Deleted

[MrWDunne]

Funded

[1714142255]

1714142255

[1714142255]

1714142255

[1714142255]

1714142255

[minerpart]

Danny - is that you?

[minerpart]

Danny was real.

In other words - where are your safeguards. Will you be having open accounts?
And the bit about 'more shares may be sold' is a non-starter. So you could devastate the share price with a huge share dump at any time and for any reason?

[minerpart]

'with exception to the hostility shown by major banks - which we have managed to resolve. '

This bit concerns me. Do you have a written assurance that your banking services will not for any reason be closed or withdrawn or charged excessively? If not how will you ensure you can remain in business if the bank you have the account with decides they no-longer wish to support the Bitcoin industry?

[minerpart]

Do you or your partners have a background in the financial industry? Do you have any business experience? Are you putting any of your own capital into this company?

[minerpart]

I'd love to see a UK based exchange (we need more exchanges) but you need to build up a huge amount of trust and that for me takes more than the meager details on your newly created AngelList page. This quote from that site is another huge concern for me:

'The exchange also provides us with the capability of creating other services, and to take advantage of arbitrage opportunities, provide merchant services and many other exciting opportunities.'

If you are operating a trading exchange and a casino and playing the market between exchanges I see you as very high risk individuals who won't necessarily have the safety of your customers deposits as a priority. You are basically saying here that you will rig your exchange spot price in order to take profit either from your own depositors or attempt to take money from depositors at other exchanges. Have you checked this strategy with the FSA? I think as the exchange operators it could get you locked away.


One thing you haven't even mentioned and it's actually the most important detail - security. You will need to hire an online security expert who protects deposits from hackers and company employees. The huge failings at Bitfunder/WeEx and MtGox and NeoBee mean security is the No. 1 issue for a holder of large bitcoin deposits. You have failed to consider this it seems.

I'm out.

[minerpart]

And yes, that line needs to be removed. No longer part of the plan.

That was a quick turn-around. With respect, I think an exchange that could be holding millions of GBP of other peoples money needs to be run by a team with more credentials, track record, and business and life experiences than you currently have. This is already a high risk industry and you look like a high-risk proposition to me. Others might think otherwise, goodluck.

[Anotheranonlol]

Will you be leveraging payment processors (e.g Mayzsus FS) or trying to negotiate with banks directly yourself for processing deposits and withdrawals of GBP?

[Anotheranonlol]

Will you be leveraging payment processors (e.g Mayzsus FS) or trying to negotiate with banks directly yourself for processing deposits and withdrawals of GBP?

We have already got a bank account directly. Although we may get some payment processors in reserve.

I'd imagine your accounts would be frozen pretty swiftly. Perhaps a crypto-only exchange is an easier task to accomplish

[sporket]

Any reason you're selling off multibet.io domain name, your only other visible accomplishment on AngelList?  How much u lookin' to get?

https://bitcointalk.org/index.php?topic=582144.msg6363401#msg6363401

[sporket]

oic.  My mistake -- you mentioned it in your post.  How's that doing? 

[sporket]

^Nice.
Well, good luck with flipping domains and starting UK's only exchange.  And casino.
Heady times...

[mikaeldice]

larger chunk will be used on security auditing both the code, and the data center.

I did address security.

Can you provide more detail than "We will spend a chunk on security auditing"?  This one-liner has the feel of lip service.

[sporket]

^Much serious.
So business.
Wow.

[theMiracle]

**TheMiracle regrets not naming itself MrTheMiracle.  TheMiracle thinks "Mr" adds that mature je ne sais quoi to everything, like MrWDunne.

[theMiracle]

Wait, don't tell me you're serious?  Your partner, the other financial mogul, gambles away bitdust he collects at coin faucets.  When he's not worshiping Satan in his shower cap, that is.  But... you're supa serious?

[theMiracle]

Yeah, the esteemed co-founder of UK's premiere Casino-n-Exchange, exactly.  Bro, are you telling me you're seriously expecting people who have money to ...give it to you?!  WHY FFS?

[sporket]

The intertubes are contaminated with a virus, that's what it is!  He's sick!  Hang in there OP, everything will be fine, we're sending halp!

[sporket]

He, and you, are treated with all due respect.
A cursory glance through his posts is enough to tell me all I need to know.
Only an idiot would trust him, or any "business" he co-founds.
And now every petty scammer, no matter how inept, demands respect.
Christ.

[MrWDunne]

He, and you, are treated with all due respect.
A cursory glance through his posts is enough to tell me all I need to know.
Only an idiot would trust him, or any "business" he co-founds.
And now every petty scammer, no matter how inept, demands respect.
Christ.

He is not handling anything on the business side, he does not even reside in the same country as myself. As previously stated he is a developer.

And what makes you say that he is a scammer? I would like to see even a mention of him scamming anyone.

[sporket]

Bro, why don't you get Satanic Showercap in here to speak for himself?  He popped up seconds after I posted his pic, where'd' he go?
And why am I arguing ethics with some lowbrow scammer?  Must cut down on coffee and ...other recreational chemistry.

[Mountaingoat]

What do you want to know from me?

[sporket]

Why is your boy doing all the talking for you?  Where u from, bro?
These are pretty straight questions, feel free to ad lib.

[Mountaingoat]

I am from The Netherlands and he isn't doing the talking for me, I am just not active in this thread.

[sporket]

But you were reading it when I posted your pic, and again now, when I asked your boy to bring you out?

[FatherBob]

My son, why do you worship Satan in your shower cap?

[sporket]

^Another good question

[FatherBob]

Art thou ready to be forgiven my son?  Art thou ready to take on the yoke that's easy and the burden that's light?
He maketh ye to lie down in green pastures: he leadeth ye beside the still waters, but will ye heed?

[Mountaingoat]

I am not commenting on this any more, I already said the things that you needed to know.

[theMiracle]

Protip 4 U 2:  Take it slow.  Start off by snagging a few extra newspapers from a vending machine when u pay for one.  Practice stealing rolls of toilet paper from public restrooms.  Get the hang of the basics -- then you can come back to looting bitcoiners.

K?

[MrWDunne]

Realistically we need to sell another 2400 shares, and then we will have enough funds to get to a stage where we have everything but the security audit and data center - but have the software completed.

[NotLambchop]

...
If anyone holds a substantial amount, subject to background history I may their shares in their name. However their is a limit to how many I can transfer (banking).
...
Please feel free to ask any questions

- William Dunne

What made you drop out of school at such a tender age, OP?

[MrWDunne]

...
If anyone holds a substantial amount, subject to background history I may their shares in their name. However their is a limit to how many I can transfer (banking).
...
Please feel free to ask any questions

- William Dunne

What made you drop out of school at such a tender age, OP?

I know what I want to do, and I know how to achieve it. Education isn't something I feel you should sit down doing for several years solid but is a constant. We should always be learning because we want to not because we have an examination.

Yes, I no longer attend school. But I am still in education.

[NotLambchop]

So a fashion-forward Satan-worshiper and illiterate OP [presumably raised by wolves] decide to raise a few bits and start UK's only exchange and casino.
What could possibly go wrong?

[MrWDunne]

So a fashion-forward Satan-worshiper and illiterate OP [presumably raised by wolves] decide to raise a few bits and start UK's only exchange and casino.
What could possibly go wrong?

Yes, describing me as illiterate would be accurate.

We should never forget the saying "Always judge a man by his hat"

[s2]

Any chance of seeing some screenshots and would you accept escrow style investment?
I.e. transfer the funds to you in escrow but they are only redeemable once the site is running and you actually need the funds.
I'm interested but there are so many scam artists out there I'd only invest after meeting in person and having reassurance you can pull this off.
Perhaps arrange a meet up in Plymouth where you can show a closed doors demo to raise the investment there.

[MrWDunne]

Any chance of seeing some screenshots and would you accept escrow style investment?
I.e. transfer the funds to you in escrow but they are only redeemable once the site is running and you actually need the funds.
I'm interested but there are so many scam artists out there I'd only invest after meeting in person and having reassurance you can pull this off.
Perhaps arrange a meet up in Plymouth where you can show a closed doors demo to raise the investment there.

Its in development, but by the end of the month, yes I can get screenshots.

I also do not mind using escrow, however I will need to be able to use the money to buy things like servers.

[sporket]

...I will need to be able to use the money to buy things like servers.

...and socks.

[MrWDunne]

...I will need to be able to use the money to buy things like servers.

...and socks.

And security audits. The socks are paid for.

[MrWDunne]

Purchasing first database server today using funds raised so far.

Two SSDs in raid 1 for read/write cache and four enterprise drives in raid 6.

[minerpart]

I've changed my mind about this outfit. In the UK the financial industry is highly regulated and the level of compliance required means this exchange and Casino will be either run professionally or not atall.

In other words your money will be far far safer I believe with this investment and on their exchange than in a back-street shadowy Romanian-run exchange like MPEx.

These guys will need to produce open accounts and their books will be examined. That sort of thing just doesn't happen in the Third World state that is Romania.

Give these guys a chance, they are young but so was Richard Branson when he started in business.

The guy is open to a meet, says it all, he's hiding nothing.

[technion]

I'd feel a lot more confident in their management of privacy (and by extension, security) if I didn't get referred here by an announcement email that listed hundreds (all?) of Multibet users in the To: field.

[fluffypony]

I'd feel a lot more confident in their management of privacy (and by extension, security) if I didn't get referred here by an announcement email that listed hundreds (all?) of Multibet users in the To: field.

Ouch.

[MrWDunne]

I've changed my mind about this outfit. In the UK the financial industry is highly regulated and the level of compliance required means this exchange and Casino will be either run professionally or not atall.

In other words your money will be far far safer I believe with this investment and on their exchange than in a back-street shadowy Romanian-run exchange like MPEx.

These guys will need to produce open accounts and their books will be examined. That sort of thing just doesn't happen in the Third World state that is Romania.

Give these guys a chance, they are young but so was Richard Branson when he started in business.

The guy is open to a meet, says it all, he's hiding nothing.

We will have an auditor for the FIAT side of things, and proof of solvency (cryptographic) for the bitcoin side.

Thank you for changing your mind.

Also as he said, I am willing to meet anyone, anywhere between Torquay and Plymouth (also Exeter).

