[ANN] Pmtocoins.com new exchange [Update 28/03]

[PDcologne]

glad i dont have a lot of coin to be withdrawn - something is not right

[jjc6676]

glad i dont have a lot of coin to be withdrawn - something is not right

I called my friends in "the service"

I will have answers on the following ----- the creator's of the website/exchange(thieves), the posers' of the name "staff" (idiots/hackers/kids/theives), location(s)(housing locations and all relative locations in the past xx years), name(s), age(s), and all related/relative(s) phone number(s) to reach them at. I think I may start a "People's Service," soon for all the victims of theft. Basically, if it touched the site or directed anything public related at the site since opening....the name will be mine.

I have to go now, suiting up for an Apache Mission.

P.S. - I was given an estimate of three days before a call back. I will then post more info on the situation.

[gbrs]

After ± 3 days my withdrawal got approved, I just got the first confirmation.
Although I do agree that this is quite long for an exchange, there are enough people who confirmed reception of their withdrawals so scam accusations are not really necessary.

[hoju2k]

After ± 3 days my withdrawal got approved, I just got the first confirmation.
Although I do agree that this is quite long for an exchange, there are enough people who confirmed reception of their withdrawals so scam accusations are not really necessary.

How much was your withdrawal?

Edit: some of us are waiting for more than a week...not saying this is a scam but I'm starting to feel a little nervous.

[Shahrukh]

glad i dont have a lot of coin to be withdrawn - something is not right

I called my friends in "the service"

I will have answers on the following ----- the creator's of the website/exchange(thieves), the posers' of the name "staff" (idiots/hackers/kids/theives), location(s)(housing locations and all relative locations in the past xx years), name(s), age(s), and all related/relative(s) phone number(s) to reach them at. I think I may start a "People's Service," soon for all the victims of theft. Basically, if it touched the site or directed anything public related at the site since opening....the name will be mine.

I have to go now, suiting up for an Apache Mission.

P.S. - I was given an estimate of three days before a call back. I will then post more info on the situation.

A user was able to use the name Staff because of a silly GET method which has been fixed now. Why bother all this PM me and I will tell you where I am located

[gbrs]

How much was your withdrawal?

Edit: some of us are waiting for more than a week...not saying this is a scam but I'm starting to feel a little nervous.

0.13 BTC. I can imagine getting nervous, especially when wanting to withdraw higher amounts.
But I do think the owner is doing everything he can to fix this. I actually just read the opening post and got to know about the current situation.
Maybe its a good idea for the time being to limit BTC withdrawals so more smaller withdrawals can be made and people at least move their balance partially around?

[almightyruler]

glad i dont have a lot of coin to be withdrawn - something is not right

I called my friends in "the service"

I will have answers on the following ----- the creator's of the website/exchange(thieves), the posers' of the name "staff" (idiots/hackers/kids/theives), location(s)(housing locations and all relative locations in the past xx years), name(s), age(s), and all related/relative(s) phone number(s) to reach them at. I think I may start a "People's Service," soon for all the victims of theft. Basically, if it touched the site or directed anything public related at the site since opening....the name will be mine.

I have to go now, suiting up for an Apache Mission.

P.S. - I was given an estimate of three days before a call back. I will then post more info on the situation.

Assuming you're serious, I think it's going more than a little overboard to dox the admin of pmtocoins. This isn't mtgox.

[kke]

Here's my suggestion on how to fix the situation.

PMtoCoins should convert ALL markets to LTC (and close the BTC/LTC market). This way everyone would be trading with coins that exist instead of imaginary BTC that you currently don't have in your possession. The admin could then trade the collected LTC fees to BTC to pay the debts.

This would make sense, since there are currently several markets on PMtoCoins (BEE, CAGE, CHE, EMO, EMU, FAC, FCK, GRUMP, KARM, LMC, MOON, NUT, PANDA, PENG, RBBT) that are no longer feasible for BTC market and have been converted to LTC markets on other exchanges.

Also I think it's absolutely necessary that you make the current process of paying BTC debts more transparent and organized. You need to post a list of withdraw id's and how much they are still owed. Then you process the withdraws in numerical order, not randomly based on people asking for their BTC. People would know when their turn will be by comparing their withdraw id against the list and also see that you are actually paying them out, although slowly.

[kke]

Hmm actually I think I have even better idea.

1) You clear ALL buy orders.
2) You create BTC2.
3) You move all existing BTC account balances to this BTC2 balance.
4) There's nothing you can do with the BTC2 except put up a withdraw request.
5) All future trading happens on real existing BTC.
6) The new "reinitialized" BTC can be withdrawn without waiting.
7) You collect BTC fees and pay out the "BTC2" withdraws with it.
And there's also another extra possibility :
You can create a BTC2/BTC market where people can try to sell their BTC2 for real BTC, obviously at a lower price, to try to get money that you can actually withdraw without waiting. Some who have some faith left in you paying out the debts in the future could invest and buy BTC2 at for example 1.3 BTC2 for 1 real BTC.

And since your exchange can't handle LTC based markets at the same time with BTC based ones, I think you should close the markets I mentioned above that are no longer suitable for BTC.

Trading with the current imaginary BTC balances MUST STOP. It only creates more people that can't withdraw.

[Shahrukh]

Hmm actually I think I have even better idea.

1) You clear ALL buy orders.
2) You create BTC2.
3) You move all existing BTC account balances to this BTC2 balance.
4) There's nothing you can do with the BTC2 except put up a withdraw request.
5) All future trading happens on real existing BTC.
6) The new "reinitialized" BTC can be withdrawn without waiting.
7) You collect BTC fees and pay out the "BTC2" withdraws with it.
And there's also another extra possibility :
You can create a BTC2/BTC market where people can try to sell their BTC2 for real BTC, obviously at a lower price, to try to get money that you can actually withdraw without waiting. Some who have some faith left in you paying out the debts in the future could invest and buy BTC2 at for example 1.3 BTC2 for 1 real BTC.

