Hello there,

my name is Ben, I am co-founder and Sales Director of draglet GmbH.

First of all, thanks for your kind words qwk and the reflective reaction of the community. I would like to give the perspective from draglets side.

expert-lister came to us and inquired about white label services. I think we exchanged between 20 and 30 mails, even our CEO Ganesh Jung took over and was leading the conversation in the meantime.

Over the course of emails, expert-lister continuously demanded that he wants to have a draglet exchange with modifications worth 50-60k Euros. He only offers to pay months after the Go Live. He also promised to give us a profit share of what is being traded on the platform.

We kept on telling expert-lister that it is not possible for us to invest months of ressource allocation upfront without having any securities at all. I think there were more than 3 emails that clearly stated our approach to cooperation and that we cannot support the business proposal of expert-lister because it does facilitate a huge risk on our side.

Our proposal was the usual: Setting up a first installation that contains customizations such as front end, back end modules as well as custom currencies implemented and typical deployment procedures to set the exchange live on a domain. We even gave him a huge 50% off because our inititial due dilligence was pretty promising (just to find out the london business provided was founded some days ago, as well as the lucrative business address only contained a very minimum of monetary commitment).

To install a testing exchange is a first great step to talk about the customizations that should be implemented in the platform. This was the offer that we always gave to expert-lister: to start with a testing installation for 1k Euro, then work towards realizing the desired modules step by step. Also, cooperations in the white label business are built over time and trust. Setting up good exchanges is a process of at least some months, operator and white label provider need to know each other and to learn to "co-operate".

Out of a sudden, expert-lister accepted our offer by conducting the initial payment for the testing installation. We happily invested some time and set up his installation and talked about the next steps.

expert-lister then furiously sent Emails that we tried to scam him and registered a website certificate under btcbear.com and tried to scam him his company name (I don't know what exactly made him think this). We should instantly refund him the money he sent to us, because he thought he will get the exchange with the 50-60k Euro modifications all set and live. If not, he would engage Interpol and German Police.

I told him that unfortunately we cannot give refunds for platforms. The payment he provided merely was enough to cover our expenses as we gave such a huge % off.

expert-lister kept showing his disapproval by giving quotes like "i dont need your exchange script that can be installed with some clicks".

Maybe this shows the huge contrast of attitudes between both parties, as we do not "install some script with a few clicks". We have highest standards to our software and systems. Getting the exchange expert-lister desired for the price he is willing to pay might give him a BitcoinExchangeScript.exe on a Windows 95 Server, but not a product of our quality range. Maybe, an important requirement for a white label cooperation is to be able to understand, establish and sustain business relationships and this cooperation is not feasible.

http://www.ibtimes.co.uk/irans-first-bitcoin-exchange-opens-effort-exploit-huge-untapped-market-1517300 is a fitting and actual reference.

Edit: Removed clear name and added current article.