Author Topic: USD, EUR and CNY Gateway created on CCEDK.com  (Read 12921 times)

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Offline Stan

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Re: USD, EUR and CNY Gateway created on CCEDK.com
« Reply #45 on: July 11, 2015, 01:29:46 pm »
I would like to better understand how the actual functionality will look for users, because it appears a bit vague to me at the moment. (Apologies if the answers are obvious to others). So as a starting point:

Say I have fiat USD, and I want to start trading cryptos. I send the fiat USD to CCEDK - do I then receive bitUSD in return or a gateway USD (say CCEDK.USD)?

Likewise if I were to send BTC or alt-coin to CCEDK, do I receive the Smartcoin version (e.g. bitBTC) or a gateway equivalent (say CCEDK.BTC)? If there were more than one privatised Smartcoin equivalent of any fiat or crypto, which version would I receive?

Assuming I receive the appropriate Smartcoin equivalents, then is my crypto-trading limited to whatever cryptos are currently represented in BitShares in Smartcoin form? ie. I speculate in bitDASH rather than real DASH or a gateway IOU called CCEDK.DASH?

What is the profit model for CCEDK dependent on? For example, would CCEDK be creating their own privatised Smartcoins to represent DOGE, DASH, BLK etc in order to earn trading fees as a privatised issuer? Or would they be rewarded in some way for setting up markets for various trading pairs? If there are multiple exchanges like CCEDK in the network competing in these activities, would we end up with multiple representations of each coin (which would not seem very efficient from a user perspective)?

Or is the profit model transformed primarily into a referral model, where CCEDK receives a cut of all trading activity in the BitShares exchange resulting from members brought into the system?

How are different exchanges in the BitShares Exchange Network likely to differentiate themselves?

It seems a lot like this is all questions based on CCEDK being the new Bitshares wallet, and as such I would appreciate [member=6]Stan[/member] to come up with some clever explanation on the various options!

Since you are asking a generic question, I'll provide a generic answer and let CCEDK and other partners comment on their specific customizations when they are ready to announce them.

At the core of everything sits the Cryptonomex web wallet with built-in decentralized exchange and financial products factory which will be hosted on partner sites.  This provides the standard back end (market order books and trading engine, etc.) and front end (hosted web wallet that looks like a familiar exchange.)

It also provides built-in interfaces to other leading coins and partner-supplied financial products and services.

Fiat can enter/exit the system via any member with the proper licenses who can buy/sell any asset on the BitShares exchange that they like from their own inventory of SmartCoins and Exchange Issued Assets.  They can even sell assets issued by other partners if they want to.  Just like selling books on Amazon - from inventory in their own wallet accounts. 

So customers can choose between bitDash or CCEDKdash on the network or actual Dash in CCEDK inventory on their dash wallet.  (Of course the CCEDKdash UIA on the bitshares network is essentially nothing but a claim on the actual Dash in the CCEDK wallet and is only as good as their counterparty promise to redeem it.)  Users get the choice whether to take that risk or pay to move into the BitShares bitDash market pegged asset to be counterparty free.  Or they could choose the CCEDK private pegged asset which only trusts CCEDK to publish a price feed not to hold the currency itself.  In practice, other exchanges will offer similar choices and all will trade with slight premiums or discounts based on perceived risk and reputation of each issuer.

Repeat:  Users get the choice.  Shocking.

Once a user has those assets, they can trade them with no further counterparty risk on the decentralized exchange - interacting with users from every partner on the network.

So, as you have just seen and will soon see again (cue the dark mystery music), businesses who are not exchanges can join our network and instantly have a basic exchange and wallet built in (just like a typical shopping cart is built in) and integrated with their industry-specific business processes

Stay tuned for more Summer Announcements.

Then each partner/industry gets to customize it as much as they want, including:
  • Making simple branding or "white label" changes with logos and color schemes.
  • Adding in GUI elements to present extra site-unique tools and features.
  • Linking between these GUI elements to custom business logic between the BitShares wallet and other coin wallets or the APIs of other fiat payment services and partners.
  • Implementing their own assets and financial products using the tools provided by BitShares for which they get their share of the fees associated with those products
  • Implementing their own unique customer support services and loyalty programs.
  • Implementing their own unique customer acquisition strategies competing to sign up BitShares users.
  • Implementing their own unique strategies to train and up-sell customers into using more services for which they are entitled to their share of the fees from the whole network for every customer they signed up.
  • Negotiating their own deals to bring other partners into the mix - like CCEDK did with Bit-X.
Example:  A worker in Omaha feeds some of his paycheck dollars into a Peak Ventures ATM machine and one second later his wife in Tijuana buys groceries with it using her CCEDK Nanocard. 

