Hi everyone,

Metaexchange is the original bitshares gateway, so far we have processed 2720 BTC across 5 markets and we are the first and only instant exchange to offer limit orders, and the only instant exchange with integrated market makers to offer you the best prices.

We are now offering a chance to share in our success: METAFEES UIA!

The METAFEES asset represents the fees we generate from running metaexchange. Our fees will be divided between the number of METAFEES which sell. For example, If there were 100 METAFEES sold in total, those 100 shares will get 50% of the fees we generate between them. There are 10000 for sale and 2000 are held by monsterer and shentist and backed with the already existing liquidity of 40 BTC. We hope to raise 200 BTC in total, pricing each share at 0.02 BTC.

We will buy back the METAFEES asset monthly with 50% of our collected fees on the open market, thereby raising the value of asset.

The fundraiser will run for 60 days, starting today!
 
Fees
To date we have processed 2720 BTC of transactions, resulting in fees of 8.16 BTC and we expect this to increase dramatically as we add extra liquidity, more markets, Bitshares UIA coin tokens and margin trading.

With only 40 BTC of bootstrapped liquidity we made trading fees of 8.16 BTC, so we're very excited about what we can do with 200 BTC!

Buyback
Every month we will publish the earned fees and we will announce in advance how many METAFEES we will buy back in BTC, NXT, ETH etc. This will lead to a constant buy pressure for the METAFEES asset, raising its value.

Our plans
We will use the funds raised only to increase the liquidity in the markets that we offer and to add new Bitshares UIAs representing each of the coin types we support, such as Bitcoin, Ethereum and Nxt, to give you a chance to trade these tokens on the Bitshares DEX with full redeemability to the real thing. So each METAFEES purchase that you make furthers Bitshares itself as well as metaexchange. Further, we will add Bitshares DEX market markers (using our propitiatory technology) to these new UIA token markets adding the liquidity that traders demand. For example we will create (BTC, NXT, ETH and any new coin we provide as an UIA) along with a market maker in the primary BTS market for each one.

We aim to become the number one instant exchange. We will achieve this by offering the best available liquidity in the markets we serve, combined with ground breaking features. We are already the only instant exchange in the world to offer limit orders and relative limit orders without requiring an account or registration.

In the future we plan to offer leveraged margin trading, which will allow anyone posting collateral to go long or short on their favourite coin with leverage without requiring an account. The funds we raise will allow us to achieve this by lending out our liquidity to margin traders, for a small lending fee (which will be paid, in part to holders of METAFEES) and our standard trading fee.

We will also share 50% of the fees we generate through UIA trading, any withdrawal fees, and Bitshares referrals.

Competition
Our main competition is shapeshift.io who recently raised £1.2M in funding for 30% of their business, valuing them at £4M. They work using the reseller model, buying their inventories from major exchanges after each trade. This model relies on the liquidity of the exchanges they use and also has the associated counterparty risk of having a float in the exchange's wallet. Metaexchange works by making markets - we are a liquidity provider and as such, have the potential to offer far superior spreads without the associated counterparty risk.

Risk
As with any fund-raiser, there is associated risk. Particularly with digital currency services, the risk of being hacked is the primary concern. We use best practices in security, particularly with site/wallet separation and server hardening and have a running $500 bounty available for any discovered exploit. Even so, this risk is still present. Also, the regulatory environment could change unfavourably towards crypto-currency only exchanges. There is also market making risk; if our losses from market making exceed the amount we charge in fees, there will be a gap in fee payments.
If for any reason, metaexchange shuts down, we will use our liquidity pool to buy outstanding METAFEES back.

How to buy
You can purchase the METAFEES asset which represents our shares, initially on the Bitshares DEX (priced in BTS) and later on metaexchange itself priced in ETH, BTC and NXT, once we finish out Bitshares 2.0 integration.

The price of METAFEES in each market is calculated to have the same value as if you purchased from the BTC market. We have multiple markets to buy from because we have multiple market makers in metaexchange - for example, if you buy METAFEES using BTS, you will contribute toward ours BTS/BTC market.

