My failed attempt at trying to explain BitShares and OL to C-CEX. Help needed.

[Stan]

Ok here's my first draft, hot off the presses.
(I didn't wait to polish it because I promised to get you something tonight.)

How about some help with spotting what I left out and how to make it all more clear?

Cut Years off Your Plan to Be the World's Biggest Exchange

Imagine if a number of Small Exchanges could network themselves together in a way that made each of them look like a bigger exchange to their customers.  That is, an exchange the apparent size of all member exchanges added together.

They would each keep their own customers and the fees they pay, but they would be able to offer those customers better spreads, more liquidity, deeper markets, stronger network effect, and a smorgasbord of products and services.  This makes them more attractive to their customers and earns them more profits because they all have more things to sell.

Customers don’t need to know that there are other exchanges involved, they think your exchange is simply bigger than it really is.  As long as you keep them happy and provide the best interface and customer service they will stay with you forever.  They won’t go wandering off in search of better spreads and liquidity – the bane of bootstrapping an exchange to compete in bigger leagues.

This is no different than how realtors team up to compete with their multi-list housing databases.
Each brings its own customers to a much bigger inventory!

Why do competing car dealers and restaurants all locate in the same mall, street or district?
Because together they attract more customers!

And now that, collectively, all members look like Medium Exchanges, guess what?  Other Medium Exchanges will want to join to the network to make themselves look like Big Exchanges – for all the same reasons.  Now all members have the advantages of being big and can compete on other factors like interface and customer service.  Eventually, every exchange in the world would need to join the network to compete.  And all the early adopter smaller exchanges will have just leap-frogged to the top of the heap.

Why wait years to grow the robust network effect you need to succeed?  Network with other exchanges and get there together – instantly!

That’s what you get on the BitShares Exchange Network (BEN).

Big BEN is a real time blockchain that implements a common back end set of order books with integral trading engines for every member exchange.  Each exchange provides its own uniquely competitive front end for that common order book.  No customer needs to know that a member is using a common “multilist” order book.    But, you’ll want to tell them because it’s a huge competitive edge!

This shared order book has the transparency and security of a multi-signature blockchain.  A real time blockchain capable of scaling as needed up to 100,000 transactions per second and down to 1 second transaction executions.  (Compare that to Bitcoin’s 7 TPS and 10 minute latency.)  And it’s operational today.  You can see CCEDK.com’s implementation of it at OpenLedger.info.  Its CEO, Ronny Boesing is a major pioneer who really gets it.  He’ll be happy to tell you why he joined the network and why he would love you to join him as an equal member.

Customer’s enter the Big BEN network via your web site but hold onto their own private keys, even while their assets are trading.  They can’t be Gox’ed because there is no central group of servers that can be hacked.   And the network gives you the lion’s share of their service and trading fees – plus whatever network fees they pay to access the products and services of all your partner/competitors.  Any where on the network.

What kind of products and services can they access?  Well look around at all your current competitors today.  What do they offer that you can’t?  Access to new markets?  Deals with major banks and credit cards?  Alternative regulatory rules where you currently can’t operate due to where you are based?  New financial products and derivitaves? Smart coins and smart contracts?

On the BitShares Exchange Network a worker can feed some Euro’s into an ATM in Munich Germany and a few seconds later his wife in the Philippines can pay for groceries in Pesos at her local market with a globally accepted debit card.    And neither the company that provided the ATM nor the company that provided the debit card had to negotiate or integrate with each other.  They got all that by being on the same network.

As an exchange, you can sell your customers any of the assets provided by any of the exchange members or offer your own to the customer’s of every other exchange.  Or you can sell them the counterparty free products and services that come built into the BitShares blockchain itself.  You can read all about them at BitShares.org.

Big BEN offers an exciting new world of explosive growth opportunities. Looking for a competive edge?  Looking to cut years off the time it takes to get traction in the bigger leagues you’ve been eyeing?  Take some time to let the possibilities sink in.  When you are ready, let’s talk!

Stan@Cryptonomex.com

[Stan]

My apologies.  I've been booked solid and it was all I could do to post a quick response.  I'll try to look at the OP in detail tonight.

[abit]

@abit and that was pretty much what I said, obviously not being enough

Yes I know. Obviously Stan didn't read the OP at all. My fault for haven't quoted more for him.

[Akado]

@abit and that was pretty much what I said, obviously not being enough

[abit]

thanks @xeroc and @BunkerChain Labs

You're right. I could have researched first. It was just that I sent a few emails just for the sake of it and really wasn't even expecting them to reply back. It was an innocent task. I tried to mention how they could benefit from us but I guess I didn't express myself better.

I think a better approach would be to start by asking what problems do they have when managing operations and how that could be prevented with BitShares. I wanted to but failed to show that concern you mention. I'm just not really used to doing this but I believe it was a good experience. I can always have someone else talking with him, someone with more knowledge.

Imo don't ask. Why will she answer? You should already know it before talk with her, at least you should know some possible problems she's facing. Or perhaps I'm wrong since I'm not a marketing/sales guy.

Any volunteers there?

@cass
Just letting you know I approve your worker.

