Exchange for sale - Coinnext

[AcoinL.L.C]

One thing to consider which im sure many of you haven't, what if the exchange gets hacked and a lot of funds go missing?

All those that join the group buy could be joint liable for the missing funds.

Wouldn't be the first or last time its happened.

1) You're not liable

2) Raise enough funds for a security audit of the code, and servers. As well as a crowdcurity campaign.

I believe this site has already been checked by crowdcurity


In regards to the OP:
Even with a few thousand in advertising and a good platform, and 0% fee's you are unable to get daily volume over a single bitcoin and change. Do you see why this is worrisome? Huge. Huge. Moneypit.

[1715604658]

1715604658

[coinnext]

One thing to consider which im sure many of you haven't, what if the exchange gets hacked and a lot of funds go missing?

All those that join the group buy could be joint liable for the missing funds.

Wouldn't be the first or last time its happened.

1) You're not liable

2) Raise enough funds for a security audit of the code, and servers. As well as a crowdcurity campaign.

We actually already did all of that, we've also run an active crowdcurity campaign and payed a few hundred USD in bounties.

[coinnext]

In regards to the OP:
Even with a few thousand in advertising and a good platform, and 0% fee's you are unable to get daily volume over a single bitcoin and change. Do you see why this is worrisome? Huge. Huge. Moneypit.

Well actually 70% of our traffic is free traffic that comes from coin communities such as this one, we chose to also have a certain budget for payed advertising, but that doesn't make it a moneypit, this is something that we were going to calculate and the future owner should as well, if an ad is ROI you keep it otherwise you don't renew it. Either way, current ads are all payed for and come with the sale.

About volume, I am not going to sugarcoat it, our volume is very low. But our sale price is priced accordingly low as well, I am not making any profit by this sale, so I'm not trying to "fool" anyone here. We either find someone to take it over or we will close it down.

To increase volume, the truth is that after 1 month in operation you can't expect more then what we currently have. Having 1700+ users deposited and trading on a bugfree platform, even if it's for satoshis, is an okay result for our first month.
I suspect it will take between 3-6 months to get to a point of decent volume. That is at least how long approx. other exchanges before us took (I monitored this a lot over the last 6 months).

We have had several days with volume nearing 4-5 BTC, a few even were we got to 10 BTC (certain coin launches and days when there was general a high volume on exchanges, basically when coin markets are bullish trading traffic increases/when bearish they drop). The total volume on the front page, if that is your source, resets every day.

[MrWDunne]

I'm just going to put it out there once again, with the right management you could easily become the next mintpal/cryptsy whatever with this. Its really just about what you can do as support/admin.

[AcoinL.L.C]

I'm just going to put it out there once again, with the right management you could easily become the next mintpal/cryptsy whatever with this. Its really just about what you can do as support/admin.

Im sorry, but you could not "easily" be the next mintpal / crypty etc. They are established and have been around for over a year. People trust them. This market is saturated. There will be no more big altcoin markets. Even crypto-trade which offers securities / vouchers / altcoin exchange / and Fiat currency support has struggled to get any volume. People go where there is volume. Have no volume, your screwed. The fact that your still at 1.6BTC daily volume after months of 0% fee's and having a userbase of ~1700 users shows that its not going anywhere. No one will place a buy or sell order if it appears that it will never be fulfilled. Altcoins skyrocket and crash quickly, they go where there is volume. There is good volume with Bter, crypsty, mintpal, thats why people go there, because they know their buy/sell orders will be taken care of in a reasonable timeframe.

Im sorry, but this is a money pit. I understand you are not going to make a profit on this, never accused you of that, your likely going to take a loss.


Goodluck with your auction, and goodluck to any future owner. You will need it.

[MrWDunne]

With enough capital you can supply volume, then if you have lets say 10 buyers you can get a considerable amount of traffic just from signatures on the forum.

You just have to excel where others fail, so for example implement full cryptographic proof of reserves on all coins, as well as multi sig cold storage. Provide good customer support (live chat isn't being done on many alt coin exchanges).

