Topic: mcxNOW - Scam or not? (Read 5447 times)

Hello I go on www.bctcoin.com and automatically redirects me on www.mcxnow.com  what is going on?

Hi;

I know the topic a bit old but I want to ask again?
is the mcxnow trustful now, and what about interest,
are they still give interest and if I dont want to interest , is there any option for me or is there any limit for intereset like vircurex?

thanks...

the limit for interst on vircurex;

This isn't "a scam now", this is the perpetual theatre of scammy fucks coming back to bank off of lazy idiots who meanwhile disregard the rather plain and abundant warnings.

Still nope. He works on the website all by himself, did you really expect one person can keep such a huge website up float AND answer all requests, complains, etc?

its a scam now but for a different reason

bump

True that

Except cold-storage wallets of course.

Well that applies to everywhere.

From the terms:

All risk involved in trading or storing currency on this exchange is placed upon users and we will not be liable for any losses.

So don't keep anything of value there.

mcxnow is a real good site in my opinion

who owns it? seems like scam to me at this point have deposits from 6 hours ago still not showing up!

I'm not saying it is a scam site. But I would be wary just on the fact of who owns and operates the exchange.

RealSolid a.k.a. CoinHuner

Those are just trollbox admins. They have nothing to do with supporting the site outside of banning people from the chatroom.

But I always seem to forget their names, aside from RS himself of course.

The admin names are highlighted by way of gold underlined text (it's non-bold blue for broke hoboes, bold blue for regulars and bold red for "pro traders" (scoff scoff)).

I have seen more then 3 admin online quite a few times. Almost every time I visited.

Theres no evidence of wrongdoing yet and no way to tell if its a scam or not. But there is one particular weakness in this exchange - in that it is supported by a total of only one admin (real solid). That means:

1. You might have trouble receiving timely support.

2. If something happens to this person, there is no more support, and everything could become lost.

3. This one person might have an overly high impression of the system security.

4. This one person can game on and trade on their own exchange. There are no checks and balances.

5. You could get on this person's bad side.

6. This person is only human and as such could be tempted to steal millions of dollars worth of coin at any time once it gets large enough.

I have no evidence that real solid is a bad person, but it still seems risky nonetheless.

I personally have never had more than 7btc there at a time (usually 3) and I remove them as soon as I'm done trading.

The large profit margins made by the ridiculous spreads and the novice traders make it worth the risk though.

I bought some btc on Gox today and sent them here to trade with because I felt the risks were equal but here I could be making profits. When I make enough profit here to make up for the gox-bitstamp gap, I can send the coins  to bit stamp.

'Cause reckless gamblers pumped/bubbled it up, as is known to happen once in a while in commodity and share markets.

I bought one share, and then I realized that I will never get any ROI with it
Why is the price so high?

Seems legit. I deposited about 25 BTC and had no problems so far. But I don't completely trust them yet, so I don't think I'll deposit any more coins for the time being.

Well I personally have been using it for quite a long time and RS was always nice and active if you ask me. But I took a break for a few months so I could have missed something.

Lets see if it's around in a year without getting raided, then i might consider getting back in. Also my account either got deleted when i cashed out or something was changed with my login. I can't login anymore and i had setup the google authentication. Enough is going on for me to back off for now. Hope it's legit and prospers. Good luck guys.

Yea again, we have to take his word for it. If this is a scam (which it certainly could be given RS's history and his ability to disappear at a moments notice), it appears to be more of a long con, so people who are backing the service in here have no definitive proof either way. It's all anecdotal evidence.

If he cannot so much as reset passwords, that is a slight concern. This is not some silly hybrid wallet with client side encryption and double hashed passwords. This is supposedly an n-tier c++ backend. Raises an eyebrow.

I get the whole 'we can't see your pw' thing but if he is paying interest he most likely has access to the private keys for the wallet addresses, so whether or not he has your pw is irrelevant to stealing your funds. Just to point that out.

RealSolid cannot access or reset the passwords as far as I know. Do not ask me how, I just tell what I know.
What I do know is that the AI does shutdown trading if something strange happens. Last time was because the DevCoin node fucked up. To ensure no more problems it shutdown which gave RealSolid the time to fix a bug he didn't even has seen while testing the exchange.

