mcxNOW - Scam or not?

[Lethn]

I realise it's a fairly blunt question here and if it is a scam I'm sure I'll get advertiser trolls ranting at me but I want to get to the bottom of things, I found https://mcxnow.com/ and while I'm very interested in it and think it's a great deal, it looks like too much of a good deal. So I want to ask as is it lists 500+ users being on there has anyone actually successfully used this site without any problems? Do they get paid on the 6 hour basis that the exchange claims to pay people on?

Let me know if I should be immediately avoiding this or not, one concern that immediately springs to mind is if you want to deposit a large number of coins in there it could easily end up disappearing no matter how tough the security measures are, I'm asking about this because this would be a nice thing to place my money in and grow it with compound interest rather than frying my poor graphics card for weeks.

[1713929789]

1713929789

[1713929789]

1713929789

[1713929789]

1713929789

[BitVegas]

I realise it's a fairly blunt question here and if it is a scam I'm sure I'll get advertiser trolls ranting at me but I want to get to the bottom of things, I found https://mcxnow.com/ and while I'm very interested in it and think it's a great deal, it looks like too much of a good deal. So I want to ask as is it lists 500+ users being on there has anyone actually successfully used this site without any problems? Do they get paid on the 6 hour basis that the exchange claims to pay people on?

Let me know if I should be immediately avoiding this or not, one concern that immediately springs to mind is if you want to deposit a large number of coins in there it could easily end up disappearing no matter how tough the security measures are, I'm asking about this because this would be a nice thing to place my money in and grow it with compound interest rather than frying my poor graphics card for weeks.

Works fine for me

[nobbynobbynoob]

Working for me too thus far, but the skepticism is healthy, especially after Pirateat40 and all.

The account overview shows bitcoin deposits having ridiculous APRs; I have no idea how those figures were obtained. Real interest rate on bitcoin deposits seems to approximate to 2% per month. This isn't terrible by any means but it's up to the depositor to consider whether or not it's worth the risk to deposit anything substantial if they don't intend to do live trade.

[jdebunt]

i've never had any issues with MCXNow (except during maintenance of course).

I have 2 fee shares in there (i'm not THAT rich :p), but so far, everything is delivered as promised.

Some of the stats seem way off, but from what i heard RealSolid is still working on bugfixes & some features, so i guess that'll be fixed in the near future

[Lethn]

Thanks for that guys, feel free to post more evidence of it all working like I said, it's just one of those things where the numbers look too good I've just been wondering why I never noticed this before.

[comal]

works fine for me to, everything gets paid every 6 hours.
i got 10 feeshares on the beginning and 8 more since the release.
i moved all my trading coins from btc-e to mcxnow.com

i have my account since a while there and no issues so far.

[peasant]

How long is it gonna be before this exchange gets hacked and everyone gets cleaned out? Love the idea but it needs some kind of backing to ease my mind.

[sunnankar]

How long is it gonna be before this exchange gets hacked and everyone gets cleaned out? Love the idea but it needs some kind of backing to ease my mind.

From my understanding there is no 'admin' to hack since all accounts on the user machine are equal and on site access is needed to 'hack' it.

Everything seems to work pretty well with the exchange anywhere from interest, deposits, withdrawals, etc. The interest and fee shares is quite innovative and a great use of how the cashflows in the business model.

The interest model as a percentage of trading fees will probably become the de-facto standard since individuals need to somehow be compensated to take on the risk of having coins on an exchange in contrast to just having them sit in their own cold wallet and it needs to be done in a financially sustainable way.

Plus, it will be interesting to see if this type of innovative model will eventually get applied to more traditional financial firms.

[Lethn]

I just thought I'd say I deposited a small amount to test it out and I successfully received an interest payment, looks pretty legit now I've investigated it more thoroughly and it does make sense when you see how it all works.

[smoothie]

How long is it gonna be before this exchange gets hacked and everyone gets cleaned out? Love the idea but it needs some kind of backing to ease my mind.

From my understanding there is no 'admin' to hack since all accounts on the user machine are equal and on site access is needed to 'hack' it.

Everything seems to work pretty well with the exchange anywhere from interest, deposits, withdrawals, etc. The interest and fee shares is quite innovative and a great use of how the cashflows in the business model.

The interest model as a percentage of trading fees will probably become the de-facto standard since individuals need to somehow be compensated to take on the risk of having coins on an exchange in contrast to just having them sit in their own cold wallet and it needs to be done in a financially sustainable way.

