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Author Topic: Cryptostocks - BTC,DVC,LTC denominated Stock Exchange/Crowdfunding Platform  (Read 42521 times)
Cryptostocks
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June 30, 2012, 04:46:24 PM
 #21

The Exchange does not perform any verification other than the email which is verified during the registration process. It is up to the user to judge the legitimacy of listed securities. As such we recommend you to contact the issuer of the security in order to clarify your questions and concerns. Obviously the Exchange cannot vouch or guarantee for any listed security.

We can assure you is that neither the Exchange nor any of its employees have or will be issuing securities on the Exchange.

BTC,LTC,DVC denominated crowd-funding platform: https://cryptostocks.com
BTC and Alt-Chain currency exchange: https://vircurex.com
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Cryptostocks
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July 01, 2012, 03:02:10 PM
 #22

What verification has been done on the 1 company listed so far? How do we know it's trustworthy?

We can confirm (with the permission of the security issuer) that we have received his personal identifying documents and that the name on those  government issued documents match the name used in the email address of the issuer of the security GMP (GLARI Mining Project).

BTC,LTC,DVC denominated crowd-funding platform: https://cryptostocks.com
BTC and Alt-Chain currency exchange: https://vircurex.com
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July 01, 2012, 05:05:15 PM
 #23

The Exchange does not perform any verification other than the email which is verified during the registration process. It is up to the user to judge the legitimacy of listed securities.

Here you had a chance to really innovate over a flaw with GLBSE, and instead you're going in the other direction.

Hopefully 3rd party services will start emerging to deal with this kind of thing.
Ben Walsh (beamer)
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July 01, 2012, 07:53:27 PM
 #24

I think the ability for asset issuers to remain anonymous is a selling point of the exchange for some potential businesses.

However, I expect asset issuers to fully justify to potential investors why they should remain anonymous and accept that a greater reward may be demanded to cover the greater risk.

I agree there is still room for a further exchange (or "sub" exchange) which mandates full verification and public disclosure, to the level of that seen with, for example, Companies House and Director Check in England i.e. http://wck2.companieshouse.gov.uk and http://companycheck.co.uk/company/07995878 and http://company-director-check.co.uk/director/916764162.

The Exchange does not perform any verification other than the email which is verified during the registration process. It is up to the user to judge the legitimacy of listed securities.

Here you had a chance to really innovate over a flaw with GLBSE, and instead you're going in the other direction.

Hopefully 3rd party services will start emerging to deal with this kind of thing.

BTC Difficulty Avg Change Google Gadget - http://bit.ly/nWZLkr
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Bitcoin Oz
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July 01, 2012, 09:49:02 PM
 #25

The Exchange does not perform any verification other than the email which is verified during the registration process. It is up to the user to judge the legitimacy of listed securities. As such we recommend you to contact the issuer of the security in order to clarify your questions and concerns. Obviously the Exchange cannot vouch or guarantee for any listed security.

We can assure you is that neither the Exchange nor any of its employees have or will be issuing securities on the Exchange.

This model doesnt work particularly well for securities. You will end up with a  lot of scammed customers.

A lot of people had this experience with glbse 1.0 and it wasnt enjoyable to see.

There is a bare minimum an exchange can do to protect its users but there really needs to be third parties starting to offer these services.

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July 02, 2012, 01:58:14 AM
 #26

Verification? Lets all step back and ask ourselves, what is the objective of verification? What is it that I am expecting to gain?

I would expect that most of us dont invest more than 50BTC into a stock, with investing I mean buying newly issued shares and not gambling via trading. Lets assume a full verification, you know the name, the address, the telephone number, etc., etc.  and now the issuer's business idea fails or worst case runs away with the money. Will you be initiating legal proceedings because of that small amount lost? Who of you still remembers Enron? We all knew who the CEO was, the CFO, the address of their headquarter, their financial reports, etc. Who had Enron stocks when they collapsed? How much did you get back from any legal actions, did you even bother triggering any?

