Author Topic: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering  (Read 4461 times)

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Offline chigbolu

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ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« on: June 01, 2020, 06:32:24 pm »
                                   
"CRUDE.NGN" Making P2P Transactions Easier for Nigerians


 CRUDE.NGN BIT-PAPER

This asset aims to bridge the gap between the NAIRA and the bitshares ecosystem

- Introduction:
For long the cryptomarket in Nigeria has suffered from a lack of dollar availabilty which is needed by their foreign counterparts to be able to purchase their crypto assets, due to high regulations against remittance services and counter party risks associated with virtual currencies, this has led to high fee charges and loss of interest in virtual currencies by Nigerians. The Central Bank of Nigeria has also said that virtual currencies are not legal tender in Nigeria and has warned Banks from using virtual curriencies to transact business due to the unregulated nature of the assets. Cryptocurrencies are actually data assets that are transferred from person to person for services rendered, the persons involved must have value for the data asset for it to be useful, if the asset loses its value for any reason what so ever, the person holding the asset will deem it worthless and consequently might have lost a considrable amount of money(cash). This is why the Central Bank is against the use of virtual currencies, they represent no real value physically and cannot actually be used for anything else outside their scope. It is therefore necessary for participants to understand this reality before using virtual currencies.
CRUDE.NGN
This asset is meant to reduce the risks and difficulties associated with holding cryptocurrencies (virtual currencies) for people in Nigeira who understand virtual currencies and wish to participate in speculating on the value of other crypto-assets, and for Bitshares speculators who want to speculate on the Naira as well as sell Cryptocurrencies for NGN. Its use is as expressly stated and is not meant to be used as a legal tender for any reason whatsoever, however holders of the asset may redeem it for real cash at designated outlets that are willing to accept it. These designated outlets then sell it on the blockchain for BTS, thus keeping the cycle. The Asset has been designed to be as trustless as humanly possible by the issuer (following the guidelines stipulated by bitshares.org).

SPECIFICATIONS
CRUDE.NGN will be a User Issued Asset (U.I.A), [N/B there will also be CRUDE.NGN as smartcoin in the future backed with BTS].

U.I.A Parameters
owner can issue assets to himself
the asset is centralised
Holders must be whitelisted (flag)
Disable confidential transactions (flag)
Issuer must approve all transfer (flag)
enable market fees (enabled)
Issuer may transfer asset back to himself (disabled)
Max Supply 10,000,000,000,000.00 (ten trillion to 2d.p)
Protocol
HTLC, Private memo and merchant

Asset class
UIA Utility token, Semi-Custodial, Hybrid cryptocurrency

Account Authority
vnc7

Market Restrictions
(N/B other tradeable assets may be owned by fraudsters trade with caution)

HOW IT WORKS
The issuer or (designated outlets) will operate like a blockchain-teller helping local crypto-traders/users with Crude-Naira liquidity for their Naira at lower costs. These local users will bid for their favourite cryptocurrencies with their CRUDE.NGN. As long as the owner can back the supply of the CRUDE.NGN with BTS/USDT he will not run out of service. The owner is the first issuer (the first local teller) the naira he issues is equal to the money he wants to use for trading BTS, this money is assumed to be lost by the owner.

THEORY
It is believed by speculators (Bears and Bulls) that if left unchecked by the issuer, all cryptocurrencies will always certainly tend to zero. This means that at a certain point in time the value of every virtual currency or asset ever designed was/is zero. The owner(first user) recognises this asset equality, In order words every cryptocurrency has its equivalent value to another based on certain conditions. If those conditons are met, then two virtual currencies can have thesame value (Asset Market decay).
Asset market or asset value decay It is the amount of time it takes for a valued asset (could be real money or in this case USDT) which is equivalent to an IOU asset (CRUDE.NGN) to be sold. In order words it is the amount of time it takes for an asset's value in dollar to be zero (Dollar is the abosulute currency of measurement worldwide). In the case of CRUDE.NGN this decay period has been set to 24hrs max, meaning that foreign holders who cannot sell the virtual currency for real cash have 24hrs from last update (Check records page) to redeem their CRUDE.NGN for USDT, holding it above that time frame is risky, however the owner owes it as a service to maintain the pegged value of his asset so the risks are minimal, also the owner has set enough BTS on the other side of the market to buy up the remaining supply of CRUDE.NGN which is also impossible, so the owner never loses because the asset supply is backed by twice its amount in real naira, BTS and USDT. The more money in the bank account of the owner the more he can issue for BTS sales. The cycle of CRUDE.NGN is ended after all the CRUDE.NGN is sold back to the owner, The owner then sets up another USDT buy order (price feeding) with the gains from his BTS via asset exchange, that is equivalent or more than the total supply of the asset (CRUDE.NGN) and then updating the current decay time (last update date), to continues the service. (In the future, the owner believes that foreign speculators will always have USDT available to buy up the naira and as long as there is someone willing to back CRUDE.NGN with BTS/NAIRA (CASH), CRUDE.NGN will always exist).

