[ANN] Crypto X Change Now OPEN - BitInstant Deposit & Withdrawal Available Soon!

[EhVedadoOAnonimato]

well...you can dress a whore like a princess but deep down she's still a whore.

What made me chuckle about this irony of yours is that a whore lives from a perfectly honest service, while a princess lives from plain robbery, and yet, there are so many cases when "whores" (people living honestly) have to dress like "princesses" to avoid issues.
What a twisted world we live in.

[1714888602]

1714888602

[1714888602]

1714888602

[cryptoxchange]

Hopefully this addresses your concerns in a reasonable way and demonstrates where we stand on the issue, and thank you for bringing it up for discussion.

It does show you're kind, professional, and that you "stand on the issue", but it doesn't actually addresses my concerns because you mostly evaded my questions. I'd appreciate direct answers, even if the answer is on the line of "we won't answer this particular question". A direct no is at least clear.

• Will you ever ask me my passport, or any other ID for that matter? May I know under which situations, or should I expect surprises?
• Will you keep links between the account(s) I use to fund my balance with you and bitcoin addresses I withdraw to?
• Will you only freeze somebody's account "in the interest of the rest of our account holders or ourselves if the account holder is acting illegally" if you can actually prove the account owner is acting illegally, or will it be more on an heuristic basis with frequent false positives? Keep in mind that making a false positive in such case is calumny.
• If a foreign government, or the IRS-equivalent of it, asks you data about your clients, will you deliver?
• If the Australian government forces you to give them data on your customers, will you at least require a Justice order or something else that could be made public, to prevent your customers?

Thanks again. Don't take me badly, I'm not here to attack you, just to know about your service, and how much can I trust it. I hate, from the deep of my soul, to pay taxes, and I don't want to pay capital gain taxes I eventually have with my bitcoins. I'm obviously not asking you to help me avoid my taxes, I just wonder how preemptive will you be in helping governments to catch those who try to protect themselves from taxation.

By the way, I'm sorry to hear about the attacks. This is sad. Every bitcoin related site is aimed by these scumbags. I hope you can get rid of these criminals without suffering any actual damage.

Hi, I'll try to be nice and direct for you =) Ordered as your questions:

- We require ID for any accounts withdrawing $500 or more through our site. This can be passport + driving license, or driving license + 2 ID cards (credit card or medicare card, etc).
- We log all money deposits and withdraws. The log would show a deposit from Account A and a withdraw to Account B
- We reserve the right to freeze an account which we believe to be suspicious. "Proof" of illegal activity is a matter for legal courts, not for our staff to determine. We of course do not intend to act "on a heuristic basis with frequent false positives." Putting a hold on a suspicious account is not calumny- calumny requires an intent to slander or defame someone with false knowledge. Ironically, if you knew the definition of that term, then you almost committed calumny against us, didn't you! 
- We would not just hand over data due to a "request" from some government body. We are not under the jurisdiction of anyone but the Australian government, and we will comply with Australian court orders absolutely.
- Again, we'll comply with legitimate court orders according to Australian law

Please always feel welcome to discuss your concerns, we're happy to help.

Regards,
-Crypto X Change

[jwzguy]

Hi, I'll try to be nice and direct for you =) Ordered as your questions:

- We require ID for any accounts withdrawing $500 or more through our site. This can be passport + driving license, or driving license + 2 ID cards (credit card or medicare card, etc).
- We log all money deposits and withdraws. The log would show a deposit from Account A and a withdraw to Account B
- We reserve the right to freeze an account which we believe to be suspicious. "Proof" of illegal activity is a matter for legal courts, not for our staff to determine. We of course do not intend to act "on a heuristic basis with frequent false positives." Putting a hold on a suspicious account is not calumny- calumny requires an intent to slander or defame someone with false knowledge. Ironically, if you knew the definition of that term, then you almost committed calumny against us, didn't you! 
- We would not just hand over data due to a "request" from some government body. We are not under the jurisdiction of anyone but the Australian government, and we will comply with Australian court orders absolutely.
- Again, we'll comply with legitimate court orders according to Australian law

Please always feel welcome to discuss your concerns, we're happy to help.

Regards,
-Crypto X Change

Hello, respectfully, I have a few short followups.
 
When you say $500, do you mean $500 total? 500$ at once? $500 a month?

What criteria do you use to determine that an account is "suspicious?"

Thanks.

[EhVedadoOAnonimato]

Hi, I'll try to be nice and direct for you =) Ordered as your questions:

That's what I was expecting. I appreciate your answers, thanks!

"Proof" of illegal activity is a matter for legal courts, not for our staff to determine. We of course do not intend to act "on a heuristic basis with frequent false positives." Putting a hold on a suspicious account is not calumny- calumny requires an intent to slander or defame someone with false knowledge. Ironically, if you knew the definition of that term, then you almost committed calumny against us, didn't you!  

