Why is it so hard to get people's trust?

[Vod]

I already told them my real name. That basically means they know who and where I am and what I am doing etc. Still they don't trust that my business is valid.

I'd guess because your name sounds Chinese.  There are over a billion Chinese, and no way to enforce a civil ruling in China.   

Is this really the problem? American people can flee to another country that is out of reach of America.

Sure they can, but that costs money they won't have.  You are already there.

[wangxinxi]

To Vod: OK, that sounds a bit frustrating because that's not something that I can change. I live in Singapore instead of China by the way.

[Vod]

To Vod: OK, that sounds a bit frustrating because that's not something that I can change. I live in Singapore instead of China by the way.

No problem.     Nothing against you personally, I was just answering your topic question.  Peace to you.

[ANTIcentralized]

I already told them my real name. That basically means they know who and where I am and what I am doing etc. Still they don't trust that my business is valid.

I'd guess because your name sounds Chinese.  There are over a billion Chinese, and no way to enforce a civil ruling in China.   

Is this really the problem? American people can flee to another country that is out of reach of America.

That is really not the problem. The problem is that the information you have provided will not allow people to recover stolen money from you in the event that you end up scamming. Until you give up something that would allow a scamee to recover their money from you if/when you steal from them, they will not trust you

[wangxinxi]

I already told them my real name. That basically means they know who and where I am and what I am doing etc. Still they don't trust that my business is valid.

I'd guess because your name sounds Chinese.  There are over a billion Chinese, and no way to enforce a civil ruling in China.  

Is this really the problem? American people can flee to another country that is out of reach of America.

That is really not the problem. The problem is that the information you have provided will not allow people to recover stolen money from you in the event that you end up scamming. Until you give up something that would allow a scamee to recover their money from you if/when you steal from them, they will not trust you

Is that requirement technically implementable? I don't know any other exchanges can do that.

[Vod]

Is that requirement technically implementable? I don't know any other exchange can do that.

Exchanges don't need to trust.  They have your coin/cash ahead of time.

[wangxinxi]

Is that requirement technically implementable? I don't know any other exchange can do that.

Exchanges don't need to trust.  They have your coin/cash ahead of time.

The thing is that my site is also an exchange. It's a bitcoin options exchange, and people need to deposit before they can trade. I have done my best to publish weekly audit report, and I don't know any other sites can do this.

[Vod]

Is that requirement technically implementable? I don't know any other exchange can do that.

Exchanges don't need to trust.  They have your coin/cash ahead of time.

The thing is that my site is also an exchange. It's a bitcoin options exchange, and people need to deposit before they can trade. I have done my best to publish weekly audit report, and I don't know any other sites can do this.

Right, but your exchange is simply you.  You are asking people to give cash and coins to you, while you live in a country that doesn't allow civil lawsuits.

Sorry, but I can't make it any clearer.   

[wangxinxi]

Is that requirement technically implementable? I don't know any other exchange can do that.

Exchanges don't need to trust.  They have your coin/cash ahead of time.

The thing is that my site is also an exchange. It's a bitcoin options exchange, and people need to deposit before they can trade. I have done my best to publish weekly audit report, and I don't know any other sites can do this.

Right, but your exchange is simply you.  You are asking people to give cash and coins to you, while you live in a country that doesn't allow civil lawsuits.

Sorry, but I can't make it any clearer.   

You misunderstood what ANTIcentralized said.

[nutildah]

Helpful hint:

The trust system here is completely meaningless.

Why?

Because you can buy and sell other peoples' accounts. Ergo, you can buy trust.

Just because some prick buys a senior member account with a positive trust rating, it doesn't mean he isn't still a scamming prick who will use his newly-purchased account to cheat you.

Its simply poor form to give people here the benefit of the doubt. Its irrational to believe otherwise.

[wangxinxi]

Helpful hint:

The trust system here is completely meaningless.

Why?

Because you can buy and sell other peoples' accounts. Ergo, you can buy trust.

Just because some prick buys a senior member account with a positive trust rating, it doesn't mean he isn't still a scamming prick who will use his newly-purchased account to cheat you.

Its simply poor form to give people here the benefit of the doubt. Its irrational to believe otherwise.

It's not completely meaningless. It's actually quite meaningful to me. My real name is Wang Xinxi. Can I buy an account with username "wangxinxi"? That seems not so easy, right?

[sgbett]

Mark Karpeles
Zhou Tong
Josh Zerlan

I know the name of all of these people that I sent bitcoin to. All of them looked legit at the time.

I have nothing against you, this is just answering your question "why won't people trust me?" .. its not *you* its other people that came before you that spoiled it for you.

[Vortex20000]

Not your fault.

It's the scammers' fault.

[Gyfts]

A simple name will not do it. You need to establish a reputation by legitimate business practices. There are many who expose their name, some real some not, and still run away with money.

[wangxinxi]

A simple name will not do it. You need to establish a reputation by legitimate business practices. There are many who expose their name, some real some not, and still run away with money.

