[ANN] AltSwap Exchange - Updates, Screenshots, and Q&As Enclosed!

[iluveunc]

*New material below with screenshots, updates, messages, and more!*

AltSwap [ALTSWAP] (http://altswap.com) is a new cryptocurrency exchange built from the ground up to provide a secure and easy trading experience for users. The exchange launches 2014 and will support an ever-expanding number of new cryptocurrencies.

AltSwap is a unique exchange that offers built-in escrow services for all users at no cost to them outside of trading fees. The exchange has security and ease-of-use at a top priority and will always assure that users are protected against fraudulent accounts. AltSwap sports low deposit and withdraw fees as well as very small trading fees to promote user interactivity with the website without the worry of losing profits. Being a new player to the exchange front, AltSwap has huge potential for growth and many ideas waiting to be implemented. The goal is for at least one alternative cryptocurrency to be added each week after staff members have determined that it is a viable currency to support on the exchange.

New features will be on the way as soon as the exchange lifts off and we will always be consulting our shareholders for their opinions and ideas for AltSwap. We value our investors highly and want each and every shareholder to see their ideas and opinions come to life in the exchange. Join us for an amazing experience and help us change the face of security when it comes to cryptocurrency!

We look forward with working with all of our shareholders!

Community Coin Votes (CCVs): Exchanges aren’t the one’s trading cryptocurrencies. So why should they be the ones who decide what coins are traded? AltSwap is built around community so CCVs will be planned each and every week on the BitcoinTalk forums. These posts will be made by one of the three executive staff members to assure legitimacy and will collect data on the most requested coins. Shareholders or regular users will both be able to participate in these votes and winners will be promptly added to the exchange when the voting period has ended.

Shareholder Coin Votes (SCVs): Since we love everything about our shareholders (who, by the way, are our greatest supporters) we want their support for quick decisions about coin additions. If a new coin is going exceptionally well and we get multiple emails about adding it to the exchange, shareholders will be notified through Cryptostocks that they have an open vote and they will choose whether or not to add the coin. Sometimes it will be a simple yes/no vote per share held in AltSwap and sometimes it may be a choice between two hot coins.

AltSwap Bonus Days: Here at AltSwap, we believe that everyone deserves a little reward sometimes. Some days or weekends at random, (completely unannounced) some coins may have their trade fee released from them, we may send a surprise dividend to shareholders, deposit/withdraw fees may be waived, or any other of thousands of events that the staff of AltSwap has planned for its many users.

Dividend Payments: To show our support for every wonderful shareholder, we will be sending out monthly dividends via Cryptostocks.. All shareholders will receive a payment (in BTC) corresponding to the percent of shares they hold in the company. In the future, if ads or other deals are considered, shareholders will also get to vote on their use. The more shares you purchase, the larger your payout will be at the end of each month.

Quarterly Shareholder Meetings: We want all of our shareholders to know what is going on in the company and how we are performing. Therefore, every quarter, a conference call will take place online for all shareholders and people interested in becoming shareholders to hear about website traffic, trading volume, policy changes, and more. It sounds like boring stuff but if you are an investor you know how important the outlook of our company is!

Built-in Escrow Service: At AltSwap, security is our top priority. Although we realize that deposits and withdrawals are convenient if they are extremely quick, we also realize that it poses a danger for the exchange and other users if top-level security actions are not taken to protect everyone (and their investments). If you notice, when you make a deposit or request a withdrawal, you will have to wait for administrative approval. All trades are made independent of this system but we take great pride in assuring that every coin being traded on the exchange exists in our possession whilst it is being traded. Administrators will generally process your deposits or withdrawals quickly so the wait won’t take much longer than the usual six confirmations required at most exchanges. By sacrificing just a few minutes, you will be able to trade with a peaceful mind, knowing that real users and real deposits back every coin on the exchange.

Low Trade and Deposit/Withdraw Fees: The worst possible feeling is making a few great trades only to have half of your profit to be stripped away by exchange fees. We wanted to eliminate these feelings so we have less than 33% of the fees on some other exchanges. We always accept tips and donations but our main goal was to eliminate the buy and sell barriers that many exchanges have.

Cold Storage Wallets: With privacy as our top concern at AltSwap, we thought it would be best to take the greatest care in protecting your coins. When coins are deposited to AltSwap, an administrator will send them to an online ‘hot wallet’ temporarily for approval and confirmation. After being approved, the coins will be sent to a secure and encrypted ‘cold wallet’ in an offline location. The coins will remain in this wallet until requested by a user on the exchange.