I'd feel a lot more confident in their management of privacy (and by extension, security) if I didn't get referred here by an announcement email that listed hundreds (all?) of Multibet users in the To: field.

Ouch.

I am very sorry about that. That was human error, and I admit a big cock up from my side of things.

That was the third bulk-mail I sent and previously I did use BCC. My apologies.

In order to apologize to our users, I have deposited 0.01BTC into all active (has actually made a bet with a value over 0.01) users accounts - at my own expense of course.

Once again, apologies for the slip up.

[MrWDunne]

I have been invited to the Exeter bitcoin meetup. I will go to that once we are a little close to launch for those who may wish to meet me.

[MrWDunne]

Another server has now been ordered. Everything should be here by Wednesday at the latest.

Will be posting to dev blog:

https://www.mimex.co.uk/wp/

[mikaeldice]

Due to popular demand, now available to trade on an easier to use system. Available here https://bitcoinbourse.eu/ ticker DUN

I wasn't certain at first, but now I'm positive he's just trolling Securities..

[MrWDunne]

Due to popular demand, now available to trade on an easier to use system. Available here https://bitcoinbourse.eu/ ticker DUN

I wasn't certain at first, but now I'm positive he's just trolling Securities..

Why would that make you think I am trolling? Several people have complained that counterparty is inconvenient, so I have listed 3000 shares on bitcoin bourse.

[WillShill4BTC]

Due to popular demand, now available to trade on an easier to use system. Available here https://bitcoinbourse.eu/ ticker DUN

I wasn't certain at first, but now I'm positive he's just trolling Securities..

Why would that make you think I am trolling? Several people have complained that counterparty is inconvenient, so I have listed 3000 shares on bitcoin bourse.

...ticker DUNCE, more like. Dude they're a scam, too.

Where's Hannah when you need her?

[MrWDunne]

Due to popular demand, now available to trade on an easier to use system. Available here https://bitcoinbourse.eu/ ticker DUN

I wasn't certain at first, but now I'm positive he's just trolling Securities..

Why would that make you think I am trolling? Several people have complained that counterparty is inconvenient, so I have listed 3000 shares on bitcoin bourse.

...ticker DUNCE, more like. Dude they're a scam, too.

Where's Hannah when you need her?

I'm looking into it as we speak but I can't see much basis for them to be scamming here, with exception to the mess they made with their own IPO.

Update:

For the protection of potential buyers we are advising against using bitcoinbourse, and within the hour I will decide whether or not we delist.

[pascal257]

Due to popular demand, now available to trade on an easier to use system. Available here https://bitcoinbourse.eu/ ticker DUN

Sorry, but that doesn't make you more trustworthy at all. I'd say publicly working with a known scammer is quite a bad idea. If you're as bad informed in your other business decisions you should consider rethinking this whole project.

[MrWDunne]

Can I see more proof of it being a scam?

The person who made him out to be a scam has been blackmailing many people.

https://bitcointalk.org/index.php?topic=344219.0

[sporket]

OP, you just referenced Stuartuk.
Stuartuk is in an abusive relationship with an elderly alcoholic by the name of Ken Slaughter.
Ken Slaughter is the gentleman behind one of Bitcointalk's lulziest scams, Active Mining.

Connect the dots, OP

[pascal257]

Can I see more proof of it being a scam?

The person who made him out to be a scam has been blackmailing many people.

https://bitcointalk.org/index.php?topic=344219.0

I don't have to rely on pankkakes judgement to realize that bitcoinbourse/bitcoin sarl is either a scam or run by some dude who has lost touch with reality. Just take a look at all the projects run by himself and how he's evaluating their value. Either its a scam or he's an idiot, but I'd see to get out of that mess asap.

[MrWDunne]

Can I see more proof of it being a scam?

The person who made him out to be a scam has been blackmailing many people.

https://bitcointalk.org/index.php?topic=344219.0

I don't have to rely on pankkakes judgement to realize that bitcoinbourse/bitcoin sarl is either a scam or run by some dude who has lost touch with reality. Just take a look at all the projects run by himself and how he's evaluating their value. Either its a scam or he's an idiot, but I'd see to get out of that mess asap.

We will give it a trial until the 3rd. And all funds will be held off-site. Then we shall make a decision.

His valuation is well over reality, but that does not make him a scammer.

[bitcoinbourse]

Dear @pascal257

we want to clarify some things here.

Why you support trolls like pankkake he is proved working for competitor companies to accuse others of scam! Read here the truth about him: https://bitcointalk.org/index.php?topic=344219.0

We are only competitor for bitcoin exchange of french based paris company, this guys are working together with forum moderators
read here a review in english : http://thebitcoinnews.co.uk/2014/04/13/bitcoin-central-net-insolvent-the-french-bitcoin-association-and-the-relation-to-mtgox/

and original source in french : http://www.actubitcoin.fr/


next one is you  say : is run by some dude who has lost touch with reality. Just take a look at all the projects run by himself and how he's evaluating their value

Ok so to advertise a bitcoin exchange what is the best way for you? for us is to advertise this system with some other sources like our News site : http://TheBitcoinNews.co.uk

The Bitcoin News exists since 4/2013 and is the leading decentralised News source for Bitcoin and Crypto currency News.
 
The Bitcoin News Network includes the German version BitcoinJournal.de and the French version BitcoinMatin.fr
 
19244 News - 2490 Videos and counting... | Last 24 hours 106 Bitcoin & Crypto News


We are knowing very well what we are doing and how to promote our products, if you read and understand the Network from us, than you will understand nobody lost touch in reality, we understand that some people are not able to run much sites as us, and don't understand the sense behind our network, but this classifieds us anyway NOT as scam.

Other example is BitcoinCard, this project was running outside first and is now integrated in Bitcoin Bourse, Bitcoin Card is a European Trademark of our company! Other than some companies in US we have a card, we have a trademark and not only dreams and talking preorders in month and infringe other companies trademarks!.  

The value of our company, it is a point of view but if you read the news and how much millions, people invest in dreams only we are proud yes our value is more TRUE than others!

We are welcome anyway more International investors to https://BitcoinBourse.eu and wish all the best for the IPO of DunneCapital

[pascal257]

The Bitcoin News exists since 4/2013 and is the leading decentralised News source for Bitcoin and Crypto currency News.

Searching for "bitcoin news" on google does not list your site on the first 3 pages. So much for leading news source.
Don't care to answer the rest, keep on dreaming.

[MrWDunne]

The Bitcoin News exists since 4/2013 and is the leading decentralised News source for Bitcoin and Crypto currency News.

Searching for "bitcoin news" on google does not list your site on the first 3 pages. So much for leading news source.
Don't care to answer the rest, keep on dreaming.

However this is besides the point, we offer two methods of buying shares. You may choose how. Even if it did go sour I will take responsibility and transfer any shares over to XCP

[pascal257]

The Bitcoin News exists since 4/2013 and is the leading decentralised News source for Bitcoin and Crypto currency News.

Searching for "bitcoin news" on google does not list your site on the first 3 pages. So much for leading news source.
Don't care to answer the rest, keep on dreaming.

https://i.imgur.com/JURLepa.png

However this is besides the point, we offer two methods of buying shares. You may choose how. Even if it did go sour I will take responsibility and transfer any shares over to XCP

You apparently already visited the site thus changing the ranking in your personalized search results. Also you're searching via google.co.uk, giving you local search results.

Why am I even discussing here? Other potential investors should be able to make a decision from this point.

[MrWDunne]

The Bitcoin News exists since 4/2013 and is the leading decentralised News source for Bitcoin and Crypto currency News.

Searching for "bitcoin news" on google does not list your site on the first 3 pages. So much for leading news source.
Don't care to answer the rest, keep on dreaming.

https://i.imgur.com/JURLepa.png

However this is besides the point, we offer two methods of buying shares. You may choose how. Even if it did go sour I will take responsibility and transfer any shares over to XCP

You apparently already visited the site thus changing the ranking in your personalized search results. Also you're searching via google.co.uk, giving you local search results.

Why am I even discussing here? Other potential investors should be able to make a decision from this point.

https://i.imgur.com/iHuoRSr.png
Incognito mode, same result.

[fluffypony]

https://i.imgur.com/iHuoRSr.png
Incognito mode, same result.

@pascal257 - he's right, just tried it from Google South Africa. I've also never visited their site.


To the point, though, BitcoinBourse is endemic of a long string of failures and garbage "businesses".

Nearly a year ago I tried Markus' Bitcoin "debit card". Here is my review: https://bitcointalk.org/index.php?topic=213832.msg2705402#msg2705402

It basically consists of a TransCash debit card with massive limits on it, and then you "buy coupons" on the site and they load the EUR into the card for you. It's not automated, it's not seamless, and they aren't even issuing the cards. You can confirm it is the same outfit by checking the whois data on thebitcoincard.co.uk and bitcointocard.com.

Fast forward to now. The website (thebitcoincard.co.uk) has been suspended for non-payment and is about to expire, so anyone who actually bought a debit card from them is now stuck with no way to reload it. He's probably in very deep water for issuing cards to non-Europeans (I'm in South Africa, after all). And yet for this complete non-entity that works poorly (if at all) and may be contravening the agreements they have with TransCash, they're asking for 675 Bitcoin in "investment".

OP: nobody is "working with the forum moderators" or anything quite so conspiratorial. Rather, I would say that if it has a provably unsettling history a principle applies - "if it looks like a scamduck, swims like a scamduck, and quacks like a scamduck, then it's a scamduck."

[MrWDunne]

https://i.imgur.com/iHuoRSr.png
Incognito mode, same result.

@pascal257 - he's right, just tried it from Google South Africa. I've also never visited their site.


To the point, though, BitcoinBourse is endemic of a long string of failures and garbage "businesses".

Nearly a year ago I tried Markus' Bitcoin "debit card". Here is my review: https://bitcointalk.org/index.php?topic=213832.msg2705402#msg2705402

It basically consists of a TransCash debit card with massive limits on it, and then you "buy coupons" on the site and they load the EUR into the card for you. It's not automated, it's not seamless, and they aren't even issuing the cards. You can confirm it is the same outfit by checking the whois data on thebitcoincard.co.uk and bitcointocard.com.

