Official CaVirtex.com Thread

[l.j2300]

I made my virtex account recently and had made deposits that have arrived successfully. I made some trades for the past few days (today as well) but when I tried to sign back in to make more, I received this message:

"This account is deactivated. Please contact customer support for reactivation."

I immediately attempted to call there support number (no answer after 5 times of trying so I am assuming they do not work these hours). I also opened up a support ticket and asked what the problem is and to restore my account as I am missing out on trades that I wanted to do.

[WildFire.ca]

Are you planning to charge 600$ bucks a year for inactive accounts that have no money or coins in them?

[Nemesis]

Wow these guys are shooting their foots with this inactivity fees.

They're not leading exchange for trading. They're small and mainly for new Canadian bitcoiners.

Good luck....

[cavirtex]

I made my virtex account recently and had made deposits that have arrived successfully. I made some trades for the past few days (today as well) but when I tried to sign back in to make more, I received this message:

"This account is deactivated. Please contact customer support for reactivation."

I immediately attempted to call there support number (no answer after 5 times of trying so I am assuming they do not work these hours). I also opened up a support ticket and asked what the problem is and to restore my account as I am missing out on trades that I wanted to do.

Generally, we are available on the phone during regular business hours (i.e. Monday-Friday, 9am-5pm in all Canadian time zones). Opening a support ticket is the best way to go outside of these hours.

[_mr_e]

Do you have any updates on making payments from my TD account? I have a few people that want to get into bitcoin but I'm not even sure what to tell them to do since they have TD accounts. Obviously I can't make them switch bank accounts just to buy some btc...

[cavirtex]

Do you have any updates on making payments from my TD account? I have a few people that want to get into bitcoin but I'm not even sure what to tell them to do since they have TD accounts. Obviously I can't make them switch bank accounts just to buy some btc...

Hi _mr_e.

We're still working on getting TD bill payments back, however, we don't have an estimate of when.

It is still possible to make EFT deposits from TD.

And for larger depositors, bank wires are available.

We're also actively seeking new deposit options, which we hope to have soon.

[_mr_e]

Thank you. I just checked my deposit page and I see a message that my account has been blocked. I've placed a ticket but I really hope my funds are not being tied up because of this. Can someone please look at this ticket asap?

[l.j2300]

Cavirtex,

I just tried calling the line right now and no one answered (sent me to the leave message voice mail). As far as my account being deactivated, the support team said that my account was flagged because my IP address was in Germany? They also asked if I was using a VPN or was traveling out of the country. I am not doing neither of these and I am using a Canadian IP. This must be a glitch in the system.

Can you get someone to reactivate my account, I already missed out on the trades I wanted to do and this process is just taking longer then I thought. I can PM you my username on virtex if you are not sure who I am.

[cavirtex]

Cavirtex,

I just tried calling the line right now and no one answered (sent me to the leave message voice mail). As far as my account being deactivated, the support team said that my account was flagged because my IP address was in Germany? They also asked if I was using a VPN or was traveling out of the country. I am not doing neither of these and I am using a Canadian IP. This must be a glitch in the system.

Can you get someone to reactivate my account, I already missed out on the trades I wanted to do and this process is just taking longer then I thought. I can PM you my username on virtex if you are not sure who I am.

For account related questions like these, please use our support ticket system.

With respect to the phone, we have been very busy lately, however, our representatives will return your call. Did you leave a voicemail?

I will speak with our customer service department about your case.

Thank you.

[l.j2300]

Cavirtex,

I just tried calling the line right now and no one answered (sent me to the leave message voice mail). As far as my account being deactivated, the support team said that my account was flagged because my IP address was in Germany? They also asked if I was using a VPN or was traveling out of the country. I am not doing neither of these and I am using a Canadian IP. This must be a glitch in the system.

Can you get someone to reactivate my account, I already missed out on the trades I wanted to do and this process is just taking longer then I thought. I can PM you my username on virtex if you are not sure who I am.

For account related questions like these, please use our support ticket system.

With respect to the phone, we have been very busy lately, however, our representatives will return your call. Did you leave a voicemail?

I will speak with our customer service department about your case.

Thank you.

Thank you, if you can do anything to speed up the process that would be helpful. I just got contacted by one of the support team and they are verifying security questions, so it looks like it should be good to go after they review my answers.

[abababab]

abababab's concerns have since been addressed within our support ticket system.

