Author [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] Topic: [MetaExchange] 100% pay-rate delegate, raising funds for registration  (Read 730 times)

0 Members and 1 Guest are viewing this topic.

Offline monsterer


Hi all,

MetaExchange is my work in progress exchange-like trading interface and web-wallet for Bitshares. This is currently a spare time project, but I would like to take it to the next level by creating a 100% pay-rate delegate which will allow me to work on this project for around 50% of my normal working week.




I don't have the available funds to register a 100% pay rate delegate myself, so my only option is to crowd-source the funding for the 59,881 BTS (calculation provided by Rune, 50/1010*60*60*24*14=59881) fee I need to register the delegate.

In order for this to work I'd like to ask that a trusted forum member to step in as an escrow agent to hold the funds, and to refund them if I don't manage to raise enough BTS.

What are my plans for MetaExchange?

I would like to reduce the barrier to entry to owning and trading bitshares assets and BTS to close to zero. This site is designed to appeal to traders who are familiar with bitcoin exchanges/forex and who are curious about bitshares, but don't want to download the client and wait hours for it to sync just to see what all the fuss is about.

  • Release 1 will be a simple viewer, which will allow users to browse all the markets and assets in a familiar setting to any trader who might have used a bitcoin exchange.
  • Release 2 will be a web-wallet which will allow users to deposit/withdraw and most importantly to actually trade bitshares in markets directly through the website. This will function much like one of the many bitcoin exchanges, which will be familiar to traders of crypto currencies and forex/stocks alike.
  • Release 3 will provide on-ramps to bitUSD and BTS through bitcoin.
  • Release 4 would explore adding other crypto-currencies which support trading, such as NXT

What will this project contribute to the bitshares ecosystem?

Ignoring all the accessibility advantages of a web-wallet and trading interface, this project will also contribute to the bitshares open source ecosystem with in browser transaction signing and other javascript utility functions.

After Release 1, the entire project will be open sourced on github.

In closing, I literally can't do this project without the support of the community; I need help raising the funds for the delegate registration and most importantly, I need people to vote for the delegate to get it included in the 101 and become an active project.

Looking forward to hearing what you all think of this, since this is the first 100% pay rate delegate campaign and the first to try crowd funding the registration fee!

Cheers, Paul.
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline ripplexiaoshan

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 1981
    • View Profile
  • BTS: xiaoshan
Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #1 on: November 11, 2014, 08:44:22 PM »
Seems cool~ but I want to ask, is your exchange a centralized exchange like bter or it's the web version of BTS internal market? If it's latter, you will get my vote. +5%
 
BTS ID:xiaoshan                   www.yoyow.org      www.btsabc.org      www.openledger.info

Offline monsterer

Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #2 on: November 11, 2014, 09:30:45 PM »
Seems cool~ but I want to ask, is your exchange a centralized exchange like bter or it's the web version of BTS internal market? If it's latter, you will get my vote. +5%

It's a web portal into the BTS decentralised exchange, designed to be familiar to traders.
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline bytemaster

Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #3 on: November 11, 2014, 09:34:08 PM »
I fully support this effort and encourage you to work with James as you are already familiar with his work.

I would like you to consider a slight detour in your development schedule before going fully "web based" and this is to create a version of the site that manages the funds on behalf of the users like a bank and make it open source for everyone who can get a money transmitters license.

1) No Trading
2) Multi-Factor Authentication
3) Account-to-Account Transfers (internal)
4) Account-to-External Account (blockchain)
3) Website keeps yield earned
4) All transactions are free.
5) Merchant API

If such a site existed and was hosted by a trusted and licensed money transmitter then we can reach the 99% that want a payment platform and it should be self funding (by yield) to allow growth to the full up blockchain-info based interface with exchange and private keys managed by the browser.

The 1% that want to manage their private keys already have the power with the full wallet.... and soon light weight wallets.. and ultimately full web wallets.    Considering your skills and time you will probably be waiting on us to provide better tools for light weight clients and thus should focus on a server based solution first.

For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Shentist

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 1605
    • View Profile
    • metaexchange
  • BTS: shentist
Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #4 on: November 11, 2014, 09:44:36 PM »
I am willing to Fund the total needed amount . would like to collaborate if you want . i am not a coder but i have a vision wie could maybe combine.  Lets talk via Skype or mumble . after saturday i am available

Offline arhag

  • Hero Member
  • *****
  • Posts: 1213
    • View Profile
    • My posts on Steem
  • BTS: arhag
  • GitHub: arhag
Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #5 on: November 11, 2014, 10:10:00 PM »
3) Website keeps yield earned
4) All transactions are free.

Wouldn't this strip too many of the benefits of BitShares if you both take away the yield on BitUSD and require the user to trust their money with a third-party? Not much better than PayPal at that point.

I don't think the website should keep the yield (at least not all of it). We want people to save with BitUSD because that most effectively adds value to BTS. That means we want to incentivize holding the BitUSD more than spending it. I think the small $0.02 fee per transaction is acceptable if it means the users get outstanding yield on their funds. The fee could only apply to account to external account transfers since those are the ones in which they are forced to pay a fee to the DAC.

If BitShares can consistently get above 5% p.a. yield on BitUSD, then perhaps the service can take a cut to pay for operating expenses and pass on a 3% p.a. interest to the users. If they can get enough money from the yield to also pay for the further development of the technology that we have planned, then that would be great. Otherwise, I think it is worth it to pay for the improvements to the open source code through the delegates if it means these hosted services can afford to pass on an attractive 3% p.a. interest to the user.

Online Pheonike

Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #6 on: November 11, 2014, 11:41:42 PM »

If we want to to get 3rd party onramps on board faster then we gotta give them the some incentives. Would suggest splitting the yield 50/50 with the site and the user.

Offline bytemaster

Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #7 on: November 11, 2014, 11:44:49 PM »
3) Website keeps yield earned
4) All transactions are free.

Wouldn't this strip too many of the benefits of BitShares if you both take away the yield on BitUSD and require the user to trust their money with a third-party? Not much better than PayPal at that point.

I don't think the website should keep the yield (at least not all of it). We want people to save with BitUSD because that most effectively adds value to BTS. That means we want to incentivize holding the BitUSD more than spending it. I think the small $0.02 fee per transaction is acceptable if it means the users get outstanding yield on their funds. The fee could only apply to account to external account transfers since those are the ones in which they are forced to pay a fee to the DAC.

If BitShares can consistently get above 5% p.a. yield on BitUSD, then perhaps the service can take a cut to pay for operating expenses and pass on a 3% p.a. interest to the users. If they can get enough money from the yield to also pay for the further development of the technology that we have planned, then that would be great. Otherwise, I think it is worth it to pay for the improvements to the open source code through the delegates if it means these hosted services can afford to pass on an attractive 3% p.a. interest to the user.

You are right it is no better than paypal:

1) No fees
2) Instant
3) No chargebacks
4) Can withdraw to BTS to gain higher yield
5) Gold, Silver, Gas, Diesel accounts...

Once the site was up operators could compete on interest rates they offer. 


For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline arhag

  • Hero Member
  • *****
  • Posts: 1213
    • View Profile
    • My posts on Steem
  • BTS: arhag
  • GitHub: arhag
Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #8 on: November 12, 2014, 02:29:13 AM »
You are right it is no better than paypal:

1) No fees
2) Instant
3) No chargebacks
4) Can withdraw to BTS to gain higher yield
5) Gold, Silver, Gas, Diesel accounts...

Someone please correct me if I am wrong, but I believe Paypal to Paypal transfers (assuming you have a balance in your Paypal account already and do not need to move the money in from a bank account or credit card) should also be free and instant.

Technically, nothing stops a hosted service from implementing chargebacks. None of the internal transfers are on-chain so they can roll back as they wish if their customers find that acceptable.

I will give you the point that you can save in Gold, Silver, Gas, etc. That is a unique feature. And the ease at which one can withdraw funds into the blockchain and manage them with a full client is a huge plus as well (although it does require the person to set up and use a full client which could be a bit of an obstacle for someone who was attracted to a hosted service in the first place). Also, to be fair to myself, I did say "not much better than PayPal" not "no better than PayPal".

I still think it is important to not neglect the yield when enticing the masses into our system. Also, I really want to see a blockchain.info style wallet with multisig as soon as possible because I really hate to see people move into hosted wallets where they don't actually have control over their own money. I also worry about what hosted services holding BTS on customer's behalf can do with the voting power in their control.


zerosum

  • Guest
Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #9 on: November 12, 2014, 03:07:10 AM »
You are right it is no better than paypal:

1) No fees
2) Instant
3) No chargebacks
4) Can withdraw to BTS to gain higher yield
5) Gold, Silver, Gas, Diesel accounts...

Someone please correct me if I am wrong, but I believe Paypal to Paypal transfers (assuming you have a balance in your Paypal account already and do not need to move the money in from a bank account or credit card) should also be free and instant.

Technically, nothing stops a hosted service from implementing chargebacks. None of the internal transfers are on-chain so they can roll back as they wish if their customers find that acceptable.

I will give you the point that you can save in Gold, Silver, Gas, etc. That is a unique feature. And the ease at which one can withdraw funds into the blockchain and manage them with a full client is a huge plus as well (although it does require the person to set up and use a full client which could be a bit of an obstacle for someone who was attracted to a hosted service in the first place). Also, to be fair to myself, I did say "not much better than PayPal" not "no better than PayPal".

I still think it is important to not neglect the yield when enticing the masses into our system. Also, I really want to see a blockchain.info style wallet with multisig as soon as possible because I really hate to see people move into hosted wallets where they don't actually have control over their own money. I also worry about what hosted services holding BTS on customer's behalf can do with the voting power in their control.
You  We should understand and accept (IMHO), that despite our big dreams, the world that we live in (like 99% of it) will come aboard through some centralized entity / central point [of failure].

Offline Stan

  • Hero Member
  • *****
  • Posts: 2807
  • You need to think BIGGER, Pinky...
    • View Profile
    • Cryptonomex
  • BTS: Stan
Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #10 on: November 12, 2014, 03:16:47 AM »
You are right it is no better than paypal:

1) No fees
2) Instant
3) No chargebacks
4) Can withdraw to BTS to gain higher yield
5) Gold, Silver, Gas, Diesel accounts...

Someone please correct me if I am wrong, but I believe Paypal to Paypal transfers (assuming you have a balance in your Paypal account already and do not need to move the money in from a bank account or credit card) should also be free and instant.

Technically, nothing stops a hosted service from implementing chargebacks. None of the internal transfers are on-chain so they can roll back as they wish if their customers find that acceptable.

I will give you the point that you can save in Gold, Silver, Gas, etc. That is a unique feature. And the ease at which one can withdraw funds into the blockchain and manage them with a full client is a huge plus as well (although it does require the person to set up and use a full client which could be a bit of an obstacle for someone who was attracted to a hosted service in the first place). Also, to be fair to myself, I did say "not much better than PayPal" not "no better than PayPal".

I still think it is important to not neglect the yield when enticing the masses into our system. Also, I really want to see a blockchain.info style wallet with multisig as soon as possible because I really hate to see people move into hosted wallets where they don't actually have control over their own money. I also worry about what hosted services holding BTS on customer's behalf can do with the voting power in their control.
You  We should understand and accept (IMHO), that despite our big dreams, the world that we live in (like 99% of it) will come aboard through some centralized entity / central point [of failure].

Yes!  And then discover the way out the back door to freedom, perhaps just in time.  :)

Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

zerosum

  • Guest
Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #11 on: November 12, 2014, 03:40:37 AM »
You are right it is no better than paypal:

1) No fees
2) Instant
3) No chargebacks
4) Can withdraw to BTS to gain higher yield
5) Gold, Silver, Gas, Diesel accounts...

