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Offline kenCode

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Please help me welcome Will Thomas of CryptoMate
« on: May 30, 2015, 10:01:13 AM »

BitShares community, please give a warm welcome to Will Thomas.
 
Will is the Founder of CryptoMate, a UK-based cryptocurrency Gateway which allows almost anyone with a bank account to buy cryptocurrencies directly. Will is a 14+ year IT and marketing guy with a passion for economic empowerment, politics, science and technology. He also Founded BritCoin, an altcoin which gave him a world of experience in the cryptocurrency space. Allen Scott (@ The CoinTelegraph) published a beautiful writeup on CryptoMate last week too!
 
Using the UK Banking Initiative "Faster Payments" (http://en.wikipedia.org/wiki/Faster_Payments_Service), just about anyone can now buy cryptocurrencies with their bank account directly, in just a couple of hours!
 
Will's Question:
Right now Cryptomate is a registered company with 3 directors each with a certain % in shares, once version 2.0 is launched (the peer-2-peer exchange platform) and is operational, we will be paying out shareholders automatically every 24 hours in BTC based on their % share of the company.  Since we don't accept any FIAT (buyers send directly to sellers/vendors) and the service generates revenue in BTC through fees, we were thinking of selling shares through crowd funding where investors get a % shares in the company and the daily profit pay-outs. 
 
https://CryptoMate.co.uk
 
This would be a great opportunity for Will to form a DAC and utilize UIA's for this funding, yes? Once CryptoMate v2.0 is released, I think this would also be a great money-maker for CryptoMate to offer market-pegged, low-volatility BitAssets like bitUSD, bitCNY and bitGOLD as well.
 
Let me know your thoughts guys and please give Will a warm welcome! 8)
« Last Edit: May 30, 2015, 10:06:27 AM by kenCode »
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Offline will7am

Re: Please help me welcome Will Thomas of CryptoMate
« Reply #1 on: May 30, 2015, 10:26:10 AM »
Big thanks for the warm welcome Ken!

I'm glad to be here and to introduce myself to the community properly. As Ken mentioned my name is Will and I'm founder of a new British exchange (CryptoMate.co.uk) which sells BitShares via instant bank transfer, currently only for British users but we're looking to expand in to the rest of Europe in the near future.

My understanding of how DAC's and UIA's would work in conjunction with CryptoMate is rather limited, so if anyone could give me a layman terms run down of it would work that would really cool.

Again, thanks for having me and glad to be here! :)

Will.

Offline cass

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Re: Please help me welcome Will Thomas of CryptoMate
« Reply #2 on: May 30, 2015, 10:29:14 AM »
Welcome on board Will!

I've redirected your request to the core devs!

cheers
cass
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Offline Permie

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Re: Please help me welcome Will Thomas of CryptoMate
« Reply #3 on: May 30, 2015, 11:35:16 AM »
My understanding of how DAC's and UIA's would work in conjunction with CryptoMate is rather limited, so if anyone could give me a layman terms run down of it would work that would really cool.
Welcome!

A UIA is a token that can be traded on the BitShares internal exchange that represents the value a real world asset. Loosely comparable to a coloured coin.
CryptoMate could issue a UIA that represents shares in the profit of the company but allows crytomate to retain control over these UIAs.
Restrictions can be placed on this UIA to meet with compliance regulation. As you're a UK company atm, perhaps only UK citizens will be permitted to receive dividends. I don't know, but UIAs can be customized to the issuers needs regardless.
I'm not sure of the best method to issue dividends. Perhaps every day the company buys back some of the UIA shares with the company profits. UIA shareholders benefit proportional to their stake.

Porting your business model to a DAC would involve coding a blockchain to facilitate the trades by integrating multi-sig escrow (to confirm fiat bank transfers have actually occurred) and the use of human 'Delegates' who would perform arbitration and oracle services to investigate problems with trades.
Perhaps the transaction fees of this DAC could be pooled into an insurance fund. Users can then assume that all trades are irreversible because if any problems arise they have a well funded arbitration service and a pool of funds for reimbursement to rely upon.

I hope that helps!
JonnyBitcoin votes for liquidity and simplicity. Make him your proxy?
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Offline fuzzy

Re: Please help me welcome Will Thomas of CryptoMate
« Reply #4 on: May 30, 2015, 12:21:01 PM »
Yes. Welcome Will.

If you decide to issue your shares on the bitshares platform, I'd gladly set up a hangout to introduce it.
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Offline hadrian

Re: Please help me welcome Will Thomas of CryptoMate
« Reply #5 on: May 30, 2015, 12:25:37 PM »
Hello Will.

