Deleted

[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.

[1715076724]

1715076724

[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.