Bitcoin Forum

The objective of this forum is to unite all who invested into vircurex stocks ( https://cryptostocks.com/securities/34 ) and to create a an VCX investor "watchdog" council able to create a certain "media" pressure which could ideally re-establish the trust relations between VCX administrators, its investors and further public.

Reasons why I create this forum:
* months ago I invested some BTCs into VCX stocks and notwithstanding its non-transparent mode of operation, I still stay faithful to the project
* nonetheless there are aspects of VCX activities which are difficult to swallow:
1) after VCX was "hacked" in spring, it is investors who paid for it and not the hosting company or VCX operators - this was "justified" by the vote in which majority of investors (possibly the VCX itself which still holds majority of stocks?) voted for paying out 70% into dividends and 30% into raising company's Net Asset Value ( https://cryptostocks.com/securities/34#vote )
2) however in its subsequent not paying of dividends VCX behaves as if investors voted for putting 100% of profit into raising NAV and 0% into dividends
3) there seem to be other inconsistencies in VCX investor reports: https://vircurex.com/welcome/investors?locale=en
4) what's more, VCX admins act contradictory to the investor votes, for example they started trading DigitalCoin while majority voted in the vote of 5th June against it
5) even many months after they were scammed by AurumXchange they continue trading in EUR/USD. this can be considered as a very misleading, quite scammy and potentially harmful practice for BTC community since in reality there is no way how to get real EUR/USD into VCX system
6) VCX today announced that it would pay a sort of interest to anyone holding huge amounts of BTC/LTC/PPC in their VCX wallets. while in itself it seems to be an interesting idea, it creates a precedent that decisions which could potentially decrease the dividends were not even consulted with investors by cryptostock voting system
7) it seems that VCX is still an anonymous entity. that means that potentially they can just "shut down operations" and disappear without a trace. while it would be utterly stupid (VCX seems to be a well running business), this option cannot be excluded and definitely does not augment one's trust in the system

Hopefully someone from VCX will come here and react, but the playground is free for anyone to express his opinions about this marketplace (with which, with exception of points above, I have only good experiences and I thank the guys who operate it for having survived the initial baby sicknesses and doing quite a good job)

I support the idea of discussing things here, it allows for faster response, although it will be more difficult to gauge who's opinion reflects the shareholder structure.

Now coming back to the points listed above:

We can only pay out dividends from our net profits, with the losses due to the security breach, we have no net profit yet and thus cannot pay out a dividend.

The vote on DGC was 190:20 in favour of DGC.  I think you are referring to the vote on WDC. And you are right, it was voted down and we overlooked that when we did list WDC months later. I'll raise a new vote on WDC whether to keep it or to delist it, I guess that request would be fair enough.

The closure of Aurumxchange was very unfortunate, especially considering that they were our sole provider. We did have talks to others after that event but felt very uncomfortable going down that path again, too risky. We are now finalizing the option own bank accounts (if we get them from the banks) or others e.g. OKPAY.

We are trying to strike a balance between making business decisions in the favour of the platform and asking the shareholders for each and every opinion. Offering the interest payments seemed like a very smart thing to do right after MCXNow closed down, no time to lose. But here too, lets put up a vote and see the results. If it is rejected we can take the feature offline again.

I do hope that this has addressed some of the issues; I am looking forward for a fruitful discussion here. Always open for additional inputs and ideas.

the Main reason why I am dodging Vircurex  is due to the fact that the Admins seem verrry Anonymous.. no Legal Information, even domains hidden with whoisgruard..

Why should I send my money to you when there are other platforms where I know there are real companies, etc behind it.?

Mistakenly giving your money to the incompetent the first time is a bad move. Continuing to do so and apologizing for their incompetence as "baby sickness" is quite the step beyond. Have a read (https://bitcointalk.org/index.php?topic=106391.0).

Oh yes Mister. Now enlighten us with another offtopic lesson about utility maximization and rational behaviour.

And I will answer You: Every parent gives ressources to the "incompetent" child on a daily basis. Because in a complete human being there exist other sentiments in the world than just "let's predate on this prey".

Because only by act of "giving" to "incompetent" we make them more competent than ourselves.
Subsequently, whole society transcends its limits.

Ok, and now Thou shall possibly react with "I said MISTAKENLY". And I will react: it may be the case that nothing else than good old "human" mistakes could possibly get us from the AI-governed cage we all are slowly and ooh-so-rationally building around ourselves.

(and since You spammed this forum with a link which has nothing to do with the topic of this forum, I'll send You also some stuff to read: http://teracoin.org/paper.pdf )

Khoda Hafez

Hi, I'm pretty new to the whole crypto scene and just had a bad experience with these guys. A friend recommended them so I could learn about trading. So, two weeks ago, I spent .02BTC to my vircurex account looking to exchange for LTC. I couldn't get anything to happen, so I asked support for help. Couldn't get any. I got frustrated and went to take my btc out and go to another exchange. They charged me .002 BTC for the frustration of their service. Be really careful dealing with this exchange!
Rick