Topic: WEX.nz - page 27. (Read 62393 times)

Anybody knows what to make of this?

i think you'll have to go through their ticket system. on wex.kayako.com, you can go to "start a conversation" and choose from the menu the most appropriate issue. i would go with "problem with login to account."

also, i would avoid using IP whitelisting, for the exact reason you mention. most people don't have static IP addresses, so i wish that exchanges wouldn't even offer this option. you are best off using a strong password combined with 2-factor authentication on your phone. once you can login to your account, you should definitely remove whitelisted IPs and stop using the option.

Of course 1-2 years is way too long. But it's the same timeline that admins provided weeks before WEX even launched, so I'm not surprised to see them reiterate it. I was taken aback to see that tokens were trading at 50% of their value. Who would make such an investment at that price? The crypto markets allow traders to 2x their money in one day (altcoins or BTC with leverage). Waiting around for two years to 2x your money with WEX -- who would do such a thing?

I think 1-2years to redeem the tokens is way too long.

The tokens represented 38.21% of your holdings from BTC-e, if you sell out tokens at .55 you are getting (.55 * 38.21%) + 61.79% = 82.75% of what you held when BTC-e went down.  If you can't make back way over the 17.25% loss in less than 1-2 years, then why are you trading on a crypto exchange in the first place?

I see lots of token holders cashing out, taking the 17.25% loss and going somewhere else to make a profit.

Tokens!

19.09.17 00:13 from admin
After launching wex.nz, we see it possible to talk a little more about the tokens of our site and close many questions with them related to our users.

The question that worries everyone is the tokens that users received. "What is it? With what do they eat? What is his future?! "

Answer:
WEX received the digital assets of BTC-E, but not the financial balances!
WEX did not buy or accept any financial obligations ex-BTC-E
WEX received a database of users.
We call tokens now bonus, legally it's called Option.
Our lawyers are working on the wording of what a token is in the correct form, so that no one has any complaints against us.
Token, was invented by us, with the understanding that YOU got the opportunity, in the future to get more.


Earlier it was reported that the conversion will occur in the ratio of 55% (balances) and 45% (tokens). At the launch date, the ratio of 61.79% (Fiat and crypts) and 38.21% (tokens) was possible.

Where did my tokens come from?
We received digital balances and user profiles in our management.

These tokens / options for future compensation of lost your financial balances. They are created from the calculation:
100% of the crypt in 61.79%
100% of Fiat (our company did not have and does not have access to it) in 38.21% of the tokens

Are tokens tantamount to cogs?
Token bitcoin is not bitcoin and does not have any of its qualities and properties. Tokens of other crypto-currencies also do not have the corresponding qualities and properties of the corresponding crypto-currencies.

Can I sell the tokens? Can I buy tokens?
Trades for tokens are open and available at https://wex.nz/tokens
There are no restrictions on trade in the tokens.

Why is the price of tokens lower than nominal?
This is due to the fact that some users want to sell their tokens on the market and go into the funds that can be used to withdraw or trade in other pairs, and the market, knowing that these tokens / options will eventually be redeemed in a 1: 1 ratio, offers a lower price.

Where are the tokens traded?
They are traded only on our site by the link - https://wex.nz/tokens

Can I transfer tokens to another platform user?
We plan to introduce wex-codes into tokens until 30.09.17.

At what price and how will the tokens be redeemed?
Tokens / Options will be redeemed in the following ways:
On the market with the income received from the commission site in the format (daily, weekly, monthly).
On the market from the funds attracted from investment funds and companies.
The final redemption (the date of redemption will be determined as the fulfillment of points 1 and 2) is the redemption of the tokens at the nominal value of the users remaining in the accounts.

When will all the tokens be paid off?
Planned time to buy 100% of tokens 1-2 years

Each user who owns tokens / options, after creating a legal support (verification) will receive a detailed description and payment scheme in the personal account.


Risks

We are obliged to inform you about them!

Of course there are risks to the project and there are not a few of them. From legal to operating rooms!
We created a financial company and work with different legal offices.
We also plan to insure your money on client accounts in banks and prevent the situation that happened with BTC-E.

The .nz domain is just that -- a domain. The exchange isn't organized or registered in New Zealand (nor according to its laws). Indeed, the domain is likely easily seizable, but that's not exactly a big deal.

But you bring up an interesting point about WEX using US-based services like Godaddy and Cloudflare. Could this be construed as "doing business in" the USA? As far as "seized wallets" go, I imagine that's not a major issue. The reason WEX exists is because the US weren't able to seize cryptocurrency funds (even though they seized servers that contained them). Encryption is a beautiful thing.

ICANZ is based in the USA and has a far reach over domain names.
WEX.nz uses Godaddy - which is USA based - as their security certificate provider. So they are dealing with a US company.

NZ also has interesting laws covering crypto-currency. Not many laws - but enough laws for it to be considered a digital asset.
I see a future of lawyers arguing for years while the crypto sits seized in a wallet.

BTC-e funds transferred to WEX could have interesting implications since - no good title can pass if you knew or ought to have known that the asset was stolen.... (s26 Sale of Goods Act)

Selling stolen goods is proceeds of crime and under NZ law they can seize assets and require you to prove that they have been legally obtained.

Dealing with WEX.nz - could - potentially get your coins seized.

New Zealand authorities won't do it by themselves - but just like with Kin Dotcom they will be happy to assist the US in doing it....

That's one interesting angle. Given that the case against Vinnik/BTC-e was largely based on blockchain taint analysis, and given the US government's use of civil asset forfeiture..... I wonder if they would argue that much of the coins under Wex's possession are BTC-e's and therefore "money laundering."

Still, it seems like they can't seize any coins from them. With encrypted databases, they can easily move coins before the authorities have a chance. But they might force them into a cat-and-mouse game of shutting down domains. And there is the issue of the fiat money again....

I suspect that the US will still come after WEX if Cryptsy bitcoins or bitcoins traded from other thefts or frauds that took place under us jurisdiction are traded there.

I can not connect to my account, I made the white list of my IP today.

It says: login from this ip is banned by Wwhite list ..
I think my smartphone ip changed automatically,
I think because I was in mobile data, help me thank you my wex.nz account is: aqsz213
the media does not respond.

I suspect that the US will still come after WEX if Cryptsy bitcoins or bitcoins traded from other thefts or frauds that took place under us jurisdiction are traded there.