Hard Copy Records: Each and every deposit and withdrawal is manually managed by an administrator, meaning that they can all be recorded by hand when approved. Both a computer copy and a handwritten copy of all transactions will be recorded to assure 100% security on all deposits and withdrawals. No data will be lost and your coins can always be returned.

We will announce more of our features later but, for now, these are our launch plan features.

Income will be gathered from quite a few sources on the exchange. Users will undergo a small fee of 0.1% when making a deposit or withdraw from the site and a 0.05% fee when trading currencies. Ad revenue and bounties for accepting new currencies on the site will also be factored into the total when calculating revenue for each 15-day period. A public revenue chart detailing the income for each 15-day period and shareholder standings will be updated very frequently. Ads will not be included with the initial launch of the site but a vote among shareholders will be brought once the exchange has created a small user base.

Revenue collected though shares will be reinvested in the upkeep of the website, server upgrades and security improvements, and new features in the future.

As a shareholder of AltSwap, you will be entitled to your calculated percentage of revenue derived from sources such as the deposit/withdraw fees, trading fees, ad revenue, bounties, etc. Shareholders are entitled to 70% of the total revenue in each 15-day period as detailed below. Detailed charts with earnings will be provided on a monthly basis via http://altswap.com in a shareholder area of the site.

Shares can be traded at this link: https://cryptostocks.com/securities/80

Shares will be distributed as follows:

Shareholders: 70% of the company revenue
Founder/CEO: 20% of the company revenue
Marketing Manager: 5% of the company revenue
Support Head: 5% of the company revenue

1st-Gen Login View

1st-Gen Registration View

1st-Gen Profile View

1st-Gen Deposit Funds View

1st-Gen Withdraw Funds View

1st-Gen Pending Funds View

1st-Gen Sell View

1st-Gen Trades View

2nd-Gen Login View

2nd-Gen Register View

2nd-Gen Profile View (Mid-Design)

2nd-Gen FAQ View

Q&A

Why did the shares of AltSwap plummet in price?

Our original plan was to keep the IPO active on Cryptostocks until the official launch date, however, our account was breeched on the 25th of February and the IPO was dropped. In addition to the IPO drop, the intruder also lowered the prices of the shares to very low numbers.

What are you going to do about the price drop?

Currently we are working on Cryptostocks to get original shareholders a multiple of the shares that they purchased at IPO price. This multiple will be around 10000 for shares purchased at IPO price and there will be no multiple for those who purchased after the price drop.

I saw that you had other stocks listed, what’s up with that?
AltSwap is the focus of this post and should stay that way but we do acknowledge that our Cryptostocks account does have other shares on it. These shares were managed by me but equipment for mining was managed by a good friend with no access to the account. There is a buyback currently going on at this address (https://bitcointalk.org/index.php?topic=504448.0) that you should reference with any concern regarding FireMine or MineCo. Those discussions should be kept on that thread as they are more appropriate there.

When do you plan on launching?

We are not currently releasing any dates. We made a mistake in releasing a date in the first place and thought that after the missed first date it would be best to not post another. We are continuously posting updates to this forum and to the website so

Should I AltSwap trade shares on Cryptostocks?

Currently we are urging any trade of AltSwap shares to cease. We have stopped trading but if the account is compromised again trading may begin. However, this is not our doing and we encourage you to not participate in the trading. We are urging all Cryptostocks users to take their shares into offline mode to avoid them being traded if their accounts are also compromised.

Can I do anything on AltSwap.com?

Absolutely! Registration is already open and the new deposit/withdrawal pages are finished and ready to be used as soon as they are uploaded. There will be a notification post here and they will automatically show up on your account when they are ready.

Will there be a share buyback?

In order to begin a share buyback we must first poll the shareholders. A vote will be initiated on Cryptostocks sometime soon in order for this decision to be made. The buyback will need proof of holdings in order for shareholders to sell their shares back.

Why is there a trade in for some shares to change them to other shares?

When the account was compromised, the hacker activated a trade in of all shares for other shares under the account. Unfortunately, the deactivation of this function is broken on Cryptostocks. This means that, until Cryptostocks fixes this issue, we cannot deactivate it. An email to their support team may expedite the process if they get enough of them.

If you have any questions about investing, technical specifications, or any other general inquiries you can contact the staff team using this information. Please direct your email towards the correct person of contact:

info@altswap.com
(PO Box Address Coming Soon)

seth@altswap.com
(Founder)

devin@altswap.com
(Marketing Manager)

jeran@altswap.com
(Support Head)

Note: if you are the owner of a coin and would like to have your coin listed on the exchange, please contact our info@altswap.com address and send us a link to your coin discussion thread along with any extra information about available bounties etc. If you are not sure who to contact, please use the main email and we will direct you to the right person.