The use cases of all the newly available seamless partner integrations are mind-boggling.

Everybody wins:
The issuer of an asset   gets the fees from   the use of that asset      by everybody else's users.
The recruiter of a user   gets the fees from   the use of the network   for everybody else's products.

... and we all benefit from greater economic volume - which itself attracts more users and service providers.

So, bottom line:
  • Network members compete to win and retain customers - usually drawn from completely different demographics.
  • Our affiliate incentive program gives them credit for everything those customers do on the whole network - by introducing them to products and services offered by other network partners.
  • They gain by having their own products and services marketed to the customers of other network members.
  • They gain by sharing market depth and liquidity in a single global marketplace.
  • They gain by sharing in the "unhackable" and "transparent" set of order books that protect the consumers for the first time from exchange counterparty risk.

This changes everything.

Thanks for your comments Stan, and highlighting the flexibility in the range of assets an exchange could offer. Below are some more questions, I'm really just trying to understand how the pieces work. Feel free to correct any of my misunderstandings.

When we say the exchanges will be able to share market depth and liquidity, are we referring specifically to markets where both tokens in the pair are on-chain assets?

The way I am seeing this at the moment (correctly or not) is that, like a traditional exchange, I can deposit fiat USD, alt-coins, or other types of assets to the member exchange. Any deposits in the form of off-chain assets (e.g. fiat currency, BTC, LTC etc) then get credited to my account with that member exchange as an IOU from them, supported by their inventory of that asset, until I withdraw them from the member exchange, or trade them for another asset. I presume I will be able to hold on-chain assets obtained through the member exchange in some way that is counterparty-risk free, and transfer to or from the hosted wallet.

I am then supposing that where I am trading between two assets, at least one of which is an IOU from the exchange, that those markets have liquidity specific to the member exchange, and do not benefit from shared depth or liquidity with other exchanges. I'm thinking this because the buyer or seller on the other side needs to want to accept the issuer-specific IOU in return.

When I do exchange trades exclusively between on-chain assets (e.g. BTS, bitUSD, bitDASH etc), then market depth and liquidity is shared because the exchange GUI is drawing on the common market in the DEX.

Is this close to what users should expect?

Exchanges can continue to do anything they did before, including having funds on deposit from users that carry traditional exchange counterparty risk.

But they don't need to.  They could have a simple interface like shapeshift, blocktrades, metaexchange where buying BTS or a Smartcoin (eg BitUSD, BitGold) is more like buying a book from inventory on Amazon.  The exchange either has them in inventory or buys them off the BitShares Exchange for you just in time using any other currency they have on the BitShares exchange already.

Most likely, that asset is one they have issued themselves on the BitShares network.  Exchange A might issue EXA.USD and Exchange B might issue EXB.USD.  These they guarantee to always redeem for fiat USD and that promise is as good as their reputation.  Thus, EXA.USD and EXB.USD might trade slightly differently against BitUSD on the BitShares Exchange depending on the perceived reputations of the two exchanges.

Now, anything can trade against anything on BitShares 2.0 so you could trade EXA.USD against EXB.USD or against BitUSD or anything else.

I might pay USD to Exchange A (via a convenient ATM they have) to have EXA.USD placed my BitShares account.
     During this time I'm exposed to Exchange A counterparty risk.
     I might then offer EXA.USD for BitUSD in a market whose depth is a function of Exchange A's popularity.
     
Now I'm in BitUSD and can trade deeply against holders of BitUSD referred by all exchanges
     to obtain deep markets in assets offered for sale by users referred by all exchanges.
     During this time I have no counterparty risk - just blockchain systemic risk.

When its time to leave I might decide to exit through Exchange B (because they have a debit card I like)
     I trade BitCNY against EXB.CNY in a market whose depth is a function of Exchange B's popularity.
     During this time I'm exposed to Exchange B counterparty risk.

So 99% of the time I'm completely inside the BitShares blockchain, and exposed to exchange risk only for a few seconds while I'm "just passing through".

This doesn't bother the member exchanges, because they have a stake in the fees from all my transactions while I'm nice and safe inside the blockchain and doing transactions among a bigger economic pool of users and assets and services from all exchanges.