Plus, it will be interesting to see if this type of innovative model will eventually get applied to more traditional financial firms.

I agree about the innovation part, but not on the rep of the owner of the site.

RealSolid a.k.a. Coinhunter

[Dps23]

Working for me too thus far, but the skepticism is healthy, especially after Pirateat40 and all.

It was my favourite place for trading XPM, but today when I sent some bitcoins on my account I saw
Est. annual interest rate: 2340.69465388%        
WTF
Even Pirate40 didnot offer such numbers
I understood if exchange would offer it for depositing Pennies (holding CENTS multiply coins exponetially) but for bitcoins???
I am afraid this is more than warning sign, it is almost in other words clear sign of fraud.
Even if I was guy such as winklewoss and know that in one week I start my BTC ETF fund I wouldnot offer such interest rate....
this is crazy - question is how long it could last - one week or only several days??

and what scared me as well - I sent there my BTC and exchange didnot wait for confirmations, I could start immediately buying XPM- maybe I am old trusted user but I afraid this couldnot last very long

I have experience with pirate40 and with LTC wallet (once they started offer huge rates it was clear sign of some problems behind and in case of LTC wallet i lost 26 LTC because when I noticed they offer high interest, it was unfortunately too late, and withdrawawals were not possible.

MCXnow was one of the best exchanges, there was no reason why offer such high rates, unfortunately I afraid it only attracts bad attention of people who want to earn easy money on deposits and old traders would go away and how the interest would be paid then?? answer yourself....

I sent there 3 BTC (and 1 btc immediately back) and all I can say is that I was able to buy XPM immediately and sent back my 1 BTC without having wait for confirmations - what scares me as well since this is more than unusual.

[nobbynobbynoob]

The interest rate display seems to be subject to a bug of some sort. The real interest rate is somwhere around 1,5% to 2% per month AFAICS.

[Rannasha]

The interest rate display seems to be subject to a bug of some sort. The real interest rate is somwhere around 1,5% to 2% per month AFAICS.

I deposited a small amount of coin to check this interest on deposit system out. I've received almost exactly 0.1% interest after 13 payouts (so 3.25 days). Assuming this rate keeps up, and compound interest is negligible, that'll be 0.923% per month.

So not a competitive rate whatsoever in Bitcoin terms, but a nice thing to have if you'd be trading on the site anyway.

[Dps23]

I agree about the innovation part, but not on the rep of the owner of the site.

RealSolid a.k.a. Coinhunter

didnot he developed solidcoin? didnot he have some problems on bitcointalk.org?

[peasant]

Better take care of that bug that says 2000+ apr, because it reminds people of the pirate days. That's what turned me off.

[nobbynobbynoob]

Better take care of that bug that says 2000+ apr, because it reminds people of the pirate days. That's what turned me off.

That's kind of what that reminded me of too, even though I wasn't holding/using bitcoin at the time Pirateat40 was scamming away (though I was well aware of it).

+tip peasant 50000 satoshi

[Pale Phoenix]

The interest model as a percentage of trading fees will probably become the de-facto standard since individuals need to somehow be compensated to take on the risk of having coins on an exchange in contrast to just having them sit in their own cold wallet and it needs to be done in a financially sustainable way.

This is ridiculous. The only reason to have coins on an exchange is to engage in trading. There is no comparison to be made to keeping coins in cold storage.

The questions really are, what is the incentive for the exchange to share its fees with "depositors," and does this actually increase the risk of keeping your coins there.

Plus, it will be interesting to see if this type of innovative model will eventually get applied to more traditional financial firms.

Deposits with traditional brokers are insured by the SIPC in the U.S.

[Dps23]

I like MCXnow exchange, I have pro trading account and I must say that trading is very fast and smooth.
However last changes seems to me a bit complicated. On one side I like them, it seems good but on the other side other exchanges do not offer things like shares/participating on exchanges fees and also that wierd interest.
What I am missing are other coins. Why MCX added only XPM in July and nothing from that time??
compare to Cryptsy, they added many new coins during last weeks.
 I suspect that MCXnow do not have many new users and they try to lure more new people, thats all.

[Mitchell]

Bitcoin deposits APRs are bugged atm. Will be fixed in the next patch. Anyway, I use it and I really trust RS. He seems like a really nice guy who chats a lot with his members.

[mechs]

WHat realsolid needs to do is drop crap coins like: mincoin, solidcoin, copperlark and worldcoin.  Then add coins which are more popular such as XPM, PPC, NVC and DGC.