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Next time do equity crowd-fund with % of referral-profit as dividends. ^^
I set up an account at https://moonstone.io/ for the Moonstone crowdfunding campaign when I donated. Do I use that account info when seting up the wallet at http://app.moonstone.io/This version is for UI/UX testing only. You don't need to import anything. We will send out emails once the final version of Moonstone is ready for regular usage.
Sign up doesn't work!!!Please report the issues via the Google form. We need as much feedback from as many testers on different platforms as possible! The devs get every Google form report directly.
That's a good point.You miss that people may want to join funding that DO NOT have an account yet ..You don't need to do that - you can just type in your bitshares account name (on metaexchange.info), pay with BTC and the MOONFUND will be sent directly to your bitshares account.Thanks for that. It is really simple as it should be.
This makes me wonder why this straightforward approach has not been used on moonstone.io. Why all this hassle with creating and downloading a json file and then importing it into a wallet if the same result can be accomplished in one simple metaexchange transaction?
Unless I'm missing something.
Btw .. moonstine.io uses metaexchange for this internally
So on their webpage they should say: "If you already have a BitShares account go to metaexchange where you can buy our tokens with BTC. If you don't - proceed to our crowdfunding gateway and you will be able to import the downloaded the json file into our new wallet once it is released."
(Please note that I'm not complaining, I'm just trying to help them raise the funds.)
I appreciate the moonstone project a lot and I'm willing to donate.
Here is my feedback regarding the crowdfunding process:
1. It would be good if you placed this valuable link https://marvelapp.com/a31d7h#3555223 in a more exposed place - in my opinion this link is much more informative than the product demo in the form of a mute YouTube video.
2. When I am trying to donate I am asked to supply a password, a new wallet is created and I'm instructed to download it and keep to safe but there is no explicit guide how to use the new wallet. I guess I could figure it out on my own but it would be much better if I didn't have to. What is badly needed is a step by step guide what to do with the new wallet apart from keeping it safe, i.e. how to access the downloaded wallet and see the purchased Moonstone Tokes.
3. Currently the donation mechanism is not working - when I try to donate I get stuck with the message "Loading Bitcoin address" and nothing happens.
Once we stabilize the rules of the game and the client, I will definitely make a lot of meetups and hopefully will bring new people (some very wealthy I hope) in the system...
But as the situation stands right now I I don't know the final rules and I don't like misleading people.. I believe in the future of Bitshares no matter what because I believe that the Devs and BM are honest with good intentions and many people in this community want to make BTS the next best thing without carrying only for their profits. I do not want to convince people jumping in the system because of my beliefs but rather inform them properly based on proven results.
We will eventually get there..
How does this system transition in the as the feed price starts out entirely exogenous and tends toward entirely endogenous as market liquidity increases? i.e can it cope with a environment where the feed price is dominated by internal market forces?
Monsterer, good question, but do we even know that endogenous price feeds are possible? To believe this is more than just BitShares folklore, somebody needs to put forward for review a coherent plan for the mechanics of such a system, and then show how it would apply to the proposed BitAsset 3.0, which on reflection is just as reliant on the price feed as the Market Yield System.
It has been suggested before that BitAssets with feeds produced by private parties would enable greater variety of BitAssets to be created. I would like to explore this idea further from the perspective of growing adoption.
Today there is little incentive to market BitUSD because 100% of the profits of marketing BitUSD go to USD holders via yield or BTS holders via trading fees. If BitUSD were a privately owned asset then the manager of that asset (responsible for publishing the price feed) could make money directly proportional to adoption. Assume the manager got to set the market trading fees/transfer fees just like they can with any other user issued asset.
The end result would be a financial incentive to get a pegged asset released, marketed, and adopted. The BTS network would profit by having the asset trading against BTS and other assets. Initially this would result in a handful of attempts, but market competition would result in the best promoted and adopted variant having the highest usage and deepest markets. Ultimately the market would settle on one or two variants and the rest would die off or be special purpose.
1) Assume anyone could create a BitAsset and publish a feed for it.
2) Assume that "anyone" could be a group of 100+ individuals which are unlikely to collude and they must agree on the feed via multi-sig.
3) Assume that this group got to set the trading fees (%) on all trading volume with the asset.
So the question is, are delegates inherently more trustworthy than any other group of individuals collaborating to publish a trusted feed? Sure they are elected, but an election is not the only or even the best way to establish trust.
So I contend that a market full of private market pegged assets with profit motive for a near "winner takes all" on the team that can provide the highest liquidity and best marketed variant will produce better results than relying on socialized funding of the BitAssets produced by delegates.
Thoughts?
I am not a lawyer but...
I believe that doing this would consolidate and centralize the market rapidly into the hands of a few well heeled players. The appeal of bitUSD would diminish quickly as any properly incorporated entity with the resources to pull this off would immediately be subject to AML/KYC regulations and would be forced to lock down the bitUSD holdings of anyone the IRS asked them to.
Assuming that they could sustain the compliance burden, they would also find themselves immediately subject to US laws regarding virtual currency & money transmission. http://www.fincen.gov/financial_institutions/msb/msb.registration.html (click the links labeled Regulation & FactSheet)
If they didn't comply then FinCEN could seize the company's assets globally, pretty much immediately.
Doing it without incorporation, for instance as a DAC would mean that in theory, USA courts would disregard the DAC and treat the players as individuals who were operating a series of sole-props and engaging in a regulated activity (money transmission and investing/banking). 100% of the liability would likely rest with the players severally and I have serious doubts that the USA wouldn't treat everyone in the market under RICO statutes and seize their individual assets and likely their personages.
In short, if you want to do this, don't live anywhere near the USA and don't expect to be able to board an airplane any time in the near future.
Other than that it's a great idea!
So what does MOONFUND really give you?
Remind me again. What is the plan for the Moonfund donors in the unlikely scenario that you do not meet your goal of 130K USD? How if at all do you plan to make such sponsors/donors whole?
Is it again the same principle - try to get N delegates elected and buy the Moonfund token at 1 BTS a piece? Or will those donations be treated as no string attached tips and no attempt will be made to pay them back?
PS
Do not get me wrong... I love Moonstone (as well as the Moon and The Stones), but just trying to decide on most appropriate trading strategy for my moonfund tokens. And for that I need clarity on the rules.
This so hard. I haven't donated yet because it's unclear to me how this whole thing is going to be handled.