Stuff missing are those easy steps. In case they're interested they need to know how difficult it is to migrate. What consequences that might have for them. How much time it takes and drawbacks. They need to know that so it doesn't affect their business.

One other detail is, atm we only focus on the users. How they benefit. But we should also focus on businesses because they're the ones who bring great amounts of users. They need to know why they benefit, what's in for them. What to they gain with this. Atm I can only come up with two things: database hosted on the blockchain so less expenses and more safety, saving them money and work. But there should be more. We won't be able to see them BitShares just with this. Referral program... yes, but they already make money with each trade their users do so there's not really a difference. We need to focus on businesses. This case, exchanges. There must be other advantages other than those, otherwise they won't come in.

So, could someone answer the following question in detail for me please: How do exchanges benefit from BitShares? How do they make more money or have more exposure? Let's not confuse with the benefits users have. Exchanges might not care about transparency, etc

@Stan please?

1.  Their users never give up control of their assets so there is no risk of the exchange being hacked and losing their customers money.
2.  They are completely transparent by placing all their assets on the blockchain so no one worries about their solvency or whether there may be hidden gotcha's that have popped up frequently in the industry already.
3.  They can share liquidity and order depth among the customers of all member exchanges while still keeping their own customers' fees.  This makes their Network Effect as big as the sum of all members.
4.  They can offer their customers access to the products and services of all member exchanges while retaining their cut of the transaction fees.

See also original Summer Announcement.

I'm a bit disappointment with this reply. Only abstract things.

[Akado]

-snip-

He could integrate a bitshares wallet to the website and on top of that earn up to 80% of the fees they generate via ref program

The question is, does that really change things and brings more benefits from an exchange pov? I mean, we need to assume they're on their comfort zone and to bring them out we can't just offer what they already have. We need to offer something better that makes it worth it all the hassle

[fav]

-snip-

He could integrate a bitshares wallet to the website and on top of that earn up to 80% of the fees they generate via ref program

[Akado]

Stan I think your answer is answers more the question "What would your exchange offer if they joined OpenLedger" and not "How can your exchange profit" from this.

Also, regarding the question of them having to use hot and cold wallets and still be vulnerable, what's your take on that?

How would you answer when he tells me "I don't want to send my users elsewhere". He still retains "ownership" of his clients, they're just operating directly on the blockchain now so..

My struggle is being able to explain this in the more simple way possible. I told him someone more knowledgeable would contact him. @Stan do you have the time to do it? Sorry to depend on you, it's just that I dont want to mess it up again. If he asks me another question that I'm not able to answer I dont want to tell him "ok let me get to someone who knows best and ill get back to you" that doesnt sound good or professional at all... That's my problem atm. Btw, overall, what do you think about our conversation?

[Stan]

thanks @xeroc and @BunkerChain Labs

You're right. I could have researched first. It was just that I sent a few emails just for the sake of it and really wasn't even expecting them to reply back. It was an innocent task. I tried to mention how they could benefit from us but I guess I didn't express myself better.

I think a better approach would be to start by asking what problems do they have when managing operations and how that could be prevented with BitShares. I wanted to but failed to show that concern you mention. I'm just not really used to doing this but I believe it was a good experience. I can always have someone else talking with him, someone with more knowledge.

Imo don't ask. Why will she answer? You should already know it before talk with her, at least you should know some possible problems she's facing. Or perhaps I'm wrong since I'm not a marketing/sales guy.

Any volunteers there?

@cass
Just letting you know I approve your worker.

Stuff missing are those easy steps. In case they're interested they need to know how difficult it is to migrate. What consequences that might have for them. How much time it takes and drawbacks. They need to know that so it doesn't affect their business.

One other detail is, atm we only focus on the users. How they benefit. But we should also focus on businesses because they're the ones who bring great amounts of users. They need to know why they benefit, what's in for them. What to they gain with this. Atm I can only come up with two things: database hosted on the blockchain so less expenses and more safety, saving them money and work. But there should be more. We won't be able to see them BitShares just with this. Referral program... yes, but they already make money with each trade their users do so there's not really a difference. We need to focus on businesses. This case, exchanges. There must be other advantages other than those, otherwise they won't come in.

So, could someone answer the following question in detail for me please: How do exchanges benefit from BitShares? How do they make more money or have more exposure? Let's not confuse with the benefits users have. Exchanges might not care about transparency, etc

@Stan please?

1.  Their users never give up control of their assets so there is no risk of the exchange being hacked and losing their customers money.
2.  They are completely transparent by placing all their assets on the blockchain so no one worries about their solvency or whether there may be hidden gotcha's that have popped up frequently in the industry already.
3.  They can share liquidity and order depth among the customers of all member exchanges while still keeping their own customers' fees.  This makes their Network Effect as big as the sum of all members.
4.  They can offer their customers access to the products and services of all member exchanges while retaining their cut of the transaction fees.

See also original Summer Announcement.

[Akado]

BitMEX could be an interesting one to approach, it seems they're very interested in leverage trading and are doing guides and blog posts about it. Bond Markets could be a good news for them

Reply from JUSTCOIN

Dear Akado,

Thanks for contacting ANX.

