[Passed] Motion to provide seed funding for B&C Exchange - a decentralized exchange built on the Peershares platform

[Yurizhai]

I’m sorry this is still confusing me. How is the equity percentage of total BKS not increasing for the 2nd round pledges?

[masterOfDisaster]

I was confused as well. Now my understanding leads to this answer:

because the total number of BKS has been increased by 25% and the price per BKS has been decreased by 25%.

In the end you receive the same share of the total BKS for the same amount of money.

[Yurizhai]

Ah. That’s the only way it could have made sense but I did not notice the total amount of shares was increasing.

[BCExchange]

This is because the quantity of BlockShares given to NuShareholders is fixed: it was ~85,000 in the previous plan and will continue to be ~85,000 with this new proposal. However, the new plan reduces their equity percent to 40% from 50%. This requires the number of BlockShares given to seed investors, second round investors and Bitcoin holders be increased as shown above. Individuals who have already pledged funds will be eligible for the same percentage of BKS at the same price, but the quantity of BKS will be increased and the price per share lowered.

This is the relevant part of the announcement. Apologies for any confusion, please let us know if that section can be worded better.

[Yurizhai]

So, “immediately” - is development officially underway?

[Hibero]

@Nagalim is correct. You can see in the bitcointalk chart that about $135,310 has been raised so far:

$80,000 from a small group of seed investors who will allow development to begin immediately.
$55,310 from everyone else who will be part of the “Second-round BlockShares Purchasers” group. These funds will only be collected if a minimum of $120,000 is pledged, bringing total funds to $200,000.

I would like to point out that I believe there is a mistake in the matrix. We should still be in 1st phase of the 2nd Round Blockshare sale. There has been $55,000 worth of BKS sold in this phase while it requires $80,748 (20,187 BKS at $4) to proceed to the $4.08 per BKS phase. My understanding is that the “Seed Investors” do not also get a part of the secondary distribution also (unless they put more money into the sale).

[JordanLee]

So, “immediately” - is development officially underway?

There are just a few issues that need to resolved for our Nu 2.0 release, particularly issue 167, 181, 188 and 199. When those are resolved, development will begin in earnest. The first iteration will consist of forking the Nu production blockchain into a testnet B&C Exchange blockchain. The next iteration will consist of the new voting types for B&C Exchange. The third iteration will focus on the first two or three messages unique to the B&C, such as the pairing of a BKS and BKC address and deposit public key lists. We will keep implementing new messages in the approximate order they would be used in until they are all done (so order fills will be done last).

[Yurizhai]

One more question:

They will fund development for at least two months and perhaps three.

Where does the perhaps come from? That’s a 50% difference.

[BCExchange]

One more question:

> They will fund development for at least two months and perhaps three.

Where does the perhaps come from? That’s a 50% difference.

The uncertainty derives primarily from questions about how much work contributors will be able to complete and invoice for.

[Sentinelrv]

@BCExchange, can you give us an updated total? Is it still $135,310? I’m thinking about finally posting again on r/cryptocurrency tomorrow morning. I’ve been kinda busy the last couple days, but I’m hoping I can do it then.

[BCExchange]

Total funds committed have reached $147,643 including seed funds. We are now 73% of the way to our goal of $200,000.

[BCExchange]

I would like to point out that I believe there is a mistake in the matrix.

Upon further review, you’re absolutely correct. Our table had a formatting error that led to an incorrect price being displayed. We apologize for not understanding the issue immediately.

For clarification, the current price is still $4.00. Approximately 16,805 BKS have been bid for in the first tier, leaving several thousand remaining at that price. Anyone who has received confirmation from us at $4.08 will now only need to pay $4.00.

Thank you @Hibero for your attention to detail.

[Hibero]

Glad I could help. Thank you for the clarification.

[BCExchange]

Total funds committed have reached $151,369 including seed funds. We are now over 75% of the way to our goal of $200,000!

[Sebsebzen]

@BCExchange I’ve sent an email re buying BlockShares to bkssale@vistomail.com but no answer yet. Should I wait a bit longer?

[BCExchange]

Sorry for the delay @Sebsebzen. We appreciate your support of B&C Exchange. We’ve provided an update on bitcointalk here: https://bitcointalk.org/index.php?topic=1033773.msg11499015#msg11499015

There are several BlockShare pledges that are now just over 24 hours old and haven’t been responded to. Some of these pledges are not properly formed so a dialog will be needed with the purchaser to finalize them. It is the first time we haven’t been able to provide a response within 24 hours, but these pledges will be responded to in the next day. Thank you everyone for your patience.

[tomjoad]

It seems a few users from China and Japan are sometimes not able to access Bitcointalk, while it works for other countries. Can everyone see the B&C Exchange thread right now, or is Bitcointalk down for some?

[Sentinelrv]

I can see it.

[cryptog]

Can everyone see the B&C Exchange thread right now, or is Bitcointalk down for some?

I cannot access it right now.

[cryptog]

but works with tor