NO they haven't.  I missed notifications of the thread update otherwise I would have posted back sooner

CaVirtex is now claiming that they were actually calculating dormant activity fees the whole time, but not charging them because of their own "development priorities".  So all of a sudden in october it suits them to start charging, so they back-charge at todays rate rather than the rate at each of the dormant months that they were supposedly calculating.  Totally fucked. 

Obviously they had an opportunity to clarify that in their announcement on the oct 15th but of course they didn't, saying only "This announcement is to notify all users that we will be commencing the billing of dormant account fees on October 23 2013 at 11:00AM (MST)."

Again they also had an opportunity to email a notice to dormant accounts but this wouldn't net as much $$$ so they didn't.  They ALSO had an opportunity above to clearly state that that is what accounts for the 4BTC fee and they didn't

I'd also like to point out that they had an IPO for Havelock a while ago but then announced at the beginning of october that they couldn't deliver on their (first??) dividend (http://blog.cavirtex.com/announcement-ceo-joseph-david) which included this as one of their two points:

VirtEx is re-investing all revenues to grow our company and maintain our team of 15 employees, as well as investing in marketing and legal counsel.

Smells to me like they are growing unsustainably and/or mismanaging finances and have to pull cashgrabs like these. 

If they can't manage to run an exchange that is popular and well used and has already high fees without pulling shit like this then something is seriously wrong.

[l.j2300]

Just updating everyone regarding my reactivation issue. It was fixed and everything seems to be good to go.

[_mr_e]

Just updating everyone regarding my reactivation issue. It was fixed and everything seems to be good to go.

The lady on the phone told me I would hear back from someone shortly regarding my blocked account but no one has called me back.

[l.j2300]

Just updating everyone regarding my reactivation issue. It was fixed and everything seems to be good to go.

The lady on the phone told me I would hear back from someone shortly regarding my blocked account but no one has called me back.

Open up a support ticket as well if you haven't already done so. Did they tell you know what the block was for? Did you receive the same message as me? " Your account has been deactivated. Please contact support to reactivate your account"?

From what I know from support team, those deactivated accounts come from either 10 password fails or if you are using an IP that is from a different country in Canada or even a different provider (if you are in work etc.) Also they told me that they accounts will be deactivated when you are using a VPN.

[bitcoin carpenter]

abababab's concerns have since been addressed within our support ticket system.

NO they haven't.  I missed notifications of the thread update otherwise I would have posted back sooner

CaVirtex is now claiming that they were actually calculating dormant activity fees the whole time, but not charging them because of their own "development priorities".  So all of a sudden in october it suits them to start charging, so they back-charge at todays rate rather than the rate at each of the dormant months that they were supposedly calculating.  Totally fucked. 

Obviously they had an opportunity to clarify that in their announcement on the oct 15th but of course they didn't, saying only "This announcement is to notify all users that we will be commencing the billing of dormant account fees on October 23 2013 at 11:00AM (MST)."

Again they also had an opportunity to email a notice to dormant accounts but this wouldn't net as much $$$ so they didn't.  They ALSO had an opportunity above to clearly state that that is what accounts for the 4BTC fee and they didn't

I'd also like to point out that they had an IPO for Havelock a while ago but then announced at the beginning of october that they couldn't deliver on their (first??) dividend (http://blog.cavirtex.com/announcement-ceo-joseph-david) which included this as one of their two points:

VirtEx is re-investing all revenues to grow our company and maintain our team of 15 employees, as well as investing in marketing and legal counsel.

Smells to me like they are growing unsustainably and/or mismanaging finances and have to pull cashgrabs like these. 

If they can't manage to run an exchange that is popular and well used and has already high fees without pulling shit like this then something is seriously wrong.

Good thing they didn't charge you in btc from 2011 and 12 or you would have been owing well over 1 btc per month

It was in the fine print, and you didn't read it
1 btc trade in the past year would have solved this problem

[bitcoin carpenter]

On the flip side of my last comment
Them not sending you an email was bunk...
Also I think it is about time for a financial report
... not having one out quarterly is a bit of a red herring

[_mr_e]

Guys, the share price is tanking. I think you really need to release SOMETHING to your investors. People are having no idea how to valuate this company, what you're making, how much you're holding in btc, how much you're spending etc and I am feeling some very negative vibes towards virtex surfacing all around the internet. Why must everything be so tight lipped? I've been a holder since IPO and so far that has gotten me nowhere other than a ton of lost btc. We desperately need something, I really don't think it's fair how all these people that gave you a ton of money to grow your business are being treated and new investors are being scared away from this company. You started off good with your prospectus and your shareholder email but all we've heard lately is silence and the removal of payment methods. The liquidity is so horrible it's pretty much impossible for anyone with a substantial position to sell anything. I know I've met you guys and you all seem to be working very hard but when it comes to running a company publicly you really need more transparency and it appears you've dropped the ball, if you are not willing to do this then maybe you should have not sold shares publicly to begin with. I really think that somebody needs to answer to this problem publicly because it is starting to get out of hand.

