"The Ethical Exchange" is Coming - Should General Bitcoin Users Trust It?

[Bitcoin Oz]

There have been countless stories posted on bitcoinmedia about mt gox,tradehill and other exchanges. Why the shitfight over this one ?

Hey I even posted a youtube video about bitcoinatm they put on youtube...and a story about a bitcoin to gold market coinabul.

[1715287967]

1715287967

[BitcoinPorn]

If you take your head out of your ass long enough you would notice the comments in one of those stories by Lanie Grace. This is a pseudonym used by BitcoinExpress. Why is he posting this fud ?

Dude, calm down, "its news"   Anyone can leave comments.   I'm super glad I made this thread now, mentioned multiple times there is NO conspiracy, I am not automatically assuming or connecting ANY dots, that is why I made the damn thread and did not make a post on BitcoinMedia.com or anywhere else bringing up this.   I thought maybe this could be discussed.

Thanks genjix.   At the very least things are very clear regarding BitcoinMedia (the site) versus BitconMedia (the user), not as related as one would think.

P.S. CoinMedia is not a journalist. Calling them a "media outlet" is retarded. Its a BLOG.

Blogs are sadly a form of a media outlet, welcome to last week when the Internet accepted Blogs as a legit form of media long ago (note, not as a form or journalism, but a media outlet describes blogs more than it does a legit news site).  I am not happy with this is how the world is, but I accept it, you should too. Let's progress instead of regress.

When people make a forum post accusing you of being bruce wagner you'll understand how truly retarded this forum is.

Link please, I know I was trying to avoid making that connection, but I'd love to see more examples of this if you claim it so.

There have been countless stories posted on bitcoinmedia about mt gox,tradehill and other exchanges. Why the shitfight over this one ?

There was no shitfight until I think your posts came in here.  I am sorry I offended you.  I hope cryptoXchanger continues to take the high road and avoid getting into conflicts in this thread, I wish the business well, and I wish this funny feeling that something is 'up' behind the site would go away, but some replies in this thread are leading me to think otherwise.

Like this..

What are your thoughts again for marketing and spreading the word about our exchange without being shot down by people like you discrediting business's like ours immediately?

Do you want the users of your site to trust you without knowing anything?   Why would ANY Bitcoin site want to operate like that... but more importantly..  "PEOPLE LIKE YOU" lol.   Potential customers?   Ones who are inquisitive?  Curious?  Care a little bit about the companies behind the services they use?

[Bitcoin Oz]

You didnt offend me I was defending a company and an individual who will be doing great things for bitcoin soon.

We will see once it opens I guess and either Im right and you can call me a genius or Im  wrong and you can call me a douchebag . 

[BitcoinPorn]

You didnt offend me I was defending a company and an individual who will be doing great things for bitcoin soon.

We will see once it opens I guess and either Im right and you can call me a genius or Im  wrong and you can call me a douchebag . 

I'm glad you calmed down, emoticons are a start      It's not about you, me, or whoever (okay, well now in some cases it does seem to be about you lol....but that is because your user name and the site sharing that title, not you as a person or whatever, no ill will or intent). 

From my view, the best currency exchange is about to open, it will debut on OnlyOneTV, the services are touted by BitconMedia as being awesome, yet no one else other than these three parties seems to have any information regarding this exchange. Thus this thread, nothing more, nothing less.   I assure you though, I would have felt like complete ass if I didn't make this thread with my concerns.  I hope others do not sit on their hands if something smells fishy with other things they see in all the Bitcoin communities.

[mizerydearia]

5.Which competing exchange told you to post this shit in the forum...

O_O   I'm confused.... Who is the person behind that post above and why produce offensive style of communication?  Usage of 'shit' or other profanity is not necessarily offensive, however, in the context it was used, it seems a bit embarrassing and/or degrading, in my opinion. =/

[BitcoinPorn]

O_O   I'm confused.... Who is the person behind that post above and why produce offensive style of communication?  Usage of 'shit' or other profanity is not necessarily offensive, however, in the context it was used, it seems a bit embarrassing and/or degrading, in my opinion. =/

haha, I didn't even notice his little list of things, they all were moot points so already forgotten.   The amount of defense and offense being taken in this thread screams loudly that there is partnerships or something else we just do not know about that would make a person post such b.s.