This looks promising. I've not come across ANY other services like this in the UK. I've found a small handful of places enabling purchase of bitcoin through the faster payments scheme, but none which offer these other cryptos. Sometimes it's a pain having a bank account denominated in GBP rather than Euros, so I'm glad you're doing this!

If you were to create a User Issued Asset on BitShares, I would probably buy some because I'd like to see you succeed. Your service is good for crypto in the UK, and very convenient for users.

I hope you do well, and it'd be great to see some collaboration between CryptoMate and BitShares.

P.S. I recommend taking fuzzy up on his offer of a hangout if you can

edit: perhaps you'd like to know - looking at your website, some of the prices on the homepage are very different to those quoted when it comes to buying...
« Last Edit: May 30, 2015, 12:48:44 PM by hadrian »
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Offline will7am

Re: Please help me welcome Will Thomas of CryptoMate
« Reply #6 on: May 30, 2015, 01:00:59 PM »
hadrian: Thanks for your kind words, really appreciate it!  And thanks for pointing out the pricing bug, I've just fixed it now.  Turns out I missed out BTS while updating out prices the other day, it was completely unintentional, we're not trying to deceive people. :D

fuzzy: I'll be in touch soon!  Thanks. ;)

Offline lil_jay890

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Re: Please help me welcome Will Thomas of CryptoMate
« Reply #7 on: May 30, 2015, 01:12:34 PM »
If he issues a uia what is stopping a non Brit from acquiring the assets?  Even if he only sells them to Brits initially, those buyers can easily sell them to anyone on the asset exchange.

Offline Permie

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Re: Please help me welcome Will Thomas of CryptoMate
« Reply #8 on: May 30, 2015, 01:16:09 PM »
If he issues a uia what is stopping a non Brit from acquiring the assets?  Even if he only sells them to Brits initially, those buyers can easily sell them to anyone on the asset exchange.
I think the UIA can be set to only allow ID authenticated users to control their asset, so maybe the market will stop sellers from trading their UIA to an unregistered account
JonnyBitcoin votes for liquidity and simplicity. Make him your proxy?
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Offline hadrian

Re: Please help me welcome Will Thomas of CryptoMate
« Reply #9 on: May 30, 2015, 01:30:00 PM »
hadrian: Thanks for your kind words, really appreciate it!  And thanks for pointing out the pricing bug, I've just fixed it now.  Turns out I missed out BTS while updating out prices the other day, it was completely unintentional, we're not trying to deceive people. :D

fuzzy: I'll be in touch soon!  Thanks. ;)

I thought it'd be something like that  :D
Soon after shapeshift added BitShares (I think it was with BitUSD) they had a similar problem for a very short while - except the price was out by orders of magnitude!

Anyway, I've bookmarked your website and will be looking out for news and updates.

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Offline xeroc

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Re: Please help me welcome Will Thomas of CryptoMate
« Reply #10 on: May 30, 2015, 02:08:21 PM »
If he issues a uia what is stopping a non Brit from acquiring the assets?  Even if he only sells them to Brits initially, those buyers can easily sell them to anyone on the asset exchange.
I think the UIA can be set to only allow ID authenticated users to control their asset, so maybe the market will stop sellers from trading their UIA to an unregistered account
*confirmed*

For trading CryptoMateGPB legally, they need to comply with regulation which will require KYC/AML ..
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Offline Ben Mason

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Re: Please help me welcome Will Thomas of CryptoMate
« Reply #11 on: May 30, 2015, 03:06:45 PM »
Welcome William!  Your site look really nice... +5%

Offline BunkerChain Labs

Re: Please help me welcome Will Thomas of CryptoMate
« Reply #12 on: May 30, 2015, 03:22:37 PM »
Good Day Mr. Thomas,

Happy to have you here.

You have already been directed by some capable hands as to where you need to start. Core devs will be able to direct you on integration with your current infrastructure.

Looking forward to the hangout with fuzz.

If you have any questions you might feel uncomfortable to vet in public forums feel free to contact me via PM and we can setup a secure channel.

Happy to have you here! Innovation + innovation = awe and shock.

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Offline santaclause102

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Re: Please help me welcome Will Thomas of CryptoMate
« Reply #13 on: May 30, 2015, 04:16:10 PM »
Quote
This would be a great opportunity for Will to form a DAC and utilize UIA's for this funding, yes?
There was a beyond bitcoin episode where a guy who wants to do hardware for bitshares (routers etc) spoke up and BM discussed the question above. Fuzzy might remember which episode that was... ? 

Offline liondani

Re: Please help me welcome Will Thomas of CryptoMate
« Reply #14 on: May 30, 2015, 04:32:10 PM »
Welcome Thomas.

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