LSA (LIQUIDITY MANIPULATION): It is the responsibilty of the asset owner as first trader to maintain the order books and provide liquidity for the asset, however this leads to "wash trading" which has a negative effect on the CRUDE.NGN market economy (LSA events). LSA simply means long/shorting attack, this happens because every trade involves loss or gains. During wash trading the owner is assumed to sell and buy to himself so it does not count as a trade but instead market manipulation since there is no net loss or gain, this begins to change once new users enter the market, the asset owner now has to buy and sell to the new users rather than himself killing the wash trading effect and bringing in the potential for gains or losses on either side. This leads to LSA and in a bid to control the market price of CRUDE.NGN the asset owner is faced with loss in either CRYPTO or USD. This can be countered by devaluing the naira to black market rates on the USDT market or by stopping liquidity manipulation. Both options are not suitable currently due to market conditions, this brings us to another solution which is more feasible and practical.
BMV AND BMR
Since CRUDE.NGN is a digital asset that is pegged to the forex value of the naira, it creates a disparity with real naira (not really 1:1 with Naira). The Naira has two forex rates, a black market rate and an official (CBN) rate. This means that the naira has two values; a black market value (BMV), which is the price with which cryptocurrencies are bought with naira and a CBN value (FOREX VALUE), which is the price at which the naira is sold by CBN; this CBN value is what CRUDE.NGN is pegged to and thus its true value (CBN value = CRUDE.NGN). *The BMR shows the ratio of the two values (BMR = NGN/CRUDE.NGN or BMV/CBN), this disparity will seize to exist when BMR = 1.

THE MARKET
The users aim is to supply liquidity to the BTS and crypto markets by bidding with his naira for BTS (BTS/CRUDE.NGN). The resulting BTS is used to buy USDT which will be used to buy back the CRUDE.NGN on another market CRUDE.NGN/USDT at forex (CBN) rates. This creates two markets, a speculative one and a stable one. The stable market will always be assumed to be closed by the end of the day. *Markets are deemed closed after business hours

THE TECHNOLOGY
CRUDE.NGN is based on the technology of the bitshares blockchain. Bitshares has for a very long time been a pioneer of decentralised exchanges, bridges and gateways, starting from Openledger down to Xbts. Its matching engines allow users (or market markers) to speculate on the price of their assets. So far Bitshares has grown in development to be one of the most outstanding trustless exchange system ever designed in the world of cryptocurrencies, it has both merchant, POS/Teller, P2P and other forms of electronic data transfer on the blockchain, with high tech security features and a decentralised own your data policy "Brain-Key". Bitshares uses the graphene technology to deliver its services as well as a roboust DPOS (Delegated Proof of Stake) system of governance which creates a distributed autonomous organisation (DAO) that is based around the needs of its community *(https://how.bitshares.works/en/master/).

MARKET TERMS FOR CRUDE.NGN
DOUBLE MARKING/SPENDING
This is the act of selling a virtual IOU in order to buy it back with the backing asset on another market. Double Marking is only possible as long as the backing asset is more or equal to the IOU in equivalent value. The equivalent value for an asset is zero if there is only one backing authority or user (No Backing 1crude-1bts--> 0). EXCESS BTS This is the extra amount of BTS waiting to back a CRUDE.NGN. it is usually found on the market as pegs(bids and ask). Excess BTS are usually maintained at least daily by the user using the 3DAY MA OF THE ASSET. The excess BTS in the market indicates that there is enough cover for CRUDE.NGN and that CRUDE.NGN has a healthy demand (This is valid as long as the peg is maintained via the peg cycle; bitshares has a maximum peg cycle of 1 year). Excess BTS for CRUDE.NGN must come in the form of market markers, unless there is already trust established between both parties. N/B Speculators should always check the excess BTS available for trade and compare to the current supply of CRUDE.NGN if the supply is not greater than zero (A must always be > or equal to 0), the Asset is deemed to have lost value (You are now holding a worthless asset).