[Ten98]

The amount of defense and offense being taken in this thread screams loudly that there is partnerships or something else we just do not know about that would make a person post such b.s.

The only one screaming in this thread is you my friend.

Step 1: Start a thread accusing people of collaborating with Bruce Wagner, based on.. well based on nothing.

- They don't reply: It's a conspiracy!
- They reply: It's a conspiracy!
- They play along with your bullshit: It's a conspiracy!
- They defend themselves: It's DEFINITELY a conspiracy!!!

Get a grip of yourself. Try going outside for a little while?

[mizerydearia]

All definitions from google

Conspiracy: The action of plotting or conspiring.
Conspire: To secretly plot or make plans together, often used regarding something bad or illegal
Bad: Of poor quality; inferior or defective
Defective: Mentally handicapped
Mentally: In a manner relating to the mind
Mind: A person identified with their intellectual faculties
Identified: Associate (someone) closely with; regard (someone) as having strong links with
...  I have no idea where I am going with this.... must be some sort of conspiracy?

[repentance]

I can't find either an ACN or an ABN for Crypto X Changer Pty Ltd.  The business name doesn't even appear to be registered.  Even if you're "trading as" under a holding company, you still need to register the business name unless it's your personal name which it clearly isn't in this case.

[Phinnaeus Gage]

Crypto X Changer will change the future of Bitcoin Trading, Buying, Selling and Bitcoin Exchanges in general allowing for fast simple transactions and investments for users of any level of computer ability.

Crypto X Changer has so many features, never yet seen in the Bitcoin World, we cannot give details until the Exchange is Launched as we have spent and invested so much time in market research, research and development and massive infrastructure. Crypto X Changer is an Australian Owned and Opperated Registered Company.

There are so many features that the current Bitcoin Community will enjoy and also many features to enhance others that have not yet discovered Bitcoin to join the revolution with absolute minimum technical knowledge skills or abilities. Our aim is to be not only the largest world wide exchange but the best, by providing around the clock support, assistance and features we cannot mention until our Launch day in September. Be prepared to be excited! We will also have other new Digital Currencies added to our exchange as they become available.

Please note we will not be disclosing any of our additional & special features until our official Launch Day. We have many unique features that are not yet in the marketplace.

Somebody pass me the Jerkins.

If you would have spent $50 for a professional copywriter, I wouldn't be raising my red flag. It may pass the smell test for the average Joe, but for this community, I think not.

Personally, I would have written it in E-Prime.

[mizerydearia]

Somebody pass me the Jerkins.

If you would have spent $50 for a professional copywriter, I wouldn't be raising my red flag. It may pass the smell test for the average Joe, but for this community, I think not.

Personally, I would have written it in E-Prime.

hint: think segway

[Phinnaeus Gage]

Somebody pass me the Jerkins.

If you would have spent $50 for a professional copywriter, I wouldn't be raising my red flag. It may pass the smell test for the average Joe, but for this community, I think not.

Personally, I would have written it in E-Prime.

hint: think segway

OK! I thought Segway. Now what? (I need another hint)

[BitcoinPorn]

It may pass the smell test for the average Joe, but for this community, I think not.

With replies I'm seeing, I'm not so sure about that.

[repentance]

They've posted in the other thread that their launch will probably be delayed until October.  Until they post basic business information about themselves and who's behind the company, you'd be insane to deal with them no matter how many buzzwords they use on their website.

[BitcoinPorn]

They've posted in the other thread that their launch will probably be delayed until October.  Until they post basic business information about themselves and who's behind the company, you'd be insane to deal with them no matter how many buzzwords they use on their website.

Hey, get that logical thinking out of here, that is obviously conspiracy talk.

[FreeMoney]

Lets see, "Bitcoin Users" will trust, en mass:

1) Magical Frenchmen in Japan with their bitcoins (single point of failure)

2) 17 year old Exchange operators (untested services)

3) Convicted financial frauds (no need to name names)

4) Unknown and anonymous sites with large amounts of digital assets (mybitcoin)

5) Phishing emails (mtgox/tradehills phishing victime)

6) This forum (cosbycoin anyone?)

