McxNOW (Australian exchange) shutters

goldpelican

goldpelican

Well-Known Member
Silver Stacker
Bet many people didn't know it was a 1 man show :/

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

Digital currency exchange mcxNOW has announced it will suspend trading for the next few months, due to overwhelming support requests.

McxNOW is an exchange that offers interest on balances held by its users. Users now have until 20th December to withdraw coins before the exchange closes for upgrades to its backend and support systems.

The company operates a non-fiat cyrptoexchange, which offers trades between bitcoin, litecoin, primecoin, feathercoin and other altcoins.

It was developed by a single person, going by the online moniker 'RealSolid'. Little is known for certain about the individual, and he declined to give his name when we spoke to him. He did confirm, however, that he is based in Australia.
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"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.
 
goldpelican said:
but it doesn't sound like anyone is suffering losses, just being forced off the platform.
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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.
 
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.
 
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.

:(
 
Clawhammer said:
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.

:(
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Plus if 'investors' haven't lost any money on the 'float' they can't do anything.
 
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
 
I'm using MCXNOW atm, great exchange so far! a lot of volume for Maxcoin and earning interest on deposits is pretty awesome.
 
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?
 
Earthjade said:
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?
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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.
 
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 ,)
 
lurk@l0t said:
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 ,)
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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.
 
pro$pector said:
lurk@l0t said:
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 ,)
Click to expand...

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.
Click to expand...

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%
 
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