Author Topic: DACx 100% delegates proposal: dacx.baozou  (Read 16521 times)

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Offline matt608

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« Last Edit: January 21, 2015, 08:22:22 pm by matt608 »

Offline svk

You're in, congratulations :)

This project is really exciting, looking forward to following your progress!

PS. If you can get feeds published too that would be great!
Worker: dev.bitsharesblocks

Offline roland

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you guys should have it translated into English soon :)

Noted.  Bilingual site is a must-have for each crypto crowdfunding with global reach.  Yet we are still in the process of nailing down the Chinese text  :)

Offline bubble789

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you guys should have it translated into English soon :)

Offline roland

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I am glad to see our Chinese supporters getting involved now through delegates - marketing group, Yunbi, Tradebts and now DACx :)

Would you guys be open to adding a *powered by BitShares tag on your site?

Yes.  Our site is still evolving.  It is now in rudimentary form and will absolutely highlight DACx's connection with BitShares down the road since the BitShars blockchain is chosen to be the very infrastructure underlying each crowdfunding that DACx may launch.

sumantso

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I am glad to see our Chinese supporters getting involved now through delegates - marketing group, Yunbi, Tradebts and now DACx :)

Would you guys be open to adding a *powered by BitShares tag on your site?

Offline roland

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so DACx is building a portal for access into Bitshare decentralised exchange of "shares" in small and medium business in China, am I right?

similar to what Medici is to Counterparty?

Furthermore, what is your progress so far? and more info on the team would be greatly appreciated.
(the info is not for voting but for me to better be able to appreciate the gravity of DACx ;) ).

Exactly thats what DACx is doing.

But a bit different with Medici although we may share the same goal.  Medici is supposedly designed to create a brand-new stock exchange while DACx is essentially an investment bank playing with the existing decentralized stock exchange - the BitShares blockchain.

We have been incorporated and will definitely reveal further info in due course.  The Chinese community is pretty much familiar with most of our members, among whom Baozou (Rampaging Prince) is a top influential guy in the crypto-industry of China.  Technically we are poised to launch IPO for companies in the crypto-world at present, given that the local crowdfunding regulation hasn't made its debut to shackle us.  What we are doing right now is to locate promising start-ups in China, whose business idea should be sexy enough to appeal to the crowds.

Offline callmeluc

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It is hard to emphasize how big this is.  +5%

could anybody show some support to Chinese Community Service Group please?

vote for us: wallet_account_set_approval market.cn.group101 true

 :)
BTS_自扯自淡

Offline bubble789

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so DACx is building a portal for access into Bitshare decentralised exchange of "shares" in small and medium business in China, am I right?

similar to what Medici is to Counterparty?

Furthermore, what is your progress so far? and more info on the team would be greatly appreciated.
(the info is not for voting but for me to better be able to appreciate the gravity of DACx ;) ).

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Offline santaclause102

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Thanks, that was helpful!

DACX is an amazing project!  8)

Offline roland

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Thanks for the reply.

Just 2 more questions (still free right?)

DACX will be like the other crowdfunding platforms out there.
DACX won't be using BitAssets (BITUSD, BITCNY etc...) for their crowdfunding, only FIAT?

And the Bitshares blockchain, will be used for trading those BDR's and thus providing liquidity?

If so this is great, I know a large crowdfunding platform in the Netherlands who has been promising to deliver a trading platform. But after 2 years they still haven't realised this. Major obstacle is the Dutch SEC.

On the contrary, DACx will try its best effort to raise funds in BitCNY/BitUSD, in that foreign investors may have borderless access to local investments with the help of Bitassets.   Recognizing there could be regulatory issues in doing so if DACx aims to be get licensed later, we will try to find ways out.  And DACx can really do that at least before the crowdfunding regulation steps in.

You are right the BitShares blockchain will work like a decentralized stock exchange for BDR trading to provide liquidity.  In essence, what DACx is about to do is "crypto-securitization".
 

Offline graffenwalder

Thanks for the reply.

Just 2 more questions (still free right?)

DACX will be like the other crowdfunding platforms out there.
DACX won't be using BitAssets (BITUSD, BITCNY etc...) for their crowdfunding, only FIAT?

And the Bitshares blockchain, will be used for trading those BDR's and thus providing liquidity?

If so this is great, I know a large crowdfunding platform in the Netherlands who has been promising to deliver a trading platform. But after 2 years they still haven't realised this. Major obstacle is the Dutch SEC.

