Ok, sorry that I can’t read numbers properly. So 1 BKS costs about $20 if you buy it in NSR, but you also get the NSR.
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@BCExchange Sorry, could you check your email please. I’ve ordered 130 BlockShares and it’s already been over 24 hours. Just want to make sure I still get it at 4 US$.
If I understand well, you are giving more equity to these private investors just because they give more money - that’s not a terrific definition of risk-taking.
If they are provided exactly the same information as the rest of us, we are at the same round as them and we should be rewarded and treated equally - to which extent am I taking less risk than them if I dont benefit from some sort of hindsight privilege looking for example on some first prototype (1st iteration) of the product, produced thanks to their invested money?
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I think they are given more equity because they allow B&C to spend their money before there is enough funding to finish development.
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By the way, the money raised would be funding the dev of b&c exchange, which means it would pay the dev team behind it, which is @JordanLee @erasmospunk @sigmike and @tomjoad from what I understand.
But NuBot needs also some funding since the development is still ongoing.
So would the money raised be used also to pay the dev team behind NuBot, which is @desrever @woolly_sammoth @CoinGame from what I understand ?
Tks for the clarification.
It is important to know how much would be funding which team, as shareholder and investor.
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I’ve not been involved with NuBot development for a long time.
That, we need a proof of. A direct way to obtain it is the MONEY tx, the BKS transfer and an actual piece of development code.
We need to track transparently the development roadmap so that it becomes a fair(er) investment scheme.
e.g. who has invested how much to enable which actual tangible outcome?
Sorry for the mistake.
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Sorted by views, the [ANN] thread at the bitcointalk.org “Project Development” board is in the top 50 (current place: 49) of all ever announced/discussed projects!
In total more than 7,000 threads have been created in that board.
That’s impressive!
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$161,348 (80%) has now been committed for development. Only $38,652 left to go!
I’m thinking about posting threads in some different communities. I was going to do this before, but got distracted. Maybe tomorrow I’ll do it.
Two replies away from top 25 most-replied as well. I bet once BCExchange.org is live in a few weeks it will help the Bitcointalk thread’s visibility even more.
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Yes, once the logo is finished it should help with marketing and finding investors.
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I have started to create a message to be posted. It’s going to be an alteration of the previous threads that we posted on Reddit when we achieved 73% of our funding goal. It will consist of an introduction to B&C, an explanation of our profit model and then at the end I need to write about how communities would go about getting B&C to support their cryptos. All important links will be included in this section. I need to go to work shortly, so I’ll have to finish it later, but before I post it on different forums, I’ll post it here for approval.
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@JordanLee provided some context to your question here: https://bitcointalk.org/index.php?topic=1033773.msg11157022#msg11157022
NuBot will be critical to the success of B&C Exchange, as it will be the method for establishing liquidity on it. The parametric order book feature that is the most important NuBot road map item is extremely important for providing liquidity on B&C Exchange to pairs other than BTC/NBT, such as LTC/NBT, Dogecoin/NBT, NSR/NBT, etc. Also, NuBot will need to be modified to work with B&C Exchange.
The $200,000 fundraising amount will primarily facilitate the creation of the BlockShares network and the associated code enhancements that are required as per the design document. It’s likely some funds will be used to support NuBot development in customizing its use for B&C Exchange operation, but the majority of ongoing development of NuBot will be funded by the Nu network.
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Total funds committed have reached $164,388 including seed funds. We are now over 82% of the way to our goal of $200,000.
A basic website and logo are in development and are expected to be completed in the next couple weeks. We anticipate that their completion will speed up fundraising efforts considerably.
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which means selling Nushares by NSR custodial grant or selling the initial undistributed NuShares?
@BCExchange, can you please review this message and make any changes to the wording you feel is necessary? I’ll be posting this as a thread in various communities, but I want to make sure it’s accurate first. The 3rd and last section is the main one that needs reviewing as I just finished writing it. I will be posting all linked threads in this thread so you can follow along and answer any questions that pop up, but first I’d like approval on the wording here. “Litecoin” will be substituted for other crypto names as I post new threads at different communities…
Hi, I’m Sentinelrv from the Peercoin and NuBits communities. You can verify my identity by sending a PM to my profile if you need to. First of all, if I’m posting this in the wrong section then I’m sorry. As a decentralized exchange service that could possibly support Litecoin in the future, I felt this board was appropriate to post in, but if not then please feel free to move it. Also one more note: I am not an official representative of B&C Exchange and I am not a member of the main team. I’m simply a supporter of what they’re trying to build and wanted to help spread the word to other communities.
For those who are unfamiliar with B&C Decentralized Exchange, this project is being developed by the same experienced team who developed the Peerunity client for Peercoin, the Peershares template for DAOs & DACs and NuBits, the stable value cryptocurrency.