Fast forward to now. The website (thebitcoincard.co.uk) has been suspended for non-payment and is about to expire, so anyone who actually bought a debit card from them is now stuck with no way to reload it. He's probably in very deep water for issuing cards to non-Europeans (I'm in South Africa, after all). And yet for this complete non-entity that works poorly (if at all) and may be contravening the agreements they have with TransCash, they're asking for 675 Bitcoin in "investment".

OP: nobody is "working with the forum moderators" or anything quite so conspiratorial. Rather, I would say that if it has a provably unsettling history a principle applies - "if it looks like a scamduck, swims like a scamduck, and quacks like a scamduck, then it's a scamduck."

I agree with your points, and I'm not pushing the company at all. All funds are being withdrawn as soon as they come into the service. However if people want to use it that is fine, I would prefer it if they use XCP. I'm just making it easy for investors.

Had I only issued with them, I would agree there is a serious issue.

On a positive note, the hard drives have arrived today, and (I believe) the raid card.

Also have the funds to purchase some more necessities from a small number of sales there.

[MrWDunne]

First update posted.

Nothing too essential, just showing off the first batch of hardware that has arrived thanks to funds raised so far.

https://www.mimex.co.uk/wp/?p=11

[MrWDunne]

Another update, database server has arrived. Looking good so far.

https://mimex.co.uk/wp/?p=17

[MrWDunne]

What is the opinion here with regards to alt-coins. The current plan is to have a select few available to trade, at the moment the only one planned is doge.

What do you think about this? (Of course all dividend payments will be in BTC)

[counter]

What is the opinion here with regards to alt-coins. The current plan is to have a select few available to trade, at the moment the only one planned is doge.

What do you think about this? (Of course all dividend payments will be in BTC)

I'd like to see Namecoin if possible and also Litecoin.  These would appeal to me at this time.

[MrWDunne]

What is the opinion here with regards to alt-coins. The current plan is to have a select few available to trade, at the moment the only one planned is doge.

What do you think about this? (Of course all dividend payments will be in BTC)

I'd like to see Namecoin if possible and also Litecoin.  These would appeal to me at this time.

Namecoin yes, although I don't think we will add Litecoin

[MrWDunne]

We have another domain we may be able to use now, www.bitcoin.london

[paramyxo]

what about QRK and XPM?

[MrWDunne]

what about QRK and XPM?

Quark definitely not, XPM yes.

[MrWDunne]

We are approximately 2BTC of funding away until we triple the sell price. We have raised all the capital we need for stage one (hardware acquisition). The next round will be for software completion, and security audits. After that of course we will be launching, and sell some more as a cushion.

[Kalkuuuta]

What is the opinion here with regards to alt-coins. The current plan is to have a select few available to trade, at the moment the only one planned is doge.

What do you think about this? (Of course all dividend payments will be in BTC)

XCP?
In page you have write memorycoin? is that really good to accept?
Doge is good because there can get little free marketing.

[MrWDunne]

What is the opinion here with regards to alt-coins. The current plan is to have a select few available to trade, at the moment the only one planned is doge.

What do you think about this? (Of course all dividend payments will be in BTC)

XCP?
In page you have write memorycoin? is that really good to accept?
Doge is good because there can get little free marketing.

Memorycoin seems like one of the most interesting coins and I find it strange it is not bigger.

Doge isn't because of publicity, its because of the community.

I'm not accepting Litecoin, Quark etc because they are pushed as the next bitcoin, which is ridiculous

[paramyxo]

what about DGB digibyte, they are not claiming to replace bitcoin but to be a complamantary for daily spendings ecc.

[MrWDunne]

what about DGB digibyte, they are not claiming to replace bitcoin but to be a complamantary for daily spendings ecc.

Doesn't offer many benefits, sorry.

[MrWDunne]

Good news.

We now only need to raise £3,500 to complete software development (make the already produced system pretty) thanks to our third party developers (no, not Indian) asking for an almost all share payment.


Reduced the price back down to 0.008btc per share.

[NotLambchop]

Lol.

[MrWDunne]

New information about benefits to investors.

Those who buy 1BTC+ shares will not get any fees, those who have a single share (non fractional) will get 50% less fees.

[AcoinL.L.C]

Accept Blackcoin (BC), very high trade volume

[MrWDunne]

Accept Blackcoin (BC), very high trade volume

Fits under the same category as Litecoin and Quark

[paramyxo]

didn't understand the part about the fees, fees of what?..... if i have 8 DUN single shares and 100 dun-100 fractional what do i get???

[MrWDunne]

didn't understand the part about the fees, fees of what?..... if i have 8 DUN single shares and 100 dun-100 fractional what do i get???

When the exchange launches you get 50% less trading fees

[binderclip]

Accept Blackcoin (BC), very high trade volume

Fits under the same category as Litecoin and Quark

Do you really know anything about altcoins? Do you know anything about BlackCoin? Do you know what Proof of Stake is?
Which "high street bank" are you partnered with?

[MrWDunne]

Accept Blackcoin (BC), very high trade volume

Fits under the same category as Litecoin and Quark

Do you really know anything about altcoins? Do you know anything about BlackCoin? Do you know what Proof of Stake is?
Which "high street bank" are you partnered with?

We're not willing to disclose who yet, as it is one of our biggest advantages. Obviously that leaves you with a narrow selection still.

Yes, I know what BlackCoin is, and I don't see it as a particularly exciting coin.

[MrWDunne]

Opinion on usage of .io vs .co.uk?

I prefer .co.uk in how it looks and sounds, however .io is better for google rankings.

[Mrrr]

Opinion on usage of .io vs .co.uk?

I prefer .co.uk in how it looks and sounds, however .io is better for google rankings.

Use co.uk, because it looks and sounds better. Dot IO sounds dodgy.

Also, while Blackcoin might not be particularly exciting: POS is on a roll lately. Don't miss the bus.

And good luck with the endaveour.

[MrWDunne]

Opinion on usage of .io vs .co.uk?

I prefer .co.uk in how it looks and sounds, however .io is better for google rankings.

Use co.uk, because it looks and sounds better. Dot IO sounds dodgy.

Also, while Blackcoin might not be particularly exciting: POS is on a roll lately. Don't miss the bus.

And good luck with the endaveour.

.IO is currently quite popular in the technology aware space.

I imagine we will use both in the end.


Also tomorrow we are going to be showing our two designs, you guys can choose which one we go for.

[MrWDunne]

Two designers, two designs. Who do we hire?

Please use poll at the top.

http://imgur.com/a/ZGIAC

[MrWDunne]

We're only a couple thousand off from all the money we need to launch (sterling, not bitcoins).

[railzand]

Oh well. Never mind. Lots to learn from this failure to launch. Go back to square one. Learn to learn.

[MrWDunne]

Oh well. Never mind. Lots to learn from this failure to launch. Go back to square one. Learn to learn.

Not failed, we're not trying to launch for another two months. We have two months to raise that money.

We have all of the banking sorted, and progress has started on the software side of things.

EDIT: Actually thats a lie, we currently only have a wire transfer partner for EURO. We would like a SEPA partner too.

[romerun]

good looking designs indeed

[MrWDunne]

good looking designs indeed

Thank you very much, we had over 35 designers apply. I had a good time going through their portfolios.

They have both taken very different methods, but they look stunning.

[msc_de]

Design 1 looks better

[MrWDunne]

Design 1 looks better

The overwhelming majority agrees with you. Unless there is a sudden change in decision, that is the designer we will go with.

Of course, that is not the finished image, I think there is something that can be learned from each of them however I do agree.

[td services]

Design 1 looks better

The overwhelming majority agrees with you. Unless there is a sudden change in decision, that is the designer we will go with.

Of course, that is not the finished image, I think there is something that can be learned from each of them however I do agree.

Anyway to invest in the IPO using the XCP command line interface? If so, how?

[binderclip]

any shots of the exchange site?

[MrWDunne]

Design 1 looks better

The overwhelming majority agrees with you. Unless there is a sudden change in decision, that is the designer we will go with.

Of course, that is not the finished image, I think there is something that can be learned from each of them however I do agree.

Anyway to invest in the IPO using the XCP command line interface? If so, how?

I believe so, however I am not aware how to do it myself. The online site is very good and you can export your priv-keys to a wallet so you receive dividends to that.

any shots of the exchange site?

If you look at the poll on the first page you can see some draft designs. That will give a good indication of how it should look.

[supert]

Two designers, two designs. Who do we hire?

Please use poll at the top.

http://imgur.com/a/ZGIAC

Is that really the most important thing at this stage?

[MrWDunne]

Two designers, two designs. Who do we hire?

Please use poll at the top.

http://imgur.com/a/ZGIAC

Is that really the most important thing at this stage?

At no point did I insinuate that it is the most important thing. However it is still something that I wanted input on, and it was the only thing that anyone here could help with.

[RyanMilligan1]

Two designers, two designs. Who do we hire?

Please use poll at the top.

http://imgur.com/a/ZGIAC

Is that really the most important thing at this stage?

From a professional marketing perspective - it is actually very important.

Conversions are made from a number of things, but look at it this way; you walk in a room and a super model and a 2/10 throw themselves at you, you'd pick the model but it turns out she's terrible in bed though. While the 2/10 is fantastic.

It's not always the best looking that converts; split testing wasn't invented for no reason.

Anyway I PM'ed MrDunne, I maybe be willing to give you the rest of your needed investment.

[RyanMilligan1]

Oh well. Never mind. Lots to learn from this failure to launch. Go back to square one. Learn to learn.

Not failed, we're not trying to launch for another two months. We have two months to raise that money.

We have all of the banking sorted, and progress has started on the software side of things.

EDIT: Actually thats a lie, we currently only have a wire transfer partner for EURO. We would like a SEPA partner too.

There are bank accounts in the Isle of Man that are classed as UK banks yet there are no Bitcoin Exchange rules. They are fair game as much as they care, look in to that.

[MrWDunne]

Oh well. Never mind. Lots to learn from this failure to launch. Go back to square one. Learn to learn.

Not failed, we're not trying to launch for another two months. We have two months to raise that money.

We have all of the banking sorted, and progress has started on the software side of things.

EDIT: Actually thats a lie, we currently only have a wire transfer partner for EURO. We would like a SEPA partner too.

There are bank accounts in the Isle of Man that are classed as UK banks yet there are no Bitcoin Exchange rules. They are fair game as much as they care, look in to that.

