BanxShares....
I've just gone through the 'wall of text', and bloody hell, runpaint has assembled some interesting material.
But, he did miss the issue BanxShares had recently with inflated volume figures on CMC:
https://bitcointalk.org/index.php?topic=1091855.0After some denial from BanxShares (and Bitshares), Banx admitted that their trade volume was inflated by a factor of five as a result of a 'programming error'.
Hmm.....
Thanks for the link, that topic didn't show up in search results because the title has been redacted "after the problem was fixed".
Banx is still #7 on CoinMarketCap; the problem hasn't been fixed.
But that thread has some good stuff:
We are currently still selling our shares to private investors and we do so at a dollar value rather than a bitcoin value. So when the price of bitcoin changes, our share price changes. CMC list the price of coins as a bitcoin value and not a dollar value, which makes it look like our price is increasing on CMC but this is actually due to the price of bitcoin declining against the dollar. In addition to this CMC only list the shares that are in the public domain that are available to the public.
Like many companies, our activities on online platforms are limited to a select few. We have chosen not to use Reddit very often, which we do not see as being any cause for concern.
They claim that they only sell shares privately, and that all the orders on the exchange are between individual users and not BanxCapital.
That is not true.
First of all, they don't allow users to sell below the ICO price. And the ICO price changes as they see fit.
Secondly, there are orders below the ICO price, always below the price of all user sell orders. What that effectively means is that normal users can never sell their shares. The only executable orders must come either from BanxCapital themselves, or from people who have entered into a special relationship with BanxCapital to sell the shares under specific direction from BanxCapital.
Third, Mark Lyford himself directly sold shares at Alcurex and C-Cex. Alcurex is quoted saying "Mark, the only BANX left at Alcurex are in your account."
So, even if the orders on the exchange are actually from investors and not placed directly by BanxCapital, the people placing the orders are acting in agreement with BanxCapital. "We sell you the BANX, and you are the only ones allowed to sell it on the exchange for the current market price."
We are only listed on our own exchange at the moment because no one else has started to list us whilst we are still in the ICO phase. We expect this will change in the future, but it is really up to third parties. Our wallet is available for anyone to use and add to their exchange on github since our change over to POS. Our shares were previously available on c-cex but users on their system were involved in a hack to our blockchain, which meant that they had to be moved over to our own exchange for security purposes.
Mark Lyford
He says that no one else has listed BANX, but 2 exchanges already listed it. Then, after Mark himself deposited BANX into those exchanges, he forked the coin and made his own deposited coins invalid and unable to be sent to or from wallets or to Banx.io.
Then he says C-Cex users hacked the Banx blockchain;
#1 - How do you know the hackers were from C-Cex? If you have determined their identities, have you filed criminal charges?
#2 - What blockchain did they hack? The one that couldn't even be mined?
#3 - How do you hack a blockchain, Mark? Is it similar to how you said big miners hit the coin too hard and got all the coins with their mining power, and then dumped them too cheap? (When and where did they sell these coins below the ICO price?)
#4 - Why is this information being shared now, 10 months after "the hack" happened? You announced that C-Cex coins were invalid, but you didn't say anything about a hack:
