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Author: cytpoway121 https://bitcointalk.org/index.php?action=profile;u=2202709
submitted by cytpoway to Crypto_General [link] [comments]

Wayland Group DD

I want to use this thread to present the key findings of going through recent Wayland news releases. Everything shown here is public accessible. I have no intention to accuse someone of fraud or something like this, just asking questions ....

Feb 20 2019: Wayland Group Provides Corporate Update
I do not want to speak about the well below average generated revenues nor the revenue forecasts. Just as a side note: Ben had a forecast of ~ $15,000,000 for Q4 2018 (October – December 2018). The corporate update states $1,305,033 for Q4 2018 (< 10 percentage of the forecast). In addition, you cannot whitewash the 480% increase to the previous quarter.

“Wayland has also entered into an agreement to obtain additional funds to support the expansion of the Company’s global footprint and fund development of its flagship Langton facility. This agreement is with certain investment funds managed by Alpha Blue Ocean Inc. (“Alpha Blue”) a money manager based in London, United Kingdom with a strong track record of partnering with public companies and delivering meaningful value to their shareholders.”

Founder and CEO of Alpha Blue Ocean Inc. is Pierre Vannineuse (https://www.linkedin.com/in/piervan/)

Ok let’s have a look at their strong track record:

JUN 21 2018
QuickCool AB (Publ) ("QuickCool" or the "Company") has entered into a financing agreement with European High Growth Opportunities Securitization Fund through its financial advisor Alpha Blue Ocean Inc.
See: http://news.cision.com/quickcool/quickcool-ab-enters-into-a-financing-agreement-with-european-high-growth-opportunities-securitizatio,c2554476

See performance since financing: https://i.imgur.com/j7HxzPk.png

Okay next
MAR 28 2018: CybAero and European High Growth Opportunities Securitization Fund (“EHGO”), advised by Alpha Blue Ocean Advisors Ltd, member of the Alpha Blue Ocean Investment Group (“ABO”), has now signed an agreement regarding a financing solution of up to SEK 52.5 million in the form of thirteen convertible loans, the first loan of SEK 4.5 million and the following twelve loans each of SEK 4 million.
See: http://news.cision.com/cybaero/cybaero-signs-agreement-with-alpha-blue-ocean-for-up-to-sek-52-5-million,c2483046

Seriously? Just 3 months later:
June 22 2018: Sweden’s largest military drone maker files for bankruptcy
“CybAero had provisionally negotiated a financing solution with the Luxembourg-based European High Growth Opportunities Securitization Fund, or EHGO, to raise $6 million in the form of 13 convertible loans. The EHGO had hired the London-based Alpha Blue Ocean Advisors to mediate a deal. The first tranche in this solution involved a bridge loan amounting to $227,000.
Nasdaq First North rejected this first tranche arrangement and insisted that, in order for trading in its share to resume, CybAero needed to place a minimum of $114,000 in escrow on a authorized bank account. Moreover, Nasdaq First North launched an investigation to determine if the negotiated financing solution violated stock exchange rules.”
See: https://www.defensenews.com/newsletters/unmanned-systems/2018/06/22/swedens-largest-military-drone-maker-files-for-bankruptcy/

Also see: https://simplywall.st/stocks/se/capital-goods/sto-cba/cybaero-shares/news/will-you-be-burnt-by-cybaero-abs-stocba-cash-burn/

Okay next
Feb 20 2018: MOLOGEN AG enters into financing agreement with Alpha Blue Ocean's European High Growth Opportunities Securitization Fund
See: https://www.dgap.de/dgap/News/corporate/mologen-enters-into-financing-agreement-with-alpha-blue-oceans-european-high-growth-opportunities-securitization-fund/?newsID=1053753

See performance since financing: https://i.imgur.com/JXVJ7yq.png

Okay next
19 March 2018: Cereno Scientific enters into a financing agreement with European High Growth Opportunities Securitization Fund through its advisor Alpha Blue Ocean
See: https://www.cerenoscientific.se/en/en/ehgo_agreement

See performance since financing: https://i.imgur.com/CS7rq5y.png

Okay next
10 Jan 2018: FIT Biotech's EUR 10 million financing agreements' share loan and first part of commitment fee related shares have been handed over today to Alpha Blue Ocean
See: https://www.pm360online.com/fit-biotech-oy-fit-biotechs-eur-10-million-financing-agreements-share-loan-and-first-part-of-commitment-fee-related-shares-have-been-handed-over-today-to-alpha-blue-ocean/