[AcoinL.L.C]

With enough capital you can supply volume, then if you have lets say 10 buyers you can get a considerable amount of traffic just from signatures on the forum.

You just have to excel where others fail, so for example implement full cryptographic proof of reserves on all coins, as well as multi sig cold storage. Provide good customer support (live chat isn't being done on many alt coin exchanges).

Supplying volume to your own exchange is basically the same thing as faking the volume... Also known as fraud. Excel where others fail? Lets be honest, no one cares about live chat if theres no volume, same goes to cold storage / proof of reserves.

[MrWDunne]

No, providing volume is not faking volume. It is running your own trading bots with 0 fee trading to reduce the spread. That is fine to do. In fact, a very positive thing for all users.

[AcoinL.L.C]

No, providing volume is not faking volume. It is running your own trading bots with 0 fee trading to reduce the spread. That is fine to do. In fact, a very positive thing for all users.

You should not be trading on your own exchange

[MrWDunne]

No, providing volume is not faking volume. It is running your own trading bots with 0 fee trading to reduce the spread. That is fine to do. In fact, a very positive thing for all users.

You should not be trading on your own exchange

You should not be trading on your own exchange if you are giving your trades priority over others, manipulating the markets or doing anything else shady.

I would like to welcome you to point out how providing liquidity and reducing the spread in a market harms its users. We're not talking about ghost orders, or orders not backed by funds but genuine orders to beef up the order books and reduce the spread.

[AcoinL.L.C]

No, providing volume is not faking volume. It is running your own trading bots with 0 fee trading to reduce the spread. That is fine to do. In fact, a very positive thing for all users.

You should not be trading on your own exchange

You should not be trading on your own exchange if you are giving your trades priority over others, manipulating the markets or doing anything else shady.

I would like to welcome you to point out how providing liquidity and reducing the spread in a market harms its users. We're not talking about ghost orders, or orders not backed by funds but genuine orders to beef up the order books and reduce the spread.

Operating an exchange should be that. Operating, not using. Whats wrong with it, is it effects the prices on the exchange by buying / selling orders, thus in a way "fixes" prices.

[MrWDunne]

No, it doesn't. If you are running a spread trading bot it just does, just that. tightens the spread.

[nino_decoy]

Someone should buy this, put together a management team, raise revenue through selling shares and kick some ass.

I'd buy shares.

[RiverBoatBTC]

I am check the securities section  .

[jadefalke]

Hi,

is there a API?

[coinnext]

Hi,

is there a API?

https://coinnext.com/API

[RiverBoatBTC]

https://coinnext.com/api

[coinnext]

I am going to lower the buy now price to 15 BTC. I think it's fair to say that there has been little interest so far from this community to run an exchange.
In addition, if the auction has not received an official bid before the 22nth, I will prematurely close down the auction and consequently take measures to shut down the service gracefully. After that the codebase is still for sale by PM, however non-exclusively and with no users/branding/marketing/servers.

[AcoinL.L.C]

I am going to lower the buy now price to 15 BTC. I think it's fair to say that there has been little interest so far from this community to run an exchange.
In addition, if the auction has not received an official bid before the 22nth, I will prematurely close down the auction and consequently take measures to shut down the service gracefully. After that the codebase is still for sale by PM, however non-exclusively and with no users/branding/marketing/servers.

Lower min bid, 10BTC is to high for the current market

[coinnext]

I am going to lower the buy now price to 15 BTC. I think it's fair to say that there has been little interest so far from this community to run an exchange.
In addition, if the auction has not received an official bid before the 22nth, I will prematurely close down the auction and consequently take measures to shut down the service gracefully. After that the codebase is still for sale by PM, however non-exclusively and with no users/branding/marketing/servers.

Lower min bid, 10BTC is to high for the current market

The process of sealing the deal and transferring everything is not worth less than 10 BTC to me. I'm basically giving it away for 10 BTC, if that is too much for a buyer, it's just not a suited business for that buyer. Perhaps for the source code a lower price can be justified, but that is not on the table until this auction ends.