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Main => General Discussion => Topic started by: kenCode on May 30, 2015, 10:01:13 am

Title: Please help me welcome Will Thomas of CryptoMate
Post by: kenCode 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 (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)
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: will7am 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 (http://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.
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: cass on May 30, 2015, 10:29:14 am
Welcome on board Will!

I've redirected your request to the core devs!

cheers
cass
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: Permie 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!
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: fuzzy 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.
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: hadrian 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...
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: will7am 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. ;)
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: lil_jay890 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.
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: Permie 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
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: hadrian 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.

Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: xeroc 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 ..
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: Ben Mason on May 30, 2015, 03:06:45 pm
Welcome William!  Your site look really nice... +5%
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: BunkerChainLabs-DataSecurityNode 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.

Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: santaclause102 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... ? 
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: liondani on May 30, 2015, 04:32:10 pm
Welcome Thomas.

Sent from my ALCATEL ONE TOUCH 997D

Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: will7am on May 30, 2015, 05:55:45 pm
Thanks a lot mate, and a good evening to you. :)

We're still in very early discussions now so it's too early to say if we can reach a partnership of some kind, but I look forward to seeing if there's something we can put together we can both benefit from. :)

I will pm you now before I forget!

Will.

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.


Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: mangou007 on May 30, 2015, 06:37:22 pm
Welcome to the community Will, enjoy the ride !!! ;)
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: mike623317 on May 30, 2015, 10:08:59 pm
BitShares community, please give a warm welcome to Will Thomas.
 
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.

First of all,welcome Will and I think Ken is absolutely right about the user issued assets.

Ken - great job for reaching out to Will. Seems like a win-win.

Thanks
M
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: fuzzy on May 31, 2015, 07:34:31 am
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... ?

Faddat.  From MetaDev.  Used to be called DAWN, until they gained  their own campus and production grounds.  Now they are focusing on doing quite a bit more in an open and emergent way.  Pretty cool actually because they have picked up more than a few people and also extra funding.

We had his hangout friday...but his headphones were cutting out so badly that we had to reschedule (and kindly ask him to get a new set).  The hangout is next week. 
Title: Re: Please help me welcome Will Thomas of CryptoMate
Post by: santaclause102 on May 31, 2015, 01:02:19 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... ?

Faddat.  From MetaDev.  Used to be called DAWN, until they gained  their own campus and production grounds.  Now they are focusing on doing quite a bit more in an open and emergent way.  Pretty cool actually because they have picked up more than a few people and also extra funding.

We had his hangout friday...but his headphones were cutting out so badly that we had to reschedule (and kindly ask him to get a new set).  The hangout is next week.
Dawn... that was the name. Thanks!
Here is the hangout where BM talks about how to make a company operational (share allocation and shareholder voting procedure mostly) within Bitshares: https://soundcloud.com/beyond-bitcoin-hangouts/beyond-bitcoin-01-30-2015-dev-hangout-edited