Not the exchange for me

Author's note: This article is part of an ongoing blog about my adventures in the world of alternate currencies.

The rather controversial cryptocoin exchange mcxNOW appears to be back online with a few new features. The most notable one to me is the addition of mcxBUX, which appears to be an internal currency used to buy chat bans and upgrades to pro trading. mcxFee shares are still worth right around 0.2 BTC, and it doesn't seem to matter what the price of Bitcoin does. The platform still only supports nine alt coins and MaxCoin seems to have replaced Devcoin.

Fortunately for me the fact that mcxNOW doesn't include Devcoin/Bitcoin trading does not cramp my style anymore. At one time I was disappointed by the idea of Devcoin being removed because at the time Vircurex was the only other platform I knew about and I'd lose the ability for my stockpiled Devcoins to earn “interest” if I had to switch back to trading there. Since that time Cryptsy opened up a Devcoin/Bitcoin market and while Cryptsy does not pay any kind of return on coins merely held on the exchange, Cryptsy does have its own internal currency which users can earn for making trades and referral activity.

I also learned since my foray into mcxNOW of just how important trading volume is. mcxNOW never had sufficient volume to support Devcoin/Bitcoin trading. Vircurex has good volume, and Cryptsy has even better volume. This means that there's always a good chance of getting a decent market order, and sell orders at higher than market rate are likely to fill fairly quickly too. mcxNOW only has a total of under 24,000 users and who knows how many of them are even active since mcxNOW went inactive for an entire month.

Before mcxNOW completed its update I happened to be hanging out there briefly and caught RealSolid mentioning in the troll box that any accounts that were inactive for a month would be destroyed. So I made a mental note to log in at least once a month just to make sure my account does not get destroyed until such time as I decide I'm ready to let it go. Anyone looking on the website for that information is going to have a difficult time finding it. Some normally active user who takes a six week long vacation may return to a truly nasty surprise. I have not found any indication on any static portion of the website that says this will happen, and for all I know RealSolid could have only been kidding. But seeing this chat line at just the right time made it clear to me that to really know what's going on with the site I would need to spend more time than I care to reading the troll box.

I find the mcxNOW troll box to be quite distasteful for a number or reasons, including consistent use of profanity and general lack of professionalism on the part of the chatters. mcxNOW seems to attract the crowd that already knows everything, doesn't hesitate to denigrate any ideas running contrary to their comfortable world view, and which considers profanity and sexual innuendo to be a part of ordinary conversation, even in the workplace. If that's the place I have to go just to get basic information, then no thanks. The mcxNOW chat window alone brands mcxNOW as a place that's not only unprofessional, but not a real trading platform. It also has the reputation of being a place where pumps and dumps idiotic speculation are the norm.

I took everything out of mcxNOW that I could earlier on. I sold my mcxFee shares and put the Bitcoins into mining (and have been most pleased with the returns ever since). I traded the three alt coins I had on the site that were still trading for Bitcoin and pulled the lump sum out. But I could do nothing about the alt coins which were not trading. As a result I currently have small sums of various alt coins, each earning a miniscule amount of “interest.” To withdraw either them or their Bitcoin equivalent would cost a withdrawal fee greater than their sum total. So I have these teeny bits of coin there, and I don't really want to just walk away from them, but I'm also not interested in spending any Bitcoin just to rescue them either. So for now I'll just log into my account every few weeks or so until I can decide to walk away from them, or until I change my mind about mcxNOW in general.

At this time, though, I have no reason at all to want to use it as a trading platform. It doesn't even have all the normal trading platform features such as unlimited orders, and for an alt coin trading platform it has a microscopic selection and even fails to include the third longest running successful alt coin. Why should anyone who knows anything at all about cryptocurrencies even take such a trading platform seriously? It's a complete joke.

This morning when I logged in, I noticed that my remaining stash of Devcoins–all six of them–are still earning “interest.” So I posted my question to the troll box (as the information wasn't readily available anywhere else). Since Devcoins aren't trading, how are they still earning “interest?” I had to suffer at least one denigrating comment about Devcoin but I did get my answer. The “interest” comes from withdrawal fees. Anytime someone withdraws Devcoins, they pay a fee of 50 DVC, and that fee gets divided up among those who still have DVC balances and the mcxFee share holders. The site is still holding around five and a half million Devcoins in various user accounts. Once all those Devcoins are withdrawn, there will no longer be any Devcoin fees to divide up.

I had been considering mcxNOW as a potential place to “deposit” Devcoins so as to earn a rate of return, but clearly that option is no longer available as the amount of Devcoin fees generated on the site is terminal. So yes, basically, the site is completely useless to me, and at some point I might make the decision that it's costing me too much in time to continue to hold an account there and worry about my tiny amounts of alt coins currently or formerly hand picked by Real Solid.

Maybe I'll trade everything into Bitcoin, then into mcxBUX and use them to purchase a pay ban against RealSolid, or some obnoxious user who replies to something I ask with a denigrating comment about Devcoin. At least it would be fleetingly entertaining. It's the best use I can think of for now of my lingering position in a site which I finally realize is not really a trading platform at all, but a glorified gambling site.

mcxNOW is definitely not the exchange for me.

Devtome Writers

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