closed

[kjlimo]

Has anybody gotten an interest payment yet?

No.

My account has been updated and it appears that they back-paid my interest--I looks like it's working automatically now.

Agreed, got a flood of interest payments, many "6 hour cycles" worth credited last night.

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[ratty]

I like the whole referral system and new interest payment idea, its original and unique to this exchange.

https://mcxnow.com/
I'm not saying mcxnow is worth using, but they've been giving interest on balances since September, so that is not original and unique for Vircurex to be doing this.
Again, I'm not saying anyone should be using mcxnow, in fact I would say people should stay away with how badly it is ran, but you have to give credit where its due.

[kjlimo]

I calculated a 0.7% annual interest on bitcoin deposits today and lesser so on PPC & LTC in case anyone is curious.

[TracerX]

I calculated a 0.7% annual interest on bitcoin deposits today and lesser so on PPC & LTC in case anyone is curious.

Thanks for doing the math.  I wish there was more volume on Vircurex (although I realize this interest payment in designed to incentivize  people trading there) though, as I can't much move at the pace I would like.  I'll check in again in a month and see if the volume has improved.

[shmoula]

Just being curious - how often is that interest paid? And also - how much is is?

[Squeaker]

Um... Vircurex?

How do you guys justify paying out interest to depositors, while dividends to your investors are still suspended?

IMHO, you have to resume your obligations to the investors who lost out on dividends since May, before you start giving out interest on deposits.

Since you're paying out interest, that means you've been able to recoup your losses from the hack, which was the basis of suspending the dividends, and now have enough extra funds to make interest payments.

So... please explain to your investors why we should still be patiently losing our dividend payments at this stage?

[sal002]

I like the whole referral system and new interest payment idea, its original and unique to this exchange.

https://mcxnow.com/
I'm not saying mcxnow is worth using, but they've been giving interest on balances since September, so that is not original and unique for Vircurex to be doing this.
Again, I'm not saying anyone should be using mcxnow, in fact I would say people should stay away with how badly it is ran, but you have to give credit where its due.

Nevermind that MCXNow is suspending trading

[shmoula]

Um... Vircurex?

How do you guys justify paying out interest to depositors, while dividends to your investors are still suspended?

IMHO, you have to resume your obligations to the investors who lost out on dividends since May, before you start giving out interest on deposits.

Since you're paying out interest, that means you've been able to recoup your losses from the hack, which was the basis of suspending the dividends, and now have enough extra funds to make interest payments.

So... please explain to your investors why we should still be patiently losing our dividend payments at this stage?

+1 !!!!!!!!!!!!!!

[ratty]

I put in 1BTC to see, I let 3 payments accrue:

0.00000641
0.00000985
0.00000645

Average was 0.00000757
Estimated daily interest on 1BTC = .00003028
Withdrawal fee: 0.002BTC
Time to make enough interest to even cover the frigging withdrawal fee: 66 days!!!!!

Yeah, when the interest is best measured in satoshis, you know its not worth the risk.

[xchrix]

payments to depositors are a promotion for bringing more life to the exchange i guess. it doesnt mean that the losses are paid. marketing actions are good for the shareholders because if they work that brings more traders to vircurex and therefor more income -> dividend for shareholders

[Squeaker]

payments to depositors are a promotion for bringing more life to the exchange i guess. it doesnt mean that the losses are paid. marketing actions are good for the shareholders because if they work that brings more traders to vircurex and therefor more income -> dividend for shareholders

If the investors voted to approve it (ignoring the fact that even if we voted unanimously against it, we still wouldn't have a share-majority) then so be it, that's perfectly fine.

But we didn't even get so much as an announcement, much less be heard on it before it was implemented.

We've been informed we will be involved in a vote to end Any2Any trading sometime soon, but not this? When this has a more direct impact on what we voted to give up our dividends temporarily for?

We're partners in this. Communication isn't just recommended, it is necessary. Especially while we are sacrificing our profits for the exchange's benefit.

[mhps]

payments to depositors are a promotion for bringing more life to the exchange i guess. it doesnt mean that the losses are paid. marketing actions are good for the shareholders because if they work that brings more traders to vircurex and therefor more income -> dividend for shareholders

If the investors voted to approve it (ignoring the fact that even if we voted unanimously against it, we still wouldn't have a share-majority) then so be it, that's perfectly fine.

But we didn't even get so much as an announcement, much less be heard on it before it was implemented.

We've been informed we will be involved in a vote to end Any2Any trading sometime soon, but not this? When this has a more direct impact on what we voted to give up our dividends temporarily for?

We're partners in this. Communication isn't just recommended, it is necessary. Especially while we are sacrificing our profits for the exchange's benefit.

