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. 1) The started date of this IPO dated April 24th. The link you provided belong to someone else. How much longer do you need to let potential investor see a fully functional working platform? 2) Campbx, based in US, has a fully functional exchange (and customer) without the license; Cryptsy (US based) also have a fully functional exchange that is running without license to handle fiat, why Cryto Financial approach you and not them? 3) The exchange platform, is just a front end portal to run the trade engine and account for balances. What is this security issue you speak of which need co-location? What is the nature of security threat for an exchange? 4) You have not address the issue of competitive advantage. For any user currently using an exchange out there, why would anyone use a brand new exchange without trust? Bitstamp is located in Euro zone, SEPA transfer already work for bistamp. As for people in Australia, they can use itbit, bitfinex and coinjar with same 1 day wire transfer. Merchant service is already covered by bitpay and coinbase. And margin trading is covered by bitfinex. 5) The 8.5 btc worth of dividend, how do you derive this number? What volume and fee are needed to get this amount of dividend? Is the 8.5 btc being divided by the 500k company valuation (which amount to around 1% ROI). Also, what is the expected monthly expense to run a exchange capable providing 30% RoI? 6) Since this is an IPO, can you provide the names of those who already joined in? That could instill confident to those who may want to join in. |
|
|
|
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? |
|
|
|
Where do you get your supply? How do you proof the authenticity of the coin? http://www.youtube.com/watch?v=XG6qbgxzgzcIf a reputable store in New York run into this kind of issue, can you guarantee your buyer will not face the same issue? |
|
|
|
I only spent a couple of minutes looking at the code here.. I don't know much about PHP or db_update function, so I could be wrong, but this seems a bit suspect to me. Can you verify whether this is accepting a POST request from a user and then directly including the user input in a database update with the only validation performed being a check for whether or not it begins with a number? https://github.com/wlox/wlox-api/blob/master/htdocs/api.php#L9https://github.com/wlox/wlox-api/blob/master/htdocs/api.php#L28This seems dangerous, like a potential SQL injection. While open source software is great for large projects that get lots of eyeballs on them, utilizing a smaller project like this exposes you to a lot of risk. There are what, 2-3 contributors to safeguard how many users in your target market? Once there is any amount of financial incentive behind inspecting the code base, such as this code going live somewhere, malicious users will spend countless hours peering through the code for the most miniscule errors that could lead to a compromise. They'll setup testing environments locally so that their actions aren't detectable until the deed is done. You should really investigate how the project is managed a bit more, as well. There appears to be no testing methodology in place.. zero code coverage. The repository is setup with only the single master branch, which means that any work on new features or changes aren't separated out until they can be confirmed as valid/secure/non-breaking before getting merged... Just be careful here.. You're working with people's money. It is indeed a sql injection vulnerability. Assuming the IPO itself isn't scam, one must question the technical competency of the offer. One must carefully evaluate "free' open source project out there and question why it is free in the first place. |
|
|
|
|
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?
|
|
|
|
|
The open source only support bitcoin, it doesn't come with support, hosting solution, and customized feature.
There are various price packages available, no one asking you to take the highest price package.
If you think it is easy to setup an exchange without issues, by all mean, use the open source platform.
MrWDunne:
Platform written in native language does not come cheap, and the support for multiple DB and redundancy aren't free. How long do you think $30k will last with service guarantee, reliability and customized feature? If you think you can do it at this price, go ahead and offer your service. Create your own post and offer your own service.
As for AcoinL.L.C, go do something constructive rather than criticizing every service and auction being posted here. As mention above, if you think you can create something of value at cheaper price and better service, go ahead and do it. Create your own post rather than trolling other sellers offer.
Please leave the thread open for interested buyer.
|
|
|
|
The miner crisis will not occur for a very long time.
Technology will cause miners to become more efficient in terms of energy consumption. As of now miners are becoming more efficient at a faster rate then block rewards are halving.
a larger number of TX's per second will eventually be a possibility. This will likely happen when then is some kind of economic incentive to host a full node.
Technology already hit a cap on ASIC mining. None of the miner will really have any incentive to have their miners running to confirm transaction soon. Less efficient mining machine will shut off. And less efficient mining companies such as hashfast and cointerra will disappear. |
|
|
|
Everyone has an innate drive to survive better than they are currently. The left has vilified that in successful people by calling it greed. Everyone also has an innate drive to survive more efficiently. The right has vilified that in poor people by calling it lazy.
Keen observation. Also a good time to remind people not to judge so hastily. |
|
|
|
Thank you. I've found this to be a short summary of everything else I read: Ijara works as a leasing arrangement: the bank buys something for a customer and then leases it back to them. Different forms of leasing are permissible, including those where part of the instalment payment goes toward the final purchase. This might be used to help you buy a car or other item, or to help a business buy equipment.
Murabaha works by the bank supplying goods for resale to the customer at a price that includes a margin above the costs, and allows them to repay in installments. This might be used to provide a mortgage on a property. The property is registered to the buyer from the start. But this contradicts the following: A Muslim is not allowed to benefit from lending money or receiving money from someone.
