Exchange for sale - Coinnext

[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

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.

Its not worth 10BTC, you will likely be able to get a buyer(s if you decide to sell to multiple people) for the source code at a lower price

[1715583480]

1715583480

[1715583480]

1715583480

[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.

Its not worth 10BTC, you will likely be able to get a buyer(s if you decide to sell to multiple people) for the source code at a lower price

It is worth more, you know that is only 6000$ right, I'm not going to explain multiple times exactly why, just check my posts again and wether you agree or not, please respect my bid.
I do understand that this is a mixed crowd, a lot with very limited resources and only looking to make a quick buck, preferably on a passive income website. As I mentioned before, a project such as a financial exchange is obviously not for those. If I had the option to target only the resourceful and entrepreneurial members with this topic, I would, sadly that's not the way a forum works.

[brian_23452]

I understand where you are coming from.  It always sucks when you put a lot of time and money into something, only to find out it didn't work.  You still feel that it is worth a lot, even though, these things are worth what people will pay for them. 
I actually really like your site.  If your minimum bid were substantially lower, I would even take a flier on it myself.  But the fact is, this is highly speculative.  It is very unlikely to ever make any money no matter how much time\money is sunk into it, and as such there is no way it justifies the price you are looking for. 
At the end of the day, no one cares how much time or effort you spent on the business.  All we care about is the revenue (there is none), the brand (there is none) the customer base (there is none) and the market, which at the moment is super saturated and dominated by larger players. 
It has nothing to do with us being "cheap".  Don't take my word for it, just go over to places like flippa and see what businesses with no revenue and no customer base are worth to get a more realistic idea of what you have here. 

[coinnext]

I understand where you are coming from.  It always sucks when you put a lot of time and money into something, only to find out it didn't work.  You still feel that it is worth a lot, even though, these things are worth what people will pay for them. 
I actually really like your site.  If your minimum bid were substantially lower, I would even take a flier on it myself.  But the fact is, this is highly speculative.  It is very unlikely to ever make any money no matter how much time\money is sunk into it, and as such there is no way it justifies the price you are looking for. 
At the end of the day, no one cares how much time or effort you spent on the business.  All we care about is the revenue (there is none), the brand (there is none) the customer base (there is none) and the market, which at the moment is super saturated and dominated by larger players. 
It has nothing to do with us being "cheap".  Don't take my word for it, just go over to places like flippa and see what businesses with no revenue and no customer base are worth to get a more realistic idea of what you have here. 

It does suck, but sadly we are quitting for different reasons, which remain private. If you suggest I'm pricing this irrationally, you are mistaken. I put the exchange up for auction here, just for the off chance that someone similar to us is/wants to build an exchange, he/she could save a hell of a lot of time while getting the best quality software he could ever wish for, professionally designed, tested and successfully running.

To clarify once more, I have no intends to sell for less, the price is beyond fair and if you don't see that, I'm sorry this is not for you. I know you will not change your opinion, so I won't even try to. I am not desperate to sell, and believe it or not, the main reason we want to is to avoid telling our users (we actually do have quite some already) they can no longer store their coins with us. We are already past the point that selling is actually much less work then shutting down.

Again, this auction will close on 22nd if no bid is received, and the site will shut down gracefully over a period of several weeks.

[RiverBoatBTC]

I think closing it down would be a horrible waste, should just keep controlling interest in it and turn it over. If they do not run it up to par you can take it back over plain and simple. At least this way you have a chance to recoup your money instead of just kissing it good bye.

[AcoinL.L.C]

I think closing it down would be a horrible waste, should just keep controlling interest in it and turn it over. If they do not run it up to par you can take it back over plain and simple. At least this way you have a chance to recoup your money instead of just kissing it good bye.

They lose money every month on it, closing down would be a sensible thing to do. More sensible would be to sell cheaper. Its better to get something than nothing.

And yes, the software etc is all worth more than the opening bid. Except that your buying a business, not a custom script. Thus you sell at what the business is worth, not what you paid for it

[coinnext]

I think closing it down would be a horrible waste, should just keep controlling interest in it and turn it over. If they do not run it up to par you can take it back over plain and simple. At least this way you have a chance to recoup your money instead of just kissing it good bye.

They lose money every month on it, closing down would be a sensible thing to do. More sensible would be to sell cheaper. Its better to get something than nothing.