I had a balance here for 2-3 days and had no problem earning a small amount of interest and withdrawing the bitcoins after. It looks like it has a fair sized community and so far seems legit.

I love it when people answer their own questions - in the questions themselves.


""I realise it's a fairly blunt question here and if it is a scam I'm sure I'll get advertiser trolls ranting at me but I want to get to the bottom of things, I found https://mcxnow.com/ and while I'm very interested in it and think it's a great deal, it looks like too much of a good deal.

Let me know if I should be immediately avoiding this or not.""

Trading, withdraw and depositing is enabled again.

Oh I see. "Deposits, Withdraws and Trading is currently disabled" is displayed when the trading AI detects that something is off. Then it locks itself down, so that nothing else could go wrong. RealSolid is working on it as we speak. He is in the chat room right now.

EDIT: It seems like someone tried multiple bruteforce logins, which caused the AI to shutdown and protect the users from any loss.
EDIT2: realsolid: they used a botnet of ips to scan for user/pass that are still valid from the list

Could be happening now!


Deposits/withdrawal/trades are frozen while a security situation  is investigated, so it seems.

Someone on IRC just indicated MCXNOW is on lockdown and something is under investigation... not sure what's up - I'm trying to find out more.

Old cached file? Or maybe the hot wallet is empty. I could withdraw yesterday just fine.

Well as of right now I can't withdraw my bitcoin.

It indicates upon withdrawing that mcxnow is down for maintenance, however every other page works...

Thoughts?

he should add all important coins.
If he adds Securecoin, IFC, and couple of coins like this it would attract many new people and he would have more money from fees.
But I think mcx prefer to issue mcxFee=some kind of stocks = money which never be paid back = some kind of loan which must not be paid.
It is profitable for everyone-mcx got at leat 500 btc, people who bought it cheap earn much more only the last one in the chain who buy shares sometimes in distant future will pay it all.
You may disagree with me but under IPO and stocks I see only money which would never be paid back.

He said that new coins will be added at the next update. Most likely coins which BTC-e has too.

WHat realsolid needs to do is drop crap coins like: mincoin, solidcoin, copperlark and worldcoin.  Then add coins which are more popular such as XPM, PPC, NVC and DGC. 

Bitcoin deposits APRs are bugged atm. Will be fixed in the next patch. Anyway, I use it and I really trust RS. He seems like a really nice guy who chats a lot with his members.

I like MCXnow exchange, I have pro trading account and I must say that trading is very fast and smooth.
However last changes seems to me a bit complicated. On one side I like them, it seems good but on the other side other exchanges do not offer things like shares/participating on exchanges fees and also that wierd interest.
What I am missing are other coins. Why MCX added only XPM in July and nothing from that time??
compare to Cryptsy, they added many new coins during last weeks.
 I suspect that MCXnow do not have many new users and they try to lure more new people, thats all.

This is ridiculous. The only reason to have coins on an exchange is to engage in trading. There is no comparison to be made to keeping coins in cold storage.

The questions really are, what is the incentive for the exchange to share its fees with "depositors," and does this actually increase the risk of keeping your coins there.


Deposits with traditional brokers are insured by the SIPC in the U.S.

That's kind of what that reminded me of too, even though I wasn't holding/using bitcoin at the time Pirateat40 was scamming away (though I was well aware of it).

+tip peasant 50000 satoshi

Better take care of that bug that says 2000+ apr, because it reminds people of the pirate days. That's what turned me off.

didnot he developed solidcoin? didnot he have some problems on bitcointalk.org?

I deposited a small amount of coin to check this interest on deposit system out. I've received almost exactly 0.1% interest after 13 payouts (so 3.25 days). Assuming this rate keeps up, and compound interest is negligible, that'll be 0.923% per month.

So not a competitive rate whatsoever in Bitcoin terms, but a nice thing to have if you'd be trading on the site anyway.

The interest rate display seems to be subject to a bug of some sort. The real interest rate is somwhere around 1,5% to 2% per month AFAICS.

