Author

Topic: [Funding closed, project proceeding as planned] (Read 6914 times)

sr. member
Activity: 378
Merit: 254
Five Weeks(tm)
sr. member
Activity: 378
Merit: 254
Three Weeks (tm)
sr. member
Activity: 378
Merit: 254
Hopefully less than two weeks until launch...

Ahh! "Two Weeks(tm)"

Well we're aiming for the 31st but I didn't want to say that and then be wrong.

Yep.  Two Weeks(tm).
sr. member
Activity: 378
Merit: 254
^
As long as you're wearing a clean pair of socks and your hair is combed, I'm not worried.
sr. member
Activity: 322
Merit: 250
Yes its all still happening, I had aimed for a launch today but not going to make that obviously.
newbie
Activity: 58
Merit: 0
Looks like clear scam.
sr. member
Activity: 316
Merit: 250
Simcoin Puny Humans Communicator
Hey, is this still happening? I want to brag about owning some dunnecap one day.
sr. member
Activity: 322
Merit: 250
Its something I will look into. It is planned down the line, but implementing XCP is not quite as simple as any other altcoin.
full member
Activity: 134
Merit: 100
Are you taking XCP and MSC to exchange, better than dogejoke?


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full member
Activity: 138
Merit: 100
Here you go MrWDunne, right up your alley--a turn-key white label exchange.  Exciting stuff!



http://vbbb.com/ Smiley
sr. member
Activity: 322
Merit: 250
As it may have been noticed, CoinFloor now has faster payments also. Everything goes on as planned.
sr. member
Activity: 322
Merit: 250
With the new Canadian laws (http://cointelegraph.com/news/111905/canada-signs-first-ever-official-law-regulating-bitcoin), will you be registering with FINTRAC?
Already sent in the application, although that is really being handled by CryptoCapital.
legendary
Activity: 1330
Merit: 1000
With the new Canadian laws (http://cointelegraph.com/news/111905/canada-signs-first-ever-official-law-regulating-bitcoin), will you be registering with FINTRAC?
sr. member
Activity: 322
Merit: 250
I don't get it. Why building an exchange on an exchange ?
How do you redeem cash ?
I'm a little confused at to what you mean? We are building an exchange, you deposit/withdraw via bank transfers.

I thought it was using a decentralized exchange like XCP because you were talking about XCP.

So why are you doing an exchange when you have no chance against big guys ?

I don't get it.


We use XCP but that's for a different reason than BTC->fiat.

We are not directly competing with any 'big guys' as in the UK there aren't any big guys. You have local bitcoins, bittylicious or coin floor. CoinFloor is the only 'exchange' and that has ~25btc volume per day because they don't have UK banking and it is run by a notorious scammer (Nefario).

That being said, we will be competing with larger players in the USD/CAD/EUR space in particular. As for how to compete, we will just gain trust over time, and offer the best service possible.
legendary
Activity: 2156
Merit: 1131
I don't get it. Why building an exchange on an exchange ?
How do you redeem cash ?
I'm a little confused at to what you mean? We are building an exchange, you deposit/withdraw via bank transfers.

I thought it was using a decentralized exchange like XCP because you were talking about XCP.

So why are you doing an exchange when you have no chance against big guys ?

I don't get it.



sr. member
Activity: 322
Merit: 250

I don't get it. Why building an exchange on an exchange ?

How do you redeem cash ?

I'm a little confused at to what you mean? We are building an exchange, you deposit/withdraw via bank transfers.
sr. member
Activity: 322
Merit: 250

I don't feel like this statement helps your case. You admit that you have no experience running an exchange. I appreciate the honesty, but the fact remains that you are not experienced. You can't expect *reasonable* investors to think that their BTC would be safer in this venture than it would be if it were just sitting in a wallet appreciating in value.

Secondly, those other CEOs without experience lost a lot of investor and/or users' money (whether through outright scamming or just plain negligence). The ones still standing are probably on borrowed time. Pointing to them and saying, 'See? I'm the average' is silly IMO.

Curious, with exception of Second Market, and possibly Circle (still arguable) who does have experience?

Managing an exchange in the fiat world is massively different to a bitcoin exchange, seems largely irrelevant.
legendary
Activity: 2156
Merit: 1131

I don't get it. Why building an exchange on an exchange ?

