[ANN] locked/moved

[wcxofficial]

[deleted]

[pinoycash]

What's the need of KYC if we are using cyrptocurreny for deposit? i am not a fan of KYC so you will have a hard time getting even a small marketshare due to your KYC policy before trading.

[yulander]

Finally WCX on bitcointalk...

[wcxofficial]

What's the need of KYC if we are using cyrptocurreny for deposit? i am not a fan of KYC so you will have a hard time getting even a small marketshare due to your KYC policy before trading.

Times are changing - we'd love to offer a no-KYC service, but it's just getting tougher and tougher in the crypto world as regulations catch up. A bit of background:

We're a centralized service. If we offer no-KYC, we put ourselves at risk of a shutdown by regulators (over the long run). When you're a financial service, serving customers you don't know, some government or law enforcement agency somewhere will eventually find a way to accuse you for anti-money laundering or terrorist financing. And this just doesn't make sense for us, because we're building the business for the long run in compliance with the laws of the jurisdictions we serve.

Additionally, when you offer a no-KYC service as a company, it's become almost impossible to get a corporate bank account. That means we wouldn't be able to pay for employees or regular office expenses, which would make it impossible to conduct business. Some of the remaining no-KYC crypto businesses like Binance, Bitmex, or Bitfinex have managed to get around this so far through some loopholes, including creating dozens of offshore companies, each with their own low-balance bank accounts (with the banks not being necessarily aware of the business they're conducting). But we don't think that's a sustainable strategy moving forward.

So KYC is a small price to pay to run the company for the long term. It's also a good assurance for customers that we're operating in compliance with the law.

[hck_er]

Would you introduce the Wcx Team?

[shaw1]

Would you introduce the Wcx Team?

Our founders worked in software and trading positions before starting WCX.

More info about our team and org are here: https://docs.wcex.com/company/about.

I helped refer users to your platform when I first heard about it. I liked the idea. I trusted you guys.

Then later, after everything was over, you come out with the KYC BS, and tell everyone from the USA that we aren't allowed, and get nothing.

I wrote articles on steemit for your platform. I told friends about it. I worked to get the word out.
And you guys changed the rules, and made it so that I got nothing.

I understand if I can't trade on your platform. But I put in the effort, and brought people. I fulfilled my half of the agreement that you originally had. Let me withdraw my earned rewards, and take my business elsewhere.
But you won't.

You aren't a trustworthy exchange. What you did was tantamount to theft.

[wcxofficial]

Would you introduce the Wcx Team?

Our founders worked in software and trading positions before starting WCX.

More info about our team and org are here: https://docs.wcex.com/company/about.

I helped refer users to your platform when I first heard about it. I liked the idea. I trusted you guys.

Then later, after everything was over, you come out with the KYC BS, and tell everyone from the USA that we aren't allowed, and get nothing.

I wrote articles on steemit for your platform. I told friends about it. I worked to get the word out.
And you guys changed the rules, and made it so that I got nothing.

I understand if I can't trade on your platform. But I put in the effort, and brought people. I fulfilled my half of the agreement that you originally had. Let me withdraw my earned rewards, and take my business elsewhere.
But you won't.

You aren't a trustworthy exchange. What you did was tantamount to theft.

You're confusing us with an ICO – this thread is not about XT and we're not an exchange. If you have questions about your previous XT tokens please contact support@wcex.com and they can put you in touch with the right people.

[shaw1]

Ahhhh. That makes sense. Wcex.com is in no way responsible for the ICO run by Wcex.com

Nononono. I'm not going to leave this thread to some private email support where you guys can keep feeding me the same BS line, and sidestepping the fact that you stole from me.

I have a legitimate complaint against your "platform", if you prefer that terminology. "Trading platform" obviously in no way implies "exchange".

If we cannot trust the Wcex platform during the ICO, why should anyone trust you now?

You stole from me. You have money that belongs by right to me.
I am asking that your "platform", allow me to withdraw what is mine, and I shall go elsewhere. Will your platform allow that?

[wcxofficial]

Ahhhh. That makes sense. Wcex.com is in no way responsible for the ICO run by Wcex.com

Nononono. I'm not going to leave this thread to some private email support where you guys can keep feeding me the same BS line, and sidestepping the fact that you stole from me.

