- Crypto X Change Launch Announcement -

[cryptoxchange]

Dear Bitcoin Community - we would like to update you on our launch plans. Please be sure to read the full announcement as we'd like the community to try to "break our exchange."

We had planned to launch our exchange tomorrow (Monday, Oct. 17). However, we felt it prudent to instead adopt the following launch schedule:

Monday, Oct 24. (9am Sydney time)- Crypto X Change will open in a Public Trial Mode. We're inviting everyone to "go absolutely crazy" on the exchange. We will be funding all accounts with 100 Test Bitcoins, 100 Test LiteCoins, and a fake USD balance.  Use these funds to:

• Try out our interface
• See how the orders and trade engine works
• Try to hack, smash, and destroy our system

There will be a substantial prize to the person who discovers the biggest flaw in our security.

Friday, Oct 28. - Public Trial Mode will end

Monday, Oct 31. - Crypto X Change formally launches to the public.


We've been testing our own system for weeks, including professional white hat hacker teams who have been trying to pummel us into oblivion. Our system has proven secure thus far. But, we also know there are some extremely smart community members here, so we invite you to pummel us from Oct 24 - Oct 28 with the fake coin accounts. If you succeed you'll be well-rewarded (more details on the prize soon).

For those who were looking forward to a formal launch tomorrow (17th), we apologize for this schedule change.

Crypto X Change is the safe, reliable trading platform for which the Bitcoin community has been yearning. This will be shown to you on the 24th, and proven to you every day thereafter.

Feel free to post questions here or PM us.

Kind regards,
Crypto X Change

[HorseRider]

substantial prize?

How much is it, please.

[evoorhees]

Awesome, can't wait to test it out.

[plastic.elastic]

is there a issue with the webserver? it seems overloaded..

I'm from NA and it loads quite slow for me. Please check... thanks

[c_k]

You should reward every flaw found, in my opinion

[cryptoxchange]

You should reward every flaw found, in my opinion

Hi C_K,

We hope there is only one flaw found, we are absolutely hammering everything pre 24th Oct. So far so good, but we have a good 7 days left of double checking and going over everything and fine tuning.

We will look after users that find security flaws that is for sure C_K !

Thank you for your input!

[c_k]

To clarify, I mean any flaw at all - cosmetic or otherwise

[BitcoinPorn]

Will you be implementing the popular deposit via ATM service that ExchB once offered?    No exchange I believe copied that exclusive feature that I think people really liked.

[cryptoxchange]

To clarify, I mean any flaw at all - cosmetic or otherwise

Hi C_K, no not cosmetics etc.

This is for security and any holes etc. We of course will accept any positive / negative feedback, and suggestions about look, feel, design and everything.

We want the community to be 100% satisfied with this exchange in every aspect.

Thanks Again!

[nmat]

There isn't much room for another Bitcoin exchange. The volumes are as low as they were in May... What unique features do you have that may attract traders? (besides security and double-factor auth)

[cryptoxchange]

Will you be implementing the popular deposit via ATM service that ExchB once offered?    No exchange I believe copied that exclusive feature that I think people really liked.

Hi, we will definitely look at that as an option.

We do have some very cool payment options upon launch, and also we will continue to keep adding fast and efficient money in, and withdrawal options.

At the moment we have many things in the works, to have the widest range of account funding and withdrawal options.


Thank You

[cryptoxchange]

There isn't much room for another Bitcoin exchange. The volumes are as low as they were in May... What unique features do you have that may attract traders? (besides security and double-factor auth)

Please wait and see over the coming months, and you will see what we have been working on for a very long time now, We have more features and solutions for Bitcoin as well as the Exchange.

[nmat]

Wow , what professional opinion do you base that on?

It's just a personal opinion which may, of course, be wrong. Here is what I think:
- MtGox still has 90% of the market. People don't leave because of the volume - 5 million USD/30 days
- TradeHill was there when MtGox was hacked, but people didn't move
- Then CampBX came along with top security, sms auth, etc. and people still didn't move - their volume is currently at 30,000 USD/30 days
- Then Ruxum came along with top security, lots of currencies, etc. and people still didn't move - they're currently at 1,000 USD/30 days
- Now cryptoxchange comes, again with top secutiry, and I don't see anything different yet.

ExchB made a difference by allowing bank deposits (you could buy bitcoins within a few hours) and their volume increased a lot - they were at 170.000USD/month when they closed. Which brings me to the problem: these companies with low trading volume are losing a lot of money: 0.005 * 30,000 is $170 per month. This isn't even enough to pay for the servers.

So, unless you have some really great features that can steal customers from MtGox (no one was able to do that yet) or unless the trading volume comes back to June/July levels, these companies are not sustainable.

[ElectricMucus]

A few questions:

Will namecoin trading be supported?
Will exchange for any of btc/nmc/ltc to money be supported?
What about multi currency trades for ex. Sell USD for x BTC, or y NMC or z LTC?

[zhoutong]

Wow , what professional opinion do you base that on?