How do you redeem cash ?
legendary
Activity: 1820
Merit: 1001
Nice new site and design work put together. Looks like I will be keeping an eye on this one to see how things progress. I did see in OP that you are using GBP so am guessing you are using the UK for this site and location. If this is within the UK when do you expect to open website and trading for your exchange?
full member
Activity: 240
Merit: 101
You have an agreement with a UK bank.  Which you're not at liberty to discuss.
And an agreement with CryptoFinancial.  Which you're also not at liberty to discuss.
CryptoFinancial is also not at liberty to discuss their banking arrangements.  Which begs the question:

...
-Tell us your age, your previous experience in managing multinational currency exchanges, how you plan to spend your summer vocation, and when you hope to finish secondary school.
...
I can discuss our agreement with crypto financial, it is simply information I have which is not publicly available that I am not willing to share.

No, I am not in secondary school although yes I am young. Feel free to hold that against me if you wish, although I doubt that would sway your opinion.

As for previous experience with multi national currency exchanges, none. Then again I cannot thing of a single CEO of a bitcoin exchange that does.

I don't feel like this statement helps your case. You admit that you have no experience running an exchange. I appreciate the honesty, but the fact remains that you are not experienced. You can't expect *reasonable* investors to think that their BTC would be safer in this venture than it would be if it were just sitting in a wallet appreciating in value.

Secondly, those other CEOs without experience lost a lot of investor and/or users' money (whether through outright scamming or just plain negligence). The ones still standing are probably on borrowed time. Pointing to them and saying, 'See? I'm the average' is silly IMO.
sr. member
Activity: 322
Merit: 250
Its possible, not going to say yes or no, either way.
sr. member
Activity: 316
Merit: 250
Simcoin Puny Humans Communicator
Quote from your website.

"Regardless, we plan to offer the following cryptos for trade on the exchange in fiat/crypto and btc/crypto pairs. More may be added, and some may be taken away.

BTC/LTC/DOGE/MMC/DRK/PTS"

I truly believe as a dunnecap investor and NXT holder that if you can have fiat/NXT in your exchange it will give you a unique edge. BTC-E will not likely have a NXT/fiat anytime soon and that would be a mistake you could take advantage of. All altclones including litecoin are dying and will be dead end of year. Being one of the first exchanges to have
nxt/fiat will make you the go to for nxt trading volume. Btc #1 and Nxt #2 will be so for a long time and Mimex can benefit by it.
sr. member
Activity: 462
Merit: 250
Lux e tenebris
Such young. wow . many wisdom
full member
Activity: 224
Merit: 100
For the love of good just let Mpex die quietly into the night like it wants.
legendary
Activity: 1036
Merit: 1000
Yes we agree and encourage people to give Counterparty a second-look.

No, we do not agree. We encourage people to give Mpex a second look.

Mpex? Really? There is almost nothing on there except Mpex own shares. Havelock is very good, so is litecoininvest


And I like the concept of counterparty, but currently would not go with it. Volume isn't good enough rightnow
sr. member
Activity: 462
Merit: 250
Lux e tenebris
Yes we agree and encourage people to give Counterparty a second-look.

No, we do not agree. We encourage people to give Mpex a second look.
jr. member
Activity: 30
Merit: 4
Looks good to me. Would likely buy a few shares if you were on havelock, not going to be using counterparty till it gets touched up a bit more.

Cant wait to see what the finished product looks like  Grin

The biggest selling points of this IPO is that it's on Counterparty. IMO the Counterwallet interface might have a few bugs but Counterparty at the protocol level has had a really sound, scholastic approach.
legendary
Activity: 1036
Merit: 1000
Why are more funds needing to be raised than, if your expenses are already covered (for the most part)?
More money needs to be spent on
Multi-tiered security audit
Colocation
Legal fees
Crowdcurity campaign.
To expand on this, the costs listed were the ones we are already committed to.

Looks good to me. Would likely buy a few shares if you were on havelock, not going to be using counterparty till it gets touched up a bit more.