I am well aware, however all of the banks are basically owned by Lloyds so its no easier than opening an account with Lloyds. Regardless our UK bank is already sorted, and there are no rules in the entirety of the UK.

[RyanMilligan1]

Oh well. Never mind. Lots to learn from this failure to launch. Go back to square one. Learn to learn.

Not failed, we're not trying to launch for another two months. We have two months to raise that money.

We have all of the banking sorted, and progress has started on the software side of things.

EDIT: Actually thats a lie, we currently only have a wire transfer partner for EURO. We would like a SEPA partner too.

There are bank accounts in the Isle of Man that are classed as UK banks yet there are no Bitcoin Exchange rules. They are fair game as much as they care, look in to that.

I am well aware, however all of the banks are basically owned by Lloyds so its no easier than opening an account with Lloyds. Regardless our UK bank is already sorted, and there are no rules in the entirety of the UK.

Yeah, there are no rules anywhere technically, but banks do not like Bitcoin. Look how fast Intersango was fucked. Are they even still around? I remember they went private but I just decided to leave them then.

I just mean an Isle of Man account aren't going to decide to give you a hard time out of nowhere. Llyods may own them but if you contact them they'll basically tell you, you are just like any other business while if you try that with Barclays/Natwest you're not getting such a hassle free time but if you have it sorted then great. Just be careful with them if you start becoming a huge volume exchange

RBS Isle of Man if you ever need a back up plan

[MrWDunne]

Oh well. Never mind. Lots to learn from this failure to launch. Go back to square one. Learn to learn.

Not failed, we're not trying to launch for another two months. We have two months to raise that money.

We have all of the banking sorted, and progress has started on the software side of things.

EDIT: Actually thats a lie, we currently only have a wire transfer partner for EURO. We would like a SEPA partner too.

There are bank accounts in the Isle of Man that are classed as UK banks yet there are no Bitcoin Exchange rules. They are fair game as much as they care, look in to that.

I am well aware, however all of the banks are basically owned by Lloyds so its no easier than opening an account with Lloyds. Regardless our UK bank is already sorted, and there are no rules in the entirety of the UK.

Yeah, there are no rules anywhere technically, but banks do not like Bitcoin. Look how fast Intersango was fucked. Are they even still around? I remember they went private but I just decided to leave them then.

I just mean an Isle of Man account aren't going to decide to give you a hard time out of nowhere. Llyods may own them but if you contact them they'll basically tell you, you are just like any other business while if you try that with Barclays/Natwest you're not getting such a hassle free time but if you have it sorted then great. Just be careful with them if you start becoming a huge volume exchange

RBS Isle of Man if you ever need a back up plan

Functionally speaking Isle of Man operates as Lloyds, you get through to the same customer support people etc.

As for volume, thats not a concern for two reasons. The first being the bank know what we're doing, and now know the rules. The second being if our volume gets high enough, we have another bank that will take us based on the volume. (Assuming we have at least £1m in the account at all times).

That should be doable, especially as we could include other currencies and as bitcoin grows, the fiat balance grows too.

(Yes, I know Lloyds don't own the only IoM bank. However we have spoken to the others and they have the same policy.

[ex-trader]

Advisor: Lieven Van Neste

Type that into Google, the results are interesting. Hope it's not the same man........

[MrWDunne]

Advisor: Lieven Van Neste

Type that into Google, the results are interesting. Hope it's not the same man........

Holy crap, yeah that is scary.

No, not the same man, I am pleased to say.

[Malibusparky]

Is this still legit? I was thinking about investing but yesterday in my counterwallet your buy btc bids disappeared. Now its back up. Plus there has been no activity here in a day.

Any updates for potential investors?

Also what happens if you don't sell all the shares? What happens if you don't even get anywhere close to what you need? What happens to those who bought your asset?

[MrWDunne]

Is this still legit? I was thinking about investing but yesterday in my counterwallet your buy btc bids disappeared. Now its back up. Plus there has been no activity here in a day.

Any updates for potential investors?

Also what happens if you don't sell all the shares? What happens if you don't even get anywhere close to what you need? What happens to those who bought your asset?

Yes its still legit, counterwallet orders automatically expire after a while.

As for not getting close to what we need, we will. We're not far off it and even if we can't raise it this way we have other methods.

Should be a big announcement next week.

[MrWDunne]

Do not use this service. It is a scam.

Service hasn't even launched.

Worth noting this man is upset because I alerted people not to use his HYIP.

https://bitcointalk.org/index.php?topic=610197.0

[btc-banker]

Do not use this service. It is a scam - i know this gay from other forum, he scammed many

[MrWDunne]

Do not use this service. It is a scam - i know this gay from other forum, he scammed many

Homophobic comment makes it even better.

Who am I in this other forum then?

[fluffypony]

Do not use this service. It is a scam.

Service hasn't even launched.

Worth noting this man is upset because I alerted people not to use his HYIP.

https://bitcointalk.org/index.php?topic=610197.0

He's an idiot, ignore him. As someone who recently dealt with something similar, the best thing you can do is not engage and keep going. Fools like this will get louder despite mounting evidence of your legitimacy over time, ignore them and keep going.

[MrWDunne]

Do not use this service. It is a scam.

Service hasn't even launched.

Worth noting this man is upset because I alerted people not to use his HYIP.

https://bitcointalk.org/index.php?topic=610197.0

He's an idiot, ignore him. As someone who recently dealt with something similar, the best thing you can do is not engage and keep going. Fools like this will get louder despite mounting evidence of your legitimacy over time, ignore them and keep going.

Thank you for the advice fluffypony. I shall take it.

[MrWDunne]

Still need to raise a fair amount of funds.

Going to list on Colored coins as well.

[MrWDunne]

Now on ColoredCoin

[Kalkuuuta]

This not anymore IPO to both casino and exchange, now only for exchange? How about hem who buy already when you wrote to sell exchange and casino shares?

[MrWDunne]

This not anymore IPO to both casino and exchange, now only for exchange? How about hem who buy already when you wrote to sell exchange and casino shares?

Still for casino too, just taken away the emphasis.

[tricomp]

I  gather from the content in this  thread that you have 100,000 shares total , out of which you wish to sell 15,000 shares, with the first 2400 shares going for 0.008BTC/share. Meanwhile your info on

https://angel.co/dunne-capital/fundraising

indicates that you have had $40,000 previous funding and you are trying to raise equity of $100,000.
Could  you just give a current update on the paid-up shares , reserve shares and  shares already issued for  the previous funding .

[MrWDunne]

I  gather from the content in this  thread that you have 100,000 shares total , out of which you wish to sell 15,000 shares, with the first 2400 shares going for 0.008BTC/share. Meanwhile your info on

https://angel.co/dunne-capital/fundraising

indicates that you have had $40,000 previous funding and you are trying to raise equity of $100,000.
Could  you just give a current update on the paid-up shares , reserve shares and  shares already issued for  the previous funding .

Inaccurate numbers, my fault. Raised $10,000 out of my own money. Looking to raise $40,000

[tricomp]

I  gather from the content in this  thread that you have 100,000 shares total , out of which you wish to sell 15,000 shares, with the first 2400 shares going for 0.008BTC/share. Meanwhile your info on

https://angel.co/dunne-capital/fundraising

indicates that you have had $40,000 previous funding and you are trying to raise equity of $100,000.
Could  you just give a current update on the paid-up shares , reserve shares and  shares already issued for  the previous funding .

Inaccurate numbers, my fault. Raised $10,000 out of my own money. Looking to raise $40,000

So you are trying to raise $40,000 via 15000 shares at 0.008 BTC/share. The balance of 85,000 shares is in reserve (unissued) , right?  Or has any gone to some initial seed capital investors?

[MrWDunne]

I  gather from the content in this  thread that you have 100,000 shares total , out of which you wish to sell 15,000 shares, with the first 2400 shares going for 0.008BTC/share. Meanwhile your info on

https://angel.co/dunne-capital/fundraising

indicates that you have had $40,000 previous funding and you are trying to raise equity of $100,000.
Could  you just give a current update on the paid-up shares , reserve shares and  shares already issued for  the previous funding .

Inaccurate numbers, my fault. Raised $10,000 out of my own money. Looking to raise $40,000

So you are trying to raise $40,000 via 15000 shares at 0.008 BTC/share. The balance of 85,000 shares is in reserve (unissued) , right?  Or has any gone to some initial seed capital investors?

Correct.

Its actually ~£20,000 but angel.co doesn't give that as an option.

Potential seed investors are out there, nothing confirmed yet.

[tricomp]

I  gather from the content in this  thread that you have 100,000 shares total , out of which you wish to sell 15,000 shares, with the first 2400 shares going for 0.008BTC/share. Meanwhile your info on

https://angel.co/dunne-capital/fundraising

indicates that you have had $40,000 previous funding and you are trying to raise equity of $100,000.
Could  you just give a current update on the paid-up shares , reserve shares and  shares already issued for  the previous funding .

Inaccurate numbers, my fault. Raised $10,000 out of my own money. Looking to raise $40,000

So you are trying to raise $40,000 via 15000 shares at 0.008 BTC/share. The balance of 85,000 shares is in reserve (unissued) , right?  Or has any gone to some initial seed capital investors?

Correct.

Its actually ~£20,000 but angel.co doesn't give that as an option.

Potential seed investors are out there, nothing confirmed yet.

Your $10,000 investment , is it part of the 15000 shares or is it treated differently?

[MrWDunne]

Treated differently. I founded the company so had the shares by default. I have put $10,000 into this and then I am selling 15%.

[tricomp]

Treated differently. I founded the company so had the shares by default. I have put $10,000 into this and then I am selling 15%.

Got it. Is the BitcoinBourse.eu  option for buying still active?

[MrWDunne]

Treated differently. I founded the company so had the shares by default. I have put $10,000 into this and then I am selling 15%.

Got it. Is the BitcoinBourse.eu  option for buying still active?

Technically, yes. I don't advise it though. In fact I would really rather you didn't. Counterparty and coloredcoins work great. Less sign up your end and less fees on my end too.

[MrWDunne]

Exchange demo will be available to see tomorrow.

[steyehn]

what happens when you cant raise the $40000 funds? will the launch still push thru or will it launch only after you raise the the said amount?

