[ANN] mcxNOW.com : Deposit. Earn Interest. Trade.

[bidji29]

I heard BTC-e is already trying to DDOS mcxNOW...

[petesays]

I like candy

[annette786]

ground floor.

Are my numbers correct?

On a good day, this site trades 200 BTC in a day mostly in Primecoin:

200 x $130 x .004 (trade fees) = $104 per day

Now...


1) Selling MCX:

$35 (current MCX rate) / .00001 = $3.5MM (total MCX marketcap). Sell 5% as stated = $175k

2) Current holdings:  $700k

The amount Real Solid claimed in deposits on 7/26 with 7000 accounts. Also, if he's smart (and obviously he is), he under reported that.

3) Potential pofit sharring holdings: $3.5MM

If profit sharing works, he could easily bring in 5 times what he currently has.


Since this website is anonymous (err on the ground floor), the only thing preventing a scam is the revenue per day.  After splitting with depositors and owners, thats $4.4 million in currency be secured by $70 per day.

[iGotSpots]

I heard BTC-e is already trying to DDOS mcxNOW...

Nah, it will be more like this if RS keeps it up.

~BCX~

LOL straight up

[bidji29]

Are my numbers correct?

On a good day, this site trades 200 BTC in a day mostly in Primecoin:

200 x $130 x .004 (trade fees) = $104 per day

All the point of the mcxFEE and interest on deposit is to bring more customers. And it work
Today the site traded more than 700BTC.
Because of the mcxFEE but because of the LTC market too.

Before the update, the LTC market was basically dead with like 10BTC volume/day and 12k LTC deposited.
After only 24 hours, the LTC have 200+ BTC volume and there is almost 50k LTC deposited already.

1) Selling MCX:

$35 (current MCX rate) / .00001 = $3.5MM (total MCX marketcap). Sell 5% as stated = $175k

The price of the mcxFEE is already at 250% of the original price. But the only things who keep it from rising even more is the Interest payment.
Right now, The total BTC deposited is low (even if it has doubled from before the update) and because each altcoin is traded against BTC, the BTC interest are very high.
So high that it's more profitable at short-term to keep his BTC in his wallet than buying feeshare.

Of course this situation will quickly reverse, when all the people will rush their BTC in, and the interest payment become balanced.
At this point, mcxFEE will grow quickly.

[Stephen Gornick]

If you have anymore questions

I've a question.

Why does an exchange want a greater level of funds deposited there (i.e., to where it even pays interest on those deposits)?

If the exchange holds all deposits (i.e., is a "full reserve"), there's really no advantage to the exchange to have more there.

If instead these are lent out or used for other purposes, then there is the risk of a 'bank run", no?

[monsterer]

I've a question.

Why does an exchange want a greater level of funds deposited there (i.e., to where it even pays interest on those deposits)?

If the exchange holds all deposits (i.e., is a "full reserve"), there's really no advantage to the exchange to have more there.

If instead these are lent out or used for other purposes, then there is the risk of a 'bank run", no?

Attract users? Build trade volume indirectly and therefore increase profits?

[bidji29]

I've a question.

Why does an exchange want a greater level of funds deposited there (i.e., to where it even pays interest on those deposits)?

If the exchange holds all deposits (i.e., is a "full reserve"), there's really no advantage to the exchange to have more there.

If instead these are lent out or used for other purposes, then there is the risk of a 'bank run", no?

If people have their coin in a exchange, they are more likely to trade there than somewhere else.

[Skinnkavaj]

If you have anymore questions

I've a question.

Why does an exchange want a greater level of funds deposited there (i.e., to where it even pays interest on those deposits)?

If the exchange holds all deposits (i.e., is a "full reserve"), there's really no advantage to the exchange to have more there.

If instead these are lent out or used for other purposes, then there is the risk of a 'bank run", no?

To increase trading profits.
And as realsolid have explained before, his main goal is not to get rich (though he probably already is) but to stress test his exchange and see how good it can get. Currently it should handle one millon users.

[paladin281978]

how much do you have with one mcxFEE been paid for 6 hours? (mcfee paying out every 6 hours)

[claycoins]

So from my calculations it will take 2.5million BTC in trade value to return 0.1 btc.

2.5 million x 0.004 in trade fees = 10000 btc x 0.00001 per share = 0.1 btc.

[siameze]

I am very impressed with your site. This makes so much more sense than fractional systems like coinlenders, etc. 

[SuperTramp]

HUGE WIN 

[drummerjdb666]

HUGE WIN 

+1    I keep seeing all the new accounts!  Seems people are finally opening there lazy eyes!!!   

[NUFCrichard]

So from my calculations it will take 2.5million BTC in trade value to return 0.1 btc.

2.5 million x 0.004 in trade fees = 10000 btc x 0.00001 per share = 0.1 btc.

They pay every 6 hours, even with minimal returns the % "interest" is pretty good. 
It'll never be anywhere near 0,1 btc though.

[bidji29]

I see a lot of people talk about "ROI" in chat and forum. But it's not the point.
People seems to forgot they can sell their share whenever they want and make a nice profit ; Dividends + sell price.

Right now the price is growing so it's a very good investment. Nobody know what the real value  because the site is growing fast since the update and when it will slow down is unknow.

Realsolid said he will add almost every coin traded at BTC-e, with PPC in first, and each coin will bring his own volume and his own fee.
If you consider it a long-term investment, it's really cheap right now IMO.

[Carra23]

Right now trading the shares is more profitable than the interest from them. The swings are quite big.

[bidji29]

Right now trading the shares is more profitable than the interest from them. The swings are quite big.

The price peaked at 0.5BTC  ! Now it's 0.38, and rising again.

[TheRealSolid]

Yeah mcxNOW has rocketed up to becoming the #2 litecoin exchange now, hopefully it can take the #1 spot soon once people realize the benefits over other exchanges.
http://www.cryptocoincharts.info/#jump-ltc-btc

A few updates and fixes coming tomorrow.

1) Clicking nick in chat focuses the text box
2) Added price to account logs
3) Now show confirmations on the incoming transactions
4) Added white border around QRcode to help scanning google auth

Also in regards to new coins I am looking at adding the most popular ones, so most of what BTC-e carry will most likely be added once I have checked the c++ source code of these nodes in question.

Thanks!

[TheFuneral]

Are my numbers correct?

On a good day, this site trades 200 BTC in a day mostly in Primecoin:

200 x $130 x .004 (trade fees) = $104 per day

All the point of the mcxFEE and interest on deposit is to bring more customers. And it work
Today the site traded more than 700BTC.
Because of the mcxFEE but because of the LTC market too.

Before the update, the LTC market was basically dead with like 10BTC volume/day and 12k LTC deposited.
After only 24 hours, the LTC have 200+ BTC volume and there is almost 50k LTC deposited already.

How do you know total LTC deposited?

How are you trying to find the current market value of these shares. I have a feeling they are absurdly over priced.