ExchB is closing

[worldinacoin]

Just move their corporate office to be incorporated in BVI etc, safe and sound.

[1713569917]

1713569917

[1713569917]

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[1713569917]

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[tvbcof]

Some powerful people paid these guys a visit. A very one sided NDA has been signed so they can't talk about it for fear of repercussions, now it's my duty to spill the beans.

They got pressured into closing down by the powers that be and more exchanges will be following soon.

Mt.Gox has been able to avoid this so far because they are based in Japan. Plans are in place to get them shut down as well, it's just taking longer than they would like.

Proof or GTFO.

It's plausible enough (to me) to earn a spot in my list of hypotheses.

Concern over just such a thing caused me to start accumulating more aggressively than I would have otherwise some months ago, and contributed to my decision to just go ahead to fill up my desired quota of BTC last night.

A major on negative concerning this hypothesis is that it is not really needed to explain ExchB calling it quits.  Unless they have significant dark pool activity it doesn't seem like there is much money in things and all the AML stuff must be a true nightmare to deal with.

If there is an element of truth to this hypothesis, I would say that, ironically, what badly wounded Bitcoin was probably the 'money bomb' for the Occupy-X stuff and funding of stuff like Wikileaks.  It is actually one of the few things that Bitcoin is genuinely good for as long as our fiat systems are working well enough for Joe Sixpack.  IMHO.

[Revalin]

I know everyone loves a good conspiracy theory, but no.

If you want to go for conspiracy theories, the "Powers that be" are not going to make such a ham-fisted move as sending in the g-men or whatever to go harass a small exchange.  Getting caught would draw way too much attention to Bitcoin and undermine their cause; Bitcoin's doing just fine screwing itself up with its own tragic-comedy act right now.  If they want to screw with us, they'll hire a couple more guys like Bruce, or set up some more joke exchanges like B7, or any of a hundred other hatchet-jobs to undermine our credibility.

I easily believe ExchB is just economics.  Look at it this way:



They were moving $5k of volume per day.  Their cut is 1% = $50/day = $1500 per month.  That's simply not enough to keep the lights on in a Redwood City office and still put food on the table.

To grow it they'd have to promote like mad.  That would either mean digging deeper into their pockets to pay for advertising (I can't blame them for deciding to simply exit with the current BTC climate), try some grass-roots promotion (was it ever more than one guy?  I can't fault him for focusing on operations instead of getting drawn into the forums all day) or start a referral link program (I can't blame them for avoiding the fires of hell).

In their shoes I'd do the same thing:  Exit gracefully, bank some goodwill, and preserve some capital to start up something with better prospects.  They can always get back into this later if the market explodes.

[tvbcof]

I know everyone loves a good conspiracy theory, but no.

If you want to go for conspiracy theories, the "Powers that be" are not going to make such a ham-fisted move as sending in the g-men or whatever to go harass a small exchange.  Getting caught would draw way too much attention to Bitcoin and undermine their cause; Bitcoin's doing just fine screwing itself up with its own tragic-comedy act right now.  If they want to screw with us, they'll hire a couple more guys like Bruce, or set up some more joke exchanges like B7, or any of a hundred other hatchet-jobs to undermine our credibility.
...

I don't believe that it is terribly far fetched to believe that aggravating funding is a good way to damage an effort, or to note that it can and does happen on occasion.

But I agree that the simplest explanation tends to be the strongest one, and in this case it really does not seem to be the case that the money was there to support the enterprise as a money making effort.

[the founder]

it's not a conspiracy...   if prices keep falling like this eventually all the exchanges will close.   You can't make money from nothing.. and if BTC go down to hardly anything then there is nothing to keep them open.

Everyone here loves the idea of a free market,  well... this is how the free market works.

printing nearly 5 bitcoins a minute isn't helping either.

[BitcoinPorn]

Some powerful people paid these guys a visit. A very one sided NDA has been signed so they can't talk about it for fear of repercussions, now it's my duty to spill the beans.

They got pressured into closing down by the powers that be and more exchanges will be following soon.

Mt.Gox has been able to avoid this so far because they are based in Japan. Plans are in place to get them shut down as well, it's just taking longer than they would like.

I could care less about proof, but can you at least make the story more believable?   A good sound conspiracy theory has at least some reference to some kind of specifics.  Powerful people paid by.. government?  Private person?    What could have possibly been in that NDA?  What was ExchB doing that the others are or were not?

[tvbcof]

Some powerful people paid these guys a visit. A very one sided NDA has been signed so they can't talk about it for fear of repercussions, now it's my duty to spill the beans.

They got pressured into closing down by the powers that be and more exchanges will be following soon.

Mt.Gox has been able to avoid this so far because they are based in Japan. Plans are in place to get them shut down as well, it's just taking longer than they would like.

I could care less about proof, but can you at least make the story more believable?   A good sound conspiracy theory has at least some reference to some kind of specifics.  Powerful people paid by.. government?  Private person?    What could have possibly been in that NDA?  What was ExchB doing that the others are or were not?

~weex could pop up and say that this is utter bullshit if he wanted to.  It would be unlikely that he would be obligated under the 'top secret NDA' to actively defend the 'conspiricy'.  Though possible I suppose, especially if there were some kicker involved.

If I were in his shoes, however, I would stay mum and try to derive some enjoyment out of whatever whacky theories crop up.

[Are-you-a-wizard?]

Some powerful people paid these guys a visit. A very one sided NDA has been signed so they can't talk about it for fear of repercussions, now it's my duty to spill the beans.