See performance since financing: https://i.imgur.com/N0XhSQp.png

FIT Biotech Oy Company release 20.02.2019 at 14:30 EET
Liquidity crisis, request for a tranche and changes to financial calendar and date of the Annual General Meeting
Despite the financing agreement in force, Alpha Blue Ocean (”ABO”) has not paid tranches envisaged by the agreement since 12 November 2018. This has resulted in a liquidity crisis in FIT Biotech Oy (”Company”). The Company has today filed a latest request for a tranche with ABO. Unless ABO pays this tranche by 22 February 2019, Company will have to file for bankruptcy.
See: https://www.marketscreener.com/FIT-BIOTECH-OY-22752983/news/FIT-Biotech-Oy-Liquidity-crisis-request-for-a-tranche-and-changes-to-financial-calendar-and-date-o-28037452/

I think you are able to recognize the pattern. However the best is yet to come. Just google “alpha blue ocean death spiral”. Same type of financing for Element ASA – a Norwegian based mining company.

“The Induct Manager will demand a million dollar compensation from the "Death Spiral Mortgage Company" Alpha Blue Ocean Stock Exchange and Finance”
See: https://vaaju.com/norway/the-induct-manager-will-demand-a-million-dollar-compensation-from-the-death-spiral-mortgage-company-alpha-blue-ocean-stock-exchange-and-finance/

Why Would a Company Want Death Spiral Financing?
“A company that seeks death spiral financing basically has no other option to raise money to survive.”
See: https://www.investopedia.com/terms/d/deathspiral.asp

See also:


Biotech Firms Run Away After Industry Party With Topless Dancers
See: https://www.bloombergquint.com/business/after-biotech-party-features-topless-dancers-firms-pull-support#gs.RO9Bf8oK

https://i.imgur.com/oQ4n3TC.png
Haha … Sean?

Also have a look after Pierre Vannineuse other investing company Bracknor IG. I did not check, but it possibly has a similar track record.

I could go on like this, but I think you got it. So this means “strong track record and delivering meaningful value to their shareholders.” for Ben?

Next news release:
Feb. 07, 2019: Wayland Group Receives EU-GMP Certification for German Facility
“Wayland Group is pleased to announce that it has received both Good Manufacturing Practices and Good Distribution Practices certifications from the national authority in the State of Saxony for the Company’s Ebersbach facility in Germany.”
See: https://globenewswire.com/news-release/2019/02/07/1711837/0/en/Wayland-Group-Receives-EU-GMP-Certification-for-German-Facility.html

Welcome to EudraGMDP
EudraGMDP is the name for the Union database referred to in article 111(6) of Directive 2001/83/EC and article 80(6) of Directive 2001/82/EC. It contains the following information:
· Manufacturing and import authorisations
· Good Manufacturing Practice (GMP) certificates.
· Statements of non-compliance with GMP
· GMP inspection planning in third countries
See: http://eudragmdp.ema.europa.eu/inspections/displayWelcome.do

https://i.imgur.com/W2zdxqH.png

Looks promising

https://i.imgur.com/c6yVRxu.png

SCOPE OF AUTHORISATION
Name and address of the site : Maricann GmbH, Moritzburger Weg 1, Ebersbach OT Naunhof, Sachsen, 01561, Germany
Human Medicinal Products
Authorised Operations
IMPORTATION OF MEDICINAL PRODUCTS (according to part 2)
Part 2 - IMPORTATION OF MEDICINAL PRODUCTS
2.3 Other importation activities
2.3.1 Site of physical importation
2.3.2 Importation of intermediate which undergoes further processing

But where is the GMP certificate? Latest GMP certificates for Germany:

https://i.imgur.com/bZxouN0.png
https://i.imgur.com/ZOlvlwo.png

Just for their facility in Canada. Maybe the missing of the announced GMP certificate is because of the german tender process. Maybe not, who knows …

“These certifications provide Wayland with the foundation to start selling product into the lucrative German and other developing European markets …”

Oh really? Not in my view …

Next news release:
Jan. 31, 2019: Wayland Group Comments on Recent Promotional Market Activity

“Since September 1, 2017 the Company has engaged MJM Markets and Consulting (Toronto, Canada; Follow The Money Investor Group, o/a 2632436 Ontario Limited (Toronto, Canada); Harbor Access LLC (NY, USA); Investing News Network; M. Davis & Associates Capital Inc (Vancouver, Canada); ERPR AS (Oslo, Norway); BlackX GmbH (Germany); Tycona Media (Vancouver, Canada); DiePRBerator (Germany); Global Financial Network (Toronto, Canada), and Prosdocimi (London, UK) at various times to provide investor relations services, public relations services, marketing, native advertising or other related services including the promotion of the Company, its business and/or its securities.”

See: https://globenewswire.com/news-release/2019/01/31/1708838/0/en/Wayland-Group-Comments-on-Recent-Promotional-Market-Activity.html

Really? What is your business model @ Wayland?!

Just to give you one example:

BlackX GmbH received 1,300,000 shares (each $1.50 = $1,950,000) for the creation/translation of pump articles. See: https://webfiles.thecse.com/CSE_Form_9_-_Notice_of_Issuance_of_Securities_BlackX_12Nov2018.pdf?4gdPoHHl03IN_5qafloB2.0FP4zHeqYb=

For what exactly? Example:
https://www.dgap.de/dgap/News/dgap_media/maricann-group-inc-mit-volldampf-die-zukunft-ceo-ben-ward-gibt-ausblick-ueber-hervorragende-entwicklung-der-wayland-group/?newsID=1110809

A template lacking in content with share price predictions of 3 to 5 Euro (4.5 – 7.5 CAD).

Next news release:
Jan 30 2019: Wayland Group Corporation: European Cannabis Giant Wayland is said to be in advanced talks to purchase and re-open the Voss Water bottling plant in Norway
See: https://www.ftmig.com/company-news-releases/european-cannabis-giant-wayland-is-said-to-be-in-advanced-talks-to-purchase-and-re-open-the-voss-water-bottling-plant-in-norway/

The not named London based Norwegian investor in the last paragraph is probably Lars Christian Beitnes (also mentioned in the second paragraph). After reading his name in a Wayland press release again, I got excited. Again? Yes, I have done some DD about Beitnes when Wayland announced the first Malta LOI with Medican Holdings (USD$10.1MM for a recently created shell company in Malta) - see: https://www.newcannabisventures.com/maricann-to-pay-10-million-to-acquire-malta-licensed-cannabis-producer-medican-holdings/

I was glad when Malta Enterprise terminated this LOI “Malta Enterprise then contacted Maricann to request the Company make its own application, as their preference was to work through Maricann rather than Medican.“ – see: https://www.newcannabisventures.com/maricann-to-pursue-malta-medical-cannabis-license-independently/

Why am I shocked to see the name Beitnes and Wayland in a press release?
In my view Beitnes is far away from being a person you should do deals with. He is being accused to be part of several frauds/scams in the past/present and recently left as a Chairmen of Element ASA – see: https://www.dn.no/bors/element/lars-christian-beitnes/rikard-storvestre/avtroppende-styreleder-far-100000-kroner-i-maneden-for-radgivning/2-1-498862

Element ASA … wait … yea the norwegian based mining company who is the victim of the death spiral financing by Alpha Blue Ocean Inc.!!!

There is a long thread about him in a Norwegian stock community with everything mentioned why you should avoid him – see: https://forum.hegnar.no/thread/16282/view/0/0?page=1

Because of the length of the thread, see some highlights:

I know this is much content, but if you want to make your own picture of Beitnes just dig into this whole Element ASA debacle starting last year. Two auditors (EY & PwC) and the CFO left Element … Then Beitnes left as Chairmen but now serving as external consultant for Element receiving 100.000 NOK monthly. https://www.dn.no/bors/element/lars-christian-beitnes/rikard-storvestre/avtroppende-styreleder-far-100000-kroner-i-maneden-for-radgivning/2-1-498862 would be a good start. Or dig deeper into the Swedish Pensions Authority lawsuit against Beitnes.

Finally … just ask yourself why does Ben deals with such shady persons? Did Ben no DD on those guys or did he not want to … And that is just the top of the iceberg.


