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An Overview of mcxBUX

Realsolid, the owner of the crypto currency exchange mcxNOW, has recently released a new currency on the site called mcxBUX. This is an internal currency that only has value on that site, and can only be traded on that site (being that it is not like other cryptos that have wallets and such). It has brought with it a new idea that seems to be working pretty successfully so far. So what are these and what do they mean for the average user?

On mcxNOW, you can pay to temporarily chat ban other people and you can upgrade your account. Traditionally this was always done via the use of Bitcoins. A fraction of a Bitcoin was used to do the ban or the account upgrade, but it led to some issues. For example, if the value of the currency jumped up by ten times its normal value, Realsolid would have to go through and change the prices manually to help reflect this. It led to problems, and often ended up with people either not doing pay bans anymore or not upgrading their accounts due to the cost. Because of this, finding some type of solution was important.

mcxBUX fixes this problem by giving a new currency that has a pretty steady value. It is estimated that each of these “bux” should be worth $1 USD. There are bots and others that help keep this pretty accurate, so that as the price of Bitcoin fluctuates, the price of mcxBUX, and its associated benefits, stays somewhat steady. At this moment, for example, the price equates to about $1.02.

To get the ball rolling, Realsolid released around 100,000 of these himself to the market. On top of this, there are more being added on a regular basis from different methods. Using the chat box and typing 400 lines gives 0.5 mcxBUX. Referring a new user to the site rewards 0.02 mcxBUX. Aside from these two methods (or just buying them outright from what is already out on the market), there is no other way to get them. This helps keep them somewhat in demand, being that upgrades and chat bans now require them. And, as of right now, there are a total of 103,417.7 of them on the entire market (including those that Realsolid released on his own).

The interesting part about mcxBUX really comes to those that hold mcxFEES. These fee shares grant part of the profit that the site gets from anything traded. Well, this also includes the mcxBUX. Not only does it include the trades themselves, but also money earned from the paid chat bans and the account upgrades. In other words, fee share holders pretty much get a bit of money any time someone uses one of the mcxBUX, regardless as to how it is being used. These work a lot like other crypto currencies as well, being broken down in to small chunks so that you can hold fractions of a mcxBUX. On top of this, they also earn interest (which at the time of this writing is around 22.5% APR). Essentially it is an awesome new addition to the site that helps everyone involved!

Update 04-09-2014: Updated the referral amounts. They were reduced from 0.1 mcxBUX per visitor to 0.02, or the equivalent of about two cents. It was also made much harder to obtain the credit for visitors, since each person will only ever count once. It is unclear whether or not someone visiting multiple referral links will give them each the 0.02 mcxBUX, but the assumption is that they would not.

Along with this, the bot has been having some problems due to being tied to Bitpay and Bitpay having issues with their valuation of Bitcoins. The price kept fluctuating up and down constantly so much that people were able to buy and sell their mcxBUX to earn a lot of profit over a short period of time. The bot was only ever given a finite amount of Bitcoin to do trading with, and they effectively wiped out the bot through all of this trading. RealSolid made a statement that he had no issues with members doing this, but the effects of it on the bot have lasted a while now. Essentially the bot must have people buy from it in order to get Bitcoin, and then it can resume with the buying again. Until this happens, it will only be able to sell.

Exchanges


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