For those of you who are willing to invest larger amounts, I doubt that you would just rely on an Exchange telling you who the person is and his personal details (if that is allowed, personal data is subject to data protection laws of different flavour around the world). Wouldn't you do your own research on the project and the persons involved. Send an email, organize a Skype Video chat, etc, etc. There are so many ways of building up trust and verify the legitimacy of the business idea.

Though a basic verification will probably reduce the scammers, it'll never completely eliminate them. Lets not use the Verification process as a scapegoat for our failure to perform our own background check.

I see the largest culprit being the people issuing stocks. They tend to underestimate the efforts required to "sell" ones business idea. Just putting the stocks up for sale on GLBSE or Cryptostocks and paying the fees for listing the company is not enough. They should be held more accountable for not providing more information on their projects. How can it be that people wanting to raise amounts greater than 10K USD, cant even bother to put up a basic web page? Don't just put 10 lines of description on the exchange and another 20 lines of text on Bitcointalk. They need to show more indepth information about their team, their project, timeline, financials, etc.
It is things such as these that build trust and will also attract investors after the IPO.

3rd party service? I like the idea, it'll let the exchanges focus on their core business.



Ben Walsh (beamer)
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July 02, 2012, 07:10:14 AM
 #27

The Enron boss got 24 years in prison. What's the Bitcoin community equivalent punishment to deter repeats of such behaviour?

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July 02, 2012, 07:18:40 AM
 #28

The Enron boss got 24 years in prison. What's the Bitcoin community equivalent punishment to deter repeats of such behaviour?
being locked in a cellar for 24 hours, with luke-jr, a loudspeaker, and the king james bible audiobook?

-- Smoov
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July 02, 2012, 05:22:54 PM
 #29

All very amusing, but lets come back to the topic of "Verification".

Check out our web page, we have added a verification policy and process (see link in footnote) and the verification details for each stock listed (see new tab "Verification" on the stock detail screen).

Your comments and feedback are appreciated.


BTC,LTC,DVC denominated crowd-funding platform: https://cryptostocks.com
BTC and Alt-Chain currency exchange: https://vircurex.com
Ben Walsh (beamer)
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July 02, 2012, 05:47:45 PM
 #30

I was actually being deadly serious.

Let's assume we trust Cryptostocks both the poster and the exchange.

A unique piece of functionality I would like to see in an exchange is the ability to view the withdrawal history of the account that issued a given share. Only those holding the share should be able to do this. Notification by email would be a further enhancement. This way an asset issuer knows all investors can see exactly when and how much is taken from the company funds.

Go further ... a motion is required to pass before the withdrawal can be made. Motion fixes the amount maybe even an expiration date too.

Less extreme ... Another user (the company treasurer) has to co-authorise all (or a subset) of withdrawals of the company funds.

Limit the rate at which withdrawals can be made.

Build all configurable bits of above into the contract.

Contract is locked until a motion is passed agreeing to changes.

Implement most of the above and you could swipe the majority of the customers of the other exchanges in under a week.


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How many Bitcoins can I expect to mine ? - http://bitcoindetailedcalculator.appspot.com
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Cryptostocks
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July 03, 2012, 06:37:21 AM
 #31

Not sure if that proposal is not couterproductive. The issuer of a security would want to withdraw the gathered funds ASAP after receiving them otherwise how to proceed with his investment?  The Investor already (implicitly) agreed to the withdrawal of funds when he bought the shares in the first place otherwise what is the objective of the investment if you cant get the money out?


BTC,LTC,DVC denominated crowd-funding platform: https://cryptostocks.com
BTC and Alt-Chain currency exchange: https://vircurex.com
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August 05, 2012, 10:37:56 AM
 #32

Did I happen to try registering while site was having updates posted? I clicked "signup" @ https://cryptostocks.com/ but was redirected to the Vircurex registration page. Assuming I was supposed to register there, I did so, but when I tried to log onto cryptostocks with the credentials I signed up for, it said they were invalid.