And yes, the software etc is all worth more than the opening bid. Except that your buying a business, not a custom script. Thus you sell at what the business is worth, not what you paid for it

Your logic doesn't make any sense, you agree the software is worth more stand-alone, but that same software tested and running live/doing trades/having around 500 free visits daily/getting around 20 users daily is somehow worth less? On the contrary the software stand-alone would actually be worth less, although not by much as I've priced this auction very competitively already.
Also, we did not just buy a "custom script" as you suggest, I thought it was clear we are engineers by trade who made everything from the ground up and completely tailored to cryptocurrencies.
I think it's fair to say you are not interested AcoinLLC, you seem someone who invests in small businesses expecting a steady, mostly passive return. Running a financial exchange is obviously not something for you, it's a very serious project to take on I really want to warn people for that, this is really not something that can be approached like you do small businesses. We can argue all day about what you think is a fair price but it's really rather pointless.

[arbitrage001]

I think closing it down would be a horrible waste, should just keep controlling interest in it and turn it over. If they do not run it up to par you can take it back over plain and simple. At least this way you have a chance to recoup your money instead of just kissing it good bye.

They lose money every month on it, closing down would be a sensible thing to do. More sensible would be to sell cheaper. Its better to get something than nothing.

And yes, the software etc is all worth more than the opening bid. Except that your buying a business, not a custom script. Thus you sell at what the business is worth, not what you paid for it

Your logic doesn't make any sense, you agree the software is worth more stand-alone, but that same software tested and running live/doing trades/having around 500 free visits daily/getting around 20 users daily is somehow worth less? On the contrary the software stand-alone would actually be worth less, although not by much as I've priced this auction very competitively already.
Also, we did not just buy a "custom script" as you suggest, I thought it was clear we are engineers by trade who made everything from the ground up and completely tailored to cryptocurrencies.
I think it's fair to say you are not interested AcoinLLC, you seem someone who invests in small businesses expecting a steady, mostly passive return. Running a financial exchange is obviously not something for you, it's a very serious project to take on I really want to warn people for that, this is really not something that can be approached like you do small businesses. We can argue all day about what you think is a fair price but it's really rather pointless.

To take on project on this scale, the person/business buying it would need a development team and marketing team on board.

I would jump on board if I have a team of people with me. Sadly, I don't.


Judging from various posts here, I seriously doubt you can find people with the mindset to take on project this scale. Most people here just trying to find quick buck.

[AcoinL.L.C]

I think closing it down would be a horrible waste, should just keep controlling interest in it and turn it over. If they do not run it up to par you can take it back over plain and simple. At least this way you have a chance to recoup your money instead of just kissing it good bye.

They lose money every month on it, closing down would be a sensible thing to do. More sensible would be to sell cheaper. Its better to get something than nothing.

And yes, the software etc is all worth more than the opening bid. Except that your buying a business, not a custom script. Thus you sell at what the business is worth, not what you paid for it

Your logic doesn't make any sense, you agree the software is worth more stand-alone, but that same software tested and running live/doing trades/having around 500 free visits daily/getting around 20 users daily is somehow worth less? On the contrary the software stand-alone would actually be worth less, although not by much as I've priced this auction very competitively already.
Also, we did not just buy a "custom script" as you suggest, I thought it was clear we are engineers by trade who made everything from the ground up and completely tailored to cryptocurrencies.
I think it's fair to say you are not interested AcoinLLC, you seem someone who invests in small businesses expecting a steady, mostly passive return. Running a financial exchange is obviously not something for you, it's a very serious project to take on I really want to warn people for that, this is really not something that can be approached like you do small businesses. We can argue all day about what you think is a fair price but it's really rather pointless.

No, I don't think you understand. The site itself would cost more money than the opening bid to get something at where it is. Thats irrelevant. Its not worth that much to a buyer, because its not a profitable business. Im going to make the comparison to purchasing miners when its not profitable, if the average price of a GH is $5, and you buy them for $4, thats great. But if each GH will only ever make you $3, its still not worth buying. You have 0 revenue, and are in the whole thousands after a few months. You don't sell a business off of potential, if you wanted to get more money, you should have built a history of the site actually earning cash.

[nwfella]

I think closing it down would be a horrible waste, should just keep controlling interest in it and turn it over. If they do not run it up to par you can take it back over plain and simple. At least this way you have a chance to recoup your money instead of just kissing it good bye.

They lose money every month on it, closing down would be a sensible thing to do. More sensible would be to sell cheaper. Its better to get something than nothing.