TO BE CONTINUED
submitted by PHan222 to weedstocks [link] [comments]

My experience with Norbit's Gambit [google sheets link included]

Just want to share my experience doing Norbit's Gambit, for anyone that may want to learn on my experience, or tell me all the ways in which I am wrong.
I've posted a question earlier, asking how to make sure the market didn't swing in the wrong direction. And yes, I understand it's called a "gambit" for a reason.
=== TL;DR === - Wanted to save $65 on currency conversion while buying CAD $3,500 worth of US stock - Overestimated forex fee, underestimated NG cost - Murphy happened... - Lost potential gains of CAD $185.80 while waiting - Is the gambit ever worth it?
=== The goal === - On August 25th, use about CAD $3,500 to buy some US Netflix (NFLX) shares
=== The method === - Buy DLR in CAD - Call brokerage to journal over to US side - Sell DLR.U in USD - Buy NFLX with USD
In a lot of my research, I've been told the "fee" when going through the brokerage (Questrade in my case) is 2%. That's not too accurate.
=== The brokerage Forex rate/fee === So I assumed 2% of $3,500 would be $70.
However it's really an addition of 199 basis points to the exchange rate. I believe they use the closing exchange rate on the date of the transaction.
So if the exchange was 1.2500, it's 1.2699, and $CAD 1000 nets $USD 787.46 ($USD 12.54 short of ideal $USD 800). If we convert 12.54 to CAD, it's $CAD 15.68 or 1.568% on the original $CAD 1000.
But if the exchange is 1.2200, it's 1.2399, and $CAD 1000 nets $USD 806.51 ($USD 13.16 short of ideal $USD 819.67). If we convert 13.16 to CAD, it's $CAD 16.06 of 1.606% of the original $CAD 1000
The "conversion fee" is dependent on the exchange rate, but I can't figure out a quick direct way to calculate what the "fee" would be in source currency %. The closest guesstimate is to divide the basis points by the current exchange rate, as below:
On August 25th, the exchange rate was 1.2483. So the above guesstimate for the Forex "fee" would be $55.80. Or more accurately $54.91, close enough. Still, that's 21.5% lower than the broad *$70** estimate earlier.*
=== The NG effective fee === Here once again, the common consensus is that the NG's fee is just a cost of buying and selling an ETF. So, with QT's free ETF purchases, the guesstimate is just about $5 for the selling commission.
When I bought DLR ETF on August 25th, I got it for CAD $12.42 per share (that's not the day's close price, but what I actually paid). the US side of DLR.U is always US $9.93. The gives the DLR Exchange Rate of 1.2508... already different from the ideal 1.2483 (I suppose that's how the ETF makes money)
So, it would appear the cost/fee of NG is just CAD $0.99 + US $5.94 (CAD $8.40)... but not quite. Let's look as the actual US dollar amounts. Since we can only buy whole shares of DLR + ECN fee, from this point I am converting CAD $3,502.44 + $0.99 = $3,503.43
The difference between the ideal US $amount and what I am left with is the "fee" for doing NG. US $12.24, or CAD $15.28. This sets the NG's Effective Exchange Rate as 1.2538 or a "NG's fee" of 0.44%. Please note that this rate/fee is *based on the converted amount*: the more you convert, the less/cheaper it is.
So comparing the actual cost of NG vs QT's auto conversion and the guesstimates is quite different - Actual $15.28 vs $54.91 ($39.63 spread) - Guesstimate $5 vs $70 ($65 spread)
=== The Time factor === Now that I have US $2,794.32, let's buy some NFLX. The date now is Sept 5th (yes, the NG completed earlier, but I am human... also QT didn't call me when the journaling was completed so I got sidetracked).
Before doing the NG, I calculated that NFLX dropped about 2.02% in 10 days. It could also go up by same amount. That 2.02% rise on CAD $3,500 value would be a gain of $70.7... comparable to $65 guesstimate loss of doing currency auto-conversion through QT (QTAC). So in my analysis, at worth case it would be a wash, in best case I save some money on NG. ... We already know now that the actual cost of QTAC is much less ....
This was the end result of my NG: spent CAD $3,503.43 and 11 days later I have a US stock+cash Portfolio of value US $2,789.37
But considering the increase in NFLX stock over those 11 days, what if I would have just went with Questrade's Auto-conversion (QTAC) route?
In 11 days, the value of NFLX is @178.79 - Current value of 16 NFLX shares = US $2,860.64 - Plus cash US $77.57 for a Total Portfolio Value of US $2,938.21
If, on August 25th, I would have auto converted currency with QT and bought NFLX, I would have a portfolio value of US $2,938.21 on September 5th.
Instead, starting the Norbit's Gambit on August 25th, I bought NFLX on Sept 5th and have a portfolio value of US $2,789.37
Instead of saving a guesstimate of CAD $65, I have lost potential gains of US $148.84 or CAD $185.80
=== Murphy... or Loonie... whatever === In all of above, I tried to keep the currency fluctuations isolated. So apart from initial conversion on August 25th, all my future (September 5th) portfolio values were in USD. But as Murphy would have it, the BoC rate announcement made the loonie stronger in between my NG.
Based on above, doing QT auto-conversion - On August 25th, nets US $2,762.52 - On September 5th, nets US $2,817.62 I would have got US $55.10 more just by doing the QTAC later.
If I would have bought NFLX on September 5th after doing QTAC - 15 whole shares @178.79 + $4.95 comm leaves me with US $130.82 in cash - Total NFLX + Cash portfolio value of US $2,812.67
That's still US $23.30 more than doing the NG, although still less than just buying NFLX outright on August 25th and letting it grow.
=== Final conclusion === Smaller amount (CAD $3,500) for NG for a stock purchase that could/did swing 6% was not worth it. Loonie getting stronger also made the whole exercise fruitless, but even eliminating the currency fluctuation, the growth of the stock outperformed the savings of NG.
Playing with my numbers, assuming the currency fluctuation is fixed, for CAD $3,500, doing Norbit's Gambit vs Questrade's Auto-Conversion is breaking even when the stock appreciation is no more than 1.18% during the time it takes to complete NG (11 days in my case). Even if you are more punctual and can complete it in 5 days, you still need to make sure the stock doesn't appreciate more than 1.18% in 5 days.
By comparison, if converting CAD $10,000, it's break even if stock rises 1.27% during that time. When doing CAD $50,000 then 1.31%
Hmm.... so even at high amounts of CAD $50,000 the tolerance to stock fluctuation is pretty low. So is it worth it?
Ultimately I've:
For anyone that cares, here is public Google Sheets docs to verify my math (File -> Make a copy, in order to edit values) https://docs.google.com/spreadsheets/d/12nH8Q_0cKFtFTW_yomASHtpLXN6oYuTgkXeTNAMkQGY/edit?usp=sharing
submitted by hydraSlav to PersonalFinanceCanada [link] [comments]

[Table] IAmA: We are Adam, Mike, Ryan, Angelo and Ken of Vault of Satoshi (Canadian Bitcoin Exchange) AUA! And Raise Money for Cancer Research!

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-04-08
Link to submission (Has self-text)
Questions Answers
How does your company plan on staying competitive with other local exchanges coming out? Any plans on making an app? The company was started by Mike and Ryan, crypto-enthusiasts who saw problems in the marketplace when dealing in cryptos. They wanted an exchange that had a strong support team, legal visibility, operated somewhere where you could trust your money and had strong security - so in short they built it! We expect really big things for VoS and do indeed intend to be competitive with other exchanges, and yes, that does include building an app - we're currently exploring options in that field but we feel it crucial to take our time in doing that and put security first.
Why is it important for bitcoin companies to donate to charities? Or people to donate with cryptocurrency? Just wanna say thanks for being in the btc community and helping it grow and spread it around. Is there a lot of pressure on you now that you got your MSB? Any pressure from banks or government on how to behave? As for Charity we just feel its the right thing to do, I've always been a strong supporter of charities in my daily life and I brought that forward to VoS and the team agreed it made sense to gather up some funds for the Canadian Cancer Society given that April is their big fundraising month. On a grander scale I think it's important for cryptocurrencies to play a positive role in the world, let people know what we are all about, there is a lot of negative stigma about cryptos, some people say it's just kids "printing money", but it's a lot harder to say that when you're positively changing the world!
There's not any more pressure on us now than there was before - in fact I would say the MSB has taken some of the pressure off. We instead hold ourselves to the same laws and scrutiny as any financial institution would have to, and we feel this is best for our users and this sector as a whole. Getting the MSB let us know we had done everything right so far, and being in a new and evolving industry it's not always too clear if you're taking the right steps. The MSB is a checkmark that says "Hey you guys are as legitimate as you say you are" and we'll continue to hold ourselves to what ever rigorous standards we can (even when we don't need too). As far as external entities like Banks and Government - I think they are happy to see we have our MSB, I think it makes them more comfortable with the field in general and more willing to work with us. We recently met with our Member of Provincial Parliament and are setting up meetings with our Member of Parliament, and our Minister of Finance so they can see our operation here! The MPP certainly loved what we've got going!
That was a fast reply. Thanks for the response, you guys always been good with customer service :p . And thats great Mike and Ryan stepped up to be the ones to do it, it's a really much needed addition to the Toronto bitcoin scene. Oh man if Timmies was a payment I don't think Canada would need cryptocurrencies at all! Timbits everywhere! We love Tim Hortons - we usually start our Monday's with group coffee and donuts! So we are never opposed Timmies if you are dropping by for a visit :P (Compliance disclaimer: Timmies is not a valid payment method, just a staple at all Canadian meetings)
We also feel the importance of charities, especially with the nature of the bitcoin community always being a giving one. I hope you guys see good results n help the bitcoin image. We want to come visit you guys sometime, do you accept Tim Hortons as payment? :p.
The charity that you are donating to, do they accept btc or will you be converting it to fiat? We'll be convert it to Fiat.
Any plans on an Android app? We are looking into this, no formal timeline, but we're certainly exploring it!
It would be great if the volume would increase, can you comment on what is the strategy for getting more costumers? We are actually making a big push this spring in regards to our volume, including launching a highly competitive affiliates program that expect will grow our volume a great deal.
Any chance on improving the charts? (Or being included in bitcoinwisdom) We're always happy to take feedback on our charts, let us know what you want to see! As for Bitcoinwisdom, we've reached out to them multiple times, and added all the API support they need - just waiting on them to hopefully add us!
It currently takes ~3 days to get funds added to the balance, I presume that is mostly for security and because banks suck, are there plans to reduce this waiting time? We're looking at adding instant online debit transactions, no formal timeline on that yet but we are sure it will be great for our customers!
Glad SonOfAragon asked those questions so I don't end up repeating them and thanks for your reply Adam. However can you give us an idea of when you plan to launch the affiliates program/make the big push? If I sign up for an account, I'd probably want to beat the rush. We're actively working towards our affiliate program and our intention is to have it sometime this spring!