To me it sounds like it's just naming things differently. It's just as if the bank would take your house as a collateral while you pay down debt as usual. And letting you buy it for a higher price equals interest again. If I call the interest a fixed payment or not it will still be me profiting from you borrowing my money. Do I miss something here? You are not missing something. Some culture just like to fool themselves rather than adopt to current economic rules and calling things differently. |
|
|
|
|
What is your expected return per year?
If you have reasonable expectation (less than 9-10%) per year, I know a few good places to park the money.
|
|
|
|
|
Confirming I lend bl4kjaguar $500 worth of bitcoin.
I expect payment of $550 (in bitcoin) 7 days from now.
|
|
|
|
If the exchange website do no handle fiat, then it is a lot cheaper and easier. You can either hire a team of developer to work on it or buy pre-existing one. To operate one successfully, you will need trust, good marketing effort, competent administrator and support. I do have some packages available if you are willing to build trust and spend some money marketing the exchange. https://bitcointalk.org/index.php?topic=639744.msg7143143#msg7143143Can probably implement a derivative trading add-on for additional fee. Demo will be given to interested buyer. Willing to use Johnk and DannyHamilton for escrow, buyer pay their fee. |
|
|
|
|
There are various price packages targeted for different level of buyers.
Only pick one that is suitable to you.
|
|
|
|
|
Demo will be given to interested buyer.
Please do not send pm if you have no intention of buying or lack capital and infrastructure to run it.
|
|
|
|
|
Exchange platform for sell/rent.
Currently the platform have the following feature:
1) Roles based access (trader, administrator, support)
2) 3 pair of coins. Can add more coin with some effort.
3) Automatic deposit and balance checking. Manual batch withdraw by administrator, will have audit feature to support this (see below).
4) Email verification and two factor authentication.
5) Trade engine/price matching engine.
6) Hotwallet/coldwallet process to prevent huge theft.
In development:
1) Implementing a way to distribute the system. To have wallet servers run independently on another machine. In theory, this feature will let exchange owner add as many coins as he want and the bottleneck will be the trade engine.
2) Audit feature to let administrator know if there is coin imbalance in the system before processing user withdraw.
Pricing
1) Rent the exchange (hosting)
- One time cost of 5k USD, monthly fee of 1k usd. 6 months minumum contract, can renew it after contract expire.
2) Rent the exchange (hosting)
- One time cost of 5k USD, monthly fee of 3k usd. 6 months minumum contract, can renew it after contract expire. Come with full time developer support.
3) Buy
- 15k USD, does not come with source code. You host it, we can install it for you.
4) Buy
- 30k USD, come with source code. You can use it for anything but reselling it.
5) Buyout
- 50k USD, come with source code. You can buy us out and sell/rent this platform to others. We will hand you over everything and we will not resell the platform again.
Pricing are for less than 1000 users. It isn't mean to run like a major exchange. For more than 1000 users, price will be different.
Send Pm if interested.
|
|
|
|
|
Exchange platform for sell/rent.
Currently the platform have the following feature:
1) Roles based access (trader, administrator, support)
2) 3 pair of coins. Can add more coin with some effort.
3) Automatic deposit and balance checking. Manual batch withdraw by administrator, will have audit feature to support this (see below).
4) Email verification and two factor authentication.
5) Trade engine/price matching engine.
6) Hotwallet/coldwallet process to prevent huge theft.
In development:
1) Implementing a way to distribute the system. To have wallet servers run independently on another machine. In theory, this feature will let exchange owner add as many coins as he want and the bottleneck will be the trade engine.
2) Audit feature to let administrator know if there is coin imbalance in the system before processing user withdraw.
Pricing
1) Rent the exchange (hosting)
- One time cost of 5k USD, monthly fee of 1k usd. 6 months minumum contract, can renew it after contract expire.
2) Rent the exchange (hosting)
- One time cost of 5k USD, monthly fee of 3k usd. 6 months minumum contract, can renew it after contract expire. Come with full time developer support.
3) Buy
- 15k USD, does not come with source code. You host it, we can install it for you.
4) Buy
- 30k USD, come with source code. You can use it for anything but reselling it.
5) Buyout
- 50k USD, come with source code. You can buy us out and sell/rent this platform to others. We will hand you over everything and we will not resell the platform again.
Pricing are for less than 1000 users. It isn't mean to run like a major exchange. For more than 1000 users, price will be different.
Send Pm if interested.
|
|
|
|
|
Forgot to ask.
What is the fee structure for darkcoin?
Same as litecoin (maker/taker and volume) ?
And does litecoin volume factor in also?
|
|
|
|
I would say China was the main factor involved in the rising bitcoin prices during November 2013
The breaker was mtgox and several legal regulations regarding Bitcoin being set
Although the USA senate hearings were part of the bull run at that time.
I was watching both China exchange and bitstamp/bitfinex at that time. Can pretty much confirm the rise is close to 100% due to China and people doing arbitrage from the rest of the world. Senate hearing and Mtgox have little bearing on the rise. |
|
|
|
|
Show Posts