Almost.

What I meant is that if you claim that you only freezes an account if it is "to protect the owner" or "when owner acts illegally", and someday you freeze someone's account without being for his own protection, than you're by exclusion saying the owner is behaving illegally. Of course, if you always add the word "suspicious", never making direct accusations etc, I guess you won't have any sort of legal problem. I just hope your heuristics are not like some others we've been seeing around, if you know what I mean.


I wish you success on your business. Best regards.

[EhVedadoOAnonimato]

When you say $500, do you mean $500 total? 500$ at once? $500 a month?

hehe, true, that's a useful question too.
Also, does $ stand for USD or AUD? I initially assumed USD but as they are based on Australia maybe they're used to refer to AUD with the $ symbol as well.

[repentance]

Are you a "reporting entity" under the provisions of the AML/CTF Act by virtue of providing the "designated service" of selling bullion?

What people from overseas should probably know is that if the Australian Taxation Office or AUSTRAC issues a formal request for information to an individual or a business, it's an offence not to provide it.  They don't need court orders to give legal authority to such requests or to impose penalties for non-compliance with such requests.  Both organisations have extensive coercive powers which they can use to ensure involuntary compliance if necessary.

Where this affects people from overseas is that both the ATO and AUSTRAC data share with their equivalents in over 40 overseas countries.  If the IRS thinks that you're trying to evade taxes through dealings in Australia, they can ask the ATO for any data it may hold on you and that data will be shared.  The ATO has the right to seek data on you to establish your liability for Australian taxes.  It's not the job of the business from whom information is requested to decide whether or not such a liability exists - it's their legal obligation to comply with such requests.

Likewise, there's a legal obligation to comply with formal requests by AUSTRAC.  Certain entities providing "designated services" have an additional obligation to actively report certain information to AUSTRAC whether or not it's formally requested.  What AUSTRAC does with that information depends on the particular type of offence which might be indicated by the transactions but if they deem it "suspicious", the data will be shared with the appropriate agencies both here and overseas.  Requests for certain types of transactions require immediate reporting to AUSTRAC and whether or not the transaction can proceed is determined by them.

It would be unwise to assume that information about transaction carried out in Australia is not available to authorities in your own country.  In many cases it is indirectly available to them through one of our government agencies.

[Littleshop]

are SEPA transfers into the exchange cheaper than $15?

I haven't been able to get past the nazi password sign up page just yet, so i would like to know if its worth joining first

Hi,

The fees are $15 each for an unlimited amounts of Dollars / Euro's and many other currencies. We support 25 Currencies and there is no Wire Fees charged by your bank, but in order to provide the fast 24 hour banking system world wide, there is a fee for each deposit of $15 at the moment. Our system is 100% Automated and hassle free your funds arrive and are in your account online within 24 hours, so there is no more waiting days or a week to get your funds into the exchange. Also there are no issues with SEPA accounts being frozen or locked. We do have more funding and withdrawing options coming very soon, however you will like the speed and efficiency of our banking system once you try it.

Thank you very much

Crypto X Change

I also would love to use your service but the $15 fee for withdrawals makes it very unlikely. Both Mtgox and Tradehill allow for nearly free withdrawals  Mtgox through Dwolla at 25 cents, and Tradehill through direct checks for free.  Anything more then $5 or 1% take you out of the the competition for me. 

Please note, I am talking withdrawals.  You should not 'tax' people withdrawing for the possibility of chargebacks from deposits by having the same price for both.  Simply put, withdrawals in the Bitcoin world cost less (due to less risk) then deposits and should be treated differently in terms of cost.



 

[finway]

Find you guys did a lot Ads. 

[thph]

is the page down ?

[DeaDTerra]

is the page down ?

It works fine for me

[cryptoxchange]

Hello, respectfully, I have a few short followups.
 
When you say $500, do you mean $500 total? 500$ at once? $500 a month?

What criteria do you use to determine that an account is "suspicious?"

Thanks.

Hi jwzguy,

To answer your questions...

- $500 in total... once that amount is withdrawn or deposited from the account, ID verification is required to withdraw or deposit more. This does not include BTC (you can withdraw or deposit unlimited BTC with no AML restrictions).

- Determining whether an account is "suspicious" is a subjective judgement on our part, and we cannot divulge the criteria we use for obvious reasons. Note that when an account seems suspicious, we'll investigate further and determine the proper course of action.

Regards,
-Crypto X Change

[cryptoxchange]

When you say $500, do you mean $500 total? 500$ at once? $500 a month?

hehe, true, that's a useful question too.
Also, does $ stand for USD or AUD? I initially assumed USD but as they are based on Australia maybe they're used to refer to AUD with the $ symbol as well.

Sorry, it's AUD. However, the two currencies are basically on par right now.