I then tried to sign up for cryptostocks using the signup link @ https://cryptostocks.com/users/login but then it says I need to enter a reCaptcha code, though no Captcha box appeared, even though it did for the Vircurex registration page. I'm on Chrome, fwiw.

Don't mix your coins someone said isn't legal
Cryptostocks
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August 07, 2012, 08:02:10 AM
 #33

This error shouldn't be happening. The URLs point to the correct location. I can only explain this that your cache /DNS is still pointing to the old IP address of Cryptostocks which was before the service was launched pointing to Vircurex.com but that was more than 4 weeks ago.

If you ping cryptostocks.com you should get the IP with 69.73.152.225 whereas if you ping Vircurex.com you should get 209.217.250.10

BTC,LTC,DVC denominated crowd-funding platform: https://cryptostocks.com
BTC and Alt-Chain currency exchange: https://vircurex.com
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August 13, 2012, 04:56:26 AM
 #34

It doesn't look like your API is able to get trade history.  If it does I can add the assets listed on that to my dividend charts and other financial info at http://www.stochastically.com

Introducing constraints to the economy only serves to limit what can be economical.
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August 13, 2012, 05:14:08 PM
 #35

The current API is providing "only" a snapshot of the current information: ticker, name, currency, bid, ask, last and volume for 24h, 5d and 30d. We are in the progress of constantly expanding the features provided, including the API. If you have concrete requirements feel free to send them to customerservice@cryptostocks.com and we will do the best we can to accommodate them.

BTC,LTC,DVC denominated crowd-funding platform: https://cryptostocks.com
BTC and Alt-Chain currency exchange: https://vircurex.com
stochastic
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August 13, 2012, 06:03:16 PM
 #36

The current API is providing "only" a snapshot of the current information: ticker, name, currency, bid, ask, last and volume for 24h, 5d and 30d. We are in the progress of constantly expanding the features provided, including the API. If you have concrete requirements feel free to send them to customerservice@cryptostocks.com and we will do the best we can to accommodate them.


Is there a twitter feed that lists the trades?

Introducing constraints to the economy only serves to limit what can be economical.
Cryptostocks
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August 13, 2012, 06:19:30 PM
 #37

No there is no Twitter feed yet in place. But we can provide tailor made API to address your individual API requirements. Let us know what KPI's you need as well as the frequency of polling and we'll work out the respective technical solution.

BTC,LTC,DVC denominated crowd-funding platform: https://cryptostocks.com
BTC and Alt-Chain currency exchange: https://vircurex.com
rlh
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August 16, 2012, 04:48:09 PM
 #38

I thought I'd quickly mention that I've been using Cryptostocks for a couple of weeks.  I own about shares in three separate securities, each has paid out dividends and I've been happy with the service so far.

Great job guys!  Thanks for the constant progress.

Also, on your Dev Log, it looks like the last thing that you have to do is implement the API.  What's comes next?

A Personal Quote on BTT from 2011:
"I'd be willing to make a moderate "investment" if the value of the BTC went below $2.00.  Otherwise I'll just have to live with my 5 BTC and be happy. :/"  ...sigh.  If only I knew.
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August 17, 2012, 11:52:42 AM
 #39

We have expanded to support Devcoin as well as Litecoin and in addition, since 15 Minutes, there is also a RSS feed available showing security listings, share issues, dividend payments, trades and bond buy backs.

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August 17, 2012, 02:14:29 PM
 #40

We have expanded to support Devcoin as well as Litecoin and in addition, since 15 Minutes, there is also a RSS feed available showing security listings, share issues, dividend payments, trades and bond buy backs.

Sweet!  Is it down, though?  The RSS address that you published in the Developer Log (https://cryptostocks.com/rss) isn't returning any data at the moment. Does it require specific parameters?

A Personal Quote on BTT from 2011:
"I'd be willing to make a moderate "investment" if the value of the BTC went below $2.00.  Otherwise I'll just have to live with my 5 BTC and be happy. :/"  ...sigh.  If only I knew.
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