EQUIVALENT NAIRA
This the amount of naira in the user's wallet that can be backed with real naira/BTS. In other words its the amount of real cash or BTS equivalent to CRUDE.NGN that the account owner has in his bank account or BTS wallet *proof of balance.

ASSET SUPPLY DECAY
This is the decay of an asset as a result of decrease in supply either due to limited supply, increased demand or due to acts of God. The asset supply decay for CRUDE.NGN is the amount of the asset that is currently in supply. (max supply decay is 10 trillion), it must always be zero **see double marking above.

Balance Sheet This is the value of the last BTS bid to CRUDE.NGN total supply, it must always be greater or equal to zero every cycle** See Asset Supply Decay. This also ensures that the BTS market for CRUDE.NGN never runs out i.e no Naira demand no new naira to issue. *BTS demand for the total naira supply should always be double for the CRUDE.NGN to be healthy**See Double marking.
SECURITY
The CRUDE.NGN is only as secure as the next user who can back its total supply with BTS. However here are some guidelines that protects you

Initial devalue: this is the amount of CRUDE.NGN that was first issued to the creator, it is assumed to be unbacked by any dollar (N50,000).
KYC/AML there is no need for that as the CRUDE.NGN never leaves the system in truth, except there is need to issue large amounts (above 1 million naira cash) of CRUDE.NGN to a single entity, this is usually done if a Large investor wants to use CRUDE.NGN for speculation.
Risks, there's no risks as the asset holders are the ones who get value for the naira in cash. Only BTS speculators who cause asset decay are at risk.
Whitelisitng, there is currently a regulated market on the bitshares exchange. This means that trade outside the BTS market is not permitted. However BTS holders with CRUDE.NGN can always redeem their CRUDE.NGN for USDT in the stable market.
Bridge exchangers, they are merchants and big institutions that run their private engines on bitshares, they also offer IOU services like CRUDE.NGN
ODP: Short for own your data policy is the act of keeping all the signing keys for your bitshares wallet by your self, if this cannot be done appropraitely by you, you can request for an institution that keeps physical possesions safe to do it for you. However it is not really necessary if you know the brain-key to your wallet should a loss of device happen.
P2P: Crude.ngn uses a P2P electronic data exchange system that enable users to hold the naira as an asset and exchange it for real cash, Note CRUDE.NGN can never be used as legal tender it can only be exchanged for Cash.
CRUDE.NGN BURN: This is the transfer of CRUDE.NGN to the owner's wallet, for a service to be rendered, CRUDE.NGN is usually lost by this pattern as the User converts for physical naira, or, USDT in the market (Its vise versa) fees may apply for service rendered, the longer the burn time the more the CRUDE.NGN supplied or issued.
Multi-Sig: This is the act of securing your bitshares wallet by creating multiple account owner permissions on one account. Such wallet may either be owned by the owner or by a group of people.
SUPPLY
The supply of CRUDE.NGN is heavily dependent on the number of local users holding it or BTS users willing to back it.
The supply of CRUDE.NGN is an indication of the level of wealth the owner can lose to BTS and USDT at anytime, the larger the supply the larger the market.
Liquidity is dependent on user adoption.
Big investors are limited to transactions of up to 1 million naira only, *anything above that would require bank supervision due to the Money Laundring act.
Large foreign holders can also buy the Naira via asset exchange between CRUDE.NGN and an equivalent amount of BTS. This is done by sending the BTS to the owners's wallet. The owner then Issues the equivalent amount of CRUDE.NGN and USDT in the ratio 50:50 to the the large holder,the 50% USDT is used to back the newly issued CRUDE.NGN. The large holder must be ready to spend the BTS (forced CRUDE.NGN Issue). It can only be recovered on the BTS market or via USDT exchange on the other side of the market.
ASSET EXCHANGE
In order to bring in more naira supply new players must be ready to spend either real naira as cash, or BTS or USDT just like the initial issuer, if its real Naira, the new player is given the equivalent amount of CRUDENGN  his money can buy. Same applies for USDT and BTS.
For new USDT players, they get the equivalent amount of CRUDE.NGN.
For new BTS players, they get the equivalent amount of CRUDE.NGN and USDT in the ratio 50:50.
For long the cryptomarket in Nigeria has suffered from a lack of dollar availabilty which is needed by their foreign counterparts to be able to purchase their crypto assets, due to high regulations against remittance services and counter party risks associated with virtual currencies, this has led to high fee charges and loss of interest in virtual currencies by Nigerians. The Central Bank of Nigeria has also said that virtual currencies are not legal tender in Nigeria and has warned Banks from using virtual curriencies to transact business due to the unregulated nature of the assets.
Cryptocurrencies are actually data assets that are transferred from person to person for services rendered, the persons involved must have value for the data asset for it to be useful, if the asset loses its value for any reason what so ever, the person holding the asset will deem it worthless and consequently might have lost a considrable amount of money(cash). This is why the Central Bank is against the use of virtual currencies, they represent no real value physically and cannot actually be used for anything else outside their scope. It is therefore necessary for participants to understand this reality before using virtual currencies. (This truth is so for all virtual currencies)