Vircurex may well still be in the red. Paying interest certainly helps to make one wanting to stay longer.  Given the small amount interest being paid, I suspect organizing a vote costs more than all interest paid in the next year in staff time.

[Squeaker]

payments to depositors are a promotion for bringing more life to the exchange i guess. it doesnt mean that the losses are paid. marketing actions are good for the shareholders because if they work that brings more traders to vircurex and therefor more income -> dividend for shareholders

If the investors voted to approve it (ignoring the fact that even if we voted unanimously against it, we still wouldn't have a share-majority) then so be it, that's perfectly fine.

But we didn't even get so much as an announcement, much less be heard on it before it was implemented.

We've been informed we will be involved in a vote to end Any2Any trading sometime soon, but not this? When this has a more direct impact on what we voted to give up our dividends temporarily for?

We're partners in this. Communication isn't just recommended, it is necessary. Especially while we are sacrificing our profits for the exchange's benefit.

Vircurex may well still be in the red. Paying interest certainly helps to make one wanting to stay longer.  Given the small amount interest being paid, I suspect organizing a vote costs more than all interest paid in the next year in staff time.

Organizing a vote is negligible. Post an announcement message in the thread, go into a menu in cryptostocks, type in a handful of words, set an expiration date, and activate.

A company just doesn't get to blow off obligations to its shareholders, just because it may be inconvenient, and being in the red, is a VERY good reason to NOT be paying off interest like this.

It is ripe for abuse. All it would do is attract people to keep a larger balance on the exchange, solely to accrue interest. (and the way it was worded, this isn't "interest", but a dividend that is bypassing the investors)

Too many people keeping balances for the "interest" won't help the site, it would just be a parasite sucking the life out of it.

The site needs more trading volume, not more liabilities to the balance sheet.

[mhps]

Organizing a vote is negligible. Post an announcement message in the thread, go into a menu in cryptostocks, type in a handful of words, set an expiration date, and activate.

Is it really that simple? I am not a shareholder of any of the companies. Isn't there  a weight to be applied according to how many shares each voter has? I thought the authentication process could be time consuming. I have been happy with the fact that my tickets do get answered to my satisfaction, although after some waiting.  Knowing that even replying support tickets has been a heavy burden to the staffs, an vote is not anything I, as a user, want the staffs to spend time on. If you are not a user you perhaps don't care.

A company just doesn't get to blow off obligations to its shareholders, just because it may be inconvenient, and being in the red, is a VERY good reason to NOT be paying off interest like this.

It is ripe for abuse. All it would do is attract people to keep a larger balance on the exchange, solely to accrue interest. (and the way it was worded, this isn't "interest", but a dividend that is bypassing the investors)

Too many people keeping balances for the "interest" won't help the site, it would just be a parasite sucking the life out of it.

The site needs more trading volume, not more liabilities to the balance sheet.

I understand as an invester you have your concerns. I will put it this way -- paying interest gives me more reason to stay at vircurex. Those balance earning me interest is not dead fund. I have them in positions. They potentially generate trading fees.

[kjlimo]

payments to depositors are a promotion for bringing more life to the exchange i guess. it doesnt mean that the losses are paid. marketing actions are good for the shareholders because if they work that brings more traders to vircurex and therefor more income -> dividend for shareholders

If the investors voted to approve it (ignoring the fact that even if we voted unanimously against it, we still wouldn't have a share-majority) then so be it, that's perfectly fine.

But we didn't even get so much as an announcement, much less be heard on it before it was implemented.

We've been informed we will be involved in a vote to end Any2Any trading sometime soon, but not this? When this has a more direct impact on what we voted to give up our dividends temporarily for?

We're partners in this. Communication isn't just recommended, it is necessary. Especially while we are sacrificing our profits for the exchange's benefit.

Gotta love shareholders... act like you've owned a business once before... these things take time...

[kjlimo]

Just being curious - how often is that interest paid? And also - how much is is?

I love people who ask questions that have been answered already.... every 6 hours, less than 1% annually, so divide that by 365 and then 4 and then expect less...

[Squeaker]

Organizing a vote is negligible. Post an announcement message in the thread, go into a menu in cryptostocks, type in a handful of words, set an expiration date, and activate.

Is it really that simple? I am not a shareholder of any of the companies. Isn't there  a weight to be applied according to how many shares each voter has? I thought the authentication process could be time consuming. I have been happy with the fact that my tickets do get answered to my satisfaction, although after some waiting.  Knowing that even replying support tickets has been a heavy burden to the staffs, an vote is not anything I, as a user, want the staffs to spend time on. If you are not a user you perhaps don't care.