What is B&C Exchange:
Before I talk about Litecoin support, I wanted to take some time to explain what B&C Exchange is and how it will work. B&C Exchange will be an open-source decentralized exchange that completes cryptocurrency trades between users by utilizing multisig signers that compete for blockchain rewards based on their effectiveness and honesty. Trades will occur using real cryptocurrencies such as Bitcoin and NuBits, as opposed to artificial proxy cryptoassets.
A web based interface that will be familiar to users of centralized cryptoasset exchanges will be offered. Unlike centralized exchange websites, exchange operators will have zero access to funds and zero responsibility for customer account information. If an exchange website disappears suddenly, a user can simply go to another site that uses the same open source exchange software, or use another application that supports B&C Exchange and continue using the same account without interruption. This is because all account information will be stored on the blockchain, as the attached design document will explain.
Equity ownership in B&C Exchange will be held by users who own “BlockShares (BKS)”. Users will pay transaction fees on the exchange with “BlockCredits (BKC)”. You will not need to own BlockShares to use BlockCredits, and vice versa. Profits from the sale of BlockCredits will be returned to BlockShares holders through a Bitcoin dividend mechanism in the protocol.
B&C Exchange will be fully controlled by everyone who owns BlockShares. For example, BlockShares holders can set the transaction fee cost (in BlockCredits) of using B&C Exchange, the number of multi-sig signers required to successfully conduct a trade (such as 7 out of 11 or 8 out of 15), and much more. It is expected that if B&C Exchange is successful, many BlockCredits will be purchased to transact on the exchange, and thus many Bitcoin dividends would be returned to BlockShares holders as a reward for operating a safe and convenient exchange.
In contrast to centralized exchanges, B&C Exchange will have:
• Significantly less counterparty and theft risk because of the multi-sig capabilities of its design.
• Far fewer operating expenses due to the absence of costs like employee salaries, supplies, and rent.
• Lower trading fees for users if BlockShares holders choose to vote for competitive low transaction fees.
• The ability to distribute Bitcoin dividends to all BlockShares holders from profits earned, using an existing dividend protocol mechanism present in the code of NuBits and NuShares.
B&C Exchange will also use NuBits to solve a major problem faced by decentralized exchanges – the inability to use stable fiat money. NuBits have closely held a 1.00 USD peg since September of 2014 and will be offered on B&C Exchange trading pairs as a synthetic substitute for US dollars. Because NuBits is a fork of Bitcoin and Peercoin, using NuBits will be a familiar experience for Bitcoin users. Substantial liquidity will be brought to the exchange through NuBit liquidity operations that have already been established.
Profit Model for BlockShareholders:
By holding BlockShares and minting and voting with them, you are helping to offer a decentralized service for traders. In return for this service, shareholders will receive compensation. Let me explain exactly how this process works. BlockShare holders will select one or more trustworthy custodians and vote to supply them with a grant of BlockCredits. The custodian will then place a sell wall at $1 on any approved exchange. The non-Bitcoin proceeds from selling these credits will be used to purchase Bitcoin. The Bitcoin will then be distributed back to shareholders as payment for providing this exchange service.
These Blockcredits are the only way to actually use the decentralized exchange. If you don’t purchase credits then you can’t trade. So let’s say somebody purchases credits from a custodian. They place trades on B&C until they run out of credits and need to purchase more. In the act of trading on B&C, these BlockCredits are actually consumed or destroyed by the network, so that they no longer exist and cannot be used again. This means that as long as customers are using B&C exchange, there will always be a constantly dwindling supply of BlockCredits. If no more BlockCredits were created by shareholders, the supply would eventually run to zero, as they’re all used up trading.
If the market ever got too flooded with BlockCredits, which caused the price of the credits to drop below $1, the custodians would just need to wait and keep their sell wall in place. Everyone buying BlockCredits under $1 would be getting a great deal. Eventually though, as long as the custodian waited long enough, the BlockCredit supply would start getting lower and lower as people buy them to use on the exchange (thus getting destroyed in the process). The supply would get low enough that the price would start rising back to $1, but it would never be able to surpass it because of the sell wall in place. The shareholders would need to constantly resupply the custodians as credits are consumed in the system and the supply runs lower.
So as more and more people from around the crypto community start using B&C, they will need to purchase more and more BlockCredits from custodians to actually trade, thus guaranteeing shareholders consistent profit. Shareholders will even have the ability to vote to raise or lower the current BlockCredit transaction fee.
Potential Support for Litecoin:
In order for Litecoin trading to be supported on B&C Exchange, BlockShare holders would need to vote on and pass a motion in favor of adding it. Once a motion receives more than 50% approval, then it is clear that a majority of shareholders are in favor and the motion will have passed. An example of this motion process can be found in this thread where NuShare holders voted to authorize an auction to fund the creation of B&C Exchange. Using the Peershares framework permits decentralized networks (through motion voting) to reach consensus on and move forward with bold and controversial proposals. Peershare networks (B&C Exchange included) can evolve and adapt quickly as directed by shareholders.