I have a legitimate complaint against your "platform", if you prefer that terminology. "Trading platform" obviously in no way implies "exchange".

If we cannot trust the Wcex platform during the ICO, why should anyone trust you now?

You stole from me. You have money that belongs by right to me.
I am asking that your "platform", allow me to withdraw what is mine, and I shall go elsewhere. Will your platform allow that?

Again - you're confusing us with the WCX ICO. This was run by separate people - which is why I'm trying to refer you to them. I'm not familiar with your case and can't help you with your issue here I'm afraid.

[karim67]

How does it mean with no fees? How you make money?

[wcxofficial]

How does it mean with no fees? How you make money?

There are 0 fees to place trades, deposit, or withdraw. The way we make money is through the bid-ask spread, which in most cases is even lower than an exchange's spread (and considering the fact an exchange charges a fee in addition to the spread).

What's bid/ask? What's the spread?

In any market, on any platform, the bid price is the price at which you can currently sell, and the ask price is the price at which you can currently buy. The spread is the difference between the bid and the ask.

If you were to buy at the ask price and resell immediately, you would resell at the bid price and hence your trade would be down by the (ask-bid), which is the spread. That's why the spread is considered a natural "cost" in any trading activity.

Liquidity pool – why it's better than an orderbook

When you trade on WCX, the losses you make are added to a common liquidity pool, which in turn is used to pay out profits. Any time a transaction is made through the liquidity pool (adding loss or paying profit on a trade), the spread from that amount is retained.

As explained in our OP, in the large majority of cases, trading with a common liquidity pool is much more efficient and cheaper than trading an orderbook, because of the many costs you incur when placing a market order against an order book (in addition to the spread): slippage, getting filled at a worse price than you want, partial execution, and fees.

When trading "against" the liquidity pool, there are no fees, there is no slippage, and all orders are executed fully at the price that is quoted to you.

You can think of it as an always-accessible, automatic OTC desk with no minimum order size.

[shaw1]

Ahhhh. That makes sense. Wcex.com is in no way responsible for the ICO run by Wcex.com

Nononono. I'm not going to leave this thread to some private email support where you guys can keep feeding me the same BS line, and sidestepping the fact that you stole from me.

I have a legitimate complaint against your "platform", if you prefer that terminology. "Trading platform" obviously in no way implies "exchange".

If we cannot trust the Wcex platform during the ICO, why should anyone trust you now?

You stole from me. You have money that belongs by right to me.
I am asking that your "platform", allow me to withdraw what is mine, and I shall go elsewhere. Will your platform allow that?

Again - you're confusing us with the WCX ICO. This was run by separate people - which is why I'm trying to refer you to them. I'm not familiar with your case and can't help you with your issue here I'm afraid.

Is Wcex responsible for the ICO it ran? I don't care who your platform hired to do the ICO. The ICO for your company stole a lot of money from people.

If Wcex as a platform wants any credibility, THEY need to fix that. Don't pretend you aren't connected to your own ICO.

[wcxofficial]

Ahhhh. That makes sense. Wcex.com is in no way responsible for the ICO run by Wcex.com

Nononono. I'm not going to leave this thread to some private email support where you guys can keep feeding me the same BS line, and sidestepping the fact that you stole from me.

I have a legitimate complaint against your "platform", if you prefer that terminology. "Trading platform" obviously in no way implies "exchange".

If we cannot trust the Wcex platform during the ICO, why should anyone trust you now?

You stole from me. You have money that belongs by right to me.
I am asking that your "platform", allow me to withdraw what is mine, and I shall go elsewhere. Will your platform allow that?

Again - you're confusing us with the WCX ICO. This was run by separate people - which is why I'm trying to refer you to them. I'm not familiar with your case and can't help you with your issue here I'm afraid.

Is Wcex responsible for the ICO it ran? I don't care who your platform hired to do the ICO. The ICO for your company stole a lot of money from people.

If Wcex as a platform wants any credibility, THEY need to fix that. Don't pretend you aren't connected to your own ICO.