# CRUDE.NGN
This asset is meant to reduce the cost of getting USDT (a virtual dollar) for people in Nigeira who understand virtual currencies and wish to participate in speculating on the value of other crypto-assets, and for Bitshares speculators who want to speculate on the Naira as well as sell USDT for NGN. Its use is as expressly stated and is not meant to be used as a legal tender for any reason whatsoever, however holders of the asset may redeem it 1:1 for real cash at designated outlets that are willing to accept it. These designated outlets then sell it on the blockchain for BTS, thus keeping the cycle. (N/B CRUDE.NGN cannot be bought at any outlet it can only be redeemed by its users for physical money). CRUDE.NGN will be a User Issued Asset (U.I.A), [N/B there will also be CRUDE.NGN as smartcoin in the future backed with BTS]
    owner can issue assets to himself
    the asset is centralised
# U.I.A Parameters
    Holders must be whitelisted (flag)
    Disable confidential transactions (flag)
    Issuer must approve all transfer (flag)
    enable market fees (enabled
    Issuer may transfer asset back to himself (disabled)
    Max Supply 10,000,000,000,000.00 (ten trillion to 2d.p)
# Protocol
HTLC, Private memo and merchant
# Asset class
UIA Utility token, Semi-Custodial, Hybrid cryptocurrency
# Account Authority
vnc7
# Market Restrictions
(N/B other tradeable assets may be owned by fraudsters trade with caution)

# HOW IT WORKS
The Asset has been designed to be as trustless as humanly possible by the issuer (following the guidelines stipulated by bitshares.org), in other to reduce the risks associated with holding virtual currencies. The issuer or (designated outlets) will operate like a blockchain-teller helping local crypto-traders/users with USDT liquidity for their naira at lower costs. These local users will bid for CRUDE.NGN with their USDT/BTS. As long as the owner can back the supply of the CRUDE.NGN with BTS/USDT, he will not run out of service.
The owner is the first issuer (the first local teller) the naira he issues is equal to the money he wants to use for trading BTS, this money is assumed to be lost by the owner.
 
# Flaw/Weakness
The only flaw to this asset is its centrality, the more outlets (LOCAL CRYPTO USDT TRADERS) that use it the more safer it becomes.

# THEORY
It is believed by speculators (Bears and Bulls) that if left unchecked by the issuer, all cryptocurrencies will always certainly tend to zero. This means that at a certain point in time the value of every virtual currency or asset ever designed was/is zero. The owner(first user) recognises this asset equality, In order words every cryptocurrency has its equivalent value to another based on certain conditions. If those conditons are met, then two virtual currencies can have thesame value (Asset Market decay).
- Asset market or asset value decay is the amount of time it takes for a valued asset (could be real money or in this case USDT) which is equivalent to an IOU asset (CRUDE.NGN) to be sold. In order words it is the amount of time it takes for an asset's value in dollar to be zero (Dollar is the abosulute currency of measurement worldwide). In the case of CRUDE.NGN this decay period has been set to 24hrs max, meaning that foreign holders who cannot sell the virtual currency for real cash have 24hrs from last update (Check records page) to redeem their CRUDE.NGN for USDT, holding it above that time frame is risky, however the owner owes it as a service to maintain the pegged value of his asset so the risks are minimal, also the owner has set enough BTS on the other side of the market to buy up the remaining supply of CRUDE.NGN which is also impossible, so the owner never loses because the asset supply is backed by twice its amount in real naira, BTS and USDT. The more money in the bank account of the owner the more he can issue for BTS sales. The cycle of CRUDE.NGN is ended after all the CRUDE.NGN is sold back to the owner, The owner then sets up another USDT buy order (price feeding) with the gains from his BTS via asset exchange, that is equivalent or more than the total supply of the asset (CRUDE.NGN) and then updating the current decay time (last update date), to continues the service.
(In the future, the owner believes that foreign speculators will always have USDT available to buy up the naira and as long as there is someone willing to back the CRUDE.NGN with BTS/NAIRA (CASH), CRUDE.NGN will always exist).

