and I have been far from unbridled optimism until more recently, I had stressed a number of concerns on their public thread.
Here's one particularly interesting response from them:
Guys, the share price is tanking. I think you really need to release SOMETHING to your investors. People are having no idea how to valuate this company, what you're making, how much you're holding in btc, how much you're spending etc and I am feeling some very negative vibes towards virtex surfacing all around the internet. Why must everything be so tight lipped? I've been a holder since IPO and so far that has gotten me nowhere other than a ton of lost btc. We desperately need something, I really don't think it's fair how all these people that gave you a ton of money to grow your business are being treated and new investors are being scared away from this company. You started off good with your prospectus and your shareholder email but all we've heard lately is silence and the removal of payment methods. The liquidity is so horrible it's pretty much impossible for anyone with a substantial position to sell anything. I know I've met you guys and you all seem to be working very hard but when it comes to running a company publicly you really need more transparency and it appears you've dropped the ball, if you are not willing to do this then maybe you should have not sold shares publicly to begin with. I really think that somebody needs to answer to this problem publicly because it is starting to get out of hand.
I also feel that virtex desperately needs a website overhaul. With competitors like vault of satoshi coming out of the woodwork with their clean, appealing user interfaces virtex is beginning to feel very dated. When I point new people to the website they appear very confused about where they are supposed to go and what they're supposed to do.
We need to start a more open dialogue with shareholders. Perhaps open up another forum discussion for ideas and discussions around Virtex's operations. This is the territory that comes with having a publicly held company and I feel it is time you guys step up to the plate.
_mr_e,
I have spoken to you on the phone and met you in person. I understand you are concerned, but rest assured, Virtex is doing extremely well. In fact, we have a substantial blacklog of people who want to get verified and begin trading. Yes, the verification process is not quick and easy, but this is the reality of operating a Bitcoin exchange in Canada. We need to be diligent in order to maintain our relationships with banks and processors, not to mention keep traders protected from fraud.
The enormous demand to become verified is a testament to the level of trust people have in what is the largest and oldest Bitcoin exchange in Canada.
In terms of communications, we could dedicate time and money and hire staff to constantly communicate with people on posting forums, but would this really be good use of capital when we have people waiting to get verified, when we have our development team working on a shorting platform and bringing Litecoin trading to the exchange, when we have sales force working to bring in new merchants and build out our merchant API shopping cart, when we are trying to forge mutually beneficial relationships with new Bitcoin startups, when we are trying hard to open up new deposit methods, when we are trying to beef up our exchange software and eliminate bugs so that we minimize down time, etc., etc.?
Based on our current resources, we try our best to communicate through social media outlets like Twitter and Facebook. We will also engage in posting forum discussions and respond to comments and questions where warranted. That said, we will not get lured into shouting matches.
As for the look of the website, that is a matter of opinion. Granted, it might not feature a lot of the design elements that are currently in vogue, however, there are many who like it. There are plenty of other sites that don't follow the latest design trends (craigslist, reddit, kijiji, ebay, etc.), yet they're not hurting for users either.
On the flipside, I can guarantee you, if we were to "overhaul" the site as you suggest, posting forums would light up with complaints and criticisms. I've been down this road many times.
All that said, we certainly have discussed giving the site a minor face lift, however, it's simply a lower priority at the moment. There are simply so many other things that we're working on that will have a direct impact on growing revenue.
As a shareholder, I can assure you that everyone is "stepping up to the plate" and working flat-out to build Virtex. Like you, we too have a vested interest in the company and we are all in this for the long haul.
I realize that in the Internet age we're used to things happening in hyper speed, but keep in mind Virtex is less than three years old. We are still in the early stages of growth. With that in mind, as an investor, you might want to try taking a longer view.
I believe you have my phone number. You are welcome to give me call if you would really like to discuss things further.
I have found my optimism by realizing he is right here. (Not about the website lol) This isn't like other bitcoin securities where you should expect a payout overnight, this is a long term gig. Virtex has a lot of big plans and I believe they are working very hard to implement each one in the best way while making sure to not get on the nerves of the bankers or the regulators. From all the things I hear they are working on I am seeing much more innovation then any of the other big exchanges are attempting to do, While at the same time they are taking every step possible to ensure they are able to remain a strong business in the long term.