Again... we're not tied to the ICO here. It was run by separate people. If you have an issue with your account please bring it up with them separately. You can also join the Telegram group where there are many token holders.

[shaw1]

Ahhhh. That makes sense. Wcex.com is in no way responsible for the ICO run by Wcex.com

Nononono. I'm not going to leave this thread to some private email support where you guys can keep feeding me the same BS line, and sidestepping the fact that you stole from me.

I have a legitimate complaint against your "platform", if you prefer that terminology. "Trading platform" obviously in no way implies "exchange".

If we cannot trust the Wcex platform during the ICO, why should anyone trust you now?

You stole from me. You have money that belongs by right to me.
I am asking that your "platform", allow me to withdraw what is mine, and I shall go elsewhere. Will your platform allow that?

Again - you're confusing us with the WCX ICO. This was run by separate people - which is why I'm trying to refer you to them. I'm not familiar with your case and can't help you with your issue here I'm afraid.

Is Wcex responsible for the ICO it ran? I don't care who your platform hired to do the ICO. The ICO for your company stole a lot of money from people.

If Wcex as a platform wants any credibility, THEY need to fix that. Don't pretend you aren't connected to your own ICO.

Again... we're not tied to the ICO here. It was run by separate people. If you have an issue with your account please bring it up with them separately. You can also join the Telegram group where there are many token holders.

You ARE tied to the ICO.

That is how your platform raised money. If I hire thieves to rob you, would I not be responsible for the crime, as well as them?

[hosadrone]

You ARE tied to the ICO.

That is how your platform raised money. If I hire thieves to rob you, would I not be responsible for the crime, as well as them?

You seem to be trolling. Everyone I know including myself received the coins we bought in the ICO - plenty of us hang out in the Telegram group. Find me under @cryptonuts.

Now there are people who come in from time to time in the group and say they referred a bunch of people or they want to claim airdrops from 2 years ago. Please tell me you're not one of those tools...

[shaw1]

You ARE tied to the ICO.

That is how your platform raised money. If I hire thieves to rob you, would I not be responsible for the crime, as well as them?

You seem to be trolling. Everyone I know including myself received the coins we bought in the ICO - plenty of us hang out in the Telegram group. Find me under @cryptonuts.

Now there are people who come in from time to time in the group and say they referred a bunch of people or they want to claim airdrops from 2 years ago. Please tell me you're not one of those tools...

The brand new guy with 3 posts, 2 of them blindly defending Wcex, would like to accuse me of trolling. One post in 2017, and the two defending Wcex just recently. Very convenient.

Go back through my (well established) post history. I accused them on their ICO thread, after they changed the rules mid way. I, and MANY other content creators got scammed, and were not given our rewards that we earned from referring paying customers.

Why should I not bring this up? Why should Wcex be able to sweep this under the rug, and pretend they had nothing to do with it?
If you hire thieves, you shouldn't expect people to trust you, afterwards. And that is assuming their BS line that they had nothing at all to do with their own ICO.

The people I referred them purchased their stupid token. Wcex will not allow me to withdraw what I earned, because of a geographical restriction that was never mentioned until long after I had sent them the users.

[hosadrone]

The brand new guy with 3 posts, 2 of them blindly defending Wcex, would like to accuse me of trolling. One post in 2017, and the two defending Wcex just recently. Very convenient.

Go back through my (well established) post history. I accused them on their ICO thread, after they changed the rules mid way. I, and MANY other content creators got scammed, and were not given our rewards that we earned from referring paying customers.

Why should I not bring this up? Why should Wcex be able to sweep this under the rug, and pretend they had nothing to do with it?
If you hire thieves, you shouldn't expect people to trust you, afterwards. And that is assuming their BS line that they had nothing at all to do with their own ICO.

The people I referred them purchased their stupid token. Wcex will not allow me to withdraw what I earned, because of a geographical restriction that was never mentioned until long after I had sent them the users.

For referrals yes they could have done a better job for clarity. The explained is referrals need to go through KYC for you to get free tokens. Because many people were referring spam bots and getting free tokens, so it is taking advantage of the system. Have you reached out to them maybe? Maybe they can review your account referrals.

I mean I'm not saying you're right or wrong. Just here sharing what I know.