[cryptoxchange]

I also would love to use your service but the $15 fee for withdrawals makes it very unlikely. Both Mtgox and Tradehill allow for nearly free withdrawals  Mtgox through Dwolla at 25 cents, and Tradehill through direct checks for free.  Anything more then $5 or 1% take you out of the the competition for me. 

Please note, I am talking withdrawals.  You should not 'tax' people withdrawing for the possibility of chargebacks from deposits by having the same price for both.  Simply put, withdrawals in the Bitcoin world cost less (due to less risk) then deposits and should be treated differently in terms of cost.

Hi Littleshop,

Yes the $15 fee is prohibitive for some and we are working to reduce that fee. While other exchanges may have lower fees in that regard, for some people time is money, and receiving their funds fast and will more complete customer service is important. Withdraws from Gox via Dwolla have taken over 10 days for some people. Customers will vary in their time-preference for funding, and we offer the fastest system (and it'll be getting faster).

Also note, the withdraw fee is not to cover chargeback risk or anything like that. It's the cost of the actual transfer of the funds to your bank - as it occurs directly from Crypto X Change to your bank and cuts out Dwolla. But as stated, it is likely we'll be able to lower this fee soon.

Thanks,
-Crypto X Change

[boonies4u]

- $500 in total... once that amount is withdrawn or deposited from the account, ID verification is required to withdraw or deposit more. This does not include BTC (you can withdraw or deposit unlimited BTC with no AML restrictions).

- Determining whether an account is "suspicious" is a subjective judgement on our part, and we cannot divulge the criteria we use for obvious reasons. Note that when an account seems suspicious, we'll investigate further and determine the proper course of action.

Regards,
-Crypto X Change

I know you might not find it wise to answer, but would an account that didn't withdraw or deposit in fiat be deemed suspicious?

Would you advise using an account as an e-wallet?

[the joint]

I am interested in registering.  But, before I do, let me present you with 3 scenarios (Keep in mind I live in the United States):

1.)  Someone hacks the site and steals my BTC or USD
2.)  Someone responsible for operating your site messes up and CryptoXChange loses all of my BTC or USD
3.)  Someone steals my CryptoXChange account information from a source outside of you site and uses it to hack my login and steal my BTC or USD

How does CryptoXChange respond to me, the account holder, in each of these 3 scenarios?

[damnek]

The site looks kinda bad in my browser  , using Firefox 3.6.23 on Ubuntu..

[cryptoxchange]

I know you might not find it wise to answer, but would an account that didn't withdraw or deposit in fiat be deemed suspicious?

Would you advise using an account as an e-wallet?

Hi Boonies,

No that would not be considered suspicious. Furthermore, if one is only dealing or interacting with Bitcoins, and not a national currency or "real money," then we are not aware of any laws that even apply in any way.

Until some legal precedent is set suggestion otherwise, Bitcoins are no different than WoW gold.

And yes you can absolutely use Crypto X Change as an ewallet - our security is second to none.

Thanks,
-Crypto X Change

[boonies4u]

No that would not be considered suspicious. Furthermore, if one is only dealing or interacting with Bitcoins, and not a national currency or "real money," then we are not aware of any laws that even apply in any way.

That's what I thought. It is probably why all of these bitcoin laundering sites are still up. Thank you.

[cryptoxchange]

I am interested in registering.  But, before I do, let me present you with 3 scenarios (Keep in mind I live in the United States):

1.)  Someone hacks the site and steals my BTC or USD
2.)  Someone responsible for operating your site messes up and CryptoXChange loses all of my BTC or USD
3.)  Someone steals my CryptoXChange account information from a source outside of you site and uses it to hack my login and steal my BTC or USD

How does CryptoXChange respond to me, the account holder, in each of these 3 scenarios?

Hello Joint,

Good questions.

Answer for 1 & 2: We would attempt to reimburse stolen money using a combination of Crypto X Change's own assets and the indemnity and liability insurance we hold with our insurance company (and I believe Crypto X Change is the only exchange with such insurance). As with any business, in the case of a massive loss or devastating attack, if insurance and company assets could not reimburse customers fully, the business would go bankrupt and customers would likely suffer partial losses. This is the reality of any market entity not backed up by something like the FDIC which provides ultimate protection via taxpayer subsidy.

Answer for 3: In this case, if your own account info was leaked via your own negligence, then we would be unlikely to compensate you for that loss. We recommend a Yubikey to prevent this.

Hope that helps address your questions, thanks Joint.
-Crypto X Change

[cryptoxchange]

The site looks kinda bad in my browser  , using Firefox 3.6.23 on Ubuntu..

The website will be fully redesigned in the near future - we want our customers to always be thrilled with the functionality and aesthetics of the site.

Thanks damnek,
-Crypto X Change