 
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline cylonmaker2053

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Re: USD, EUR and CNY Gateway created on CCEDK.com
« Reply #46 on: July 11, 2015, 02:29:53 pm »
Exchanges can continue to do anything they did before, including having funds on deposit from users that carry traditional exchange counterparty risk.

But they don't need to.  They could have a simple interface like shapeshift, blocktrades, metaexchange where buying BTS or a Smartcoin (eg BitUSD, BitGold) is more like buying a book from inventory on Amazon.  The exchange either has them in inventory or buys them off the BitShares Exchange for you just in time using any other currency they have on the BitShares exchange already.

Most likely, that asset is one they have issued themselves on the BitShares network.  Exchange A might issue EXA.USD and Exchange B might issue EXB.USD.  These they guarantee to always redeem for fiat USD and that promise is as good as their reputation.  Thus, EXA.USD and EXB.USD might trade slightly differently against BitUSD on the BitShares Exchange depending on the perceived reputations of the two exchanges.

Now, anything can trade against anything on BitShares 2.0 so you could trade EXA.USD against EXB.USD or against BitUSD or anything else.

I might pay USD to Exchange A (via a convenient ATM they have) to have EXA.USD placed my BitShares account.
     During this time I'm exposed to Exchange A counterparty risk.
     I might then offer EXA.USD for BitUSD in a market whose depth is a function of Exchange A's popularity.
     
Now I'm in BitUSD and can trade deeply against holders of BitUSD referred by all exchanges
     to obtain deep markets in assets offered for sale by users referred by all exchanges.
     During this time I have no counterparty risk - just blockchain systemic risk.

When its time to leave I might decide to exit through Exchange B (because they have a debit card I like)
     I trade BitCNY against EXB.CNY in a market whose depth is a function of Exchange B's popularity.
     During this time I'm exposed to Exchange B counterparty risk.

So 99% of the time I'm completely inside the BitShares blockchain, and exposed to exchange risk only for a few seconds while I'm "just passing through".

This doesn't bother the member exchanges, because they have a stake in the fees from all my transactions while I'm nice and safe inside the blockchain and doing transactions among a bigger economic pool of users and assets and services from all exchanges.


this is awesome and could open a new frontier in finance...very reminiscent of pre-Fed times when bank notes would trade on secondary markets as a mechanism of dealing with risk--high risk bank notes would trade at deep discounts, safer bank notes traded near par. having integrated exchange assets trading on the Bitshares network would enable a similar way of keeping exchanges honest, or at least identifying risky ones and discounting their tokens appropriately.

Offline starspirit

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Re: USD, EUR and CNY Gateway created on CCEDK.com
« Reply #47 on: July 11, 2015, 11:58:36 pm »

Exchanges can continue to do anything they did before, including having funds on deposit from users that carry traditional exchange counterparty risk.

But they don't need to.  They could have a simple interface like shapeshift, blocktrades, metaexchange where buying BTS or a Smartcoin (eg BitUSD, BitGold) is more like buying a book from inventory on Amazon.  The exchange either has them in inventory or buys them off the BitShares Exchange for you just in time using any other currency they have on the BitShares exchange already.

Most likely, that asset is one they have issued themselves on the BitShares network.  Exchange A might issue EXA.USD and Exchange B might issue EXB.USD.  These they guarantee to always redeem for fiat USD and that promise is as good as their reputation.  Thus, EXA.USD and EXB.USD might trade slightly differently against BitUSD on the BitShares Exchange depending on the perceived reputations of the two exchanges.

Now, anything can trade against anything on BitShares 2.0 so you could trade EXA.USD against EXB.USD or against BitUSD or anything else.

I might pay USD to Exchange A (via a convenient ATM they have) to have EXA.USD placed my BitShares account.
     During this time I'm exposed to Exchange A counterparty risk.
     I might then offer EXA.USD for BitUSD in a market whose depth is a function of Exchange A's popularity.
     
Now I'm in BitUSD and can trade deeply against holders of BitUSD referred by all exchanges
     to obtain deep markets in assets offered for sale by users referred by all exchanges.
     During this time I have no counterparty risk - just blockchain systemic risk.

When its time to leave I might decide to exit through Exchange B (because they have a debit card I like)
     I trade BitCNY against EXB.CNY in a market whose depth is a function of Exchange B's popularity.
     During this time I'm exposed to Exchange B counterparty risk.