7) Exploitable open source software (solidcoin, namecoin, geld whatever it is)

Over The Counter Ratings (seriously)

9) Paypal (many still use paypal for bitcoin transactions)

10) Any new item of the week

Any questions?

inorite, I heard some bitcoiners believe astrology too!

That means bitcoiners are dumb and bitcoin is bad.

[Bitcoin Oz]

They've posted in the other thread that their launch will probably be delayed until October.  Until they post basic business information about themselves and who's behind the company, you'd be insane to deal with them no matter how many buzzwords they use on their website.

They havent launched yet. Untill they do the only thing that you can call it is a landing page.

People need to leave off the calls of "scam" and "conspiracy" for every new site that arrives.

Unless those complaining about it so loudly are paid by the competition of course. Now theres a conspiracy for you.

 

[Bitcoin Oz]

Crypto X Changer will change the future of Bitcoin Trading, Buying, Selling and Bitcoin Exchanges in general allowing for fast simple transactions and investments for users of any level of computer ability.

Crypto X Changer has so many features, never yet seen in the Bitcoin World, we cannot give details until the Exchange is Launched as we have spent and invested so much time in market research, research and development and massive infrastructure. Crypto X Changer is an Australian Owned and Opperated Registered Company.

There are so many features that the current Bitcoin Community will enjoy and also many features to enhance others that have not yet discovered Bitcoin to join the revolution with absolute minimum technical knowledge skills or abilities. Our aim is to be not only the largest world wide exchange but the best, by providing around the clock support, assistance and features we cannot mention until our Launch day in September. Be prepared to be excited! We will also have other new Digital Currencies added to our exchange as they become available.

Please note we will not be disclosing any of our additional & special features until our official Launch Day. We have many unique features that are not yet in the marketplace.

Somebody pass me the Jerkins.

If you would have spent $50 for a professional copywriter, I wouldn't be raising my red flag. It may pass the smell test for the average Joe, but for this community, I think not.

Personally, I would have written it in E-Prime.

Thanks for the feedback Phinneus. Getting advice prior to a site launching is invaluable.

Would a cookie for everyone who points out bugs and spelling mistakes be a good thing ? No one's time is free after all.

[repentance]

They've posted in the other thread that their launch will probably be delayed until October.  Until they post basic business information about themselves and who's behind the company, you'd be insane to deal with them no matter how many buzzwords they use on their website.

They havent launched yet. Untill they do the only thing that you can call it is a landing page.

People need to leave off the calls of "scam" and "conspiracy" for every new site that arrives.

Unless those complaining about it so loudly are paid by the competition of course. Now theres a conspiracy for you.

 

Asking for the registration details of a business which claims to be registered in Australia is hardly calling them a scam. It's information which they should be disclosing in advance if they want to establish pre-launch credibility and which they're legally required to disclose the moment they start offering goods or services to the public.

They've made an unsupported claim about being a Pty Ltd company.  The onus is on them to provide the information which allows their potential users to verify that claim.  There are no existing registrations which preclude them from registering Crypto X Changer as either a company name or a business name and they can't legally trade under that name without doing one or the other.  If they're going to claim some kind of ethical high ground then they need to back that up with verifiable facts.  Recent registrations for which I can find records are a company called International Bitcoin Exchange Pty Ltd which was registered on 20 June 2011 and Australian Bitcoin Exchange which was registered as a business name only in WA on 1 July 2011.

The Australian operations of their competitors have collided with regulatory issues here and will probably continue to do so until they become compliant with local business registration and financial services requirements.  None of them appear to be registered for GST and that's a big red flag given that the GST threshold is only $75,000.  If the volume of money going through their accounts has been an issue for their Australian banks as they've claimed in the past then their turnover is high enough to require GST registration and the potential for nasty things to happen if they're not GST compliant is significant.  