As someone who is completely ignorant of all things internet currency. can you please tell me how a beginner would go about getting into investing? (Lets say I have $10k of disposable income currently, would you suggest investing it all in bitcoin?) Hey Buildingdreams4,
That's a pretty hard question to answer, and so I can't give you an official Vault of Satoshi answer but I can give you a personal opinion. So please note this is my two cents and nothing VoS official.
Personally I have some experience in day trading and that's the best way to make money in such markets - however that's the kind of situation where you have to take risks, actively watch the market and only ever trade with what you have to lose (not only to avoid loss but also to make sure you are willing to take the level of risk needed to make strong returns.) I'd highly recommend learning about Forex trading before you dive into this.
That being said the Bitcoin community still feels strongly that their currency value will rise, subject to merchant adoption, legal/political landscapes and a number of other factors but I can't really comment on that as it is a real challenge to predict; there is also a great deal of merit to a number of altcoins with unique value - but just make sure you research and make informed decisions. Don't take anyone's advice at face value (mine included) research and invest where you feel comfortable.
What does vault think about VOS bitcoin atms? What can we do as customers to help you guys make this site better? As far as what customers can do - simply share the love! Tell your friends about VoS and always feel free to reach out to is with what you want to see on our site.
What about a physical location for vault deposits and verifications? We are currently examining new infrastructure opportunities that would allow us to accept physical deposits in more locations and we hope to have more information about that soon!
How does your reporting with with CRA? As for the CRA reporting I'm not sure what your exact question is, but as a registered business we report to the CRA in a typical fashion.
Is there any way to shorten deposit times? I'm super impressed that I can pay you like a bill directly from my bank account, but I'm bummed about how long it takes. If I send money to my vos account on a Thursday, I may not see those funds until Monday or Tuesday. If the exchange is open for trading on weekends, how about processing deposits as well? Hey Jay.
Also, what is done with the confidential info people upload to become verified? is it deleted? if it's kept on file, is access to it restricted to certain employees? We're currently working on a system that will allow immediate deposits via online debit! No formal time line yet but that will indeed make things much quicker!
Keep up the good work! Thank you. As for confidential information, if you have ever made a financial transaction on our website then we are required by law to keep a copy of that information. We take this responsibility very seriously, this information is encrypted and stored securely and is most certainly restricted access!
That's cool! Awesomesauce! I'm looking forward to it! Do you know if it will be limited like QuickBT (.2 BTC) or if there is some kind of daily limit? Also: when trading doge to btc I swear it took me half an hour to figure exactly how many doge I could buy with my btc including the fee. And I did it all wrong. I still have like .00066 btc left in my account which I guess is forfeit to the ether... Is there any way to put a helpful calculator on that page that figures it out for you??? As for your other question, as Xangelo said, we are working on improving the layout of our coin to coin system to make it less complicated. Being one of the first major exchanges to offer any coin to any coin means there is going to have to be some tweaking while we find out what the marketplace likes! But we're always open to feedback!
Would you rather fight a horse-sized duck or a hundred duck sized horses? Please elaborate. Feel free to answer individually. If there is anything that years of video game playing has taught me it's always pick the bigger monster over a ton of little ones! A hundred duck sized horses could quite quickly surround and nip and kick from all angles. Where as I feel that whilst a horse-sized duck would be absolutely terrifying my odds are better as I can always keep it in front of me (and perhaps distract it with breadcrumbs)
Also do you guys have any plans to change the buy/sell mechanic? I find its way too easy to accidentally make a buy order when you meant to make a sell order. As for the buy/sell mechanic it is something we are actively implementing and expect to launch in a couple weeks! Will make it easier to keep that straight!
My question: To be honest I've been using CaVirtex.How* would you say yours is better? We stand by our service as we are sure they do theirs, but at the end of the day it's about what better suits your needs. At the end of the day competition makes the market better for everybody!