And yes, the software etc is all worth more than the opening bid. Except that your buying a business, not a custom script. Thus you sell at what the business is worth, not what you paid for it

Your logic doesn't make any sense, you agree the software is worth more stand-alone, but that same software tested and running live/doing trades/having around 500 free visits daily/getting around 20 users daily is somehow worth less? On the contrary the software stand-alone would actually be worth less, although not by much as I've priced this auction very competitively already.
Also, we did not just buy a "custom script" as you suggest, I thought it was clear we are engineers by trade who made everything from the ground up and completely tailored to cryptocurrencies.
I think it's fair to say you are not interested AcoinLLC, you seem someone who invests in small businesses expecting a steady, mostly passive return. Running a financial exchange is obviously not something for you, it's a very serious project to take on I really want to warn people for that, this is really not something that can be approached like you do small businesses. We can argue all day about what you think is a fair price but it's really rather pointless.

To take on project on this scale, the person/business buying it would need a development team and marketing team on board.

I would jump on board if I have a team of people with me. Sadly, I don't.


Judging from various posts here, I seriously doubt you can find people with the mindset to take on project this scale. Most people here just trying to find quick buck.

Maybe we should all team-up and try and launch this puppy properly

[nwfella]

Have you done any sort of automated stress testing to test the upper thresholds for simultaneous users and trades executed at one time?

Maximum # of coins, users and trades/sec. capable of being executed on what kind of hardware type of data?

[RiverBoatBTC]

I been watching the site looks like someone is injecting coins into it.

[coinnext]

As I've announced, no bids were received prior to 22nth, this auction is now closed

[slu2]

Is this going to be offered again in the future? 

I just saw this thread for the first time, and I am interested. 

[AdamSmith]

Is this going to be offered again in the future? 

I just saw this thread for the first time, and I am interested. 

Pm the poster.

Pretty sure he won't turn off a chance to sell.

[slu2]

I got a reply from the OP.   I have passed on this deal.   If the code were open source, I would have been more interested and I would have continued to negotiate on a price.  But being that the source is not open, it is too risky and difficult to maintain.
I need to be able to hire my own developer to inspect the code for leaks, or unauthorized gateways, and I need to be able to have my own developer maintain the site for me.   I don't trust third parties.

If there are any developers out there that want to work on this with me.  I need an exchange platform that deals with fiat deposits and withdraws, and has the ability to add alt coins on the fly.  I am working on the legal stuff right now.

Thanks!

[RiverBoatBTC]

I got a reply from the OP.   I have passed on this deal.   If the code were open source, I would have been more interested and I would have continued to negotiate on a price.  But being that the source is not open, it is too risky and difficult to maintain.
I need to be able to hire my own developer to inspect the code for leaks, or unauthorized gateways, and I need to be able to have my own developer maintain the site for me.   I don't trust third parties.

If there are any developers out there that want to work on this with me.  I need an exchange platform that deals with fiat deposits and withdraws, and has the ability to add alt coins on the fly.  I am working on the legal stuff right now.

Thanks!

Everyone is going to tell you the same thing they have told me, since I suggest the same exact type of exchange... Markets flooded, the market resistance is to strong.

While do not agree that is the majority of the board member opinion.

[AcoinL.L.C]

I got a reply from the OP.   I have passed on this deal.   If the code were open source, I would have been more interested and I would have continued to negotiate on a price.  But being that the source is not open, it is too risky and difficult to maintain.
I need to be able to hire my own developer to inspect the code for leaks, or unauthorized gateways, and I need to be able to have my own developer maintain the site for me.   I don't trust third parties.

If there are any developers out there that want to work on this with me.  I need an exchange platform that deals with fiat deposits and withdraws, and has the ability to add alt coins on the fly.  I am working on the legal stuff right now.

Thanks!

Goodluck with the "legal" stuff if you want to accept US customers in all 50 US states, Crypsty is running into problems getting it done. If you want to spend 6 figures on getting an exchange up and running that accepts fiat, kudos to you, and hopefully you make your money back, but you would have to convince people to not use any of the competitors that they trust and have been using since alt-coin exchanges became a thing.

[slu2]

There are a few things that will help in this process.  I will reveal some of the legal avenues that I have discovered soon, after I meet with my lawyer.

In my opinion, healthy competition is good for everyone!

[AcoinL.L.C]

There are a few things that will help in this process.  I will reveal some of the legal avenues that I have discovered soon, after I meet with my lawyer.

In my opinion, healthy competition is good for everyone!

Im sorry, but there's no shortcuts when running a fiat exchange and accepting US customers unless you want to be shutdown. I wish you the best of luck, but I will still be using crypsty and mintpal as my 2 exchanges as they have proven they are legitimate exchanges, and already have great liquidity. If you can accept forms of fiat (such as paypal, voucher codes etc) instead of traditional banking, I would use your exchange as I try to avoid banks as much as possible