Cant wait to see what the finished product looks like  Grin
sr. member
Activity: 322
Merit: 250
Why are more funds needing to be raised than, if your expenses are already covered (for the most part)?
More money needs to be spent on
Multi-tiered security audit
Colocation
Legal fees
Crowdcurity campaign.
To expand on this, the costs listed were the ones we are already committed to.
legendary
Activity: 1036
Merit: 1000
Why are more funds needing to be raised than, if your expenses are already covered (for the most part)?
full member
Activity: 224
Merit: 100
What have those funds been used for thus far, a audit of assets and liabilities is always a nice thing to look at for investors.
sr. member
Activity: 322
Merit: 250
angel.co states 20k of Previous funding.
Partially accurate, in reality its 12k of funding. Own capital.

Thank you for the point, I have updated it.
full member
Activity: 224
Merit: 100
angel.co states 20k of Previous funding.
sr. member
Activity: 322
Merit: 250
MrWDunne, though it pains me to say this, you are approximately as likely to start your McExchange as my cat (who is a frickin' talented animal, make no mistake.  Should see him with a new cardboard box...)

How many sharez have you sold thus far?

Enough to get us to beta, not a large amount but enough.

You may look it up if you so wish, all of the information is available on the Counterparty blockscanner.

sr. member
Activity: 378
Merit: 254
MrWDunne, though it pains me to say this, you are approximately as likely to start your McExchange as my cat (who is a frickin' talented animal, make no mistake.  Should see him with a new cardboard box...)

How many sharez have you sold thus far?
sr. member
Activity: 322
Merit: 250
Lol, I'm not holding your age against you any more than i hold being a cat against my cat .  But giving a kid with no qualifications money to start an exchange is as absurd as giving it to my cat, as clever as he is.

Go out, have fun, get laid, get wasted--best years of your life!

While I appreciate the sentiment I do not wish to waste the opportunity I have before me, not to mention that the service we shall be providing to the UK is sorely needed.
sr. member
Activity: 378
Merit: 254
Lol, I'm not holding your age against you any more than i hold being a cat against my cat.  But giving a kid with no qualifications money to start an exchange is as absurd as giving it to my cat, as clever as he is.

Go out, have fun, get laid, get wasted--best years of your life!



*how many of these "shares" have you sold, anyhow?  
sr. member
Activity: 322
Merit: 250
You have an agreement with a UK bank.  Which you're not at liberty to discuss.
And an agreement with CryptoFinancial.  Which you're also not at liberty to discuss.
CryptoFinancial is also not at liberty to discuss their banking arrangements.  Which begs the question:

...
-Tell us your age, your previous experience in managing multinational currency exchanges, how you plan to spend your summer vocation, and when you hope to finish secondary school.
...
I can discuss our agreement with crypto financial, it is simply information I have which is not publicly available that I am not willing to share.

No, I am not in secondary school although yes I am young. Feel free to hold that against me if you wish, although I doubt that would sway your opinion.

As for previous experience with multi national currency exchanges, none. Then again I cannot thing of a single CEO of a bitcoin exchange that does.
sr. member
Activity: 378
Merit: 254
You have an agreement with a UK bank.  Which you're not at liberty to discuss.
And an agreement with CryptoFinancial.  Which you're also not at liberty to discuss.
CryptoFinancial is also not at liberty to discuss their banking arrangements.  Which begs the question:

...
-Tell us your age, your previous experience in managing multinational currency exchanges, how you plan to spend your summer vocation, and when you hope to finish secondary school.
...
full member
Activity: 153
Merit: 100

Outside of the UK, a European bank account has been opened to allow customers to trade on Mimex from mainland Europe.  Regulatory approval has also been obtained to allow US and Canadian customers.


Show us the documents on the approval.


We work with CryptoFinancial for US and Canadian customers, as they have a license to accept funds. You'll have to ask them for it. They will also verify that we are working with them.

EDIT: Here is their thread https://bitcointalksearch.org/topic/havelock-crypto-financial-cfig-official-thread-269191

They are also who we will be using for JPY

What convincing documents CryptoFinancial show you that they can deliver what they promise?
sr. member
Activity: 378
Merit: 254
This has all been covered before.  No McExchange franchise 4 U.
Piggybacking your ridiculousness on top of another one simply doesn't work.

TY Crypto Capital.  This brings me back to my original question, which banks are you working with?
For a real-world example:
I live in US, NY, NYC, which bank would I be dealing with?  I'd like to contact that bank and verify your involvement with it.
TY again.