[MrWDunne]

what happens when you cant raise the $40000 funds? will the launch still push thru or will it launch only after you raise the the said amount?

The amount we need has gone down. We now need £7500 to launch.

As stated, will have a demo available to see tonight hopefully. Its not finished but about a month away.

We could launch with a fair bit less than that, but we would have to neglect things like security auditing which is obviously an awful idea. I'm not sure I would want to launch at all without a multi-tiered security audit.

[MrWDunne]

We plan to use a custom version of Crypto Capital's engine. Also utilizing their services for US and Canadian customers. If you want to try out their product check out demo.wlox.io

[steyehn]

the price per share is still .008 btc right? and if i use coinprism to buy some shares, i can still resell them later right?

[MrWDunne]

the price per share is still .008 btc right? and if i use coinprism to buy some shares, i can still resell them later right?

Yes and yes.

[badpeanut]

Could you update use daily here or on your website how many shares are left. I think that would be very usefull for buyers

[MrWDunne]

Could you update use daily here or on your website how many shares are left. I think that would be very usefull for buyers

Enough, around 14,000. Not sold a huge amount.

[badpeanut]

Could you update use daily here or on your website how many shares are left. I think that would be very usefull for buyers

Enough, around 14,000. Not sold a huge amount.

Thank you!

[MrWDunne]

Could you update use daily here or on your website how many shares are left. I think that would be very usefull for buyers

Enough, around 14,000. Not sold a huge amount.

Thank you!

Very welcome!

[MrWDunne]

We're now planning to weight dividends in our investors favor until we make ROI.

So if we sell 5% of our shares, you'll get ~20* the actual dividends - minus expenses of course.

[NotLambchop]

@MrWDunne:  It's important not to seem desperate.

[MrWDunne]

@MrWDunne:  It's important not to seem desperate.

True. Although its something I've seen with other companies and it seems like a good idea, from an investors perspective.

[NotLambchop]

The trick is not to constantly lower your goals.  What happened to the exchange software your Satanist developer was working on?

Exchange demo will be available to see tomorrow.

[MrWDunne]

The trick is not to constantly lower your goals.  What happened to the exchange software your Satanist developer was working on?

Exchange demo will be available to see tomorrow.

I sort of revealed it by saying we will be working with Crypto Financial. However here is our version: http://188.226.254.53/frontend/htdocs/index.php

Our developer is working on a whole new trade engine for it. As opposed to the one that comes stock and by the middle of next week we shall have the second draft designs. Once those are finalized the designers will begin implementing it.

[theMiracle]

Unless Crypto Financial has contacted you prior to its public update, you could not have known about beta.  Were you contacted by Crypto Financial?
Re. your link:  WTF am i looking at?  Zero functionality.  So, where's your demo?

[MrWDunne]

Unless Crypto Financial has contacted you prior to its public update, you could not have known about beta.  Were you contacted by Crypto Financial?
Re. your link:  WTF am i looking at?  Zero functionality.  So, where's your demo?

Did you go to the link? Its functional. You can't trade on it yet, as thats not what we meant by demo.

And no, we were contacted by people who are on the Crypto Financial board. (Quite literally ~3 months ago)

[NotLambchop]

Unless you were contacted by Crpypto Financial, you couldn't know of its demo release date.  You have made no prior mention of working with Crypto Financial.  You have promised to show us your demo, not one coded by Crpypto Financial.

I have followed your link. The only chance for interaction I have found is order-book.php, which seems to offer exactly none.  Perhaps I have missed something, if so, what?

[MrWDunne]

Unless you were contacted by Crpypto Financial, you couldn't know of its demo release date.  You have made no prior mention of working with Crypto Financial.  You have promised to show us your demo, not one coded by Crpypto Financial.

I have followed your link. The only chance for interaction I have found is order-book.php, which seems to offer exactly none.  Perhaps I have missed something, if so, what?

Just answered that one, I did know of the release date and I've known about it for several months. And of course I didn't mention it, it was their information to share not mine.

Middle of next week it should stop looking like what they made, and in 3/4 weeks the whole back end will have been replaced.

To clarify on this, the intention to launch the exchange did not start at the same time as this thread. I was waiting to have a more concrete date as to when Crypto Financial would be ready.

[NotLambchop]

Unless you were contacted by Crpypto Financial, you couldn't know of its demo release date.  You have made no prior mention of working with Crypto Financial.  You have promised to show us your demo, not one coded by Crpypto Financial.

I have followed your link. The only chance for interaction I have found is order-book.php, which seems to offer exactly none.  Perhaps I have missed something, if so, what?

Just answered that one, I did know of the release date and I've known about it for several months. And of course I didn't mention it, it was their information to share not mine.

Middle of next week it should stop looking like what they made, and in 3/4 weeks the whole back end will have been replaced.

In that case, no point pretending that you meant to show us Crpypto Financial's demo all along.  You simply chanced into it.
The link you have offered to your demo, order-book.php, has zero functionality.  So the question stands, what have I missed?

[MrWDunne]

Unless you were contacted by Crpypto Financial, you couldn't know of its demo release date.  You have made no prior mention of working with Crypto Financial.  You have promised to show us your demo, not one coded by Crpypto Financial.

I have followed your link. The only chance for interaction I have found is order-book.php, which seems to offer exactly none.  Perhaps I have missed something, if so, what?

Just answered that one, I did know of the release date and I've known about it for several months. And of course I didn't mention it, it was their information to share not mine.

Middle of next week it should stop looking like what they made, and in 3/4 weeks the whole back end will have been replaced.

In that case, no point pretending that you meant to show us Crpypto Financial's demo all along.  You simply chanced into it.
The link you have offered to your demo, order-book.php, has zero functionality.  So the question stands, what have I missed?

I think you have misunderstood me, I did mean to show you their demo. As stated I've known about it for a while and we had chosen to use their technology. Its not a coincidence in the dates.

Also, it is functional. You could trade on it if you could get any money on it, which you currently can't.

You can however register an account and log in, that is working.

[NotLambchop]

^In other words, the functionality of your demo is ...the login script?
Excelsior! 

[MrWDunne]

^In other words, the functionality of your demo is ...the login script?
Excelsior! 

The demo was more to show that we're doing something, and to allow people to follow the progress. Not for you to be able to trade, or much else for that matter.

As stated, at the beginning/middle of next week we can show you the second set of draft designs.

[NotLambchop]

^In other words, the functionality of your demo is ...the login script?
Excelsior! 

The demo was more to show that we're doing something, and to allow people to follow the progress. Not for you to be able to trade, or much else for that matter.

As stated, at the beginning/middle of next week we can show you the second set of draft designs.

Your login script doesn't work.  Insists that my email is invalid

[MrWDunne]

^In other words, the functionality of your demo is ...the login script?
Excelsior!  

The demo was more to show that we're doing something, and to allow people to follow the progress. Not for you to be able to trade, or much else for that matter.

As stated, at the beginning/middle of next week we can show you the second set of draft designs.

Your login script doesn't work.  Insists that my email is invalid

Working fine for me, PM me your email and I'll try it out.

EDIT: Your email probably contains a + sign or similar. That isn't supported.

[theMiracle]

Gotcha!  Tried a new one, works like a charm!


I see you put some serious work into this

[MrWDunne]

Gotcha!  Tried a new one, works like a charm!

I see you put some serious work into this

We are not live, this is not an alpha, or a beta.

[MrWDunne]

Email now says Mimex, although not sure why that was even a problem for a site I simply linked to so you can follow the progress easily.

[theMiracle]

What is the demo supposed to demo?  Your ability to download and install plugins/scripts?
In that case, well done.

[MrWDunne]

What is the demo supposed to demo?  Your ability to download and install plugins/scripts?
In that case, well done.

Installation was not quite that simple, but that is besides the point. Just to reiterate, this is so that progress can be followed, this is not to show off abilities. What it is showing off will become apparent as development progresses. This is just another way to follow progress as opposed to just the development blog. I promised transparency, that includes showing what happens from a very basic beginning.

[theMiracle]

Protip:  When coding a currencies exchange, it is important to pay attention to security from the gitgo.



You know how to change permissions on Apache, right?

[MrWDunne]

Protip:  When coding a currencies exchange, it is important to pay attention to security from the gitgo.


You know how to change permissions on Apache, right?

Yes, I do. This is the development machine, a VPS. ~not~ the servers it will be hosted on.

[theMiracle]

You're dangerous, d00d.  Make a few "Hello World" variants before diving into finance.

BankAccounts.php indeed

[MrWDunne]

You're dangerous, d00d.  Make a few "Hello World" variants before diving into finance.

BankAccounts.php indeed

http://188.226.254.53/frontend/lib/BankAccounts.php

Not a security concern...

[NotLambchop]

I admire your spunk and "can-do" attitude.  That, combined with good personal grooming (did you buy a new pair of socks like I've suggested?), is sure to propel you and your fine currencies exchange to dizzying heights!

[theMiracle]

...
Installation was not quite that simple...

Computers are hard...

[rethink-your-strategy]

Protip:  When coding a currencies exchange, it is important to pay attention to security from the gitgo.

You know how to change permissions on Apache, right?

I guess you could say this exchange

(•_•)

( •_•)>⌐■-■

(⌐■_■)

is hacked together.

YEEEEEAAAAAAAAAAH

[MrWDunne]

Equally, you could say it is unfinished.

[mikaeldice]

I only spent a couple of minutes looking at the code here..  I don't know much about PHP or db_update function, so I could be wrong, but this seems a bit suspect to me.

Can you verify whether this is accepting a POST request from a user and then directly including the user input in a database update with the only validation performed being a check for whether or not it begins with a number?

https://github.com/wlox/wlox-api/blob/master/htdocs/api.php#L9

https://github.com/wlox/wlox-api/blob/master/htdocs/api.php#L28

This seems dangerous, like a potential SQL injection.

While open source software is great for large projects that get lots of eyeballs on them, utilizing a smaller project like this exposes you to a lot of risk.  There are what, 2-3 contributors to safeguard how many users in your target market?  Once there is any amount of financial incentive behind inspecting the code base, such as this code going live somewhere, malicious users will spend countless hours peering through the code for the most miniscule errors that could lead to a compromise.  They'll setup testing environments locally so that their actions aren't detectable until the deed is done.

