McxNOW (Australian exchange) shutters

Discussion in 'Digital Currencies' started by goldpelican, Nov 27, 2013.

  1. goldpelican

    goldpelican Administrator Staff Member

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    Bet many people didn't know it was a 1 man show :/

    http://www.coindesk.com/mcxnow-cryptoexchange-suspends-trading/

    "Argh, it's too big, I'm closing!".

    Don't keep everything on 1 exchange, but it doesn't sound like anyone is suffering losses, just being forced off the platform.
     
  2. Fykus

    Fykus Member Silver Stacker

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    "realsolid" lol
     
  3. beeteecee

    beeteecee New Member Silver Stacker

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    People had huge losses sadly and the whole thing is a lot more obvious than "I got tired of running it". He "floated" virtual shares in the exchange not too long back, so those guys lost out big time.
     
  4. goldpelican

    goldpelican Administrator Staff Member

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    Oh yeah, that was actually mentioned in the article - he "floated" it and then suspends trading.

    Wonder how ASIC feel about the legality of his "float". There's some pretty bloody strict rules around issuing shares in entities before lodged prospectuses etc are required. Could find himself in for a world of hurt.
     
  5. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    IMO ASIC is a joke.

    They could get handed a smoking gun, a body in the conservatory and a guilty looking butler...and they still wouldn't prosecute.

    :(
     
  6. trew

    trew Active Member Silver Stacker

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    Plus if 'investors' haven't lost any money on the 'float' they can't do anything.
     
  7. tozak

    tozak Well-Known Member Silver Stacker

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    Has anyone else checked out McxNOW after the upgrade?

    I just got on it a few days ago and I'm addicted now, it would have to be hands down the best exchange there is.

    https://mcxnow.com

    Interest on coins, BTC currently 30% p.a. and MAX currently 32% p.a. compounded 6 hourly

    Also you can buy into it by buying McxFee, currently 0.3312 BTC and get 0.001% of all the Fee's collected by the site also paid every 6 hours

    Put 3.5BTC in the other day already at 4BTC

    Not saying there isn't risk, I guess site could close down tomorrow and would loose all my coins, that's always the risk with storing coins with someone else
     
  8. whinfell

    whinfell Well-Known Member Silver Stacker

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    I thought affiliate links/referral IDs weren't allowed?
     
  9. Jimmy1986

    Jimmy1986 Active Member Silver Stacker

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    I'm using MCXNOW atm, great exchange so far! a lot of volume for Maxcoin and earning interest on deposits is pretty awesome.
     
  10. Earthjade

    Earthjade Member

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    I've got a Max Coin holding there as well and the interest is a good feature, but the problem is:

    1) To take maximum advantage of a 44% annual interest rate on BTC, you want to put as much into your account as possible.
    2) Who wants to put as much of their account as possible onto a crytpo exchange and expose yourself to a Mt. Gox style risk?
     
  11. Jimmy1986

    Jimmy1986 Active Member Silver Stacker

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    Exactly, i have only got a small amount in there to make trades. in a perfect world i would have all my Bitcoin in there as it may as well be earning interest.

    But we don't live in a perfect world so there is to much counterparty risk.

    Seems like a good exchange so far tho, and with google 2FA is hopefully fairly secure.
     
  12. long88

    long88 Member

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    this is a real bubble now..

    every 6 hours..
     
  13. goldpelican

    goldpelican Administrator Staff Member

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    Correct.
     
  14. lurk@l0t

    lurk@l0t Active Member

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    I like this exchange as well - especially that you can open an anonymous account. Would have been nice though if trading fee 1.5% or lower though. At the moment it's still cheaper to trade on BTC-e and Huobi (0%) if you can read Chinese ,)
     
  15. pro$pector

    pro$pector New Member

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    Trading fee is 0.25% per side. So lower than 1.5%.

    I've known realsolid for ages. Best and fastest engine/exchange hands down, just don't get offended it an admin calls you a c**t haha. :lol:

    Also, if you see a realsolid deadline for "updates", add on 1 - 6 weeks.

    You have to be a bit relaxed, and don't expect any support if you forget your password or whatever.
     
  16. lurk@l0t

    lurk@l0t Active Member

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    lol - sorry - i actually meant to say it's a pity the commission wasn't 0.15% or less. That way it would be cheaper to trade there than at BTC-e - which has a commission of 0.2%
     
  17. pro$pector

    pro$pector New Member

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    Tough times when 0.05% makes a difference aye? :lol:
     

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