[MCXNOW IPO] : 11,000 BTC raised [ UPDATE : OVER! ]

[Atruk]

There is 3 growth vector :

-Simply increase the volume of trading. There is a lot of room left on some coins, like LTC and FTC.
-Gambling/gaming. This is next things to be added to the site
-Microcash : the next generation cryptocurrency. mcxNOW will be the principal exchange

On the downside there is a piece of shit operator with a habit of disappearing.

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[lophie]

There is 3 growth vector :

-Simply increase the volume of trading. There is a lot of room left on some coins, like LTC and FTC.
-Gambling/gaming. This is next things to be added to the site
- Microcash : the next generation cryptocurrency. mcxNOW will be the principal exchange

 

[drawingthesun]

If the site is running fine and will generate more and more profits, it's in RealSolids best interest to keep as much profit to himself over the long term. Raising money when its not going to be needed it a quick cash grab. Most founders hate giving up shares in their companies because in the long run they lose juicy profits and such, but they do this because the money is needed for facilities and staff (See the startup scene around California)

Think about it. Now his share of the profits are even lower so his long term incentive to keep developing is even lower. That money is not needed to do anything.

Maybe if he spent all the 18,000 Bitcoin on becoming a fully verified and legal USD/EURO exchange?

[bidji29]

There is 3 growth vector :

-Simply increase the volume of trading. There is a lot of room left on some coins, like LTC and FTC.
-Gambling/gaming. This is next things to be added to the site
- Microcash : the next generation cryptocurrency. mcxNOW will be the principal exchange

 

Those things are not here yet, that's why I called that growth vector.

But the trading volume is increasing every weeks, so it's not crazy to think it will continue. There is a lot of volume on LTC and FTC at BTC-e mcxNOW can get.
The gambling/gaming will arrive soon. 2weeks, 1 month or 2 i don't know, but it will increase revenue for sure.
Microcash is probably the things I have the least trust in succeding and generating lot of revenue, but it's a really great project and props to RealSolid for doing it.


On the IPO topic :  The site raised 1 MILLION dollar in 12 hours! Great!
 And it's not even open to public yet...

[drawingthesun]

But the trading volume is increasing every weeks, so it's not crazy to think it will continue.

Regardless of this being a scam or not, the line of thinking in this quote decribes every large financial crash the world has ever seen.

Sure sometimes you are right, but make an informed opinion based on facts and such, just because a trend for a few weeks has been spotted does not mean that trend will continue.

I will give you a counter point, just food for thought yeah.

What if the traffic and trade volume has been increasing because:

• MCX Is new and exciting, many failed ventures have a great first few months
• Many people are drawn to the interest gains. Because a pure crypto-currency does not have gateways to USD that are expensive competition and clones are all too easy. The barrier to entry for creating a MCX clone is small, a clone will erode your gains.

Things to consider that will erode your share value:

• Where does RealSolid live? If he lives in the USA I would sell my mcx shares right now. Crypto-currencies are becoming more and more legit everyday, which means eventually a pure crypto-exchange will have to comply with all know your customer and money laundering laws.

Trends are mostly in a curve shape, they have a peak and fall. Make sure you are not buying at MCX's "peak".

[bidji29]

I agree with you people need to make informed decision.
I think my assumption the trading volume will increase is not void of sense. Because right now,  mcxNOW is "stealing" marketshare of the other exchange and there is plenty of room left, especially with Litecoin.
Why it's stealing marketshare? Two reason :

-Interest on deposit : that's basically free money to attract people on the exchange, and it's working nicely.
- But more importantly, and you're gonna say it's subjective, but the quality of the site is miles better than any other exchange. You have to try it and try the competitor. It's night and day. It's faster, smoother, very pleasing to trade.

The interest attract users, and the quality make them stay. RealSolid said the interest on Deposit is a temporary feature, he could scrap it any moment. I don't think he will do it soon but even if he does, i don't think people would leave because the exchange is good in itself.

My opinions are pretty informed. I even made a GoogleDoc on the mcxFEE to calculate return : https://docs.google.com/spreadsheet/ccc?key=0AioqMMSVIC5tdFplWndsdmZuaGxyN01xemxtNWYxVGc#gid=0

And if you want some real data on the growth of the exchange just look at this graph :



From 1,000 to 10,000 Bitcoin deposited on the exchange in a month.
After that, you can see the total lowering, it's because of the BTC price rise. That's one of the CON point of an exchange like mcxNOW, who doesn't trade FIAT. When BTC is in a big ascendant phase, there is a lot less volume in Altcoin trading. But generally the volume come back stronger when the BTC price stabilize and Altcoin are at a low point.

