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[railzand]

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

[1715096372]

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[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"?