Bitcoin Forum

After what has happened with stevenbucks I want to build a credit rating system and set up a bail bond system for traders/users to fascilitate trade and to help defeat scammers.

The idea/concept can be found in this thread 
http://bitcointalk.org/index.php?topic=3361.msg47156#msg47156

This is a profit motivated project, that is the business that is created at the end of it should have good income.

I'll put in 300 btc, minimum amounts of 100btc required for investment, post below with how much you're in for.

Profit and ownership will be split according to amount invested.

Captial is to pay for a developer, Im just too busy to build this myself and I want it soon.

We will need web developers who know how to use the facebook/linkedin api, this will either be paid or you can earn sweat equity if you like.

If there is anything you can add to this please do.

I am up as a freelance developer or a low-level job of some kind.(Customer service? bug testing? Content writing?)

Since I am not very good at developing web application, I am willing to do it for cheap, alongside with a more experienced developer lead.

what are your deveopment skills(languages etc.) and are you looking to get paid or equity?

I'm in for 200BTC  8)

Javascript with some node.js and Canvas processing.js. Basic rails application development. Wrote a chrome extension.

See noagendamarket for the work I have done for him. I basically have to winged the chrome extension on the job.

99% paid and 1% equity please.

bitdragon, done
kiba, ill. get you more detais after i organise the money and the app engineering.

have you seen the bitcoin-otc web of trust? (link in sig)

payment sent ;

Is this a marketplace or it will be a bitcoin corporation?

Yes, the problem with otc-wot is that new users have no trust, this is a way to reduce the risk of working with new users, see original idea in link at top.

It will also integrate otc-wot into the rating system

A bitcoin corporation that will provide these services and charge for them.

if you come up with a good plan,
i might be interested in investing.

would need some more info than "..it should have good income.." though, before i decide about the amount i'm willing to invest. :D

I'm applying for the coder position. Do I need to present what I've already developed ?

No I've already looked through some of your code for BC so I am a little familiar with what you've done. I think the most difficult thing is going to be getting facebook/linkedin integration working. I'm sure there are some ruby gems for this. I'll get back to you with more details on the engineering/design side.

Also, do you want cash or the promise of future earnings (equity) in payment?

This also means that all our development needs for this are covered for the moment.

I'll have more details in the next couple of days, but as far as income it will make I don't know, I can only come up with revenue sources, not guestimates for actual income.

If it meets your requirements how much are you in for?

facebooker gem does that well.

I'd rather get money upfront money than promises.
That's what the capital is for after all ;)

That's why I prefer 99% money upfront and 1% equity.

I'm wondering just how rich you are(regards bitcoin), you've been doing very well with bitcoin, feel free to leave me wondering.

don't know, 300btc at least, depends on how much is needed, could be up to 1000btc or so.

Fair enough, will give more details over the coming days.

I sold almost half of my coins two weeks ago for approx. 1.5 kEUR, I'll let you do the math :)

Do you have a prospectus of any sort? I was interested in building a system like this myself, but if there is already work to be done on yours I won't bother reinventing the wheel. I may be interested in investing if I get more details on the structure of the operation.

How will you manage risks? Will you look up actuarial science?

Im in for 200 at least.

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I'm in for 200 BTC. No post history as you can see, but you're the one
getting money here, so...


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Protagonist
public key (http://pgp.mit.edu:11371/pks/lookup?op=get&search=0x9A33CAC560D8D9CE)

Count me in for 100BTC.

Loooooooooooooooooot of investors!

Actually, that statement encapsulates why I feel comfortable investing in this. In fact, I am good for 200 btc or more. Though. I would like to see the details in the coming days. Actually, it would be nice to have a discussion session or two on what we want to see out of this... I have had my own ideas on what such a system might look like and what features I would want to see.

If this wasn't being talked about by some of the more prominent members of this community, I would be more wary but, I see real promise in this and don't have the time or skills (yet) to build it myself. Hell I would apply for the developer position myself if I didn't know that I can't deliver in a timely manner on it (though, I would be more than willing to contribute some when and as I can).

In any case, like I said, put me down for 200 now.

Do you still want to do the coding? I've sent you a pm and one or two emails and haven't heard back from you. This is paid work man.

What are you willing to pay the developers and what scope are you looking at? I'm interested in code work both involving btc and that pays btc. I don't have a ton of time on my hands right now but I'd be willing to at least help out, and I am mentoring a developer who'd be good for this kind of project. PM or email me and we can talk.

carp, BitCoinPurse  send me your email so I can invite you to the project page.