Share counts are already taken into account during the voting process. X has 4 shares, gets 4 votes... Y has 199 shares, gets 199 votes, etc. Trivial to keep track of in the voting process. (voting is handled by the stock site itself)

A company just doesn't get to blow off obligations to its shareholders, just because it may be inconvenient, and being in the red, is a VERY good reason to NOT be paying off interest like this.

I understand as an invester you have your concerns. I will put it this way -- paying interest gives me more reason to stay at vircurex. Those balance earning me interest is not dead fund. I have them in positions. They potentially generate trading fees.

But that isn't sufficient justification to usurp a company's duty to its shareholders.

Shareholders get first dibs on whatever profit the company they own, generates. After that, then promotional expenditures of that profit is fine.

The paying out of interest on balances, in itself, isn't the problem.

The fact that this is happening, while shareholders are still not receiving dividends for their own, more direct investment into the company, is the problem.

We can argue about this back and forth all you like, but we've already sacrificed our profits on our investment for half a year at least, so far. To see company profits, that should be going to the shareholders, instead being distributed to the customers, is a big spit in the face of the investors who have already taken losses as it is.

This is not right.

This must be addressed.

[kjlimo]

Organizing a vote is negligible. Post an announcement message in the thread, go into a menu in cryptostocks, type in a handful of words, set an expiration date, and activate.

Is it really that simple? I am not a shareholder of any of the companies. Isn't there  a weight to be applied according to how many shares each voter has? I thought the authentication process could be time consuming. I have been happy with the fact that my tickets do get answered to my satisfaction, although after some waiting.  Knowing that even replying support tickets has been a heavy burden to the staffs, an vote is not anything I, as a user, want the staffs to spend time on. If you are not a user you perhaps don't care.

Share counts are already taken into account during the voting process. X has 4 shares, gets 4 votes... Y has 199 shares, gets 199 votes, etc. Trivial to keep track of in the voting process. (voting is handled by the stock site itself)

A company just doesn't get to blow off obligations to its shareholders, just because it may be inconvenient, and being in the red, is a VERY good reason to NOT be paying off interest like this.

I understand as an invester you have your concerns. I will put it this way -- paying interest gives me more reason to stay at vircurex. Those balance earning me interest is not dead fund. I have them in positions. They potentially generate trading fees.

But that isn't sufficient justification to usurp a company's duty to its shareholders.

Shareholders get first dibs on whatever profit the company they own, generates. After that, then promotional expenditures of that profit is fine.

The paying out of interest on balances, in itself, isn't the problem.

The fact that this is happening, while shareholders are still not receiving dividends for their own, more direct investment into the company, is the problem.

We can argue about this back and forth all you like, but we've already sacrificed our profits on our investment for half a year at least, so far. To see company profits, that should be going to the shareholders, instead being distributed to the customers, is a big spit in the face of the investors who have already taken losses as it is.

This is not right.

This must be addressed.

I think you're mistaking operating expense with profits... you're assuming that these interest payments are profits... perhaps they are just an expense to increase transaction fee revenue?

You act like the company has profits they are withholding, perhaps without these interest payments, there would be even less transaction fee revenue.

and if they are giving so little information; how do you pretend to know so much about how many profits there are???

I don't understand what you are expecting to get by posting here, other that people like me responding for sport

[Squeaker]

I think you're mistaking operating expense with profits... you're assuming that these interest payments are profits... perhaps they are just an expense to increase transaction fee revenue?

You act like the company has profits they are withholding, perhaps without these interest payments, there would be even less transaction fee revenue.

and if they are giving so little information; how do you pretend to know so much about how many profits there are???

I don't understand what you are expecting to get by posting here, other that people like me responding for sport

Not mistaking it at all. I'm not at all new to investing.

My concern is with the reasoning for this move to divert income into paying interest while investor's dividends are still suspended (which was supposed to be for recovering the losses incurred from the hack), instead of being applied to recovering those losses like we were informed of?

As an investor, this troubles me.

Also as an investor, I know that a dividend isn't guaranteed. There will be times in any business, where the venture has taken a loss instead of a profit, and no dividends are available to be distributed. This isn't that case, however.

We need to be kept in the loop more than we have been, and we'll often agree with what is being proposed for what is best for the company over the longer term.

If dividends weren't currently suspended to cover the losses, this would be a different situation.

IMHO, the new system of paying interest on deposits, during a time where we're still essentially paying to cover the losses, seems ill-advised. In a shareholder vote, I would be voting to continue to recover the losses first, and delay paying interest until the balance sheet is back into the black again.

[almightyruler]

Cryptsy has "Cryptsy Points" which (I think?) are granted when you trade. Nothing spectacularly unique about that, but the interesting thing is that you can also buy and sell Cryptsy Points on the exchange, like a currency. That way the market sets the ultimate reward, and it's not limited to people who keep larger balances.