METAFEES are listed on the Bitshares DEX, market: METAFEES/BTS

https://bitshares.openledger.info/#/exchange/trade/METAFEES_BTS

...and now on metaexhange:

https://metaexchange.info/markets/METAFEES/BTC
https://metaexchange.info/markets/METAFEES/ETH
https://metaexchange.info/markets/METAFEES/NXT

Disclaimer

We make no guarantee about the future value or returns related to the METAFEES asset and all purchases are at the buyers risk. This is not an investment proposition, or a binding contract. We are not liable for any losses incurred, direct or indirect by participating in this fundraiser.

Any questions, please post them here, thanks for reading!

monsterer/shentist

So, I got my transaction from get_block, and of course the memo is encoded. Is there a way to get the API to decode this for me?

It appears to be gone from 2.0?

I'd like to set the market_fee_percent option for a UIA, but looking at the docs, it's unclear how I can do this via the command line (cli_wallet) - is there an example of how to specify the options via command line?

I've finally got the witness_node permission working and I'm wondering do I have a similar procedure with the cli_wallet?

I.e. login, request api usage? If so, where does the config file live so I can specify the permissions?

Bytemaster added some new API calls to help exchanges get integrated quickly, but I only see them in the graphene github. I grabbed that, built and tried to sync, but I get a strange error:

258155ms th_a       application.cpp:940           startup              ] 10 assert_exception: Assert Exception
head_block_time() < next_block.timestamp:
    {"head_block_time":"2015-10-23T08:59:10","next":"2015-10-13T14:12:24","blocknum":1}
    th_a  db_block.cpp:636 validate_block_header

    {"next_block.block_num()":1}
    th_a  db_block.cpp:517 _apply_block

It that github still on the testnet?

Just digging into this transaction GUID problem, looking at get_block, I see output like this:

{ 
   "id":1,
   "result":{ 
      "previous":"0003c22d0651c49a1782e183bccbeb5dd6221f55",
      "timestamp":"2015-10-22T07:28:12",
      "witness":"1.6.40",
      "transaction_merkle_root":"f6cdd68c9292d1696f5c2ba76de5c68baa45175f",
      "extensions":[ 

      ],
      "witness_signature":"205f918acf9bf6ec73e288dfa731c732a18f5030aa103577e0199638ecd15aeebf6dee1f11ccd9dcf6f1dc6b44b3465c3b172a49f1e88204a7a0b167bb6fafc960",
      "transactions":[ 
         { 
            "ref_block_num":49708,
            "ref_block_prefix":4123127678,
            "expiration":"2015-10-22T07:28:24",
            "operations":[ 
               [ 
                  1,
                  { 
                     "fee":{ 
                        "amount":1000000,
                        "asset_id":"1.3.0"
                     },
                     "seller":"1.2.36644",
                     "amount_to_sell":{ 
                        "amount":"235000000000",
                        "asset_id":"1.3.0"
                     },
                     "min_to_receive":{ 
                        "amount":100000000,
                        "asset_id":"1.3.121"
                     },
                     "expiration":"2020-10-22T07:28:07",
                     "fill_or_kill":false,
                     "extensions":[ 

                     ]
                  }
               ]
            ],
            "extensions":[ 

            ],
            "signatures":[ 
               "1f43e13111b333462f0f43af6fd238d6474f9922485b8c08025ace2d80a5ebb4306229099e1da460c997c0543490b37db2fabf913dc513fb8786a285a41f1feca0"
            ],
            "operation_results":[ 
               [ 
                  1,
                  "1.7.1344"
               ]
            ]
         }
      ],
      "block_id":"0003c22e2f8cddfb7b3b2798543a4b131d0fbe7e",
      "signing_key":"BTS87mX5Fk4JHGMCudKYeTo2HfsukkLM9GyBYpj1QHwR2jxy7Mp7a"
   }
}
Note the complete lack of object ID for the transaction? How are we supposed to identify what transaction this is? I feel I must be missing something major, here.