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RealSolid is Australian and he made sure everything he was doing was legal.
That's why you can't buy share of the exhange, but share in the trading revenue. The first would be illegal.

That's why you'll never see Fiat on mcxNOW, because it would bring regulation. And he think too much Regulation kill Innovation.
With Fiat, the interest on deposit feature would have been impossible.

[Pale Phoenix]

RealSolid is Australian and he made sure everything he was doing was legal.
That's why you can't buy share of the exhange, but share in the trading revenue. The first would be illegal.

Please explain how raising funds by issuing shares of "fees" qualifies for an exemption under Australian law.
http://www.asic.gov.au/asic/asic.nsf/byheadline/Raising+funds+in+Australia?openDocument

Everything about this investment, from the valuation to the marketing of the IPO, foreshadows eventual investor despair.

[bidji29]

RealSolid is Australian and he made sure everything he was doing was legal.
That's why you can't buy share of the exhange, but share in the trading revenue. The first would be illegal.

Please explain how raising funds by issuing shares of "fees" qualifies for an exemption under Australian law.
http://www.asic.gov.au/asic/asic.nsf/byheadline/Raising+funds+in+Australia?openDocument

Everything about this investment, from the valuation to the marketing of the IPO, foreshadows eventual investor despair.

Because it's not a share in "mcxNOW, the australian company". Simple as that.
And you're not buying it with fiat. And it doesn't return fiat.

It's pure crypto.


See the mcxFEE like an in-game token granting you some in-game money.
If buying an object in World of Warcraft with gold is not illegal, then buying mcxFEE isn't too.
The fact you can exchange WoW gold with Fiat (like you can with crypto)  doesn't change anything.

[bidji29]

UPDATE : The mcxFEE holders round is now over. It will open to public in 15 minutes! Be ready!

[jeffshed]

lol the sites down.

Does this mean realsolid has done a snatch and run? or a ddos? or to much traffic? be interesting to see how this pans out

edit:back again must be traffic....

[radiumsoup]

lol the sites down.

Does this mean realsolid has done a snatch and run? or a ddos? or to much traffic? be interesting to see how this pans out

b...b...but it's powered by C++! It can't go down!

[minerpart]

I'm confused as to why anyone would want to use this exchange when the fees are now more expensive than BTC-e.

It costs more to trade alt coins on mcxnow - check.

OK so maybe it's liquidity? Well there are over 3k logged into BTC-e right now but only a third of that number logged into mcx on a huge news day!

So there is only a third of the number of users on mcxnow - check.

 


EDIT:

mcxnow--
People buying Litecoin 74.41773458 BTC (TOTAL)


BTC-e
(Litecoin) Buy orders Total: 2736.35 BTC

[bidji29]

I'm confused as to why anyone would want to use this exchange when the fees are now more expensive than BTC-e.

It costs more to trade alt coins on mcxnow - check.

OK so maybe it's liquidity? Well there are over 3k logged into BTC-e right now but only a third of that number logged into mcx on a huge news day!

So there is only a third of the number of users on mcxnow - check.

 


EDIT:

mcxnow--
People buying Litecoin 74.41773458 BTC (TOTAL)


BTC-e
(Litecoin) Buy orders Total: 2736.35 BTC

Why anyone would want to use mcxNOW over BTC-e?

-Interest on deposit
-Faster
-Some coin have more volume on mcxNOW

mcxnow--
Primecoin trading volume 360 BTC

BTC-e
Primecoin , Total: 130 BTC

[pascal257]

amazing company!

[lophie]

yawn no one is buying lol. About half the release is still open for the public, Wow what a great catch.                                                                 ,

[bidji29]

yawn no one is buying lol. About half the release is still open for the public, Wow what a great catch.                                                                 ,

You don't raise 18,000BTC  in a day.

mcxNOW raised 10,000 in 4 days, it's pretty good.

[radiumsoup]

yawn no one is buying lol. About half the release is still open for the public, Wow what a great catch.                                                                 ,

You don't raise 18,000BTC  in a day.

mcxNOW raised 10,000 in 4 days, it's pretty good.

For whom, exactly? Surely not for holders of the self-issued currency/share things, whatever they're called

[eve]

Could someone please posts the BTC Address they used for the current IPO? Thanks

[bidji29]

The trading of mcxFEE will resume Wednesday

[tyranosaur]

The trading of mcxFEE will resume Wednesday

Any guess how low they'll drop once trading starts? I'm thinking they'll drop to at least 0.2, maybe 0.15.

What time will this be? I want to have some popcorn ready!