Author Topic: Please help me welcome Will Thomas of CryptoMate  (Read 5819 times)

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Offline fuzzy

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 Permie

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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!
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Offline cass

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Welcome on board Will!

I've redirected your request to the core devs!

cheers
cass
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Offline will7am

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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 kenCode

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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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