We look for competitive vendors from time to time. If you can provide more information about your company such as work portfolio, service scope, pricing tables as well as to offer us a free demo / trial etc., we can file the information for records. If we have any suitable projects which are related to your service scope, we can have further discussion.
Queena
Customer Support Team

[Akado]

Let me just say they're still waiting to be contacted. If someone knowledgeable enough would step forward would be nice.

[abit]

Imo don't ask. Why will she answer? You should already know it before talk with her, at least you should know some possible problems she's facing. Or perhaps I'm wrong since I'm not a marketing/sales guy.

Yes, we need to know the general problems first which are mostly security related. But we also need to know what problems each exchange has as each case is a different case right? And from then, explain how we can prevent and solve those same problems, specifically for them. I'm writing a post which is kind of big atm, however, I'm missing the part where exchanges benefit the most, that's the main part to get them on board.

Thanks for pinging Stan, he might be able to help. He pitched BitShares to businesses already, maybe not to exchanges directly? But still, some situations might be similar.

Imo @ccedk may know answers of most of your questions. Best if they can help. Have you joint the Telegram group? Many discussions have been made there. Ronny of CCEDK is active at most time.

//Update: I've seen your post above this https://bitsharestalk.org/index.php/topic,18642.msg270546.html#msg270546, have you tried?

[Akado]

Imo don't ask. Why will she answer? You should already know it before talk with her, at least you should know some possible problems she's facing. Or perhaps I'm wrong since I'm not a marketing/sales guy.

Yes, we need to know the general problems first which are mostly security related. But we also need to know what problems each exchange has as each case is a different case right? And from then, explain how we can prevent and solve those same problems, specifically for them. I'm writing a post which is kind of big atm, however, I'm missing the part where exchanges benefit the most, that's the main part to get them on board.

Thanks for pinging Stan, he might be able to help. He pitched BitShares to businesses already, maybe not to exchanges directly? But still, some situations might be similar.

[abit]

thanks @xeroc and @BunkerChain Labs

You're right. I could have researched first. It was just that I sent a few emails just for the sake of it and really wasn't even expecting them to reply back. It was an innocent task. I tried to mention how they could benefit from us but I guess I didn't express myself better.

I think a better approach would be to start by asking what problems do they have when managing operations and how that could be prevented with BitShares. I wanted to but failed to show that concern you mention. I'm just not really used to doing this but I believe it was a good experience. I can always have someone else talking with him, someone with more knowledge.

Imo don't ask. Why will she answer? You should already know it before talk with her, at least you should know some possible problems she's facing. Or perhaps I'm wrong since I'm not a marketing/sales guy.

Any volunteers there?

@cass
Just letting you know I approve your worker.

Stuff missing are those easy steps. In case they're interested they need to know how difficult it is to migrate. What consequences that might have for them. How much time it takes and drawbacks. They need to know that so it doesn't affect their business.

One other detail is, atm we only focus on the users. How they benefit. But we should also focus on businesses because they're the ones who bring great amounts of users. They need to know why they benefit, what's in for them. What to they gain with this. Atm I can only come up with two things: database hosted on the blockchain so less expenses and more safety, saving them money and work. But there should be more. We won't be able to see them BitShares just with this. Referral program... yes, but they already make money with each trade their users do so there's not really a difference. We need to focus on businesses. This case, exchanges. There must be other advantages other than those, otherwise they won't come in.

So, could someone answer the following question in detail for me please: How do exchanges benefit from BitShares? How do they make more money or have more exposure? Let's not confuse with the benefits users have. Exchanges might not care about transparency, etc

@Stan please?

[Akado]

thanks @xeroc and @BunkerChain Labs

You're right. I could have researched first. It was just that I sent a few emails just for the sake of it and really wasn't even expecting them to reply back. It was an innocent task. I tried to mention how they could benefit from us but I guess I didn't express myself better.

I think a better approach would be to start by asking what problems do they have when managing operations and how that could be prevented with BitShares. I wanted to but failed to show that concern you mention. I'm just not really used to doing this but I believe it was a good experience. I can always have someone else talking with him, someone with more knowledge.

Any volunteers there?

@cass
Just letting you know I approve your worker.

Stuff missing are those easy steps. In case they're interested they need to know how difficult it is to migrate. What consequences that might have for them. How much time it takes and drawbacks. They need to know that so it doesn't affect their business.

One other detail is, atm we only focus on the users. How they benefit. But we should also focus on businesses because they're the ones who bring great amounts of users. They need to know why they benefit, what's in for them. What to they gain with this. Atm I can only come up with two things: database hosted on the blockchain so less expenses and more safety, saving them money and work. But there should be more. We won't be able to see them BitShares just with this. Referral program... yes, but they already make money with each trade their users do so there's not really a difference. We need to focus on businesses. This case, exchanges. There must be other advantages other than those, otherwise they won't come in.

So, could someone answer the following question in detail for me please: How do exchanges benefit from BitShares? How do they make more money or have more exposure? Let's not confuse with the benefits users have. Exchanges might not care about transparency, etc