As for fundraising, $200k is needed in order to complete B&C Exchange. $80k of this was recently guaranteed by a small group of seed investors. This initial seed fund will allow B&C to start development as soon as Nu v2.0 is released, which should be shortly. In addition to the seed fund, we have $84k currently pledged by small investors that want to purchase BlockShares. This pledged amount will not be collected until we reach the full $200k. So with both the seed fund and pledged funds, we currently have a total of $164k (82%) committed to the development of B&C Exchange, which means we’re almost to our funding goal.
I personally believe it would be best for BlockShare holders to consist of varied supporters throughout the crypto community, that way we have shareholders with lots of different views on things. Also, the more Litecoin supporters that own BlockShares, the more weight they will have when it comes to voting and decisions made for the network. And just to be clear, I am not suggesting that Litecoin holders need to purchase access to B&C Exchange.
One of the great things about motion voting is that anyone from any community will be able to draft a motion on our forum and attempt to convince shareholders to support their particular crypto. Being a BlockShare holder is not required to draft a motion to add new cryptos to B&C. This means that the Litecoin community would be able to work on a motion here on their forum and when it’s complete, a representative will post it on our forum so B&C shareholders can vote on it. The entire community will be able to post their arguments in this dedicated thread about why Litecoin should be supported. Any argument made could help change the mind of a shareholder, and as long as more than 50% is reached, it will be added as a supported crypto.
Now as I said, I’m not an official representative for B&C, so I need to be careful about answering questions about the technical design and other things. It would be best to post any questions on our main Bitcointalk thread to be answered by the lead architect Jordan Lee. If you post any questions for me here though, I’ll post them in the Bitcointalk thread for you and once an answer has been provided, I’ll reply back here with your answer.
So to conclude with this, if anybody is interested in learning more or purchasing BlockShares to help us finish our funding, check our main thread on Bitcointalk . Lead architect Jordan Lee has already answered many questions about the design. Many of the questions you have may already be answered in this thread. Also, check out our complete design document. Thank you for reading and we hope to be able to serve your exchange needs in the near future!
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Also, please make any suggestions on which communities to post this at. Currently I plan to post at the following:
- Litecoin
- Dogecoin
- Dash
- NXT
- Monero
- Blackcoin
- NEM
Should I post this at Bitshares? Anybody else?
Thank you for taking the time to write up such a detailed post. Your first two sections are accurate and comprehensive. The third “potential support” section can be shortened and condensed.
A guiding principle of Peershare, Nu, and now B&C development is that we strive to uphold our public commitments. We want to avoid creating casual suggestions that may be misinterpreted by an external community and lead to disappointment if the suggestion doesn’t materialize. With that in mind, here are a list of cryptoassets that we hope to support on B&C Exchange at or soon after release. These cryptoassets are currently planned to be listed on our upcoming BCExchange.org teaser webpage:
- Bitcoin
- Litecoin
- Dogecoin
- Peercoin
- Dash
- NXT
- BitShares
- NuBits
- NuShares
- BlockCredits
- BlockShares
It’s important to note however that B&C Exchange will be delivered in iterations, not one final product. As the teaser website will also state, support for these cryptoassets will rely on a number of factors outside of developer control, including whether the blockchains are currently secure, whether a sufficient number of signers have been established, and whether BlockShareholders have issued directives regarding offered trading pairs. It is impossible to guarantee with certainty that all these cryptoassets will have functional trading pairs.
So, your third section isn’t quite accurate. We do plan on supporting Litecoin in the early stages of B&C Exchange, but any one of those factors above could cause it to be delayed or removed from the B&C Exchange platform. As well, using statements like these
could indeed be interpreted as a threat that Litecoin holders should purchase BlockShares to gain influence over the network, or else they risk not seeing LTC trading offered. We really want to avoid that. BlockShare ownership should be desirable to external communities because of the potential profitability of the business model, as well as intrinsic factors like the satisfaction gained from supporting a decentralized exchange. Paragraphs 1, 3, and 4 of this section could be deleted or shortened considerably as a result. “B&C Exchange developers have expressed an interest in offering Litecoin trading as long as it is safe, operationally viable, and BlockShareholder supported” is probably sufficient.
This is only our opinion of what is best. We appreciate your efforts in promoting the exchange to a wider audience and don’t want to impose any directives on how you do that. As long as you consider whether you would respond positively to an identical post from a competing “F&G Exchange” on the Peercoin forum, everything should be fine.
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Ok, I will rework the third paragraph when I have some more time.