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Could you give an estimate of current revenue from your Scrypt and SHA256 miners and your projection for revenues from the
future exchange.
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This is new domain registration from godaddy. old domain we used is www.61o.com, regisetration in china. (because some outside of China probably cannot visit website using domain DNS in china.so last month we launch new domain registration from godaddy) Now,two domain also used by our website. you can search 61o.com in google . It appears 61o.com was registered in 2003. So ,does that mean that you used a 11yr old domain for 1month for a new business and then you got a new domain, weiyunpool.com, after the 1month of use of the older domain. Meanwhile the last archive available of the site, 61o.com , in 2008; https://web.archive.org/web/20080419073620/http://www.61o.com/is not related. Can you clarify this? |
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What will be your KYC/AML guidelines? Will you be following FinCEN regulations?
The use of Bitcoin for illegal purposes has placed a black cloud over the otherwise brilliant solution of Bitcoin, and EasyBitzz is undecided in the level of scrutiny that should be aimed at our customers. We believe that anonymity is one of the strongest and most unique properties of cryptocurrency and are hesitant to rob Bitcoin of this attribute for the purpose of purported legitimacy. In the United States the sale or purchase of Bitcoin is virtually unregulated. EasyBitzz could check identification, verify bank accounts, run credit checks, background info, criminal history searches...all of this can be done by subscribing to one of many services for a small monthly fee. For EasyBittz as a company...this may be the safest route to avoid any future legal problems. But there is a greater question of deciding how cryptocurrency will be treated in the future and how EasyBitzz obligation to its customers, owners, and Bitcoin should be defined. KYC (know your customers) and money laundering regulation does not currently apply to Bitcoin exchanges. It doesn't even apply to typical fiat exchanges. These laws are made with banks and investment firms in mind. The idea of applying them to a simple currency exchange would be a little too compliant for EasyBitzz liking. Not sure when the last time anyone changed a dollar bill into Euro (or peso, baht, yuan etc.) but no identification is necessary. Cryptostocks makes it very easy to hold shareholder votes and it would be an interesting thing to poll. EasyBitzz intends to follow every federal and state law in which it operates, but we intend to buy/sell Bitcoin to our customers without the need for checking accounts, identification procedures, or five day waiting periods. Buy/Sell limits could be instituted to combat money laundering, but these are all things that will be brought to the attention of our shareholders. EasyBitzz will not do business with any person or company that we suspect of using Bitcoins for illegal activities, but currently has no plans to sacrifice the anonymity of our customers to combat crime. That is a job for Batman. You will be an MSB (Money Service Business), so you would need to register with FinCEN or at least abide by their Know Your Customer and/or Anti-Money-Laundering guidelines. Those three sentences that I've placed emphasis on show me that you have not adequately thought this business plan through. All bitcoin exchanges I believe are subject to KYC/AML requirements. You may wish to revisit what happened to Mt.Gox, that may be the cause of their problems today; http://www.theverge.com/2013/8/23/4651926/us-government-seized-5-million-from-bitcoin-behemoth-mt-goxYou may need another look at your biz plan |
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Could someone clarify the end-game plan. I expect over time that the exchange will get more efficient with their prices and other arbitragers will have come in to make the exchange markets more efficient, and the returns may no longer look as good as it is currently. At that point how do we get the capital back? Will the trading positions be liquidated and distributed to shareholders prorata?
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House invested appears to have gone up by 2-3K. is that Doog increasing the max profit after a capital pullout?
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My Questions for the forum users:
6. Does Bitstamp or other exchanges have the same high risk transaction cancellation like Coinbase?
No, they don't. But their situation is entirely different than that of Coinbase. Coinbase is not an exchange. It's a facilitating link between the consumer and exchange. So the integrity of their operation requires them to do things differently. I think you'll find.. within the limits of there persona, Coinbase does well exactly what it says it will do. I think the order cancellation due to high risk from Coinbase may be due to the form of payment. Credit card may be reversed. Did you try a different method of payment? |
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