Specifically, I would like to know what the nature of their cooperation and level of engagement is. Do they provide VoS with the absolute minimum of services as they would with any other business? Are they accommodative to specific VoS needs and requests related to crypto-currency specific challenges? Are they mutually active in developing services and infrastructure to support VoS/crypto-currencies? Are they taking a leading role in facilitating the necessary changes to support this new industry and growing public demand? Are you provided with a liaison to facilitate a closer working relationship? That being said when we did work with them they were fantastic, very supportive, and loved our business; the local branch went to some great lengths to help with our unique challenges and we certainly hope we can work with them again in the future.
Thanks for the reply! I feared as much having read about Cointrader in Vancouver being cut off by BMO in February. If I can follow up, how are your banking needs currently being met? We're currently actually streamlining our financials and will have more announcements on this soon. New partnerships are opening up doors to new payment methods and currencies and we're excited about that.
Are you planning to offer other services with altcoins? or you want to keep it solely as an exchange? We are exploring services beyond just exchange services - but we have no formal timelines on them yet! We'll be sure to let folks know!
Are you operating a full or fractional reserve and how much liquidity do you have available if tomorrow all clients wanted to withdraw all their funds? We are a full reserve exchange. We do have our holdings divided between our hot and cold wallets and top our hot wallet as it gets low. But we do have all the BTC we claim to and are actively working on a Proof of Solvency tool to verify this to users.
Which altcoins do you see as strongest going forward? Anything that has a unique value proposition and a strong community has the ability to go places but it's pretty hard to gauge these in advanced. We expect great things from the coins we've added/intend to add over the next month, which have all been announced.
Good to know Yubikey's available, thanks xangelo. Maybe one of your execs can chime in on the qualifications needed to join your verification team but that has me wondering...if a customer opens an account with VoS, can they still be hired, then close their account of course, or is that an automatic disqualification? By the way I didn't see a careers section on your site, are there plans for that once volume and I guess revenue increase? Just because you have an account with us, does not mean that you would be barred from applying for a job.
Currently we don't have any openings but when we do we'll be posting them to our website and all current positions would be located at our Brantford office.
Our verification system was designed by our exec team and our compliance officer and aided by our legal team; and our support staff handle the verifications. (Wasn't sure what you meant by "verification team") as for requirements for any opening, we'll be sure to post them with up coming jobs! Thanks for your inquiry though!
Thanks for clearing that up, I appreciate your thoroughness. Yes sorry, I was just speaking about FinCen to someone else before replying to this. I did mean Fintrac and I've edited the post!
I don't want to draw this exchange out too much but what puzzles me is your statement about FinCen compliance. If you're currently not accepting US customers, why would FinCEN compliance even be relevant? Let's say a customer lives in Canada. Wouldn't you simply have to comply with FINTRAC regulations, seeing as that's an a Canadian agency? And one other thing. Does Vos report transaction details to the CRA to meet fiscal obligations? As for CRA reporting I can not comment on that, however we follow all legal requirements of a financial institution dealing with proper reporting.
How does the US IRS deal effect things on your end? did this announcement open the door back up for USD wire transfers? The IRS statement actually doesn't change to much for us, FinCEN and other entities still consider it as currency - we're still actively looking into US options and moving forward on some with our legal team.
Do you see cryptocurrency status changing in Canada as a result of the US ruling? Do you have any indication of the direction that the bureaucrats will take? We have met with our Member of Provincial Parliament, are meeting with our Member of Parliament and are having a meeting with the Minister of Finance arranged to continue to advocate on behalf of cryptocurrency in Canada.
From everything we've been hearing, we're optimistic about Canada's role in the future of Cryptocurrency, people have been very forward thinking and accepting here!