I also feel that virtex desperately needs a website overhaul. With competitors like vault of satoshi coming out of the woodwork with their clean, appealing user interfaces virtex is beginning to feel very dated. When I point new people to the website they appear very confused about where they are supposed to go and what they're supposed to do.

We need to start a more open dialogue with shareholders. Perhaps open up another forum discussion for ideas and discussions around Virtex's operations. This is the territory that comes with having a publicly held company and I feel it is time you guys step up to the plate.

[cavirtex]

Guys, the share price is tanking. I think you really need to release SOMETHING to your investors. People are having no idea how to valuate this company, what you're making, how much you're holding in btc, how much you're spending etc and I am feeling some very negative vibes towards virtex surfacing all around the internet. Why must everything be so tight lipped? I've been a holder since IPO and so far that has gotten me nowhere other than a ton of lost btc. We desperately need something, I really don't think it's fair how all these people that gave you a ton of money to grow your business are being treated and new investors are being scared away from this company. You started off good with your prospectus and your shareholder email but all we've heard lately is silence and the removal of payment methods. The liquidity is so horrible it's pretty much impossible for anyone with a substantial position to sell anything. I know I've met you guys and you all seem to be working very hard but when it comes to running a company publicly you really need more transparency and it appears you've dropped the ball, if you are not willing to do this then maybe you should have not sold shares publicly to begin with. I really think that somebody needs to answer to this problem publicly because it is starting to get out of hand.

I also feel that virtex desperately needs a website overhaul. With competitors like vault of satoshi coming out of the woodwork with their clean, appealing user interfaces virtex is beginning to feel very dated. When I point new people to the website they appear very confused about where they are supposed to go and what they're supposed to do.

We need to start a more open dialogue with shareholders. Perhaps open up another forum discussion for ideas and discussions around Virtex's operations. This is the territory that comes with having a publicly held company and I feel it is time you guys step up to the plate.

_mr_e,

I have spoken to you on the phone and met you in person. I understand you are concerned, but rest assured, Virtex is doing extremely well. In fact, we have a substantial blacklog of people who want to get verified and begin trading. Yes, the verification process is not quick and easy, but this is the reality of operating a Bitcoin exchange in Canada. We need to be diligent in order to maintain our relationships with banks and processors, not to mention keep traders protected from fraud.

The enormous demand to become verified is a testament to the level of trust people have in what is the largest and oldest Bitcoin exchange in Canada.

In terms of communications, we could dedicate time and money and hire staff to constantly communicate with people on posting forums, but would this really be good use of capital when we have people waiting to get verified, when we have our development team working on a shorting platform and bringing Litecoin trading to the exchange, when we have sales force working to bring in new merchants and build out our merchant API shopping cart, when we are trying to forge mutually beneficial relationships with new Bitcoin startups, when we are trying hard to open up new deposit methods, when we are trying to beef up our exchange software and eliminate bugs so that we minimize down time, etc., etc.?

Based on our current resources, we try our best to communicate through social media outlets like Twitter and Facebook. We will also engage in posting forum discussions and respond to comments and questions where warranted. That said, we will not get lured into shouting matches.

As for the look of the website, that is a matter of opinion. Granted, it might not feature a lot of the design elements that are currently in vogue, however, there are many who like it. There are plenty of other sites that don't follow the latest design trends (craigslist, reddit, kijiji, ebay, etc.), yet they're not hurting for users either.

On the flipside, I can guarantee you, if we were to "overhaul" the site as you suggest, posting forums would light up with complaints and criticisms. I've been down this road many times.

All that said, we certainly have discussed giving the site a minor face lift, however, it's simply a lower priority at the moment. There are simply so many other things that we're working on that will have a direct impact on growing revenue.