They got pressured into closing down by the powers that be and more exchanges will be following soon.

Mt.Gox has been able to avoid this so far because they are based in Japan. Plans are in place to get them shut down as well, it's just taking longer than they would like.

I could care less about proof, but can you at least make the story more believable?   A good sound conspiracy theory has at least some reference to some kind of specifics.  Powerful people paid by.. government?  Private person?    What could have possibly been in that NDA?  What was ExchB doing that the others are or were not?

It's not hard to figure out. Think about what ExchB did before any other exchanges, it's not hidden they made a big deal out of it on these very forums. That's why they were targeted first.

[Blackout]

This sucks and makes me sad.  You were the BEST exchange period. Cash to bitcoins in an hours time.

I cry. It's like Spock dying in Star Trek II.

- Blackout

At the current prices I had stopped mining and was buying at ExchB. Guess it's time to fire up the old 5830s again.

[BitcoinPorn]

It's not hard to figure out. Think about what ExchB did before any other exchanges, it's not hidden they made a big deal out of it on these very forums. That's why they were targeted first.

Oh, okay, yeah, the ATM thing.  I can see how someone could be mad.   I'm just not sure who.  Or why an NDA is involved, is some big press release coming up?  Or a big arrest!?  Spill more beans!  Gossssippp  This is all going in the video game https://bitcointalk.org/index.php?topic=48088.msg579028#msg579028

[Jessynoo]

Hi,

I'm looking for help to withdraw my remaining 71.44$
Their withdrawal page says International wire has a 45$ fee + I don't know how to match the required routing + account number to my European IBAN.

I'd rather go for btcs or an MtGox redeemable code.
Maybe someone with a Paxum account can do me the favor.

Thanks in advance.

[nmat]

Hi,

I'm looking for help to withdraw my remaining 71.44$
Their withdrawal page says International wire has a 45$ fee + I don't know how to match the required routing + account number to my European IBAN.

I'd rather go for btcs or an MtGox redeemable code.
Maybe someone with a Paxum account can do me the favor.

Thanks in advance.

I'm in the same situation. Hopefully they will sort things out for international users...

[Yankee (BitInstant)]

Hi,

I'm looking for help to withdraw my remaining 71.44$
Their withdrawal page says International wire has a 45$ fee + I don't know how to match the required routing + account number to my European IBAN.

I'd rather go for btcs or an MtGox redeemable code.
Maybe someone with a Paxum account can do me the favor.

Thanks in advance.

I'm in the same situation. Hopefully they will sort things out for international users...

We're debating a way to honor ExchB withdrawals. Possibly work out a system where the Paxum is withdrawn to our account, and we can credit you with a MtGox Coupon Code or Transfer it to your TradeHill account for a small fee. Is this something you'd be interested in?

[Littleshop]

Offer the OPTION of taking BTC at the current rate of one of the other exchanges for withdrawals of USD.  Also offer the OPTION of a check.  Not everyone will want those options, but those will work for many. 

[Yankee (BitInstant)]

Offer the OPTION of taking BTC at the current rate of one of the other exchanges for withdrawals of USD.  Also offer the OPTION of a check.  Not everyone will want those options, but those will work for many. 

I can offer the option of withdrawing USD--> USD, and BTC--> BTC, but not cross currencies.

Your accounts can be credited your usd/btc amount in Tadehill or Mtgox

[Revalin]

Checks are an option.  That's how I did my withdraw.

I certainly wish they had announced this closure before ending trading.  That would have let people trade to their preferred currency for withdrawal.  Exchb always had enough arbitrageurs to handle that without the market going nuts.

[Jessynoo]

I'm in the same situation. Hopefully they will sort things out for international users...

Sent them an email about it 24h ago, no answer yet.
I'm afraid with such a trade freeze and 1 week notice to gtfo, we might be left with the available options.

We're debating a way to honor ExchB withdrawals. Possibly work out a system where the Paxum is withdrawn to our account, and we can credit you with a MtGox Coupon Code or Transfer it to your TradeHill account for a small fee. Is this something you'd be interested in?

As long as the fee's reasonable and this is stated publicly, sure. MtGox or TradeHill will do for me.

[Yankee (BitInstant)]

We're debating a way to honor ExchB withdrawals. Possibly work out a system where the Paxum is withdrawn to our account, and we can credit you with a MtGox Coupon Code or Transfer it to your TradeHill account for a small fee. Is this something you'd be interested in?

As long as the fee's reasonable and this is stated publicly, sure. MtGox or TradeHill will do for me.

Of course  It would be an option on Bitinstant.com

Dozens of members on this forum use us on a daily basis, we've moved over 200k in USD since end of August.

[weex]

Hello,

If anyone needs a low cost withdrawal option of USD, please request a check. We'll send them internationally at no charge.

We would ask just that you cash the check as soon as it is received to help us close our books asap.

Thank you,

David

[Jessynoo]

Hello,

If anyone needs a low cost withdrawal option of USD, please request a check. We'll send them internationally at no charge.

We would ask just that you cash the check as soon as it is received to help us close our books asap.

Thank you,

David

Well thanks, I guess that could do in last resort, but it will take long and I'm pretty sure my bank will charge significantly to cash an USD check.
Do you mind us considering the Bitinstant option first?

Of course  It would be an option on Bitinstant.com

Dozens of members on this forum use us on a daily basis, we've moved over 200k in USD since end of August.

Fair enough, can we proceed then?