minerpart



Offline



Activity: 280

Merit: 250



IIIIII====II====IIIIII







Sr. MemberActivity: 280Merit: 250IIIIII====II====IIIIII

Re: [XCP] IPO announcement. DunneCapital LTD - UK bitcoin exchange and a casino April 24, 2014, 09:30:21 PM #6 I'd love to see a UK based exchange (we need more exchanges) but you need to build up a huge amount of trust and that for me takes more than the meager details on your newly created AngelList page. This quote from that site is another huge concern for me:



'The exchange also provides us with the capability of creating other services, and to take advantage of arbitrage opportunities, provide merchant services and many other exciting opportunities.'



If you are operating a trading exchange and a casino and playing the market between exchanges I see you as very high risk individuals who won't necessarily have the safety of your customers deposits as a priority. You are basically saying here that you will rig your exchange spot price in order to take profit either from your own depositors or attempt to take money from depositors at other exchanges. Have you checked this strategy with the FSA? I think as the exchange operators it could get you locked away.





One thing you haven't even mentioned and it's actually the most important detail - security. You will need to hire an online security expert who protects deposits from hackers and company employees. The huge failings at Bitfunder/WeEx and MtGox and NeoBee mean security is the No. 1 issue for a holder of large bitcoin deposits. You have failed to consider this it seems.



I'm out.