Someone please correct me if I am wrong, but I believe Paypal to Paypal transfers (assuming you have a balance in your Paypal account already and do not need to move the money in from a bank account or credit card) should also be free and instant.

Technically, nothing stops a hosted service from implementing chargebacks. None of the internal transfers are on-chain so they can roll back as they wish if their customers find that acceptable.

I will give you the point that you can save in Gold, Silver, Gas, etc. That is a unique feature. And the ease at which one can withdraw funds into the blockchain and manage them with a full client is a huge plus as well (although it does require the person to set up and use a full client which could be a bit of an obstacle for someone who was attracted to a hosted service in the first place). Also, to be fair to myself, I did say "not much better than PayPal" not "no better than PayPal".

I still think it is important to not neglect the yield when enticing the masses into our system. Also, I really want to see a blockchain.info style wallet with multisig as soon as possible because I really hate to see people move into hosted wallets where they don't actually have control over their own money. I also worry about what hosted services holding BTS on customer's behalf can do with the voting power in their control.
You  We should understand and accept (IMHO), that despite our big dreams, the world that we live in (like 99% of it) will come aboard through some centralized entity / central point [of failure].

Yes!  And then discover the way out the back door to freedom, perhaps just in time.  :)




I do not know ....
When I think big I get screwed up as well...



I do not know ....
When I think big I get screwed up as well...
Can BTS that is locked up in a margin order be included in the snapshot? My gut tells me, probably not. Unless you were to take the initial BTS put up as collateral from each side of the trade?

If not, will BTS locked up in orders as collateral be excluded from the total supply the 35% allocation is honoring?

yes, as you described, market orders will not be included, the exactly definition would be the balance records in balance db (the balance you see in your wallet).

Now THAT SUCKS!

Big Time!

I have 70% of my BTSX, in collateral!

So I am no good for share drop because I am too bullish on the whole system ???????????????????????????????????????????????????????????????????

F**k!

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12175
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BTS: xeroc
  • GitHub: xeroc
Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #12 on: November 12, 2014, 08:18:44 AM »
I am willing to Fund the total needed amount . would like to collaborate if you want . i am not a coder but i have a vision wie could maybe combine.  Lets talk via Skype or mumble . after saturday i am available
Let me now where to send some funds.

I'd like to contribute .. but under one condition: current development status is pushed to a public github (or elsewhere) repo prior to fund raising and development will be done on that public repo.
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline monsterer

Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #13 on: November 12, 2014, 09:27:34 AM »
I fully support this effort and encourage you to work with James as you are already familiar with his work.

I would like you to consider a slight detour in your development schedule before going fully "web based" and this is to create a version of the site that manages the funds on behalf of the users like a bank and make it open source for everyone who can get a money transmitters license.

Thanks for your endorsement :) I will consider your plan carefully; I can see why you suggested it because it would provide a quicker route to market for a web-wallet.

My only concern with this plan is that it relies on the server holding private keys which is not something I am at all keen on for security reasons. There might be a way to mitigate this risk, perhaps by generating a temporary private key from login credentials.

Quote
3) Website keeps yield earned

I would suggest that the site doesn't keep the yield (although, this probably makes it more complex), but instead derives profit through the spread on the on/off ramps into bitcoin/fiat.

Cheers, Paul.
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline monsterer

Re: [MetaExchange] 100% pay-rate delegate, raising funds for registration
« Reply #14 on: November 12, 2014, 09:34:17 AM »
I am willing to Fund the total needed amount . would like to collaborate if you want . i am not a coder but i have a vision wie could maybe combine.  Lets talk via Skype or mumble . after saturday i am available

Quote
Let me now where to send some funds.

I'd like to contribute .. but under one condition: current development status is pushed to a public github (or elsewhere) repo prior to fund raising and development will be done on that public repo.

Thank you both for you kind and generous offers!

Shentist, I've love to hear your vision.

xeroc, my only concern with going open source right now is that if I don't get elected, I have potentially given away everything I've developed so far to a better funded competitor.

Cheers, Paul.
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

 

Google+