Disapointed you're getting ride of the free cash-out by cheque. And do you plan to have some sort of automated EFT withdraw ? you allready have my bank account into. Write now it would seem simpler to move my BTC to cavirtex when I'm ready to make a withdraw to my bank account, as I can do it from the website. What am I missing here ? thanks. We are rolling out a number of new payment methods shortly that will make withdrawals easier for our clients.
Hey guys, thanks for doing this AMA. You were my first exchange, and gave me a warm welcome to the world of Cryptocurrency (free trading through Reddit promo, invited me for Doge cake) I've actually had the pleasure of talking to some reps from the MintChip program - we kept a careful eye on it but I know that the Mint is selling it off to private enterprise. While it is in a different space from us we are always looking at the evolving landscape of digital money and what can be done to promote that in Canada.
I was going to ask about your stance on MintChip, the Canadian government's digital currency program, but I just read they were looking to sell it off! Has there been any interest at Vault of Satoshi about this technology? While I don't think there is any direct partnership opportunities at this time it is always something on our radar and I think that MintChip was an interesting hardware development and it was great to see a federal institution being so forward thinking!
Can you tell us when and if you'll be able to operate as an exchange with USD? We currently do accept USD, we just can't accept it from US citizens or institutions.
That being said we are glad to announce we have identified our US re-entry strategy and are moving forward to launching in a few states first. We have no formal timeline on this yet, but it's a big step in the right direction.
Quick question, if in the future I choose to close my account with VOS, will all my info and history also be deleted from your servers? As per government regulations if you have ever made a financial transaction we are required to keep your information on file for seven years.
If you have not made a financial transaction you may email us with a request to delete your information. Please note that the request will be kept on file.
Hey guys, Are there plans to incorporate google authenticator? Thanks and keep up the good work! User we already support Google Authenticator, YubiKey, SMS, and Email for 2FA and will be adding Authy and Gemalto soon!
Is your $99 per month Unlimited Plan in USD or CAD? Please state it on your website. It is currently billed in USD as that's more widely accepted with our international audience.
When will Darkcoin, Worldcoin, Mintcoin, Cryptogenic Bullion, and Maxcoin be added? Those coins will be added in the next few weeks! We're pretty excited about that!
Hi there! I have a level 2 VOS account. I'm not really comfortable filling out the form for level 3. Currently I have to use QuickBT or an ATM to get BTC - which sometimes I turn into DOGE. (THANK YOU FOR ADDING BTC<->DOGE! you guys are lifesavers!!) We're actually working on adding an instant online Interac payment system, still no formal timeline but it's in the works. As for email transfers from BMO, BMO has come out and said they aren't working with businesses that operate in cryptocurrencies and so we can't accept funds from them on anything that would require us to have a BMO account or registration there. But, we can accept Pre-authorized debit and wire transfers from accounts there! Also feel free to email me about any concerns you may have about the level 3 account and I'll see if can't reassure you! ([email protected])
Just wondering why there is no support for an Email Transfer from BMO. Or online Interac payment, as that's the only reason I use QuickBT.
Would you rather fight a horse-sized duck or a hundred duck sized horse. I prefer horse sized ducks! What a kamikaze!
Don't be so sure. YES! Take that Angelo! Horsefish!
'disabled login' Another word, the exchange is down. I've been trying to login and access my funds for the past 5 hours. We're back up now!
No need to be alarmed though people; this is just a result of VoS being pro-active with patching up the latest SSL security bug (heartbleed). Ah yes, that is indeed a side-effect of the patch. While our systems weren't directly effected a load balance server hosted by Amazon would have been so to be better safe than sorry we've got them patching it and we are rolling over to new SSL certs! Always better safe than sorry!
I can see your exchange being the top exchange in Canada. Great work! I will come up to brantford one day after my exams and bring you guys some timmies, depending on the weather it could be coffee or ice caps, or just let me know ha :) As for the UI we're currently giving it an overhaul on our internal servers and hope to have more info on that soon!
I know it's not much but I just sent 6000 Dogecoins :) Every bit helps :)
Whats the yearly revenue and profit of your company? Sorry, as a private company we are going to abstain from answering that one - but even if we wanted too, we couldn't; we've only been around for six months so far!
Last updated: 2014-04-12 19:27 UTC
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