[SZZT]

So, when questions become too harsh, you avoid them altogether?
You are just making new threads and actively trying to pick up more money with fake listings, empty accusations and 0 proof, aren't you?

Why did you not answer any of the questions you've been asked on your three other altswap threads?
There are quite a few people there still waiting for crystal clear answers on crystal clear questions. Opening new clean threads does not make the old ones disappear.

Does a screenshot that was taken a month+ ago count as improvement you think?

Get your shit together

Dividend Payments: To show our support for every wonderful shareholder, we will be sending out monthly dividends via Cryptostocks.. All shareholders will receive a payment (in BTC) corresponding to the percent of shares they hold in the company. In the future, if ads or other deals are considered, shareholders will also get to vote on their use. The more shares you purchase, the larger your payout will be at the end of each month.

On your last thread you have been saying that YOU DO NOT CONTROL YOU CRYPTOSTOCKS ACCOUNT. Do you now?
WHAT HAS CHANGED?

When do you plan on launching?
We are not currently releasing any dates. We made a mistake in releasing a date in the first place and thought that after the missed first date it would be best to not post another. We are continuously posting updates to this forum and to the website so bla blah blah

What does that mean in english? It means that you are saying that you could launch when hell freezes over and still be on time.
You really have no pressure for dates, plus you picked up enough coins from your fake ipos & altswap/firemine/digimine/mineco internal trades .

Can I do anything on AltSwap.com?
Absolutely! Registration is already open so pass us your email, ours was "hacked" once already and we managed to make it look like a success, so dont worry
your info and money are safe with us. Don't worry, we'll do the hard work for you

[okaynow]

Hey there.  Just a couple of quick questions, i would be grateful if you gave me some straightforward answers.

i) How do you plan to compensate the people that bought at 0.005 ?
You say that you are working with cryptostocks.com on that, tell us something more specific and coherent. Since Cryptostocks and you both have lists with shareloder accounts and date/price, you also know who bought at what price, this should be very easy to tell. There should be a very clear timeline of this, since you know the users that need to be compensated, their accounts and you already have issued the extra shares.

ii)what real world info can you give us on altswap & yourself? Have you listed altswap with fincen? if yes, please point me to the relevant info, if not, when are you planning on going ahead with these?

iii)Why is there a trade stop at altswap share?

Thats all.

Thank you in advance.
Please, take notice, i am asking for straight answers. I will appreciate you giving them to me.  

[nwfella]

Hey iluvenic or whatever the heck your name is...

game over TWAT Waffle!!

*Ahhh, feel so much better now

[sideshowmanny]

iluvenic, I bought MINECO shares and I have some questions.

Why did you start another IPO as soon as the first one finished without making any announcement about what you were doing with the money raised from the first IPO?
What happened to the money raised from selling the MINECO shares?
Why, when you promised daily dividends have there only been two?
Why has trading stopped (not just on MINECO but FIREMINE and ALTSWAP too)?
Why did you start a new project, DIGIMINE, when you already have three other projects which are complete disasters?

A note to other people who have been duped by this individual - I mailed cryptostocks on Monday to inform them that DIGIMINE is the same scam artist as MINECO/FIREMINE/ALTSWAP and I gave them a link to the other thread with the screenshot evidence (MINECO/FIREMINE/ALTSWAP announcements sayin "invest in my new project DIGIMINE").
As yet I've had no reply from them and DIGIMINE is still trading. I find it disappointing that they would allow a known scam artist to keep trading after being informed and provided with evidence, particularly since they get a cut (trading fee) on every DIGIMINE share traded.
If they take a cut from what they know to be a scam, it makes them every bit as guilty as iluvenic in my eyes.

How big a scam is this? lets look at the numbers:

MINECO Shares held publicly   29,157
Sold at 0.05btc per share
Total - 1457.85btc

ALTSWAP Shares held publicly  84,920
Sold at 0.005btc per share
Total - 424.6btc

FIREMINE Shares held publicly  11,300
Sold at 0.03btc per share
Total - 339btc

Total for all, (not even including DIGIMINE) 2221.45btc or $1,405,000 / €1,014,000 / 847,400GBP

This isn't a small scam, this is major fraud and the individual responsible will get locked up for a long time when he gets caught.

[iluveunc]

i) How do you plan to compensate the people that bought at 0.005 ?
You say that you are working with cryptostocks.com on that, tell us something more specific and coherent. Since Cryptostocks and you both have lists with shareloder accounts and date/price, you also know who bought at what price, this should be very easy to tell. There should be a very clear timeline of this, since you know the users that need to be compensated, their accounts and you already have issued the extra shares.