You should really investigate how the project is managed a bit more, as well.  There appears to be no testing methodology in place..  zero code coverage.   The repository is setup with only the single master branch, which means that any work on new features or changes aren't separated out until they can be confirmed as valid/secure/non-breaking before getting merged...

Just be careful here.. You're working with people's money.

[MrWDunne]

Mikael,

I totally agree with you. We are not launching using this code, the majority of it will be our own. Also we are having security audits done prior to launch.

I've not had much of a look like at the API yet, but it most definitely will be coming under heavy scrutiny. Please may you post that on their git?

[instant-bitcoin]

Sounds technically difficult and probably a scam.
Also looking at the member other 'dice' website - looks like a child has produced it and is still not working.

Will avoid.

[MrWDunne]

Sounds technically difficult and probably a scam.
Also looking at the member other 'dice' website - looks like a child has produced it and is still not working.

Will avoid.

For reference, he is upset because I questioned the fee levels of his service. (see here: https://bitcointalk.org/index.php?topic=624924 )

Disregard-able comment

[WoopDeBoop]

There's plenty of ways to purchase bitcoins in the UK without LBC. I can think of at least three where you can buy them for bank transfer instantly.

Admittedly it's all one way and there is no true "exchange"

but to keep repeating that there is no way to buy them in the UK is just a lie to promote your own business.

https://bitbargain.co.uk/

https://quickbitcoin.co.uk/

https://speedybitcoin.co.uk/

https://bittylicious.com/

[MrWDunne]

There's plenty of ways to purchase bitcoins in the UK without LBC. I can think of at least three where you can buy them for bank transfer instantly.

Admittedly it's all one way and there is no true "exchange"

but to keep repeating that there is no way to buy them in the UK is just a lie to promote your own business.

https://bitbargain.co.uk/

https://quickbitcoin.co.uk/

https://speedybitcoin.co.uk/

https://bittylicious.com/

I somewhat understand your point, but the markup is still huge and they are not exchanges. We will be the first exchange with access to the UK banking network. Compare our highest fee tier of 0.4% to 5%+ markup and you will understand what I mean.

If bitcoin is to be used as a currency, these fees are far to high. Losing 5%+ purchasing power instantly in unacceptable.

[MrWDunne]

Second set of drafts coming through tomorrow.

Seen a little preview, already looking very sharp.

After that, we refine and then program. Looking good for the one month ETA

[MrWDunne]

http://imgur.com/a/jw2qk

Second set of designs just came in, still refining them but I think it is looking incredibly sharp.

Progress is advancing rapidly. 1 month ETA

EDIT: Designers for some reason added adverts, of course there will be no adverts.

[MrWDunne]

We have all of the needed funds to finish development of the platform. We will be needing more in the not too distant future but that will be for security/colocation.

Once the platform is ~90% complete we'll go through the next push for funding.

[grandpa_seth]

We have all of the needed funds to finish development of the platform. We will be needing more in the not too distant future but that will be for security/colocation.

Once the platform is ~90% complete we'll go through the next push for funding.

Thanks for the update. That is great news.

[MrWDunne]

We have all of the needed funds to finish development of the platform. We will be needing more in the not too distant future but that will be for security/colocation.

Once the platform is ~90% complete we'll go through the next push for funding.

Thanks for the update. That is great news.

I think so. We're currently working on the backend more than anything, in order to make day to day management of the exchange easier for myself. Design implementation begins on Monday.

[Dogedigital]

2FA?

[MrWDunne]

2FA?

2FA by authy. Also among other things PGP for email (optional).

[MrWDunne]

http://Mimex.uk secured.

[railzand]

http://Mimex.uk secured.

Ooh that's great. And your own site?

[MrWDunne]

http://Mimex.uk secured.

Ooh that's great. And your own site?

What do you mean? By secured I mean we own it.

[railzand]

must be a dns propagation thing. thought it was a typo

[MrWDunne]

must be a dns propagation thing. thought it was a typo

Ah okay, no the .uk domain comes out tomorrow so I've got a pre-order on it. I also have the rights to it anyway as I own .co.uk

[railzand]

all these tlds..

[MrWDunne]

all these tlds..

Indeed. Working on getting another one that we won't get penalized for on every google but google.co.uk

[arbitrage001]

You value a company over $500k with no record, no sales and not yet fully functional exchange?

Do you have a working demo that you can show to potential investors?


To accept fiat deposit and withdraw, you will need a money transmitter license. Do you plan to acquire the license? And how much does it cost to acquire such license in UK?

[arbitrage001]

I only spent a couple of minutes looking at the code here..  I don't know much about PHP or db_update function, so I could be wrong, but this seems a bit suspect to me.

Can you verify whether this is accepting a POST request from a user and then directly including the user input in a database update with the only validation performed being a check for whether or not it begins with a number?

https://github.com/wlox/wlox-api/blob/master/htdocs/api.php#L9

https://github.com/wlox/wlox-api/blob/master/htdocs/api.php#L28

This seems dangerous, like a potential SQL injection.

While open source software is great for large projects that get lots of eyeballs on them, utilizing a smaller project like this exposes you to a lot of risk.  There are what, 2-3 contributors to safeguard how many users in your target market?  Once there is any amount of financial incentive behind inspecting the code base, such as this code going live somewhere, malicious users will spend countless hours peering through the code for the most miniscule errors that could lead to a compromise.  They'll setup testing environments locally so that their actions aren't detectable until the deed is done.

You should really investigate how the project is managed a bit more, as well.  There appears to be no testing methodology in place..  zero code coverage.   The repository is setup with only the single master branch, which means that any work on new features or changes aren't separated out until they can be confirmed as valid/secure/non-breaking before getting merged...

Just be careful here.. You're working with people's money.

It is indeed a sql injection vulnerability.

Assuming the IPO itself isn't scam, one must question the technical competency of the offer. One must carefully evaluate "free' open source project out there and question why it is free in the first place.

[MrWDunne]

You value a company over $500k with no record, no sales and not yet fully functional exchange?

Do you have a working demo that you can show to potential investors?


To accept fiat deposit and withdraw, you will need a money transmitter license. Do you plan to acquire the license? And how much does it cost to acquire such license in UK?

We have a working demo, bank accounts and hardware.

We don't need a license in the UK, although we will be getting one. That costs £50. Yes, a whole £50.

For US and Canadian customers we are hoping to work with Crypto Financial, they do have the licenses.

[arbitrage001]

You value a company over $500k with no record, no sales and not yet fully functional exchange?

Do you have a working demo that you can show to potential investors?


To accept fiat deposit and withdraw, you will need a money transmitter license. Do you plan to acquire the license? And how much does it cost to acquire such license in UK?

We have a working demo, bank accounts and hardware.

We don't need a license in the UK, although we will be getting one. That costs £50. Yes, a whole £50.

For US and Canadian customers we are hoping to work with Crypto Financial, they do have the licenses.

1) The sign up script doesn't appear to be working. Could you repost the link with proper email verification method?

2) You sure you don't need money transmitter license in UK? For US, last I check, to operate with full compliance in US, you will need to be licensed in each state. That is the reason there is no major exchange in US. I am not familiar with Cryto Financial, if they have license in US and Canada, why they offer a partnership with you and not run their own exchange? What incentive do you offer them that they can not do themselves?

3) For the 500k valuation, what is the cost breakdown for the platform, hardware, development cost and other expenses? To compete with bitstamp, btc-e and bitfinex, what is your competitive advantage over them? How do you plan to market the exchange and gain trust? What unique feature do you offer to make people use your exchange? And most importantly, what the the expected dividend payout for investor?



 

[stereotype]

You value a company over $500k with no record, no sales and not yet fully functional exchange?

Do you have a working demo that you can show to potential investors?


To accept fiat deposit and withdraw, you will need a money transmitter license. Do you plan to acquire the license? And how much does it cost to acquire such license in UK?

We have a working demo, bank accounts and hardware.

We don't need a license in the UK, although we will be getting one. That costs £50. Yes, a whole £50.

For US and Canadian customers we are hoping to work with Crypto Financial, they do have the licenses.

Sorry if this has been asked/answered already, are those accounts traditional UK based bank accounts, or Isle of Man/Guernsey type accounts?

[MrWDunne]

Sorry if this has been asked/answered already, are those accounts traditional UK based bank accounts, or Isle of Man/Guernsey type accounts?

UK bank account. Not that it would matter, they all have Faster Payments

[stereotype]

Sorry if this has been asked/answered already, are those accounts traditional UK based bank accounts, or Isle of Man/Guernsey type accounts?

UK bank account. Not that it would matter, they all have Faster Payments

I only ask, as Marc Warne (Bittylicious) apparently still cannot get a standard UK bank to entertain his business after nearly a year of trying, going by his recent BBC Radio 4 interview.

[MrWDunne]

You value a company over $500k with no record, no sales and not yet fully functional exchange?

Do you have a working demo that you can show to potential investors?


To accept fiat deposit and withdraw, you will need a money transmitter license. Do you plan to acquire the license? And how much does it cost to acquire such license in UK?

We have a working demo, bank accounts and hardware.

We don't need a license in the UK, although we will be getting one. That costs £50. Yes, a whole £50.

For US and Canadian customers we are hoping to work with Crypto Financial, they do have the licenses.

1) The sign up script doesn't appear to be working. Could you repost the link with proper email verification method?

2) You sure you don't need money transmitter license in UK? For US, last I check, to operate with full compliance in US, you will need to be licensed in each state. That is the reason there is no major exchange in US. I am not familiar with Cryto Financial, if they have license in US and Canada, why they offer a partnership with you and not run their own exchange? What incentive do you offer them that they can not do themselves?

3) For the 500k valuation, what is the cost breakdown for the platform, hardware, development cost and other expenses? To compete with bitstamp, btc-e and bitfinex, what is your competitive advantage over them? How do you plan to market the exchange and gain trust? What unique feature do you offer to make people use your exchange? And most importantly, what the the expected dividend payout for investor?

1) Its not, we have a private section which we're currently using for dev. If you want to see a functional demo of the script go to http://demo.wlox.io

2) Yes, I am sure. Very sure. As for US, you are correct. The license they have is not to operate an exchange, I can't remember the name of the license precisely but it allows them to essentially escrow funds. They don't run any exchange they just hold the funds, and that is the benefit for them.