Could you elaborate on the "legitimate business practices"? I really want to know that. To me most exchanges such as bitfinex and bitstamp still have no convincing proof that they won't run away with the money, but they have many users trusting them. What's the reason? Is it because they have good looking web interface? Or is it because they have been existing for quite a long time? Or their business model makes them profitable so that they don't have to run away?

[PolarPoint]

You've got to earn others trust. You can't expect members to trust you now just because you started something years ago. You are just another userid here, your real name could be santa for all I know.

[arbitrage001]

A simple name will not do it. You need to establish a reputation by legitimate business practices. There are many who expose their name, some real some not, and still run away with money.

Could you elaborate on the "legitimate business practices"? I really want to know that. To me most exchanges such as bitfinex and bitstamp still have no convincing proof that they won't run away with the money, but they have many users trusting them. What's the reason? Is it because they have good looking web interface? Or is it because they have been existing for quite a long time? Or their business model makes them profitable so that they don't have to run away?

Both exchanges have audit report from reputable third party.

Plus people have send/wire in and send/wire out large amount of btc/money over the course of many months without problem.

That is not to say they won't run away with customer money. But rational owner won't do that given how much profit each exchange is generating for the owners right now.

[wangxinxi]

A simple name will not do it. You need to establish a reputation by legitimate business practices. There are many who expose their name, some real some not, and still run away with money.

Could you elaborate on the "legitimate business practices"? I really want to know that. To me most exchanges such as bitfinex and bitstamp still have no convincing proof that they won't run away with the money, but they have many users trusting them. What's the reason? Is it because they have good looking web interface? Or is it because they have been existing for quite a long time? Or their business model makes them profitable so that they don't have to run away?

Both exchanges have audit report from reputable third party.

Plus people have send/wire in and send/wire out large amount of btc/money over the course of many months without problem.

That is not to say they won't run away with customer money. But rational owner won't do that given how much profit each exchange is generating for the owners right now.

We have verifiable weekly audit report. Bitfinex's report was generated long time ago and not updated after that. Other things are just a matter of time, and there is no essential difference between my site and those established exchanges.

[scryptasicminer]

A simple name will not do it. You need to establish a reputation by legitimate business practices. There are many who expose their name, some real some not, and still run away with money.

Could you elaborate on the "legitimate business practices"? I really want to know that. To me most exchanges such as bitfinex and bitstamp still have no convincing proof that they won't run away with the money, but they have many users trusting them. What's the reason? Is it because they have good looking web interface? Or is it because they have been existing for quite a long time? Or their business model makes them profitable so that they don't have to run away?

Both exchanges have audit report from reputable third party.

Plus people have send/wire in and send/wire out large amount of btc/money over the course of many months without problem.

That is not to say they won't run away with customer money. But rational owner won't do that given how much profit each exchange is generating for the owners right now.

We have verifiable weekly audit report. Bitfinex's report was generated long time ago and not updated after that. Other things are just a matter of time, and there is no essential difference between my site and those established exchanges.

Bitfinex was offering some insane interest rate to lenders to lend to others. The reward was so high that many decided to give them a chance to proof themselves and many were rewarded nicely for placing trust on them.

Many ponzi schemes also offer this kind of incentive and people risk their money on the ponzi operator knowing full well it is a ponzi scheme and cash out as soon as they get enough out of the scheme and stay on sideline.

Same reasoning can be said on many alt pump and dump coins.

Is your exchange offering any kind of incentive to traders so they are willing risk their their btc on it?

[wangxinxi]

A simple name will not do it. You need to establish a reputation by legitimate business practices. There are many who expose their name, some real some not, and still run away with money.

Could you elaborate on the "legitimate business practices"? I really want to know that. To me most exchanges such as bitfinex and bitstamp still have no convincing proof that they won't run away with the money, but they have many users trusting them. What's the reason? Is it because they have good looking web interface? Or is it because they have been existing for quite a long time? Or their business model makes them profitable so that they don't have to run away?

Both exchanges have audit report from reputable third party.

Plus people have send/wire in and send/wire out large amount of btc/money over the course of many months without problem.

That is not to say they won't run away with customer money. But rational owner won't do that given how much profit each exchange is generating for the owners right now.

We have verifiable weekly audit report. Bitfinex's report was generated long time ago and not updated after that. Other things are just a matter of time, and there is no essential difference between my site and those established exchanges.

Bitfinex was offering some insane interest rate to lenders to lend to others. The reward was so high that many decided to give them a chance to proof themselves and many were rewarded nicely for placing trust on them.

Many ponzi schemes also offer this kind of incentive and people risk their money on the ponzi operator knowing full well it is a ponzi scheme and cash out as soon as they get enough out of the scheme and stay on sideline.

Same reasoning can be said on many alt pump and dump coins.

Is your exchange offering any kind of incentive to traders so they are willing risk their their btc on it?

We are the only options exchange. So if you want to trade bitcoin volatility, we are the only choice. Although it may not be as attractive as Bitfinex's interest rate, it meets many people's needs.

So trust is not always neccessary for an exchange. Security means low risk, but if the profit is high enough, people will be willing to take the risk. So, if you are a good options trader and can make good profit from our site, you will also use it although we are still very new. Of course this's not to say we don't care much about security.