You value a company over $500k with no record, no sales and not yet fully functional exchange?
Do you have a working demo that you can show to potential investors?
To accept fiat deposit and withdraw, you will need a money transmitter license. Do you plan to acquire the license? And how much does it cost to acquire such license in UK?
We have a working demo, bank accounts and hardware. We don't need a license in the UK, although we will be getting one. That costs £50. Yes, a whole £50. For US and Canadian customers we are hoping to work with Crypto Financial, they do have the licenses. 1) The sign up script doesn't appear to be working. Could you repost the link with proper email verification method? 2) You sure you don't need money transmitter license in UK? For US, last I check, to operate with full compliance in US, you will need to be licensed in each state. That is the reason there is no major exchange in US. I am not familiar with Cryto Financial, if they have license in US and Canada, why they offer a partnership with you and not run their own exchange? What incentive do you offer them that they can not do themselves? 3) For the 500k valuation, what is the cost breakdown for the platform, hardware, development cost and other expenses? To compete with bitstamp, btc-e and bitfinex, what is your competitive advantage over them? How do you plan to market the exchange and gain trust? What unique feature do you offer to make people use your exchange? And most importantly, what the the expected dividend payout for investor? 1) Its not, we have a private section which we're currently using for dev. If you want to see a functional demo of the script go to http://demo.wlox.io2) Yes, I am sure. Very sure. As for US, you are correct. The license they have is not to operate an exchange, I can't remember the name of the license precisely but it allows them to essentially escrow funds. They don't run any exchange they just hold the funds, and that is the benefit for them. 3) Hardware, and development is already covered. Raised enough to do that. The other significants costs (pre/shortly after launch) are security and colocation which total around £7000 to be done to the standards which I want to hold it to. Once we have significant volume another cost will be legal counsel, more specifically a part time compliance officer and an expensive solicitor (or someone who can fulfill both roles). We already know where we will be going for those. With the current amount of investments, and the planned weighted dividends it would take a 8.5BTC worth of dividend payouts to receive ROI +30%. Incentive has been described a fair amount, but in the UK we have instant, free bank transfers. That is huge to a lot of people who currently have to send expensive/slow SEPA/SWIFT transfers. We can also accept one day transfers in Australia, SEPA transfers in Europe and SWIFT everywhere else. Over time, more importantly once we have the volume to support it we will add things like margin trading as well as providing merchant services. Later on we will start providing second tier financial services, assuming the law allows it. |
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Sorry if this has been asked/answered already, are those accounts traditional UK based bank accounts, or Isle of Man/Guernsey type accounts?
UK bank account. Not that it would matter, they all have Faster Payments |
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You value a company over $500k with no record, no sales and not yet fully functional exchange?
Do you have a working demo that you can show to potential investors?
To accept fiat deposit and withdraw, you will need a money transmitter license. Do you plan to acquire the license? And how much does it cost to acquire such license in UK?
We have a working demo, bank accounts and hardware. We don't need a license in the UK, although we will be getting one. That costs £50. Yes, a whole £50. For US and Canadian customers we are hoping to work with Crypto Financial, they do have the licenses. |
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All kidding aside, gambling addiction is one of the most insidious, and hardest to overcome. Gambling addicts actually get the "rush" when the lose, not when they win. Not that they enjoy losing, but they are motivated strongly to bet more when hey are down. Winning leaves them passive. It is how their brains are wired and why they have such a hard time walking away from the table when they are up. A little " Mia cuppa" and a promise to pay back has assuaged kyle's guilt a little, that's big of shareholders to forgive. Now he knows he can fuck up and steal from shareholders and remain unscathed.
How's the appliance store doing?
The psychology of gambling would be a fascinating study. Is it desperation or some biological factor that causes people to do what they do? A mixture. All humans enjoy adrenaline, gambling gives some more of it than others. |
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There are various price packages targeted for different level of buyers.
Only pick one that is suitable to you.
And no, it really is a 50k. No one will pay 15k or rent a script for thousands each month that other people have access to. You can have a custom made script made for less. 30k could get you a platform written in a native language, with support for multiple DBs, redundancy etc. |
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I really am starting to wonder where people are getting all of these BTC... 20BTC into this, another dude with 0 understanding of how markets work putting 244BTC into something. Unbelievable.
Give someone a lot of money overnight, which they are not prepared to handle and this is what you get. |
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all these tlds..
Indeed. Working on getting another one that we won't get penalized for on every google but google.co.uk |
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must be a dns propagation thing. thought it was a typo
Ah okay, no the .uk domain comes out tomorrow so I've got a pre-order on it. I also have the rights to it anyway as I own .co.uk |
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Ooh that's great. And your own site? What do you mean? By secured I mean we own it. |
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Owch, thats painful. I hope he earns his money back.
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Are you the one who invested 20btc?
If I were to invest that kinda coinage it would definitely have to be in an existing business that had a steady track record. I live by the old investor adage. We've all seen scammers that came and went, mostly they just took the money and ran. Personally, I'm willing to forgive if someone made a mistake and is willing to put in the time to make it right. In this case, just keep pounding broads on cam while making money back on it is a rather easy penance for Klye and his peeps to have to pay. Klye either makes a grown adult out of himself or he doesn't, his choice. I'd rather offer words of encouragement over demonization until it's clear which reconciliation route he takes, that's all. I'm a little confused, it was a simple question that came from genuine curiosity. |
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Hilarious. There are open source alternatives to your platform. Open source i.e you don't have to spend $50,000.
Can u plz provide the link of the open source alternative ? |
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Hilarious. There are open source alternatives to your platform. Open source i.e you don't have to spend $50,000.
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2FA?
2FA by authy. Also among other things PGP for email (optional). |
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does an account can exist the USD and RMB at the same time ?
I deposited 0.965 btc, and didn't pay attention that I was in RMB mode, the site does not give me any warning
oh, no..
I also give you support e-mail. How can I retrieve a loss ?
you can simply place a buy order with CNY (or RMB). as a matter of fact, CNY trading fee is 0% during our promotional period. How are you still operating in China? |
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Are you the one who invested 20btc?
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Any and all orders that were made for me were canceled by Amazon. Turned out to be a load of hassle.
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The European exchange... where you can't deposit Euros.
Yes you can't for now. We want to improve the exchange first. Its a lot easier to build fiat volume when you only have a handful of alts. Its hard to take an exchange seriously when it has 1001 different coins. |
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