Re. "no need to trust or provide your information to the trading software provider, they are a software company, not a financial one":

An exchange operator is an exchange operator, a software provider is a software provider.  If the software provider happens to also be running the exchange, he becomes both.  I'm afraid you've been mislead by your legal counsel.

We currently do not work with a Bank in the U.S, but we will provide a funding option directly to US customers in the near future and will update our customers as soon as it is setup.

OK, no US banks.  Any banks I could contact?

Quote
We act as exchange operators, and the "exchange" companies are software providers to our financial company. If you used trading software, is your agreement with the software company that made the software or the broker that provides the software to you as a client.  If you use online banking software provided by your bank to handle your banking needs do you interact directly with the software company that wrote the software for the banking platform? Of course not.

This is getting a bit silly.  When I use my bank's software, I'm dealing with my bank.  The [outside] firm providing banking software to my bank is not opening bank branches and calling itself "bank," while the exchange software providers are not starting their own exchanges while playing licensed brokers.  No parallels whatsoever with your DIY exchanges functioning on open-source software (which you provide along with your "bank - escrow" service).
McExchange Franchise model is amusing as a thought exercise, but I'm afraid no more than that.

Quote
We provide exchange software developers to option to engage customers without holding money in their own account, but in an escrow account. An exchange software provider manages the software, they do not need to physically handle your money, they only need to run and manage the matching engine software.

"Physically handle [my] money"?!  Unless you are expecting my bank to send used, nonsequential tens and twenties, you won't be physically handling it either.  An exchange is an exchange, and the person selling unregistered securities on an unlicensed exchange is selling unregistered securities while running an unlicensed exchange.  Regardless of who "escrows" the money.

I don't particularly care if you break every law on the books, but don't kid your "clients."

Quote
Think about coinfloor, a UK exchange that uses a money transmitter to hold the funds in escrow and receive and send them back and forth on behalf of their customers. We do the same thing, but on a global multi-currency platform.
...

No.  From a cursory look at the website, Coinfloor appears to be no different from other exchanges, it does not farm out AML requirements to third parties, or claim to be just a "software provider."  Again, no parallels with what you are proposing.

As I said, McExchange is an interesting hypothetical, and clever in a geeky, literalist sort'a way, but it's simply a nonstarter as a working, IRL proposition.  Financial regulators simply don't share our sense of humor.
full member
Activity: 153
Merit: 100

Outside of the UK, a European bank account has been opened to allow customers to trade on Mimex from mainland Europe.  Regulatory approval has also been obtained to allow US and Canadian customers.


Show us the documents on the approval.
full member
Activity: 138
Merit: 100
New thread, with new PR. Same offering.

Hello Mimex_PR, my name is IPO Magic.  WTF were our parents thinking, amirite?
Anyhow bro, don't get used to free business tips, but i'll point you in the right direction.

While it's nice to hear that "a large proportion of shares must be sold cheaply" and "share price will rise immediately upon launch," it's also helpful to mention stuff like:

-What do these shares represent?  Stock in your firm?  "Share of the profits" (de facto bitcoin standard)?  Make something up--be creative!
-What is the total number of shares issued.
-Will you issue more?
-Pay some lip service to not selling to US persons--you're issuing unregistered securities, just like real grownups!
-Tell us your age, your previous experience in managing multinational currency exchanges, how you plan to spend your summer vocation, and when you hope to finish secondary school.

Oh, and start all your formal writing with "Sirs!"  Because that's classy.  And never forget the exclamation point!

Your mentor,
   IPO Magic
newbie
Activity: 29
Merit: 0
Didn't you already attempt an initial offering?  How is this new?
sr. member
Activity: 378
Merit: 254
Lol welcome to Bitcointalk, Mimex_PR!  Are you one of the new clean socks I suggested for MrWDunne?  Don't fib now...
sr. member
Activity: 322
Merit: 250
This thread is the new official thread. Mimex-PR shall now be handling all inquiries. I shall be avoiding bitcointalk myself.
sr. member
Activity: 378
Merit: 254
Lol, why a new thread?  What's wrong with the old one?  https://bitcointalk.org/index.php?topic=583262.0
*Hope the pic you used on your commercial site is paid for/royalty free.
P.S:  Have your mom prof your next prospectus/pitch deck.

newbie
Activity: 10
Merit: 0
Funding closed, project proceeding as planned
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