# THE MARKET
The users aim is to supply liquidity to the BTS market by bidding with his naira for BTS (BTS/CRUDE.NGN). The resulting BTS is used to buy USDT which will be used to buy back the CRUDE.NGN on another market CRUDE.NGN/USDT. This creates two markets, a speculative one and a stable one. The stable market will always be assumed to be closed by the end of the day.

# THE TECHNOLOGY
Bitshares has for a very long time been a pioneer of decentralised exchanges, bridges and gateways, starting from Openledger down to Xbts. Its matching engines allow users (or market markers) to speculate on the price of their assets. So far Bitshares has grown in development to be one of the most outstanding trustless exchange system ever designed in the world of cryptocurrencies, it has both merchant, POS/Teller, P2P and other forms of electronic data transfer on the blockchain, with high tech security features and a decentralised own your data policy "Brain-Key".

# MARKET TERMS FOR CRUDE.NGN

# DOUBLE MARKING/SPENDING
This is the act of selling a virtual IOU in order to buy it back with the backing asset on another market. Double Marking is only possible as long as the backing asset is more or equal to the IOU in equivalent value. The equivalent value for an asset is zero if there is only one backing authority or user (No Backing 1crude-1bts--> 0).
EXCESS BTS
This is the extra amount of BTS waiting to back a CRUDE.NGN. it is usually found on the market as pegs(bids and ask). Excess BTS are usually maintained at least daily by the user using the 3DAY MA OF THE ASSET. The excess BTS in the market indicates that there is enough cover for CRUDE.NGN and that CRUDE.NGN has a healthy demand (This is valid as long as the peg is maintained via the peg cycle; bitshares has a maximum peg cycle of 1 year). Excess BTS for CRUDE.NGN must come in the form of market markers, unless there is already trust established between both parties.
N/B Speculators should always check the excess BTS available for trade and compare to the current supply of CRUDE.NGN if the supply is not greater than zero (A must always be > or equal to 0), the Asset is deemed to have lost value (You are now holding a worthless asset).

# EQUIVALENT NAIRA
This the amount of naira in the users wallet that can be backed with real naira/BTS.
# ASSET SUPPLY DECAY
This is the decay of an asset as a result of decrease in supply either due to limited supply, increased demand or due to acts of God. The asset supply decay for CRUDE.NGN is the amount of the asset that is currently in supply. (max supply decay is 10 trillion), it must always be zero **see double marking above.
- Balance Sheet
This is the value of the last BTS bid to CRUDE.NGN total supply, it must always be greater or equal to zero every cycle** See Asset Supply Decay. This also ensures that the BTS market for CRUDE.NGN never runs out i.e no Naira demand no new naira to issue. *BTS demand for the total naira supply should always be double for the CRUDE.NGN to be healthy**See Double marking.

