btc worth of dividend, how do you derive this number? What volume and fee are needed to get this amount of dividend? Is the 8.5 btc being divided by the 500k company valuation (which amount to around 1% ROI). Also, what is the expected monthly expense to run a exchange capable providing 30% RoI?

6) Since this is an IPO, can you provide the names of those who already joined in? That could instill confident to those who may want to join in.

Friends and family, were of considerable help. That and having a dialogue with them being frank about the risks but describing how we will get around them (essentially the risks are reputation and money laundering).

CounterParty or Colored Coins. To give a good description:

1) Go to CounterWallet.co and create a wallet *write down the seed*

2) Send some bitcoins to one of your addresses (doesn't matter which)

3) Click buy/sell, put I would like to buy DUNNECAP for BTC

4) Type the number that you want to buy *note, you need something like an extra 0.5% to cover fees*

5) Confirm it, and leave the wallet open until the DUNNECAP show in the wallet.

6) Import the address you used into your bitcoin wallet, thats where the dividend payments will go.

I just saw this and I thought if I can get ROI at the same time as helping to get a good UK Bitcoin exchange then why not.How do I buy shares from you and how much are they each?

Care to share, how you have managed to secure this banking arrangement?

I know, neither can CoinFloor (so far, anyway) or any of the other exchanges that have attempted it.

1) Its not, we have a private section which we're currently using for dev. If you want to see a functional demo of the script go to http://demo.wlox.io

2) Yes, I am sure. Very sure. As for US, you are correct. The license they have is not to operate an exchange, I can't remember the name of the license precisely but it allows them to essentially escrow funds. They don't run any exchange they just hold the funds, and that is the benefit for them.

3) Hardware, and development is already covered. Raised enough to do that. The other significants costs (pre/shortly after launch) are security and colocation which total around £7000 to be done to the standards which I want to hold it to. Once we have significant volume another cost will be legal counsel, more specifically a part time compliance officer and an expensive solicitor (or someone who can fulfill both roles). We already know where we will be going for those.

With the current amount of investments, and the planned weighted dividends it would take a 8.5BTC worth of dividend payouts to receive ROI +30%.

Incentive has been described a fair amount, but in the UK we have instant, free bank transfers. That is huge to a lot of people who currently have to send expensive/slow SEPA/SWIFT transfers. We can also accept one day transfers in Australia, SEPA transfers in Europe and SWIFT everywhere else. Over time, more importantly once we have the volume to support it we will add things like margin trading as well as providing merchant services.

Later on we will start providing second tier financial services, assuming the law allows it.

I only ask, as Marc Warne (Bittylicious) apparently still cannot get a standard UK bank to entertain his business after nearly a year of trying, going by his recent BBC Radio 4 interview.

UK bank account. Not that it would matter, they all have Faster Payments