As a shareholder, I can assure you that everyone is "stepping up to the plate" and working flat-out to build Virtex. Like you, we too have a vested interest in the company and we are all in this for the long haul.

I realize that in the Internet age we're used to things happening in hyper speed, but keep in mind Virtex is less than three years old. We are still in the early stages of growth. With that in mind, as an investor, you might want to try taking a longer view.

I believe you have my phone number. You are welcome to give me call if you would really like to discuss things further.

[_mr_e]

Guys, the share price is tanking. I think you really need to release SOMETHING to your investors. People are having no idea how to valuate this company, what you're making, how much you're holding in btc, how much you're spending etc and I am feeling some very negative vibes towards virtex surfacing all around the internet. Why must everything be so tight lipped? I've been a holder since IPO and so far that has gotten me nowhere other than a ton of lost btc. We desperately need something, I really don't think it's fair how all these people that gave you a ton of money to grow your business are being treated and new investors are being scared away from this company. You started off good with your prospectus and your shareholder email but all we've heard lately is silence and the removal of payment methods. The liquidity is so horrible it's pretty much impossible for anyone with a substantial position to sell anything. I know I've met you guys and you all seem to be working very hard but when it comes to running a company publicly you really need more transparency and it appears you've dropped the ball, if you are not willing to do this then maybe you should have not sold shares publicly to begin with. I really think that somebody needs to answer to this problem publicly because it is starting to get out of hand.

I also feel that virtex desperately needs a website overhaul. With competitors like vault of satoshi coming out of the woodwork with their clean, appealing user interfaces virtex is beginning to feel very dated. When I point new people to the website they appear very confused about where they are supposed to go and what they're supposed to do.

We need to start a more open dialogue with shareholders. Perhaps open up another forum discussion for ideas and discussions around Virtex's operations. This is the territory that comes with having a publicly held company and I feel it is time you guys step up to the plate.

_mr_e,

I have spoken to you on the phone and met you in person. I understand you are concerned, but rest assured, Virtex is doing extremely well. In fact, we have a substantial blacklog of people who want to get verified and begin trading. Yes, the verification process is not quick and easy, but this is the reality of operating a Bitcoin exchange in Canada. We need to be diligent in order to maintain our relationships with banks and processors, not to mention keep traders protected from fraud.

The enormous demand to become verified is a testament to the level of trust people have in what is the largest and oldest Bitcoin exchange in Canada.

In terms of communications, we could dedicate time and money and hire staff to constantly communicate with people on posting forums, but would this really be good use of capital when we have people waiting to get verified, when we have our development team working on a shorting platform and bringing Litecoin trading to the exchange, when we have sales force working to bring in new merchants and build out our merchant API shopping cart, when we are trying to forge mutually beneficial relationships with new Bitcoin startups, when we are trying hard to open up new deposit methods, when we are trying to beef up our exchange software and eliminate bugs so that we minimize down time, etc., etc.?

Based on our current resources, we try our best to communicate through social media outlets like Twitter and Facebook. We will also engage in posting forum discussions and respond to comments and questions where warranted. That said, we will not get lured into shouting matches.

As for the look of the website, that is a matter of opinion. Granted, it might not feature a lot of the design elements that are currently in vogue, however, there are many who like it. There are plenty of other sites that don't follow the latest design trends (craigslist, reddit, kijiji, ebay, etc.), yet they're not hurting for users either.

On the flipside, I can guarantee you, if we were to "overhaul" the site as you suggest, posting forums would light up with complaints and criticisms. I've been down this road many times.

All that said, we certainly have discussed giving the site a minor face lift, however, it's simply a lower priority at the moment. There are simply so many other things that we're working on that will have a direct impact on growing revenue.

As a shareholder, I can assure you that everyone is "stepping up to the plate" and working flat-out to build Virtex. Like you, we too have a vested interest in the company and we are all in this for the long haul.

I realize that in the Internet age we're used to things happening in hyper speed, but keep in mind Virtex is less than three years old. We are still in the early stages of growth. With that in mind, as an investor, you might want to try taking a longer view.

I believe you have my phone number. You are welcome to give me call if you would really like to discuss things further.

Thank you for taking the time to write this, I am certainly not meaning to start anything but I believe that even a simple post like this is the type of information that all current shareholders need and deserve to hear on a semi frequent basis.

[bitcoin carpenter]

All that said

Please let us know if you are going to give out a year end report.