So 99% of the time I'm completely inside the BitShares blockchain, and exposed to exchange risk only for a few seconds while I'm "just passing through".

This doesn't bother the member exchanges, because they have a stake in the fees from all my transactions while I'm nice and safe inside the blockchain and doing transactions among a bigger economic pool of users and assets and services from all exchanges.

So the exchanges can provide the following services?

1) Act as a gateway between external assets and on-chain assets
2) Act as a reputation-dependent issuer of IOUs for external assets such as fiat, BTC or alt-coins
3) Act as a traditional exchange in facilitating markets for its own customers
4) Marketing and earning referral fees from BitShares users
5) Offer ancillary services of benefit to the community (cards etc)

Each of these activities can earn profit for the exchange.

My interpretation of the discussion so far is that the benefit of shared market depth relates to trading between on-chain assets (both user and market issued) after users have passed through the exchange-specific IOU gateway.

I think that if exchanges can issue IOUs as tokens, for fiat or any other external asset, that is a benefit to users. It allows users to trade freely in the IOU based on the reputation of the issuer, the price will reflect any growing concerns with the issuer, and in the event of a problem they can be liquid even if they don't realise full value.

Offline Stan

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Re: USD, EUR and CNY Gateway created on CCEDK.com
« Reply #48 on: July 12, 2015, 12:10:23 am »

Exchanges can continue to do anything they did before, including having funds on deposit from users that carry traditional exchange counterparty risk.

But they don't need to.  They could have a simple interface like shapeshift, blocktrades, metaexchange where buying BTS or a Smartcoin (eg BitUSD, BitGold) is more like buying a book from inventory on Amazon.  The exchange either has them in inventory or buys them off the BitShares Exchange for you just in time using any other currency they have on the BitShares exchange already.

Most likely, that asset is one they have issued themselves on the BitShares network.  Exchange A might issue EXA.USD and Exchange B might issue EXB.USD.  These they guarantee to always redeem for fiat USD and that promise is as good as their reputation.  Thus, EXA.USD and EXB.USD might trade slightly differently against BitUSD on the BitShares Exchange depending on the perceived reputations of the two exchanges.

Now, anything can trade against anything on BitShares 2.0 so you could trade EXA.USD against EXB.USD or against BitUSD or anything else.

I might pay USD to Exchange A (via a convenient ATM they have) to have EXA.USD placed my BitShares account.
     During this time I'm exposed to Exchange A counterparty risk.
     I might then offer EXA.USD for BitUSD in a market whose depth is a function of Exchange A's popularity.
     
Now I'm in BitUSD and can trade deeply against holders of BitUSD referred by all exchanges
     to obtain deep markets in assets offered for sale by users referred by all exchanges.
     During this time I have no counterparty risk - just blockchain systemic risk.

When its time to leave I might decide to exit through Exchange B (because they have a debit card I like)
     I trade BitCNY against EXB.CNY in a market whose depth is a function of Exchange B's popularity.
     During this time I'm exposed to Exchange B counterparty risk.

So 99% of the time I'm completely inside the BitShares blockchain, and exposed to exchange risk only for a few seconds while I'm "just passing through".

This doesn't bother the member exchanges, because they have a stake in the fees from all my transactions while I'm nice and safe inside the blockchain and doing transactions among a bigger economic pool of users and assets and services from all exchanges.

So the exchanges can provide the following services?

1) Act as a gateway between external assets and on-chain assets
2) Act as a reputation-dependent issuer of IOUs for external assets such as fiat, BTC or alt-coins
3) Act as a traditional exchange in facilitating markets for its own customers
4) Marketing and earning referral fees from BitShares users
5) Offer ancillary services of benefit to the community (cards etc)

Each of these activities can earn profit for the exchange.

My interpretation of the discussion so far is that the benefit of shared market depth relates to trading between on-chain assets (both user and market issued) after users have passed through the exchange-specific IOU gateway.

I think that if exchanges can issue IOUs as tokens, for fiat or any other external asset, that is a benefit to users. It allows users to trade freely in the IOU based on the reputation of the issuer, the price will reflect any growing concerns with the issuer, and in the event of a problem they can be liquid even if they don't realise full value.

This should lead to a Cambrian Explosion of new financial products. 
Hard to predict what will catch on, but opportunities for innovation abound.

Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline xeroc

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Re: USD, EUR and CNY Gateway created on CCEDK.com
« Reply #49 on: July 12, 2015, 09:10:16 am »
1) Act as a gateway between external assets and on-chain assets
2) Act as a reputation-dependent issuer of IOUs for external assets such as fiat, BTC or alt-coins
3) Act as a traditional exchange in facilitating markets for its own customers
4) Marketing and earning referral fees from BitShares users
5) Offer ancillary services of benefit to the community (cards etc)
you forgot about being a (possibly external) KYC/AML provider ..

If I didn't want to do KYC/AML I could "lease" that service from them (or from anyone else) .. at least technically
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline cylonmaker2053

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Re: USD, EUR and CNY Gateway created on CCEDK.com
« Reply #50 on: July 12, 2015, 02:40:42 pm »
This should lead to a Cambrian Explosion of new financial products. 
Hard to predict what will catch on, but opportunities for innovation abound.


love the cambrian explosion analogy

Offline xeroc

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Re: USD, EUR and CNY Gateway created on CCEDK.com
« Reply #51 on: July 17, 2015, 08:10:16 am »
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline btswolf

Re: USD, EUR and CNY Gateway created on CCEDK.com
« Reply #52 on: October 27, 2015, 11:55:58 pm »
I'm not a daytrader so I'm not able to participate in Exchange actions to bring more volume.
But I'm willing to support the ecosystem by redirecting a part of my monthly FIAT savings into Pegged Assets like BitUSD/BitEUR etc.

Example process:
I send every month FIAT to CCEDK Account. (manually)
Exchange automatically converts my FIAT to BitEUR with a max predefined spread e.g. 1%.
BitEUR is automatically send to my own cryptosavings account.

If this process is highly automated you definitly got me and finally I can support the ecosys with just a classic FIAT transaction.

Offline ccedk

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Re: USD, EUR and CNY Gateway created on CCEDK.com
« Reply #53 on: October 29, 2015, 11:18:56 am »
I'm not a daytrader so I'm not able to participate in Exchange actions to bring more volume.
But I'm willing to support the ecosystem by redirecting a part of my monthly FIAT savings into Pegged Assets like BitUSD/BitEUR etc.

Example process:
I send every month FIAT to CCEDK Account. (manually)
Exchange automatically converts my FIAT to BitEUR with a max predefined spread e.g. 1%.
BitEUR is automatically send to my own cryptosavings account.

If this process is highly automated you definitly got me and finally I can support the ecosys with just a classic FIAT transaction.

It will be possible in a few days to prepare a deposit and withdrawal request directly on Openledger platform, once amount is received in bank, based on your rq it will be added to account name specified by you in the crypto value equivalent to your fiat deposit minus 3%

when you withdraw crypto value, you will be asked to enter your bank details and you will receive fiat minus 3%

This is the percentage for the time being untill we have equal amounts of crypto available, and still provided there are equivalent amounts of crypto to fiat and vice versa.

The intention is furthermore, once a month, after an initial three months to add 50% of whatever amount from deposit fees is available on account specially made for deposits and withdrawals to an account called ccedk.bits.

bottom line is we plan on taking 1,5% at CCEDK for the fiat gateway, and what is left will be left on an account for all to see and added to a special asset connected to OpenLedger called OBITS
OBITS - a token of appreciation  http://obits.io/
OpenLedger Webwallet - https://bitshares.openledger.info
ICOO Prelaunch ICO asset - http://icoo.io/

Offline Brekyrself

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Re: USD, EUR and CNY Gateway created on CCEDK.com
« Reply #54 on: September 17, 2016, 07:07:29 pm »
ccedk

A user on the openledger troll box is saying they have been trying to register for FIAT since September 5th with no luck.  They also mentioned emailing  ronny[member=23432]ccedk[/member].com with no reply.  Anything to help this user?

Offline edward freeman

Re: USD, EUR and CNY Gateway created on CCEDK.com
« Reply #55 on: May 19, 2017, 06:57:36 am »
Hello Everyone,

I'm happy to Congratulate Ronny Boesing and everyone contributing in their way to the Big Success that is the, OpenLedger Eco System of Blockchains :)...
The Sky is truly the limit... 
I would say...  OpenLedger is limitless in opportunity it may extend to any human being residing on this planet...
I personally have been waiting patiently as plans within plan come to pass...  and look at what we all have created together so far...
I love BTS, BTC, OBITS, ICOO, MUSE, HEAT etal...
I am so enthusiastic about the future of OpenLedger...
Lets all have lots of fun on the journey...
I Love OpenLedger...

Edward
honest-money