Bitcoin Forum

Just saw a story that announced a new exchange that is in early alpha invite-only status. I signed up to be notified via email when they open the gates.

https://x.ruxum.com/?utf8=%E2%9C%93&currency_pair=btc_usd

Anyone know anything about these guys?

Big story about it on techcrunch

http://techcrunch.com/2011/07/18/ruxum-wall-street-level-security-comes-to-bitcoin-with-new-exchange/ (http://techcrunch.com/2011/07/18/ruxum-wall-street-level-security-comes-to-bitcoin-with-new-exchange/)

They are ex citigroup bankers...

It's interesting that Ruxum is also serious about namecoin.

Anyone think this is going to cause some kind of rally?

People withdrawing coins from other exchanges causing the price to increase, or simply causing more mainstream investors to buy?

I signed up, but it doesn't look like there is a good way to pull your $$ out yet.

Here is a tweet from those guys: i Just passed a 47,000 point security check by an independent 3rd party. Our platform is also now PCI DSS compliant. Daily tests starting now


Seems pretty serious so far.

I wish they'd just told us that to start with.

Sure, this makes those on this forum nervous - it makes me nervous too. It's the same sort of nervous as headlines like "Microsoft buys Skype" or "Novell buys SuSE" (for those that remember pre-Novell SuSE) but for the mainstream this means the same thing that those previous headlines mean: "someone big thinks this is good."

While we might scowl at the giants of mainstream economics, most of the world still views them like father figures and keep money in the banks they run. For former execs of a big important name like Citi to take an interest in bitcoin and namecoin helps to legitimize it in the public view.

If you don't like or trust them then don't use the exchange, you have plenty of other options - but for the bitcoin community this looks and feels like mainstream backing and I think it will help with some of our PR problems. Now if we could just sort out this usability problem...

Would love to get an invite.  Anyone got an invitation code that's working?  The "techcrunch" code is now "invalid".  Please PM me so as not to spam.

It looks like a well run site but they have a very limited option to receive any funds which is through a wire with a $25 fee.  Unless they add other forms of payment I can't see them sticking around long unless a company or fund of some sort gets into trading bitcoins or namecoins.

I hope this news will not increase prices....

I signed up and it looks like a good site that is fairly fast.

However to remove cash you have to use a wire with a $25 fee.  They need to add more options or this will be a bust unless corporations or cash heavy individuals use it.

No, you have my issue exactly backward. I didn't trust them because they originally came on the forum with some tactics that looked spammy, and NEVER said that they were former Citigroup execs.

If that news turns out to be true, then this is quite exciting news, and bodes well for the medium and long term.


Good point. They're going to need a lot more bitcoins to sell to people who will send $25 bank wires. Though this also means that they may be intending to cater more to large investors, which is also good news if true.

Can't create account.

################


1 error prohibited this user from being saved:

    * Invitation code is invalid

###################

using “techcrunch” (without the quotes)

Invite only beta right now.

Yeah, I wanted in too  :(

Yes but even with large investors they need to start by pulling in the miners who are selling the bitcoins and they will not want to pay the equivalent of 2BTC just to withdraw funds.  If the investors already had the investment I could see them doing this.

Why?

imho Ruxum is the exchange that can beat mt.gox if managed well.

If Bitcoin is to gain any serious attention or traction then serious players are going to have to step in and the days of the hobbyist and small scale exchanges will come to a close.

Ruxum posted here (http://forum.bitcoin.org/index.php?topic=27743) earlier looking for testers. I have an account, and I love the interface. It gives me instant calculations for the fee and cost while filling out an order, and it has the chart and order book on the trading page for quick reference.

One thing it lacks is a good way to withdraw and deposit small amounts of USD. The only currently available method is bank transfer that costs $10 to deposit and $25 to withdraw. They do state that more options are "under consideration," so this may change.

They also hint at a "Ruxum Pool" that can be used to fund your trading account.

Yeah. The only thing that will kill it (and it's been said here a few times) is easy-in/easy-out of money. BTC is already difficult enough for the mainstream to understand. If it's too expensive and difficult to get your money in and out, then it's going to have major difficulty growing.

Look at any other exchange in the BTC world where their ins and outs are messed up (BTC7 springs to mind). Prices stagnate.

They may be legit, but citi group turned out to have lousy managers who's practices were right on the legal line.  If we couldn't trust them with dollars, why should we trust them with bitcoins?
No thanks, I don't need or want a middleman.

You mean these particular managers, or the ones who replaced them?

I should be more clear. I don't know what the role of these particular managers was at Citi. But I know that many of Citi's practices would have been illegal a generation ago. I can't imagine them not bringing what they learned about fees and tricks to their new venture.

Frankly, what you did was state that every Manager ever employeed by Citi was at fault.  That's just ridiculous.

Unless you actually have experience with the gentlemen who have setup this exchange, you should provide some additional sources for your statements.

Your right, it is guilt by association and that is not fair. They may set up an awesome exchange and serve their customers well with better security and a knowledgeable staff. But I dont believe that having worked at Citi is any guarantee of that, as they have a history of being hacked and there financial stability has depended on my tax money.

Apparently these guys worked at Citi in the 1990s, long before any of the current crap happened.