We are going to compensate using a formula to multiply the IPO shareholders by the amount of shares sold under IPO (in a radio format) that will equal the shares out. Unfortunately, it isn't as easy as you might think. Cryptostocks does provide us with a spreadsheet of the email addresses and the amount of shares held by each email address. However, this spreadsheet does not include the emails of the people who chose not to disclose it on their account. It is a small percentage of shareholders ~10% but still a chunk nonetheless. On top of this, all of the purchases made from undisclosed accounts are just bundled into one cell on the spreadsheet. This doesn't really help at all. If you'd like to help email them to get them to release a full log to us of when shares were purchased we would be forever grateful, but don't expect a response as their customer service is sub-par to say the least.

ii)what real world info can you give us on altswap & yourself? Have you listed altswap with fincen? if yes, please point me to the relevant info, if not, when are you planning on going ahead with these?

AltSwap will be listed with FinCEN.gov before launch. It will have a PO box with information regarding the exchange's whereabouts tacked to it as well as personal data that is required to be submitted with it.

iii)Why is there a trade stop at altswap share?

We are waiting on multiple responses from Cryptostocks regarding shares, the compromised account, how to deal with the security issue, and a few others that we feel should be responded to by their support team before trading resumes. At this point, we have urged everyone to take their shares into offline mode to avoid them being traded without their consent if the security issue persists.

----

As for the poster above, welcome to the forums! I see you chose to make your first post with us...interesting. Anyways, the shares for MineCo/FireMine are being handled in a buyback on this (https://bitcointalk.org/index.php?topic=504448.0) thread. We encourage you to fill out the survey in order to get your name in the buyback. As you can see by the transaction IDs, we have already began fulfilling requests as they have come in.

By the way, your numbers are off by a huge margin. You assumed that all shares were sold at IPO price, however, after the account was compromised many of those prices were lowered to a few sotoshi at best. Shareholders are being actively refunded for the two other shares and we are developing an exchange that is making more and more progress everyday as seen by our website and screenshots posted.

[sideshowmanny]

Thankyou for the quick response.

The survey monkey form refers just to FIREMINE and it's IPO price.
I bought two shares at the full price and a further 40 at a low price.

Would the easiest way be for me to email you the details rather than filling in the form?

[iluveunc]

You're quite welcome I try to be as speedy as possible when I'm around my computer at least. If you fill out the survey twice - once for your IPO and once with post-IPO, it will be figured out. Thanks!

[lennyEdwards]

Please explain explicitly how I proceed to get refunded for MineCo shares, the chat seems to refer to FireMine. Thanks.

[dozerz]

so was this a scam? trading suspended?

[nwfella]

so was this a scam? trading suspended?

yup yup yup and yup

Looks like kumalah finally took all four of these bogus assets down.  iluvunc, time to go register a new alias fella, and start some other new thread to try and steal peoples hard earned money.  Hey iluvunc, here's a suggestion, why don't you take 1/10th of the creativity you've applied towards stealing peoples money and actually try creating something of some value to somebody?

***multi-prong scam approach***

[okaynow]

he probably has done so already.
There are a couple of listings that are following his style of excited posts every three hrs and the vagueness on their details.
They are only screaming "BUY BUY BUY".

he logged on tonight,  laughing his ass in a 5star somewhere.

[Bit_Happy]

OP: You seem to have a reputation already.

[regmann]

ty to asshole,s like this

almost noting can be trusted @ stocks lol

[sideshowmanny]

You're quite welcome I try to be as speedy as possible when I'm around my computer at least. If you fill out the survey twice - once for your IPO and once with post-IPO, it will be figured out. Thanks!

Hi Seth. I filled in the survey twice (last Wednesday) as requested, so what's happening, where's my money?

[lennyEdwards]

Hi Seth,
I filled in your survey too, detailing it was Mineco where I was defrauded. I wont go away. The hassle you've had via Twitter and Google+, well, that's me too. I want my money back Seth.

[PondSea]

scammer ran away?

[lennyEdwards]

Yep, that's about the size of it. However Google provides an awful lot of details and history about this particular individual. Seth Bollenbecker.

Contacts for Google+, twitter, which University he's attending etc... all manner of details readily available. Foolish and dangerous when you're in the business of ripping people off.

[sideshowmanny]

Hi Seth, how are you? I hope you and Katie are both doing fine.

Any updates on when I'll see my money?

[lennyEdwards]

So, I had a response from Seth (Founder of this fiasco) regarding a refund/buy-back and then he disappeared again and is ignoring mails/tweets once again. I'm sure you are as surprised about this as I am.

Cryptostocks offering no help at all, they have taken their project fee and washed their hands of us who have been fleeced. Once bitten twice shy I guess.