# SECURITY
The CRUDE.NGN is only as secure as the next user who can back its total supply with BTS. However here are some guidelines that protects you
- Initial devalue: this is the amount of CRUDE.NGN that was first issued to the creator, it is assumed to be unbacked by any dollar (N50,000).
- KYC/AML there is no need for that as the CRUDE.NGN never leaves the system in truth, except there is need to issue large amounts of CRUDE.NGN to a single entity in cash, this is usually done if a Large investor wants to use the real naira. (the large investor buys the crude.ngn from the market with BTS and redeems it at an outlet in Nigeria for cash, it may require bank supervision due to the amount of money involved)
- Risks, there's no risks as the asset holders are the ones who get value for the naira in cash. Only BTS speculators who cause asset decay are at risk.
- Whitelisitng, there is currently a regulated market on the bitshares exchange. This means that trade outside the BTS market is not permitted. However BTS holders with CRUDE.NGN can always redeem their CRUDE.NGN for USDT in the stable market.
- Bridge exchangers, they are merchants and big institutions that run their private engines on bitshares, they also offer IOU services like CRUDE.NGN
- ODP: Short for own your data policy is the act of keeping all the signing keys for your bitshares wallet by your self, if this cannot be done appropraitely by you, you can request for an institution that keeps physical possesions safe to do it for you. However it is not really necessary if you know the brain-key to your wallet should a loss of device happen.
- P2P: Crude.ngn is a P2P electronic data exchange system that enable users to hold the naira as an asset and redeem it for real cash, Note CRUDE.NGN can never be bought with NGN it can only be redeemed.
- CRUDE.NGN BURN: This is the transfer of CRUDE.NGN to the owner's wallet, for a service to be rendered, CRUDE.NGN is usually lost by this pattern as the User converts for physical naira, or, USDT in the market (Its vise versa) fees may apply for service rendered, the longer the burn time the more the CRUDE.NGN supplied or issued.
- Multi-Sig: This is the act of securing your bitshares wallet by creating multiple account owner permissions on one account.
Such wallet may either be owned by the owner or by a group of people.
NOTE
- The supply of CRUDE.NGN is heavily dependent on the number of local users holding it or BTS users willing to back it.
- The supply of CRUDE.NGN is an indication of the level of wealth the owner can lose to BTS and USDT at anytime, the larger the supply the larger the market.
- Liquidity is dependent on user adoption.
- Large holders can buy with cash or BTS  (They have to either buy BTS with the owner physically in cash or Buy CRUDE.NGN on the DEX with BTS)
- Large foreign holders can also buy the Naira via asset exchange between CRUDE.NGN and an equivalent amount of BTS. This is done by sending the BTS to the owners's wallet. The owner then Issues the equivalent amount of CRUDE.NGN.
Forced crude Issue
This happens when the bitshares demand for naira has gone 10x or more higher than supply or when a large investor wants CRUDE.NGN, it involves a reissue of the asset to improve supply (creating new CRUDE.NGN), The NGN must be backed so the owner issues in the ratio 50:50 CRUDE.NGN and USDT at certain charges to the investor, the USDT backs the new supply...

ASSET EXCHANGE
In order to bring in more naira supply new players must be ready to spend either real naira as cash, or BTS or USDT just like the initial issuer, if its real Naira, the new player gets the equivalent amount of CRUDENGN. Same applies for USDT and BTS.

Project Sponsors

https://www.bitshares.org https://www.xbts.io
GitHub.com
Paystack.com


Website:
https://bitsharescrude.wordpress.com/
https://bitsharescrude.i.ng
https://data.bitsharescrude.i.ng
https://github.com/bitsharescrude/crude.ngn, https://github.com/bitsharescrude/XBITS-HTLC, https://github.com/bitsharescrude/bitshares-Naira-test, https://github.com/bitsharescrude/XBITS-RECORD
    Explorer: https://bts.ai https://wallet.bitshares.org/#/explorer/blocks

Wallet
    Wallet(window): https://wallet.bitshares.org/ https://ex.xbts.io/
    Android Wallet: www.PalmPay.io, bitsy wallet btspp.app bitshares mobile wallet

Social links: https://www.facebook.com/100002123407774/posts/3041438029270281/?app=fbl
https://t.me/joinchat/bitsharesnigeria2
https://chat.whatsapp.com/GQDzP0tjrVtCUxR6LrlMw1
Disclaimer
https://github.com/bitsharescrude/bitshares-naira-terms
« Last Edit: September 18, 2020, 12:35:47 pm by chigbolu »

Offline abit

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #1 on: June 01, 2020, 09:24:05 pm »
The initiative is not bad, however

1. the XBITS asset has already been registered. I guess you need to choose a new brand.

2. Even if it's not registered, XBITS sounds similar to the existing gateway XBTS, it will probably introduce confusions.

Wish you good luck.
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Offline chigbolu

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #2 on: June 01, 2020, 09:32:58 pm »
The initiative is not bad, however

1. the XBITS asset has already been registered. I guess you need to choose a new brand.

2. Even if it's not registered, XBITS sounds similar to the existing gateway XBTS, it will probably introduce confusions.

