Prepare yourself for a shock. You might even want to sit down for this one. Nocks, will no longer be selling bitcoin!!!!
Yes, we know... we feel it too ... nobody will ever be the same after reading this. You'll no longer live in the same world you once did. Now you'll know that there was an exchange called Nocks and now you'll know they sold bitcoin, or at least claim to have sold bitcoin, and now they now longer are selling bitcoin.
Their user base, which has got to be at least 7 people by now, will suffer through the upcoming days without bitcoin purchasing on their Nocks run-of-the-mill payment website.
I've prepared this statement to help soften the blow:
Seriously, raise your hand if you've ever heard of Nocks. Anyone? ..... anyone?? Yeah ... exactly the point. Nobody has. They've made a few appearances in 2016 but mainly have been relatively unheard of or from. This is what people do when they want some press, a headline or two, or attention of any kind when they otherwise would be pretty much ignored from lack of knowledge of their even existence. They take a stab at the biggest and best because it gets their name said.
Hell, we couldn't even avoid it.
It's All in the Wrist
Most companies do this when they enter the industry. All companies do this when they have old crap or crap that's not selling and want to paint it the color of blockchain. Some doing this elegantly, such as Ethereum did years ago when they first present a technical case to the community and some do it quietly such as ZCash who never really uttered a negative word about bitcoin at all other than state it's anonymity could be better.
In both cases we ended up with two new blockchain networks, Ethereum and the ZCash network along with their respective ICO's Ether and ZCash, and thus far both have done well. ZCash particularly which has managed to hold it's value over $30. Ethereum has been plagued with a slew of problems for most of 2016, a year it would most likely rather forget, but it's certainly here to stay. It's even spawned an alter ego, ETC (Ethereum Classic), which has done better in less than a year than most altcoins have in their entire existence.
Thus getting a lift from name-dropping, bit-bashing, or blockshading can be done, Nocks however, is a perfect example of what not to do.
Nocks said in a Medium post:
"So we removed Bitcoin and you can’t purchase it from us any longer. We are cheaper, faster and offer better support than our competitors, but we want more than just a store that sells cryptocurrency. We want greatness. That greatness can not be achieved with Bitcoin’s unreliability and negative connotation dragging us down."
It's bitcoin dragging you down? Are you sure it's not your shitty idea?
Selling Bitcoin in exchange for euros or dollars, or any other fiat currency can generate a lot of business. Though, it’s not the kind of business we want to generate." ... "Did we really have to remove Bitcoin to offer compliant services? In theory, no. In practice, yes."
Yes, it's obvious you just want to sell your coin. More like in theory of course not, in practice only if you suck at selling it. Which it sounds like these guys might have.
Running a proper financial service is all about attracting the right type of people. The truth is that within the Bitcoin space, there are just too many people out to get you. From theft and distrust to fraud and money laundering, but also just the endless depth of bad attitude towards people that want different things from the technology.
There are people out to get you everywhere and for everything, however this is an accurate statement, bitcoin and blockchain in general is a tough business and not for the faint at heart or ill-prepared.
It wouldn’t surprise us if this blogpost triggers a DDoS or a Tweet frenzy. Bitcoin just isn’t reliable. Not its current state of technology and definitely not its hardcore following.
I wouldn't worry about the DDoS, nobody really cares.
Nocks states that they are:
...a blockchain-based payments platform, combining new technologies with existing infrastructure for a better performance & experience in (mobile) payments.So they are in an over-saturated market with yet another platform and re-inventing another wheel.
After that brilliant line of marketing, the terms of service paints a different picture. (always read the fine print) You basically agree to:
a) The service concerns digital goods without a fixed value. When issuing a payment you agree to the value of these digital goods that Nocks B.V. determines at that time.
b) You are aware of the fact that the value of a payment can fluctuate greatly. There is no guarantee that there will be any value retention whatsoever.
d) Prices are volatile. Definitive pricing is determined once the payment has started and will appear in the overview of your bank or your wallet.
e) A completed payment or transaction (delivery of our product) can not be undone. Entering the correct data (your address/IBAN, amount) is your own responsibility.
h) Due to volatility delivered goods can not be returned to us.
k) Secure storage of your digital goods is your responsibility. Advice given by Nocks B.V. is meant as informing and offers no guarantees.
l) You can't disband an agreement due to price volatility.
All this after they just finished saying they were a "payments" platform. They sure sound like a digital asset merchant to me. Where's the existing infrastructure? How is this a better experience? Sounds like it's every man, woman, and child (over 18) for themselves and Nocks takes no responsibility for anything.
What is it exactly Nocks does do? Just allow folks to buy and sell and send an altcoin? It appears as this is correct. They sell Gulden. Only Gulden.
Gulden is an altcoin traded on Bittrex and currently worth about 22 cents. It's about the same age as Nocks, about 1-2 years old.