Bitcoin Forum

Dear Bitcoin Community - we would like to update you on our launch plans. Please be sure to read the full announcement as we'd like the community to try to "break our exchange."

We had planned to launch our exchange tomorrow (Monday, Oct. 17). However, we felt it prudent to instead adopt the following launch schedule:

Monday, Oct 24. (9am Sydney time)- Crypto X Change will open in a Public Trial Mode. We're inviting everyone to "go absolutely crazy" on the exchange. We will be funding all accounts with 100 Test Bitcoins, 100 Test LiteCoins, and a fake USD balance.  Use these funds to:

• Try out our interface
• See how the orders and trade engine works
• Try to hack, smash, and destroy our system

There will be a substantial prize to the person who discovers the biggest flaw in our security.

Friday, Oct 28. - Public Trial Mode will end

Monday, Oct 31. - Crypto X Change formally launches to the public.


We've been testing our own system for weeks, including professional white hat hacker teams who have been trying to pummel us into oblivion. Our system has proven secure thus far. But, we also know there are some extremely smart community members here, so we invite you to pummel us from Oct 24 - Oct 28 with the fake coin accounts. If you succeed you'll be well-rewarded (more details on the prize soon).

For those who were looking forward to a formal launch tomorrow (17th), we apologize for this schedule change.

Crypto X Change is the safe, reliable trading platform for which the Bitcoin community has been yearning. This will be shown to you on the 24th, and proven to you every day thereafter.

Feel free to post questions here or PM us.

Kind regards,
Crypto X Change

substantial prize?

How much is it, please.

Awesome, can't wait to test it out.

is there a issue with the webserver? it seems overloaded..

I'm from NA and it loads quite slow for me. Please check... thanks

You should reward every flaw found, in my opinion :)

Hi C_K,

We hope there is only one flaw found, we are absolutely hammering everything pre 24th Oct. So far so good, but we have a good 7 days left of double checking and going over everything and fine tuning.

We will look after users that find security flaws that is for sure C_K !

Thank you for your input!

To clarify, I mean any flaw at all - cosmetic or otherwise

Will you be implementing the popular deposit via ATM service that ExchB once offered?    No exchange I believe copied that exclusive feature that I think people really liked.

Hi C_K, no not cosmetics etc.

This is for security and any holes etc. We of course will accept any positive / negative feedback, and suggestions about look, feel, design and everything.

We want the community to be 100% satisfied with this exchange in every aspect.

Thanks Again!

There isn't much room for another Bitcoin exchange. The volumes are as low as they were in May... What unique features do you have that may attract traders? (besides security and double-factor auth)

Hi, we will definitely look at that as an option.

We do have some very cool payment options upon launch, and also we will continue to keep adding fast and efficient money in, and withdrawal options.

At the moment we have many things in the works, to have the widest range of account funding and withdrawal options.


Thank You

Please wait and see over the coming months, and you will see what we have been working on for a very long time now, We have more features and solutions for Bitcoin as well as the Exchange.

It's just a personal opinion which may, of course, be wrong. Here is what I think:
- MtGox still has 90% of the market. People don't leave because of the volume - 5 million USD/30 days
- TradeHill was there when MtGox was hacked, but people didn't move
- Then CampBX came along with top security, sms auth, etc. and people still didn't move - their volume is currently at 30,000 USD/30 days
- Then Ruxum came along with top security, lots of currencies, etc. and people still didn't move - they're currently at 1,000 USD/30 days
- Now cryptoxchange comes, again with top secutiry, and I don't see anything different yet.

ExchB made a difference by allowing bank deposits (you could buy bitcoins within a few hours) and their volume increased a lot - they were at 170.000USD/month when they closed. Which brings me to the problem: these companies with low trading volume are losing a lot of money: 0.005 * 30,000 is $170 per month. This isn't even enough to pay for the servers.

So, unless you have some really great features that can steal customers from MtGox (no one was able to do that yet) or unless the trading volume comes back to June/July levels, these companies are not sustainable.

A few questions:

Will namecoin trading be supported?
Will exchange for any of btc/nmc/ltc to money be supported?
What about multi currency trades for ex. Sell USD for x BTC, or y NMC or z LTC?

I agree that the network effect for Bitcoin exchange is huge. Bitcoinica has traded 493,928.8260 BTC since launch (which was 5 weeks ago). The reason why we're successful and profitable is simple: we know our limitations very well. We have chosen not to compete but to collaborate.

I think all Bitcoin exchanges have to consider this if they don't want to continue losing money. Closing down like ExchB is a wise choice unless a unique business model can be found. Micro-innovation doesn't work in such a market with strong network effects.

A clear-minded businessperson will know his limitations and turn them into a fortune.

To the average USA resident, sure - the existing exchanges may all appear the same and very feature complete.

For those of us outside of the USA however, the landscape is very different.

I look forward to seeing what cryptoxchange offers to these new customers who have large difficulty participating easilly as others in the current markets.

Hi ElectricMucus,

Yes all of the above is being supported.

Our clients can fund their accounts via normal internet banking from any where in the world in around 24 hours.

We support over 25 Currencies ( All Major Currencies )

Our System was purposely built for the global market, with all languages included to go with all of the currencies we support.

Thank You

You are thinking small nmat. Crypto X Change wont only be competing for mt gox market share I believe they will also be competing against PAYPAL.

I see these professional exchanges opening up as a way to build infrastructure now for when asia get on board.

Im sure most got involved knowing in the short term there would be none to little activity but if asia gets on board it will have a huge impact on the stability of bitcoin having multiple services exchanging foreign currency.

I agree. Bitcoin hasn't even hit India yet which has a huge market of workers sending payments home from overseas.