It's just a personal opinion which may, of course, be wrong. Here is what I think:
- MtGox still has 90% of the market. People don't leave because of the volume - 5 million USD/30 days
- TradeHill was there when MtGox was hacked, but people didn't move
- Then CampBX came along with top security, sms auth, etc. and people still didn't move - their volume is currently at 30.000 USD/30 days
- Then Ruxum came along with top security, lots of currencies, etc. and people still didn't move - they're currently at 1.000 USD/30 days
- Now cryptoxchange comes, again with top secutiry, and I don't see anything different yet.

ExchB made a difference by allowing bank deposits (you could buy bitcoins within a few hours) and their volume increased a lot - they were at 170.000USD/month when they closed. Which brings me to the problem: these companies with low trading volume are losing a lot of money: 0.005 * 30.000 is $170 per month. This isn't even enough to pay for the servers.

So, unless you have some really great features that can steal customers from MtGox (no one was able to do that yet) or unless the trading volume comes back to June/July levels, these companies are not sustainable.

I agree that the network effect for Bitcoin exchange is huge. Bitcoinica has traded 493,928.8260 BTC since launch (which was 5 weeks ago). The reason why we're successful and profitable is simple: we know our limitations very well. We have chosen not to compete but to collaborate.

I think all Bitcoin exchanges have to consider this if they don't want to continue losing money. Closing down like ExchB is a wise choice unless a unique business model can be found. Micro-innovation doesn't work in such a market with strong network effects.

A clear-minded businessperson will know his limitations and turn them into a fortune.

[c_k]

Wow , what professional opinion do you base that on?

It's just a personal opinion which may, of course, be wrong. Here is what I think:
- MtGox still has 90% of the market. People don't leave because of the volume - 5 million USD/30 days
- TradeHill was there when MtGox was hacked, but people didn't move
- Then CampBX came along with top security, sms auth, etc. and people still didn't move - their volume is currently at 30.000 USD/30 days
- Then Ruxum came along with top security, lots of currencies, etc. and people still didn't move - they're currently at 1.000 USD/30 days
- Now cryptoxchange comes, again with top secutiry, and I don't see anything different yet.

ExchB made a difference by allowing bank deposits (you could buy bitcoins within a few hours) and their volume increased a lot - they were at 170.000USD/month when they closed. Which brings me to the problem: these companies with low trading volume are losing a lot of money: 0.005 * 30.000 is $170 per month. This isn't even enough to pay for the servers.

So, unless you have some really great features that can steal customers from MtGox (no one was able to do that yet) or unless the trading volume comes back to June/July levels, these companies are not sustainable.

To the average USA resident, sure - the existing exchanges may all appear the same and very feature complete.

For those of us outside of the USA however, the landscape is very different.

I look forward to seeing what cryptoxchange offers to these new customers who have large difficulty participating easilly as others in the current markets.

[cryptoxchange]

A few questions:

Will namecoin trading be supported?
Will exchange for any of btc/nmc/ltc to money be supported?
What about multi currency trades for ex. Sell USD for x BTC, or y NMC or z LTC?

Hi ElectricMucus,

Yes all of the above is being supported.

Our clients can fund their accounts via normal internet banking from any where in the world in around 24 hours.

We support over 25 Currencies ( All Major Currencies )

Our System was purposely built for the global market, with all languages included to go with all of the currencies we support.

Thank You

[Bitcoin Oz]

Wow , what professional opinion do you base that on?

It's just a personal opinion which may, of course, be wrong. Here is what I think:
- MtGox still has 90% of the market. People don't leave because of the volume - 5 million USD/30 days
- TradeHill was there when MtGox was hacked, but people didn't move
- Then CampBX came along with top security, sms auth, etc. and people still didn't move - their volume is currently at 30,000 USD/30 days
- Then Ruxum came along with top security, lots of currencies, etc. and people still didn't move - they're currently at 1,000 USD/30 days
- Now cryptoxchange comes, again with top secutiry, and I don't see anything different yet.

ExchB made a difference by allowing bank deposits (you could buy bitcoins within a few hours) and their volume increased a lot - they were at 170.000USD/month when they closed. Which brings me to the problem: these companies with low trading volume are losing a lot of money: 0.005 * 30,000 is $170 per month. This isn't even enough to pay for the servers.

So, unless you have some really great features that can steal customers from MtGox (no one was able to do that yet) or unless the trading volume comes back to June/July levels, these companies are not sustainable.

You are thinking small nmat. Crypto X Change wont only be competing for mt gox market share I believe they will also be competing against PAYPAL.

[MaxSan]

I see these professional exchanges opening up as a way to build infrastructure now for when asia get on board.

Im sure most got involved knowing in the short term there would be none to little activity but if asia gets on board it will have a huge impact on the stability of bitcoin having multiple services exchanging foreign currency.

[Bitcoin Oz]

I see these professional exchanges opening up as a way to build infrastructure now for when asia get on board.

Im sure most got involved knowing in the short term there would be none to little activity but if asia gets on board it will have a huge impact on the stability of bitcoin having multiple services exchanging foreign currency.

I agree. Bitcoin hasn't even hit India yet which has a huge market of workers sending payments home from overseas.