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

@tomjoad, are there any specific plans laid out for how we’re going to spread word of this auction? As has been said, we’ll most likely need to attract more people to place bids that just Nu/Peercoin supporters. Will it just be a matter of posting on /r/cryptocurrency and bitcointalk (maybe other communities?) or is there anything else planned to help spread the word?

The most important thing we can do is to keep the bitcointalk thread bumped for Jordan. We’ve seen in the past with Mercury that if the announcement can stay near the top of the Project Development sub-forum, it will slowly build awareness in broader communities. As long as we keep the thread active and interesting, I’m confident that places like /r/Bitcoin will begin to take note.

I would recommend against linking it to any other community forums unless you think there’s a specific reason to do so. Although the final project (B&C Exchange) will be relevant to many communities, at this point it is likely to be perceived primarily as an auction for NuShares. You’ve seen first-hand how Neucoin was received when they attempted selling themselves on community forums.

Edit for clarification: Jordan has some good thoughts on it. Reaching out beyond our community. I think there is “good outreach”, which is discussion of Nu activities on generalist platforms like Bitcointalk, and “ineffective outreach”, which is trying the Neucoin selling approach in concentrated communities like Peercointalk. That’s just my opinion however.

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@assistant motion vote 20e1ec16c5527c3873699e702c96a980c22faed9

Hi @tomjoad

Here are the details for the Motion Vote on 20e1ec16c5527c3873699e702c96a980c22faed9:


##20e1ec16c5527c3873699e702c96a980c22faed9
Blocks: 4121 (41.210000%)
Share Days: 1676983368 (42.309785%)


@assistant motion vote 20e1ec16c5527c3873699e702c96a980c22faed9

Hi @tomjoad

Here are the details for the Motion Vote on 20e1ec16c5527c3873699e702c96a980c22faed9:


##20e1ec16c5527c3873699e702c96a980c22faed9
Blocks: 4796 (47.960000%)
Share Days: 1966118756 (49.332643%)


Keeping the thread bumped will require a little bit of spamming which isn’t good here. Maybe we can organize the BCT thread with a Q&A right below Jordan’s introduction. Otherwise, you also have to read through all the unimportant stuff. Keeping it on the top BCT’s list makes sense though.

@assistant motion vote 20e1ec16c5527c3873699e702c96a980c22faed9

Hi @wengone

Here are the details for the Motion Vote on 20e1ec16c5527c3873699e702c96a980c22faed9:


##20e1ec16c5527c3873699e702c96a980c22faed9
Blocks: 4881 (48.810000%)
Share Days: 1998145821 (50.109091%)


Almost there.

@assistant motion vote 20e1ec16c5527c3873699e702c96a980c22faed9

That’s it!

1 Like

Hi @Sentinelrv

Here are the details for the Motion Vote on 20e1ec16c5527c3873699e702c96a980c22faed9:


##20e1ec16c5527c3873699e702c96a980c22faed9
Blocks: 5002 (50.020000%)
Share Days: 2045223256 (51.329433%)


This took just 6519 blocks to get 5001 votes. That is 76.7% in favor. The last 1000 blocks prior to passage (not skewed by people voting no because they hadn’t configured their yes vote yet) was 81.7%, which I would consider the true degree of consensus.

This motion has overwhelming support.

1 Like

It looks like the auction is now live on Bitcointalk: https://bitcointalk.org/index.php?topic=1033773.0

Posted on /r/peercoin…

@tomjoad, are you going to be announcing it on /r/cryptocurrency? That’s a general crypto forum like Bitcointalk.

Whoever controls the BCExchange account probably should, yes.

I can see why a hard reserve price (0.0020 USD) was set rather than a percentage of market price. It looks like someone is selling NSR on BTER to try and drive the price down. Whether that’s an unhappy shareholder or someone trying to bully the market into bidding lower, I’m not sure.

Remember, this is what we parked for. HOLD!

The thread on r/cryptocurrency is doing well. It’s been the top voted post all day so far with around 16 upvotes.

Has anybody here done any personal calculations like Jordan suggested? I’m just curious…

[quote=Jordan Lee]There are two issues with creating projections. First, even back-of-envelope calculations would create informal expectations on the part of bidders that may not ever be achieved. We are keen to avoid that, just as we did with the original distribution of NuShares. Bidders should generate their own forecasts and bid (or not bid) accordingly.

The second issue is that there are simply too many dynamic variables that are controlled by shareholders and not the developers. For example, a transaction fee of 1.00 BKC could be set by shareholders per trade, for which projections could be made based on reasonable assumptions of the market share that would be taken from centralized exchanges. However, shareholders could decide to raise it to 3.00 BKC next month if that rate would still be competitive, or drop it to 0.20 BKC next month if strong competitors emerged. There is a tremendous amount of variance in projected revenue. We also don’t know yet what transaction fee rates shareholders will conclude is optimal.

We would strongly encourage everyone to generate their own predictions and share them with other NuShare holders to see if others believe those projections to be based on reasonable assumptions. It would be very easy for us to generate an optimistic prediction of how shareholders will vote, but it is unlikely to be very accurate.[/quote]