And since your exchange can't handle LTC based markets at the same time with BTC based ones, I think you should close the markets I mentioned above that are no longer suitable for BTC.

Trading with the current imaginary BTC balances MUST STOP. It only creates more people that can't withdraw.

This seems to be a good idea I will think about it and do the needful

[hoju2k]

So I guess situation is worse than described and we are "partners" for a long time...

[almightyruler]

I think BTC/BTC2 is a bad idea. It's almost like mtgox when they suspended USD withdrawals.

Admin should have wound back all trades. Users should not be responsible for covering the shortfall.

[kke]

I think BTC/BTC2 is a bad idea. It's almost like mtgox when they suspended USD withdrawals.

It's nothing like mtgox. New BTC withdrawals would work just fine, it's just the old users who can't withdraw their old BTC, except that with this solution they maybe can. If the admin doesn't do anything, they will never get any of their money or it will take a long long long time.

Admin should have wound back all trades. Users should not be responsible for covering the shortfall.

Little late for that. That has already happened and something needs to be done. Halting all trading and stopping the whole exchange won't do shit towards getting the users paid. The admin obviously can't pull 30 BTC from his ass, especially in india where 1 BTC is a hefty months salary.

Do you maybe have some constructive criticism against the idea or does someone else? Feel free to come up with better ideas and share. I for one would like to get my BTCs out.

[kke]

Looks like Vircurex is doing what I suggested here.

http://imgur.com/ZJL94J3

[almightyruler]

Do you maybe have some constructive criticism against the idea or does someone else? Feel free to come up with better ideas and share. I for one would like to get my BTCs out.

Perhaps further promotion of https://cryptostocks.com/securities/113 to raise funds.

Looks like about 12 BTC worth of shares have been sold so far.


edit: I'm wondering if it's possible to buy shares "off the book" - ie, buying some shares with our pmtocoins BTC balance. I presume everything goes through cryptostocks, so you'd need to use real BTC. But I thought I'd put it out there, anyway.

[almightyruler]

I noticed someone sold (or bought?) 4.975 CON/COINO @ 0.1 BTC each. That's more than 300,000 times the current market rate. This seems to be after the problem with the orders was found, so I guess it's genuine. If it was a sale, and genuine, I'd like to say: well played, Sir, well played. If you extrapolate that to the size of a block (35 CON/COINO), each block is worth 3.5 BTC!!!

Incidentally, market history seems to have stopped after 2014-03-14 ? I have completed orders showing in my personal history, but they don't show on the market page.

[kke]

Looks like about 12 BTC worth of shares have been sold so far.

Looks like there's something fishy in the alleged cryptostocks "118k sold already" announcement.

You can see the trading history since the listing at March 13th. Since then there are trades totaling only 1.2959 BTC (12,959 shares). There's still 369,464 shares for sale, so seems like there has been only 382,423 shares initially for sale, unless there's some way to sell those shares secretly. If there was 490,000 shares released to the public, there's 107,577 shares missing.

Also, it says "dividends will be paid 1st of april". How can there be anything to share if the site is some 30 BTC on the negative?

Is there going to be a report that shows all the transactions, operational costs, etc? How would the share holders even know if they're getting their fair share?

The info page says "The money raised during the IPO will go towards expansion of the site (advertising) and to hire additional resources to provide additional security and customer service.", there's nothing about it going towards paying out existing debts. Not telling about having huge debts and the financial situation of the exchange is straight up lying.

He's also talking about "we" all the time on the info, but there's nobody else there. It's a one man operation.

Looking at the autoincrementing trade id's in my trade history, it looks like between March 14th and today (10 days) there has been whopping total of 17 trades executed. Of those trades 10 were performed by me. There's not a lot of fees to share, sorry shareholders waiting for dividends on april 1st. (I have some ~150 shares myself)

[Shahrukh]

Looks like about 12 BTC worth of shares have been sold so far.

Looks like there's something fishy in the alleged cryptostocks "118k sold already" announcement.

You can see the trading history since the listing at March 13th. Since then there are trades totaling only 1.2959 BTC (12,959 shares). There's still 369,464 shares for sale, so seems like there has been only 382,423 shares initially for sale, unless there's some way to sell those shares secretly. If there was 490,000 shares released to the public, there's 107,577 shares missing.

Also, it says "dividends will be paid 1st of april". How can there be anything to share if the site is some 30 BTC on the negative?

Is there going to be a report that shows all the transactions, operational costs, etc? How would the share holders even know if they're getting their fair share?

The info page says "The money raised during the IPO will go towards expansion of the site (advertising) and to hire additional resources to provide additional security and customer service.", there's nothing about it going towards paying out existing debts. Not telling about having huge debts and the financial situation of the exchange is straight up lying.

He's also talking about "we" all the time on the info, but there's nobody else there. It's a one man operation.

Looking at the autoincrementing trade id's in my trade history, it looks like between March 14th and today (10 days) there has been whopping total of 17 trades executed. Of those trades 10 were performed by me. There's not a lot of fees to share, sorry shareholders waiting for dividends on april 1st. (I have some ~150 shares myself)

Out of these 118k shares 100k were sold to someone who has chosen to pay off the cryptostocks.com Since the launch of the shares there has been good number of trades which bought in some commission for the website. Wait for 1st of April to see what the outcome is

[kke]

So the trade id's are magically not incrementing? Also looks like some of my trades have gone missing from market histories.

[hoju2k]

So, Shahrukh: we need an update: what are you going to do to raise funds, when are we gonna be pay, is our money lost, etc.