I've set up a zoho project to manage this, it has plenty of features for collaboration,it's just a good place to keep everything together.

There are more details about the project on the project page, which you'll get invited to.

Current status:
Funding: I will actually look for the funding to be sent by this Friday
ColdHardMetal is working on bylaws and structure, and I'd actually like for him to be secretary if he's up to the task.

Concept: Project concept is up on the project page and goes into the detail of just how this will work. It's a wiki so feel free to comment or change it.

Revenue projections: Needs work, this is not my speciality, on the project page we've got revenue sources but need a more details breakdown of where it may come from and how much etc.

Costs: Hosting(easy to calculate) and development. Development costs are more variable and as I've not gotten any reply from daveout I can't say anything. It goes without saying that the development will take longer and cost more than expected though.

Banking: We will be needing a bank account in the real world, and bitdragon is handling this, being in Geneva it's a pretty good location for our account to be.

Coding: I'm working on the specification for daveout, haven't heard from daveout since he put his name down earlier in the thread so I don't know what the deal is with that.

Hosting:Trying to arrange hosting, almost have a deal set up with just a man, should find out soon if that will be happening.

Investors to date: Me, ColdHardMetal, bitdragon, noagendamarket, carp, BitCoinPurse,  protagonist 

By Friday we'll see who stumps up the cash.

Need:
A treasurer. I don't want to be responsible for money, at least keeping track of it, not my strong point, I'll be happy with CEO. This position requires someone of trust, anyone here who is investing, if you know someone who is trustworthy of this role, please get onto them.

Might need: A designer, who will work with daveout on the look of the site. I can come up with the functional design of the site, but making it look nice again is not my job.

Input from everyone is welcome.

You can t go wrong letting ColdHardMetal setup the bylaws for you.

I urge anyone who missed out on the bitcoind project to contact nefario and invest in this.  :)

Update 2:

ColdHardMetal is taking the position as secretary, and I'm nominating bitdragon as real world cash treasurer.

We also need a bitcoin treasurer and another secretary(for redundancy)

Note for investors we still need more until we have the development costs covered(which we don't know yet).

So keep pledging!

Regarding the development costs, I will be able to give an estimate if there is a rough spec draft made.
Lots of the bitcoin-central.net will be re-used in order to minimize the development time.

He is.

Your back, I thought we lost you there for a second.

Thats great, that helps a lot for me doing up the spec, it will have a general screen layout too.

I'll get that done ASAP, right after I've done the article and editing for the weekly.co.nr (due sooner)

No worries :)
What license will you want it under ?

I'm in for 500 BTC or so...  ;D Sounds like a good idea!

That depends on the licencing issues raised by integrating parts of BC into it. Does it cause any issues or are we free to go ahead and pick our own licence?

Great, we'll be looking to start collecting the funding on Friday, try to have it ready by then.

Update 3: Hosting confirmed, we've got 6 months on a dedicated server for a price of 120btc. With thanks to just a man for providing this.

I'll make it 100 :D

lol gotta love the market.

Dave, we may take you up on this, what's the servers specifications?

More than enough.

Already hosts bitcoin central, some other sites.
IIRC it's a Xeon octo-core with 16Gb RAM, 2Tb HDD and 1Gb network connection.

I'd do the admin and deployments, you wouldn't get SSH access (a phpMyAdmin on the DB and a JSON-RPC access to the client could be available if needed/requested)

Good, we'll take that then.

Looking for a bitcoin treasurer. Get in contact, must be reputable.
Second secretary position has been filled.

I’m interested in this. For how long are you still still taking investments?

Update: We're putting back the collection of funding until Friday next week.

This allows us to get our team in shape(it's a good team so far), get organised as a group.
Allows us to solidify our business plan, revenue streams etc.
Get our costs nailed down, software is complex, planning and pricing it isn't easy.
Time to plan the system correctly

It also allows for more investors to get involved.

To those who are asking are we still taking investment, the answer is yes. PM me what you'd like to put in and anything else you might be able to contribute. All investors we take on will get a share in the company proportional to what they put in. This entitles to the companies profits and voting on company issues.

I could possibly invest a few 100 BTC, and as you know, offered to act as treasurer. There's actually more to the revenue sharing than your explanation. You have both initial costs and ongoing costs in the event something unusual happens. I think you do need to explain the plan though more clearly. Why is there a cash treasurer? He will cashout funds and invest them in Geneva? Besides the hosting costs and paying programmers, what is the money for? I guess you are looking to pay a salary to yourself and essentially to anyone getting a revenue share like the treasurer who is working. Then I assume the rest of the cast is to underwrite the risks.