It was my favourite place for trading XPM, but today when I sent some bitcoins on my account I saw
Est. annual interest rate: 2340.69465388%        
WTF
Even Pirate40 didnot offer such numbers
I understood if exchange would offer it for depositing Pennies (holding CENTS multiply coins exponetially) but for bitcoins???
I am afraid this is more than warning sign, it is almost in other words clear sign of fraud.
Even if I was guy such as winklewoss and know that in one week I start my BTC ETF fund I wouldnot offer such interest rate....
this is crazy - question is how long it could last - one week or only several days??

and what scared me as well - I sent there my BTC and exchange didnot wait for confirmations, I could start immediately buying XPM- maybe I am old trusted user but I afraid this couldnot last very long

I have experience with pirate40 and with LTC wallet (once they started offer huge rates it was clear sign of some problems behind and in case of LTC wallet i lost 26 LTC because when I noticed they offer high interest, it was unfortunately too late, and withdrawawals were not possible.

MCXnow was one of the best exchanges, there was no reason why offer such high rates, unfortunately I afraid it only attracts bad attention of people who want to earn easy money on deposits and old traders would go away and how the interest would be paid then?? answer yourself....

I sent there 3 BTC (and 1 btc immediately back) and all I can say is that I was able to buy XPM immediately and sent back my 1 BTC without having wait for confirmations - what scares me as well since this is more than unusual.

I agree about the innovation part, but not on the rep of the owner of the site.

RealSolid a.k.a. Coinhunter

I just thought I'd say I deposited a small amount to test it out and I successfully received an interest payment, looks pretty legit now I've investigated it more thoroughly and it does make sense when you see how it all works.

From my understanding there is no 'admin' to hack since all accounts on the user machine are equal and on site access is needed to 'hack' it.

Everything seems to work pretty well with the exchange anywhere from interest, deposits, withdrawals, etc. The interest and fee shares is quite innovative and a great use of how the cashflows in the business model.

The interest model as a percentage of trading fees will probably become the de-facto standard since individuals need to somehow be compensated to take on the risk of having coins on an exchange in contrast to just having them sit in their own cold wallet and it needs to be done in a financially sustainable way.

Plus, it will be interesting to see if this type of innovative model will eventually get applied to more traditional financial firms.

How long is it gonna be before this exchange gets hacked and everyone gets cleaned out? Love the idea but it needs some kind of backing to ease my mind.

works fine for me to, everything gets paid every 6 hours.
i got 10 feeshares on the beginning and 8 more since the release.
i moved all my trading coins from btc-e to mcxnow.com

i have my account since a while there and no issues so far.

Thanks for that guys, feel free to post more evidence of it all working like I said, it's just one of those things where the numbers look too good I've just been wondering why I never noticed this before.

i've never had any issues with MCXNow (except during maintenance of course).

I have 2 fee shares in there (i'm not THAT rich :p), but so far, everything is delivered as promised.

Some of the stats seem way off, but from what i heard RealSolid is still working on bugfixes & some features, so i guess that'll be fixed in the near future

Working for me too thus far, but the skepticism is healthy, especially after Pirateat40 and all.

The account overview shows bitcoin deposits having ridiculous APRs; I have no idea how those figures were obtained. Real interest rate on bitcoin deposits seems to approximate to 2% per month. This isn't terrible by any means but it's up to the depositor to consider whether or not it's worth the risk to deposit anything substantial if they don't intend to do live trade.

Works fine for me

I realise it's a fairly blunt question here and if it is a scam I'm sure I'll get advertiser trolls ranting at me but I want to get to the bottom of things, I found https://mcxnow.com/ and while I'm very interested in it and think it's a great deal, it looks like too much of a good deal. So I want to ask as is it lists 500+ users being on there has anyone actually successfully used this site without any problems? Do they get paid on the 6 hour basis that the exchange claims to pay people on?

Let me know if I should be immediately avoiding this or not, one concern that immediately springs to mind is if you want to deposit a large number of coins in there it could easily end up disappearing no matter how tough the security measures are, I'm asking about this because this would be a nice thing to place my money in and grow it with compound interest rather than frying my poor graphics card for weeks.