One of their competitors is currently the subject of a strike-off action by the Australian Securities and Investments Commission.  The circumstances under which ASIC will initiate company deregistration are outlined here.  If they forgot to update their details with ASIC when they moved their operations from one state to another (the "best" case scenario for the strike off action) then someone needs a damned good slap because the registered office of the company is where nasty legal documents such as Director Penalty Notices from the ATO and Statutory Demands from creditors (including the ATO) get sent and if those aren't responded to within the required (very short) time frame then seizure of assets and/or forced liquidation of the company are very real possibilities even if the company is technically solvent.

https://westpoint.asic.gov.au/asic/ASIC.NSF/byHeadline/ASIC%20initiated%20deregistration%20of%20a%20company

Anyone looking to operate a Bitcoin exchange in Australia needs to explain to their users how they intend to avoid the issues which have affected their competitors operations here.  Good intentions won't avoid those issues.

At least they've now revamped their website so it doesn't look like it was formatted by a 15 year old any more (still need to run spell check guys).

[Bitcoin Oz]

They've posted in the other thread that their launch will probably be delayed until October.  Until they post basic business information about themselves and who's behind the company, you'd be insane to deal with them no matter how many buzzwords they use on their website.

They havent launched yet. Untill they do the only thing that you can call it is a landing page.

People need to leave off the calls of "scam" and "conspiracy" for every new site that arrives.

Unless those complaining about it so loudly are paid by the competition of course. Now theres a conspiracy for you.

 

Asking for the registration details of a business which claims to be registered in Australia is hardly calling them a scam. It's information which they should be disclosing in advance if they want to establish pre-launch credibility and which they're legally required to disclose the moment they start offering goods or services to the public.

They've made an unsupported claim about being a Pty Ltd company.  The onus is on them to provide the information which allows their potential users to verify that claim.  There are no existing registrations which preclude them from registering Crypto X Changer as either a company name or a business name and they can't legally trade under that name without doing one or the other.  If they're going to claim some kind of ethical high ground then they need to back that up with verifiable facts.  Recent registrations for which I can find records are a company called International Bitcoin Exchange Pty Ltd which was registered on 20 June 2011 and Australian Bitcoin Exchange which was registered as a business name only in WA on 1 July 2011.

The Australian operations of their competitors have collided with regulatory issues here and will probably continue to do so until they become compliant with local business registration and financial services requirements.  None of them appear to be registered for GST and that's a big red flag given that the GST threshold is only $75,000.  If the volume of money going through their accounts has been an issue for their Australian banks as they've claimed in the past then their turnover is high enough to require GST registration and the potential for nasty things to happen if they're not GST compliant is significant.  

One of their competitors is currently the subject of a strike-off action by the Australian Securities and Investments Commission.  The circumstances under which ASIC will initiate company deregistration are outlined here.  If they forgot to update their details with ASIC when they moved their operations from one state to another (the "best" case scenario for the strike off action) then someone needs a damned good slap because the registered office of the company is where nasty legal documents such as Director Penalty Notices from the ATO and Statutory Demands from creditors (including the ATO) get sent and if those aren't responded to within the required (very short) time frame then seizure of assets and/or forced liquidation of the company are very real possibilities even if the company is technically solvent.

https://westpoint.asic.gov.au/asic/ASIC.NSF/byHeadline/ASIC%20initiated%20deregistration%20of%20a%20company

Anyone looking to operate a Bitcoin exchange in Australia needs to explain to their users how they intend to avoid the issues which have affected their competitors operations here.  Good intentions won't avoid those issues.

At least they've now revamped their website so it doesn't look like it was formatted by a 15 year old any more (still need to run spell check guys).

The only thing I can say is that they are following all legal,technical and taxation advice from qualified legal experts. I have seen their asic registration page so while that may not assuage you it will be released and full disclosure is coming.

You should be aware of the massive costs involved in even getting to this point. What happened to competitors is not important here nor is it relevent. Its best to avoid gossip which is really unproductive.

Obviously they are watching this thread and are taking advice on board. There will be more information forthcoming at the appropriate time and in due course. Thanks for bringing these issues up so we can discuss them.

Guys dont leave any concerns on the table.