Offline roland

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Very nice, you've got my vote.

Couple of questions though:
PLAY is using your platform for their crowdfunding at the moment.
What's the difference with other IPO's so far, except for being listed on DACX?

Once shares are sold and traded on the BTS platform, how will shareholders be able to withdraw them?
Just by direct sending? Would this make every project crowd funded on DACX a BitShares Asset?

Edit: I guess there is no need to withdraw shares from regular companies.
But how will this work for crypto related projects?

There seem to be some misunderstanding on how DACx has been working for PLA’s crowdfunding.  Let me introduce myself first, I'm the legal counsel of DACx and also advised on PLAY's crowdfundig.  I would like to take this opportunity to clarify DACx’s role generally.

DACx is primarily an advisor and underwriter insofar as PLAY’s crowdfunding is concerned.  DACx's services focus on the publicity matters as well as overseeing and holding the bitcoins raised until the funding window is closed.  It should be noted that DACx doesn’t take any PLAY Shares (“PLS”) from the PLAY Foundation for subsequent distribution among the contributors.  Instead, each contributor should manually claim PLS by importing the private key of his bitcoin sending address, just like what he did in claiming BTS months ago.  No singe PLS will be passed on to the contributors via DACx.  So no PLS withdrawal needs to be made from DACx.

Therefore, you can say that there is no substantial difference between PLAY crowdfunding and many other crypto-IPO such as BTS MUSIC.

On the other hand, contributors who are familiar with crypto-assets may engage ZAFED Corporation (a separate legal entity) to make the contribution in bitcoin and claim the PLS rewards.  Yet this has nothing to do with DACx, which is crowdfunding platform acting on behalf of the project initiator.

For the questions on your second post:

(1) it seems my answer above is selfexplanatory.  No trust or the like is there at all, nor is it needed for PLAY's crowdfunding.

(2) PLAY's crowdfunding has nothing to do with BitShares blockchain (apart from the PLS to be allocated to the BTS holders, which are not part of the crowdfunding rewards). 

However, DACx is also set to do equity crowdfunding for startup companies (as opposed to crypto-coins).  In that case, there will be a separate custodian (instead of DACx itself) to hold the shares in the funded company on behalf of the contributors, backed by "Bit-Depositary-Receipt" ("BDR") issued to them on BitShares blockchain.  Each BDR represents a fractional ownership to the underlying equity interest in the funded company, which will be honored by the said custodian.  Moreover, the custodian and each contributor will sign a binding legal instrument to formalize that arrangement to ensure the BDR legally enforceable.

Here you can see BitShares blockchain will serve as the public ledger to record all the BDRs issued against the underlying equity crowdfunded.  Such records will be conclusive, as backed by binding legal instruments.

(3) In China, there are only stock exchanges with tiered boards such as the main board, growth enterprise board and so forth.  No official crowdfunding platform has been set up, nor will there be.  The Chinese government is going to drive private crowdfunding platforms to grow (subject to official license), thanks to the recent legislative development in this regard.  Of course, hurdles and bureaucracies are foreseeable for DACx to apply for the relevant official permit after the crowdfunding regulation takes effect.  Yet we are committed to that pursuit anyway to boost the application of BitShares.  While the crowdfunding regulation isn't yet officially promulgated, the sponsors of DACx have been approaching major players in the securities sector of China in view of a close partnership on setting up a fully legalized crowdfunding platform. 

And even in the worst case scenario that DACx fails to get licensed eventually, it can still utilize BitShares blockchain to do reward/charitable crowdfunding, in that only equity crowdfunding is expected to be regulated.
   

**************

I'm happy to answer any followup questions in this regard ----- free of charge :)

Offline santaclause102

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The parts I understood are amazing!  +5%

But maybe you can help to clarify a few remaining questions:

1. How exactly does that legal mechanism work? Is this about correct: A trust holds the shares of the actual investors and the actual investors are given some specific user issued assets on Bitshares? Why does this help? The trust just replaces the company. I obviously didn't completely understand this yet :)
Can you elaborate on the exact process?

2. What role does the BitShares blockchain have exactly for DACX? Are BitAssets (the market pegged assets, no the user issued assets) used?

3. Did I read that right that the Chinese officials have also launched a crowd funding platform which has the disadvantage that companies that want to get funded and (?) investors have to go through a lot of bureaucratic processes. How do you think the Chinese government let DACX pass if DACX is a competitor to their platform and does not have those regulatory/bureaucratic requirements? This is probably related to question (1).