3) Hardware, and development is already covered. Raised enough to do that. The other significants costs (pre/shortly after launch) are security and colocation which total around £7000 to be done to the standards which I want to hold it to. Once we have significant volume another cost will be legal counsel, more specifically a part time compliance officer and an expensive solicitor (or someone who can fulfill both roles). We already know where we will be going for those.

With the current amount of investments, and the planned weighted dividends it would take a 8.5BTC worth of dividend payouts to receive ROI +30%.

Incentive has been described a fair amount, but in the UK we have instant, free bank transfers. That is huge to a lot of people who currently have to send expensive/slow SEPA/SWIFT transfers. We can also accept one day transfers in Australia, SEPA transfers in Europe and SWIFT everywhere else. Over time, more importantly once we have the volume to support it we will add things like margin trading as well as providing merchant services.

Later on we will start providing second tier financial services, assuming the law allows it.

[MrWDunne]

Sorry if this has been asked/answered already, are those accounts traditional UK based bank accounts, or Isle of Man/Guernsey type accounts?

UK bank account. Not that it would matter, they all have Faster Payments

I only ask, as Marc Warne (Bittylicious) apparently still cannot get a standard UK bank to entertain his business after nearly a year of trying, going by his recent BBC Radio 4 interview.

I know, neither can CoinFloor (so far, anyway) or any of the other exchanges that have attempted it.

[stereotype]

Sorry if this has been asked/answered already, are those accounts traditional UK based bank accounts, or Isle of Man/Guernsey type accounts?

UK bank account. Not that it would matter, they all have Faster Payments

I only ask, as Marc Warne (Bittylicious) apparently still cannot get a standard UK bank to entertain his business after nearly a year of trying, going by his recent BBC Radio 4 interview.

I know, neither can CoinFloor (so far, anyway) or any of the other exchanges that have attempted it.

Care to share, how you have managed to secure this banking arrangement?

[film2240]

I just saw this and I thought if I can get ROI at the same time as helping to get a good UK Bitcoin exchange then why not.How do I buy shares from you and how much are they each?

[MrWDunne]

I just saw this and I thought if I can get ROI at the same time as helping to get a good UK Bitcoin exchange then why not.How do I buy shares from you and how much are they each?

CounterParty or Colored Coins. To give a good description:

1) Go to CounterWallet.co and create a wallet *write down the seed*

2) Send some bitcoins to one of your addresses (doesn't matter which)

3) Click buy/sell, put I would like to buy DUNNECAP for BTC

4) Type the number that you want to buy *note, you need something like an extra 0.5% to cover fees*

5) Confirm it, and leave the wallet open until the DUNNECAP show in the wallet.

6) Import the address you used into your bitcoin wallet, thats where the dividend payments will go.

[MrWDunne]

Sorry if this has been asked/answered already, are those accounts traditional UK based bank accounts, or Isle of Man/Guernsey type accounts?

UK bank account. Not that it would matter, they all have Faster Payments

I only ask, as Marc Warne (Bittylicious) apparently still cannot get a standard UK bank to entertain his business after nearly a year of trying, going by his recent BBC Radio 4 interview.

I know, neither can CoinFloor (so far, anyway) or any of the other exchanges that have attempted it.

Care to share, how you have managed to secure this banking arrangement?

Friends and family, were of considerable help. That and having a dialogue with them being frank about the risks but describing how we will get around them (essentially the risks are reputation and money laundering).

[arbitrage001]

You value a company over $500k with no record, no sales and not yet fully functional exchange?

Do you have a working demo that you can show to potential investors?


To accept fiat deposit and withdraw, you will need a money transmitter license. Do you plan to acquire the license? And how much does it cost to acquire such license in UK?

We have a working demo, bank accounts and hardware.

We don't need a license in the UK, although we will be getting one. That costs £50. Yes, a whole £50.

For US and Canadian customers we are hoping to work with Crypto Financial, they do have the licenses.

1) The sign up script doesn't appear to be working. Could you repost the link with proper email verification method?

2) You sure you don't need money transmitter license in UK? For US, last I check, to operate with full compliance in US, you will need to be licensed in each state. That is the reason there is no major exchange in US. I am not familiar with Cryto Financial, if they have license in US and Canada, why they offer a partnership with you and not run their own exchange? What incentive do you offer them that they can not do themselves?

3) For the 500k valuation, what is the cost breakdown for the platform, hardware, development cost and other expenses? To compete with bitstamp, btc-e and bitfinex, what is your competitive advantage over them? How do you plan to market the exchange and gain trust? What unique feature do you offer to make people use your exchange? And most importantly, what the the expected dividend payout for investor?

1) Its not, we have a private section which we're currently using for dev. If you want to see a functional demo of the script go to http://demo.wlox.io

2) Yes, I am sure. Very sure. As for US, you are correct. The license they have is not to operate an exchange, I can't remember the name of the license precisely but it allows them to essentially escrow funds. They don't run any exchange they just hold the funds, and that is the benefit for them.

3) Hardware, and development is already covered. Raised enough to do that. The other significants costs (pre/shortly after launch) are security and colocation which total around £7000 to be done to the standards which I want to hold it to. Once we have significant volume another cost will be legal counsel, more specifically a part time compliance officer and an expensive solicitor (or someone who can fulfill both roles). We already know where we will be going for those.

With the current amount of investments, and the planned weighted dividends it would take a 8.5BTC worth of dividend payouts to receive ROI +30%.

Incentive has been described a fair amount, but in the UK we have instant, free bank transfers. That is huge to a lot of people who currently have to send expensive/slow SEPA/SWIFT transfers. We can also accept one day transfers in Australia, SEPA transfers in Europe and SWIFT everywhere else. Over time, more importantly once we have the volume to support it we will add things like margin trading as well as providing merchant services.

Later on we will start providing second tier financial services, assuming the law allows it.

1) The started date of this IPO dated April 24th. The link you provided belong to someone else. How much longer do you need to let potential investor see a fully functional working platform?

2) Campbx, based in US, has a fully functional exchange (and customer) without the license; Cryptsy (US based) also have a fully functional exchange that is running without license to handle fiat, why Cryto Financial approach you and not them?

3) The exchange platform, is just a front end portal to run the trade engine and account for balances. What is this security issue you speak of which need co-location? What is the nature of security threat for an exchange?

4) You have not address the issue of competitive advantage. For any user currently using an exchange out there, why would anyone use a brand new exchange without trust? Bitstamp is located in Euro zone, SEPA transfer already work for bistamp. As for people in Australia, they can use itbit, bitfinex and coinjar with same 1 day wire transfer. Merchant service is already covered by bitpay and coinbase. And margin trading is covered by bitfinex.

5) The 8.5 btc worth of dividend, how do you derive this number? What volume and fee are needed to get this amount of dividend? Is the 8.5 btc being divided by the 500k company valuation (which amount to around 1% ROI). Also, what is the expected monthly expense to run a exchange capable providing 30% RoI?

6) Since this is an IPO, can you provide the names of those who already joined in? That could instill confident to those who may want to join in.

[MrWDunne]

1) The started date of this IPO dated April 24th. The link you provided belong to someone else. How much longer do you need to let potential investor see a fully functional working platform?

2) Campbx, based in US, has a fully functional exchange (and customer) without the license; Cryptsy (US based) also have a fully functional exchange that is running without license to handle fiat, why Cryto Financial approach you and not them?

3) The exchange platform, is just a front end portal to run the trade engine and account for balances. What is this security issue you speak of which need co-location? What is the nature of security threat for an exchange?

4) You have not address the issue of competitive advantage. For any user currently using an exchange out there, why would anyone use a brand new exchange without trust? Bitstamp is located in Euro zone, SEPA transfer already work for bistamp. As for people in Australia, they can use itbit, bitfinex and coinjar with same 1 day wire transfer. Merchant service is already covered by bitpay and coinbase. And margin trading is covered by bitfinex.

5) The 8.5 btc worth of dividend, how do you derive this number? What volume and fee are needed to get this amount of dividend? Is the 8.5 btc being divided by the 500k company valuation (which amount to around 1% ROI). Also, what is the expected monthly expense to run a exchange capable providing 30% RoI?

6) Since this is an IPO, can you provide the names of those who already joined in? That could instill confident to those who may want to join in.

1) We're now a month away from launch. We should have the platform finished (from your perspective) in about two weeks. We'll still need some security and back end work done though.

2) They didn't approach us, we approached them. They will accept multiple exchanges. As for why we have been speaking with one of their board members for about six months, they advised we use their services.

3) If an exchange gets hacked, people lose money. Thats why we need security. Colocation is hosting not security.

4) I did address the main advantage for the UK market. Trust shouldn't be too difficult, just time and features. For example proof of solvency.

5) Received 8.5btc in investment so far. All profits go to those who invested until they earn ROI.

6) No, I have no names. I don't want to know names, I don't need to know names.

[arbitrage001]

3) If an exchange gets hacked, people lose money. Thats why we need security. Colocation is hosting not security.

Since you are running an exchange, what is the nature of this hack? How does people actually lose money?

What measure is taken to prevent this kind of "hack"?

[MrWDunne]

3) If an exchange gets hacked, people lose money. Thats why we need security. Colocation is hosting not security.

Since you are running an exchange, what is the nature of this hack? How does people actually lose money?

What measure is taken to prevent this kind of "hack"?

Have you not been following the news. All of the break ins at various exchanges/services resulting in the loss of their funds.

Just to clarify, by exchange we mean a service like BitStamp, which holds the coins and fiat and allows people to trade.

As for how we prevent it, we find the security holes before the bad guys do and fix them.

[arbitrage001]

3) If an exchange gets hacked, people lose money. Thats why we need security. Colocation is hosting not security.

Since you are running an exchange, what is the nature of this hack? How does people actually lose money?

What measure is taken to prevent this kind of "hack"?

Have you not been following the news. All of the break ins at various exchanges/services resulting in the loss of their funds.

Just to clarify, by exchange we mean a service like BitStamp, which holds the coins and fiat and allows people to trade.

As for how we prevent it, we find the security holes before the bad guys do and fix them.

Of course I follow news.

For an exchange operator, I just like to know if you know the specific nature of security threat. And have measure in place to prevent and minimize it. And not playing with fire.