[shaw1]

The brand new guy with 3 posts, 2 of them blindly defending Wcex, would like to accuse me of trolling. One post in 2017, and the two defending Wcex just recently. Very convenient.

Go back through my (well established) post history. I accused them on their ICO thread, after they changed the rules mid way. I, and MANY other content creators got scammed, and were not given our rewards that we earned from referring paying customers.

Why should I not bring this up? Why should Wcex be able to sweep this under the rug, and pretend they had nothing to do with it?
If you hire thieves, you shouldn't expect people to trust you, afterwards. And that is assuming their BS line that they had nothing at all to do with their own ICO.

The people I referred them purchased their stupid token. Wcex will not allow me to withdraw what I earned, because of a geographical restriction that was never mentioned until long after I had sent them the users.

For referrals yes they could have done a better job for clarity. The explained is referrals need to go through KYC for you to get free tokens. Because many people were referring spam bots and getting free tokens, so it is taking advantage of the system. Have you reached out to them maybe? Maybe they can review your account referrals.

I mean I'm not saying you're right or wrong. Just here sharing what I know.

Based on your posts, you've been using Wcex for about 2 months, and I do not believe you have any basis for understanding what went on in the ICO.
I would suggest you read how their ICO was left: https://bitcointalk.org/index.php?topic=2026078.2640

There was never a KYC requirement at the start. They changed that. Could've lived with it, if I had to.
There was never a geographical restriction at the start. They changed that. My money is gone.
My users PURCHASED tokens. Not just claiming the free ones.

I have reached out to them on their official ICO thread multiple times. As you will see if you read through the above posted link, to the end of the thread.

Maybe they can review my account referrals? What are you even saying? My account got credited just fine. The referrals counted, and there isn't an issue with that. They won't let me withdraw those earnings, because I am from the States.

[hosadrone]

Based on your posts, you've been using Wcex for about 2 months, and I do not believe you have any basis for understanding what went on in the ICO.
I would suggest you read how their ICO was left: https://bitcointalk.org/index.php?topic=2026078.2640

There was never a KYC requirement at the start. They changed that. Could've lived with it, if I had to.
There was never a geographical restriction at the start. They changed that. My money is gone.
My users PURCHASED tokens. Not just claiming the free ones.

I have reached out to them on their official ICO thread multiple times. As you will see if you read through the above posted link, to the end of the thread.

Maybe they can review my account referrals? What are you even saying? My account got credited just fine. The referrals counted, and there isn't an issue with that. They won't let me withdraw those earnings, because I am from the States.

So you are saying you did not invest money in the WCX ICO?

Some people had legitimate referrls (not spam), and team made the credit right. It seems your referral were not spam because they made purchases.

The admins on the Telegram know about the ICO members. don't think they know here. You can post there or contact the support.

[karim67]

How does it mean with no fees? How you make money?

There are 0 fees to place trades, deposit, or withdraw. The way we make money is through the bid-ask spread, which in most cases is even lower than an exchange's spread (and considering the fact an exchange charges a fee in addition to the spread).

What's bid/ask? What's the spread?

In any market, on any platform, the bid price is the price at which you can currently sell, and the ask price is the price at which you can currently buy. The spread is the difference between the bid and the ask.

If you were to buy at the ask price and resell immediately, you would resell at the bid price and hence your trade would be down by the (ask-bid), which is the spread. That's why the spread is considered a natural "cost" in any trading activity.

Liquidity pool – why it's better than an orderbook

When you trade on WCX, the losses you make are added to a common liquidity pool, which in turn is used to pay out profits. Any time a transaction is made through the liquidity pool (adding loss or paying profit on a trade), the spread from that amount is retained.

As explained in our OP, in the large majority of cases, trading with a common liquidity pool is much more efficient and cheaper than trading an orderbook, because of the many costs you incur when placing a market order against an order book (in addition to the spread): slippage, getting filled at a worse price than you want, partial execution, and fees.

When trading "against" the liquidity pool, there are no fees, there is no slippage, and all orders are executed fully at the price that is quoted to you.

You can think of it as an always-accessible, automatic OTC desk with no minimum order size.

So how does it work then for shorting? how do I calculate profits, liquidation, like deribit?