Awesome, now this finally is something different!

What will be the cheapest way to get money in and out of the exchange?
International wire transfers are quite expensive, but so far the cheapest way in comparison to other options.. (that is if you want the cash route)

I live in Europe so yes, I agree that we need more non-US services. It would be nice if an exchange could capture the international market. For the time being I am happy with TradeHill + SEPA transfers. It takes a couple of days, but there are no fees at all.

Anyway, I will keep an eye on Crypto X Change.

Since i am from India, i am sure a lot people will involve once bitcoin show some boost.
It just need to be displayed on local TV channels, & also need some bubbles.

From India, only way to send money legally is through bank only. The Income Tax dept is very strict now to capture black money.
So, for even to send through paypal, have to deposit money to bank which has transaction with paypal.
But paypal is very arrogant nowadays abusing guidelines given by RBI & telling it customers that RBI restricting money transfer, which is actually not.
Another way is to use LRUSD. But that have to be bought & send & many dont accept LRUSD.
Else illegal ways like HAWALA.

Bitcoin is a very easy method to transfer funds.
i am considering this example will most use in future to transfer money.
deposit to bank money, buy bitcoins, send bitcoins to some trust worthy in forums, from them send to any one in the world through WU, money gram.......even to banks directly, which will reduce expensive transfer cost middle banks take for direct international money transfer.

I am going to F@#$ your exchanges security in the a#$ so hard on the 24th. I am setting a desktop clock for sydney time.
Be sure to let your host provider to know not to perm-ban ips as you cant have me trade then.




P.S. Strong passwords. Reeeeeeeeealllly Strrrrrroooong Paaaaaaassswords.

All in good fun here btw. I want to see strong btc products and I will gladly assist in anyway I can.

Awesome. Hope everyone tries as yes, security is paramount in the bitcoin world as im sure people have noticed....

Fantastic Shakuru! Thank you for your support! We look forward to a great 4 days :)

Thanks

I fear for your guys' bold challenge, but also respect the fuck out of highly.  Good luck and god speed ;)

The real problem you're overlooking is BTC exchange. Local authorities can regulate and shut them down if needed. If you want to think of restrictions? , you should think of China.

Unless you can have a black market for bitcoins in India, you're being short sighted.

LOL????  ::)
I would like that was true, but it's not happening... doesn't matter how much you wish it...

I know you are the media/advertising guy, but keep it real. :)

Well, don't lose heart if it all fails to generate any income, that platform you build could be used in future for a better currency than BTC.

Bitcoin is already competing with Paypal. Work that I used to do in return for payment via Paypal is now done for Bitcoin. Similarly, I tend to pay colleagues in Bitcoin now instead of Paypal.

Is it widespread yet? No, but give it time.

This still happening on Monday?

Yes.

No dude, I just don't like you, that's all...
Keep making a fool of yourself by thinking I'm Coinhunter...

@CryptoXchange: Keep yourself distanced from BitcoinEXpress if you ever want to be succesfull. This guy is a criminal and nothing good will come from your association with him.

Why is it that you reply to me altho i wasn't addressing to you?
Are you a CryptoXchange representative? In fact I wasn't even looking for an answer from CryptoXchange, it was just a heads up. But i suppose they already know very well that you are a criminal and don't want to be associated to you in any way.

read their media rep words once again, just in case you forgot them, important parts in bold...

It sure is! I hope you're ready. We're very excited for this trial opening, and notification sign ups have been very strong.

To give you a visual of how we picture Monday:  http://www.youtube.com/watch?v=jFrVoG-edFc (http://www.youtube.com/watch?v=jFrVoG-edFc)

-Crypto X Change

That was awesome.

Well for starters you, CH and a couple of others are all the same person and apparently you accidentally used the same unique quoting method as Viperjbm in your response.

Give it up Mr. Solid, you are two thirds of your own fanbase LOL....

Anyway once again, Good luck CryptoXchange.
[/quote]

The only puppet here is you, and the proof is that everybody plays you like the puppet you are...
You can't help to derail other persons threads because you are so blind with rage.

Get a grip son.

GUYS stop your bitch fighting.

+1  There are plenty of threads in alt. currencies in which this shitfight can be continued - it shouldn't be shitting up information threads over here.

Good luck! Hope you succeed.

AND You guys do realize why every decent exchange is located/has major links to Hong Kong right? They some, if not the tightest privacy banking systems in the world. Forget Switzerland or Panama... Honkers is where the real boys play.

Australian banks are some of the best in the world for  a reason.  :)

Test it! Your $5,000 paper money might become $30,000 within a very short period in this simulation market. Very interesting and educational.

It's a fun place to play atm  ;D

I think the store on your site is a piece of genius - will you be expanding this for other products or allow individuals to trade on it? Since people will already have bitcoins on the exchange, it would make it a very convenient place to shop.

Hi Guys,

We will be keeping the TESTNET (Trial Exchange) Open forever, and having competitions etc over time, we will of course keep adding to it, the same features we add to our live working exchange.

Dancupid - In regards to the store, yes we are very shortly, once the Exchange opens officially having it so people can buy and sell as a Market Place, this allows sellers to provide their products and drop ship all around the world, as our exchange operates in every language. Testnet at the moment has all languages, switched off, however that will be enabled very shortly.

We hope that everyone enjoys using our Exchange and future software as much as we have enjoyed building it. We are always, open to suggestions.

Thank you very much for your kind words!

The Crypto X Team!

So did the exchange end up going live on Monday?

Hi Repentance, Testnet is still running. We're accommodating some of the user feedback, and retesting various systems after these changes. We plan to go live this coming Monday.

Thanks,
-Crypto X Change