The fiat, if you have license as you claimed, will be sitting in your bank account. It is pretty obvious that no one can "steal" or hack the fiat sitting in your company bank account. Which leave the coin wallet the source of vulnerability.

When customer deposit coin in, how was the coin being handled? And what is the withdraw policy for coin?

[MrWDunne]

3) If an exchange gets hacked, people lose money. Thats why we need security. Colocation is hosting not security.

Since you are running an exchange, what is the nature of this hack? How does people actually lose money?

What measure is taken to prevent this kind of "hack"?

Have you not been following the news. All of the break ins at various exchanges/services resulting in the loss of their funds.

Just to clarify, by exchange we mean a service like BitStamp, which holds the coins and fiat and allows people to trade.

As for how we prevent it, we find the security holes before the bad guys do and fix them.

Of course I follow news.

For an exchange operator, I just like to know if you know the specific nature of security threat. And have measure in place to prevent and minimize it. And not playing with fire.

The fiat, if you have license as you claimed, will be sitting in your bank account. It is pretty obvious that no one can "steal" or hack the fiat sitting in your company bank account. Which leave the coin wallet the source of vulnerability.

When customer deposit coin in, how was the coin being handled? And what is the withdraw policy for coin?

Fairly standard, presuming the funds are in the hot wallet it will be withdrawn to their address.

The cold wallet is a 2 of 3 multi-sig address.

[arbitrage001]

Fairly standard, presuming the funds are in the hot wallet it will be withdrawn to their address.

The cold wallet is a 2 of 3 multi-sig address.

How does customer deposit get assigned to his account?

[arbitrage001]

You said you don't need license in UK?

http://www.hmrc.gov.uk/mlr/getstarted/register/who.htm


The facts from the link above, is it not accurate?

[MrWDunne]

You said you don't need license in UK?

http://www.hmrc.gov.uk/mlr/getstarted/register/who.htm


The facts from the link above, is it not accurate?

No, you don't need to get registered.

The facts are accurate but they do not apply to us, that being said we are going to apply for that license but it is really only for appearance and at £50 no reason not to. Same reason why coinfloor got it.

The FCA is responsible for licensing companies like ourselves, but we don't fit in the current framework. That being said they plan to add firms like ourselves to the framework in the future with "project innovate".

[arbitrage001]

https://bitcointalk.org/index.php?topic=448250.msg5501939#msg5501939


You openly promote a known ponzi before. You may be sincere in trying to run a legitimate service.

But I question your competency in decision making and project management.

Please have a fully working platform before asking other for money and you should not value a no profit, no sales company at 500k.

And be transparent about who invest how much. There is a reason why it is called "IPO".




 

[WoopDeBoop]

https://bitcointalk.org/index.php?topic=448250.msg5501939#msg5501939


You openly promote a known ponzi before. You may be sincere in trying to run a legitimate service.

But I question your competency in decision making and project management.

Please have a fully working platform before asking other for money and you should not value a no profit, no sales company at 500k.

And be transparent about who invest how much. There is a reason why it is called "IPO".




 

Damn, I was seriously seriously thinking of throwing a few bitcoin at this.

Anyone who'd fall for a ponzi is clearly not the type of person who should be operating an exchange.

[MrWDunne]

https://bitcointalk.org/index.php?topic=448250.msg5501939#msg5501939


You openly promote a known ponzi before. You may be sincere in trying to run a legitimate service.

But I question your competency in decision making and project management.

Please have a fully working platform before asking other for money and valuing a no profit, no sales company at 500k.

And be transparent about who invest how much. There is a reason why it is called "IPO".




 

When did I ever promote on ponzi? I once participated in one, which is gambling. Can't see any issues around that myself. _{Not that I like to gamble any more, though.  I never threw more than $5 into it (regardless of what I said)}

Also we have a fully working platform, but thats different from complete. We just need to add various features to make it more manageable.

As for the valuation, if we were to make a valuation based upon current assets and profits we wouldn't make enough to launch, in the same way as a lot of the BTC based companies that IPO here. The valuation is based on potential, and the performance of similar services. As well as the value simply held by our possession of a UK bank account.

[MrWDunne]

Just to give some context as to why arbitrage001 is so angry, its because I disagreed with him that his platform is worth what he said it is.

https://bitcointalk.org/index.php?topic=639744

[arbitrage001]

Just to give some context as to why arbitrage001 is so angry, its because I disagreed with him that his platform is worth what he said it is.

https://bitcointalk.org/index.php?topic=639744

And you think your company is worth $500k with no revenue, no profit and no customer base?

Aren't you being a hypocrite here?

[MrWDunne]

We have a customer base, already have a brokerage firm and the vast majority of the UK Bitcoin space (that we've spoken to) planning to use us.

[railzand]

We have a customer base, already have a brokerage firm and the vast majority of the UK Bitcoin space planning to use us.

steady. what?

[MrWDunne]

We have a customer base, already have a brokerage firm and the vast majority of the UK Bitcoin space (that we've spoken to) planning to use us.

steady. what?

Might sound over optimistic, but the feedback has been overwhelmingly positive. Probably worded it wrong

[scryptasicminer]

We have a customer base, already have a brokerage firm and the vast majority of the UK Bitcoin space (that we've spoken to) planning to use us.

steady. what?

Might sound over optimistic, but the feedback has been overwhelmingly positive. Probably worded it wrong

Why are you asking money from the public if you have a sound business?

[MrWDunne]

We have a customer base, already have a brokerage firm and the vast majority of the UK Bitcoin space (that we've spoken to) planning to use us.

steady. what?

Might sound over optimistic, but the feedback has been overwhelmingly positive. Probably worded it wrong

Why are you asking money from the public if you have a sound business?

The point was their intention. We have those people saying they intend (hence usage of the word plan) to use us. We need more money now just for hosting and security. Already have the funding for development.

That being said, we have a couple of 'larger' investors speaking with us so that may end up not being the case.

[NotLambchop]

...we have a couple of 'larger' investors speaking with us so that may end up not being the case.

Naturally.  Met them while discussing your five-dollar ponzi investment, did you?

[MrWDunne]

...we have a couple of 'larger' investors speaking with us so that may end up not being the case.

Naturally.  Met them while discussing your five-dollar ponzi investment, did you?

Not quite. Would you rather hear that I have a severe gambling addiction and put all of my money into ponzis rather than doing $5 for short lived entertainment

[NotLambchop]

Have no preferences re. how you lose money.  Just wanna keep up with the doings of major international financiers such as yourself. 

[superbit]

How often will investors see P&L, and Balance sheet statements?  Will they be audited (both BTC as bitstamp and bitfinex, and USD)?

Are there going to be salaries, or will all money going out be part of the 100,000 shares not being sold?  It's very easy to take astronomical salaries if successful leaving a fraction to go out to share holders.  The contract needs more work.  I suggest you look at other examples as there are many that are much more detailed.

[MrWDunne]

How often will investors see P&L, and Balance sheet statements?  Will they be audited (both BTC as bitstamp and bitfinex, and USD)?

Are there going to be salaries, or will all money going out be part of the 100,000 shares not being sold?  It's very easy to take astronomical salaries if successful leaving a fraction to go out to share holders.  The contract needs more work.  I suggest you look at other examples as there are many that are much more detailed.

Contract is currently lacking, I'll give you that one. Working on a GPG signed contract in the style of an MPEX contract.

As for salaries, I shall not be taking a salary. I am a majority shareholder and that is where I shall be taking the funds.

Initially we will be doing monthly dividends with a small report (basics like profit and expenditure). Eventually it will become a weekly thing, once we have a better idea of the costs (variable costs billed monthly).

Hope that answers the questions!

[steyehn]

for clarification

is it right to assume that the majority shareholders (3 founders) will own 85% of the 100000 shares and the investors ( those who buy shares) will own the remaining 15%?

if not, how many shares are there actually (total shares allotted to majority shareholders and investors) and how many shares (percentage) will the majority shareholders hold and how many shares (percentage) are allotted for investors

[MrWDunne]

for clarification

is it right to assume that the majority shareholders (3 founders) will own 85% of the 100000 shares and the investors ( those who buy shares) will own the remaining 15%?

if not, how many shares are there actually (total shares allotted to majority shareholders and investors) and how many shares (percentage) will the majority shareholders hold and how many shares (percentage) are allotted for investors

Correct, although the investors will have significantly more votes per share than the founders. Once the IPO is over we will work out how many votes the investors need to give them a total of at least 45% of the voting power.

[AcoinL.L.C]

When do you expect your exchange to launch? You've been offering this IPO for a while (I just woke up so my memory might be a little foggy)

[MrWDunne]

When do you expect your exchange to launch? You've been offering this IPO for a while (I just woke up so my memory might be a little foggy)

Around one months time. Platform should be complete in two weeks, after that its mainly just security that we need to work on.

[superbit]

When do you expect your exchange to launch? You've been offering this IPO for a while (I just woke up so my memory might be a little foggy)

Around one months time. Platform should be complete in two weeks, after that its mainly just security that we need to work on.

Mainly just security?  That's the only thing that matters!  Store 90% of holdings in cold storage that NEVER touches anything that has ever been online.  Do not even transfer via USB key, use webcams and QR codes or something similar.

[MrWDunne]

When do you expect your exchange to launch? You've been offering this IPO for a while (I just woke up so my memory might be a little foggy)

Around one months time. Platform should be complete in two weeks, after that its mainly just security that we need to work on.

Mainly just security?  That's the only thing that matters!  Store 90% of holdings in cold storage that NEVER touches anything that has ever been online.  Do not even transfer via USB key, use webcams and QR codes or something similar.

"Mainly just security" refers to the work required in the final two weeks, not our priorities. 2 of 3 address is what shall be used for cold storage and it should be more like 98%. The system is already prepared for this and we get given a "deficit" if someone tries to withdraw more than is in the hot wallet, and alerts us to top it up. Theoretically we could do closer to 99% cold storage but we don't want delays for our customers.

[fdiini]

Most of your answers here seem like a bunch of make up stuffs on the fly.

Do you have experience running a money service business on this scale?

[MrWDunne]

Most of your answers here seem like a bunch of make up stuffs on the fly.

Do you have experience running a money service business on this scale?

Certainly not made up on the fly, just not well documented to begin with, I admit.

And no, not many people do have that experience. (Even if you look at some of the larger firms in the space, i.e Kraken).