Wish you good luck.
Thanks I'll edit the brand once I create the token

Offline abit

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #3 on: June 01, 2020, 10:04:03 pm »
The initiative is not bad, however

1. the XBITS asset has already been registered. I guess you need to choose a new brand.

2. Even if it's not registered, XBITS sounds similar to the existing gateway XBTS, it will probably introduce confusions.

Wish you good luck.
Thanks I'll edit the brand once I create the token
Actually, if you have interest, I'd like to create the assets for you, and transfer them to you after done. Being a LTM it is much cheaper for me to do so, and more convenient than sending you 48000 BTS.

Update: just noticed that you have upgraded to LTM too. So the real cost for you is actually 4800 BTS. It's a bit fishy to ask for 48000 BTS.
« Last Edit: June 01, 2020, 10:06:17 pm by abit »
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Offline chigbolu

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #4 on: June 01, 2020, 10:08:49 pm »
The initiative is not bad, however

1. the XBITS asset has already been registered. I guess you need to choose a new brand.

2. Even if it's not registered, XBITS sounds similar to the existing gateway XBTS, it will probably introduce confusions.

Wish you good luck.
Thanks I'll edit the brand once I create the token
Actually, if you have interest, I'd like to create the assets for you, and transfer them to you after done. Being a LTM it is much cheaper for me to do so, and more convenient than sending you 48000 BTS.

Update: just noticed that you have upgraded to LTM too. So the real cost for you is actually 4800 BTS. It's a bit fishy to ask for 48000 BTS.
Thanks yes yes yes

Offline chigbolu

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #5 on: June 01, 2020, 10:10:08 pm »
All unused funds would have been returned
« Last Edit: June 01, 2020, 10:14:04 pm by chigbolu »

Offline abit

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #6 on: June 02, 2020, 12:26:13 am »
Update: I've created the assets for OP.
ICO is no longer needed.
BTS account: abit
BTS committee member: abit
BTS witness: in.abit

Offline chigbolu

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #7 on: June 02, 2020, 09:22:41 am »
Update: I've created the assets for OP.
ICO is no longer needed.
Thanks you are the best
As quoted above the ICO is now closed however there will promotions for the token on this thread so stay tuned

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #8 on: June 02, 2020, 10:31:53 pm »
https://github.com/noblenobert/bitshares-Naira
Market markers will be set from tomorrow
All transactions for today have been recorded u can check it up on the link.

Offline chigbolu

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #9 on: June 03, 2020, 04:59:43 am »
https://wallet.bitshares.org/#/market/CRUDE.NGN_HONEST.BTC
https://wallet.bitshares.org/#/market/BTS_CRUDE.NGN

Please support the project by setting up markers thanks.
Ensure you read the asset economy rules before buying
https://github.com/noblenobert/bitshares-Naira

Offline chigbolu

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #10 on: June 03, 2020, 07:51:02 pm »
We have a website just a temporary one for now
https://bitsharescrude.wordpress.com/

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #11 on: June 04, 2020, 03:41:04 am »
https://t.me/addstickers/CRUDE_NGN
Thanks to XBITS EXCHANGE we now have stickers and logos everything is sponsored to the administrator I say more money to your pockets... God bless

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #12 on: June 04, 2020, 08:15:09 am »
Welcome to Dex Family!
« Last Edit: June 04, 2020, 08:19:32 am by EuropaSH »
XBTS DEX EXCHANGE FOR TRADERS AND GAMERS https://xbts.io

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #13 on: June 04, 2020, 02:31:59 pm »
I'm so happy to announce that we have been whitelisted by XBTS.IO thanks admin
Here are the markers
https://wallet.bitshares.org/#/market/CRUDE.NGN_XBTSX.USDT

https://ex.xbts.io/market/XBTSX.USDT_CRUDE.NGN
Users are encouraged to buy the naira for USDT as there's currently an arbitrage opportunity for the naira, the owner wants to use this opportunity to provide liquidity. All USDT trades with the owner will be sent out for arbitrage.
Thanks RUDEX and XBTS are accepted
« Last Edit: June 04, 2020, 02:35:59 pm by chigbolu »

Offline chigbolu

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Re: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering
« Reply #14 on: June 05, 2020, 07:17:20 am »
https://github.com/bitsharescrude/XBITS-RECORD

the records have been updated to reflect the new prices do check it up.
Happy trading