I don't see why the accounting would have to be so complicated. The underwriting maybe, but where does the revenue come from? Without people having the WOT rating they can still easily get BTC by paypal in small amounts. Who needs this service? Who is going to sell them on it and initially collect funds, you? Lots of questions on how it would operate you need to work on before this goes anywhere.

When this is finished, I would like to be a bounty hunter for such a system. Will we have to register or anything?

I imagine you would have to register . If you got the wrong guy you would be the one with the loss of reputation...so using the same system means you'd need to provide the same level of reputation pointers.

Accountability would be paramount in such a system imo.

Bounty hunter? I don't think we're be arresting and shooting people.

Hahaha, not yet anyway but piss enough people off....

Update:
We'll be making a public announcement on what we're offering, the terms and everything else next week, probably Tue. or Wed.

In this we'll have plenty of details including our team, costs, projected revenues/income, risks, timescales, a good description of how the system works etc. how much we're looking for, and the timescale were looking at.

Then you will be able to send your investments to our treasurer and get digitally signed receipts with your shares and the contract that we're entering into(which will be available before had for inspection/revision/discussion).

Will you accept anonymous/pseudonymous investors?

Will the shares be tradable?

Yes we'll accept anonymous investors, however you would have to be extra careful in not losing your private key or share receipts. They can also be traded, at least the y can when we have a stock market to trade them on.

So will you deliver the details today/tomorrow? I would invest at least 100 BTC btw, depending on the details.

Waiting for development pricing from daveout for this, once we have this we can make a proposal. Our original plan was to get funding and then go into development but we'd worked out that this is too open ended, and liable to cause problems.

So we want to have a good proposal made up giving as much detail as possible so investors know what they're getting into. With development costs being our major expense and deciding factor on timing for the launch it's something we have to wait for.

I've been chasing daveout for a quote since Sun/Mon(I can't remember which) and haven't gotten anything from him.

Dave, can you give us a quote, otherwise were going to move on.

You have 24hours before you suffer my wrath. And by that I mean get somone else.

I think its a great idea.  Would like to see it up and running.

I'd like to publicly support this as well. I'm willing to invest 400 BTC.

Good morning everyone.

First I would like to thank you all for your interest in this project, I think it's a great idea, and so do many of you, great enough for us all to put our money into it.

However we have encountered a problem, that the person who put themselves up as the developer (daveout) is not being responsive at all, and it is safe to assume that he will not be building this for us at any price. This is a disappointment, for me and I am sure for some of you. After having looked at some of Dave's code it is clear that he would be quite capable in doing this, and was therefor our number one choice(not to mention his reputation as the builder of bitcoin-central).

This chain of events has forced us to change plan, I have talked to my management team and they are behind me on this.

We will still build the credit rating agency application, but it will take longer than I had originally expected. I am now putting the development time at around 4 months.

This is quite a long time in the bitcoin world, and a lot can happen in such a time.

So I am very pleased to announce that we are launching the development of the Bticoin Stock Market immediately, with the goal of opening for business in 2 months, and testing(that is you can play around with it) for everyone in 1 month!

I have been working for a time on this tool, and we will be using my code and efforts as a starting point. This, and due to the nature of the application is why development will be so quick. The stock market platform (from here on called "the market") steals a number of ideas from OpenTransactions. We will be developing both projects side by side, and where possible share code to reduce the workload, cost and development time.

Features

• Dividend payments, allows issuer of shares to make dividend payments to share owners
• Share voting, allows motions to be put forward(by owners and issuers), and voted on by share owners
• Based on Ricardian contracts  (http://iang.org/papers/ricardian_contract.html)allowing for very flexible shares and terms
• Public/Private key based order and verification system, this is a no password system
• Easy to use console client for windows, or any unix platform
• Tripple Entry Accounting (http://iang.org/papers/triple_entry.html) and digitally signed receipts for each and every transaction for a cryptographically verifiable audit trail
• Digitally signed everything, making it impossible for orders, receipts,withdrawals to be faked by either a single client or the server itself
• Open Source client and publicly available trading API allowing users/traders/developers to build their own tools or customize what is already available
• Availability over i2p and Tor!

And more.

It has become clear that the bitcoin economy is in need of a stock market, not so that users can play around at buying and selling shares (which they can) but to allow investors to pool their resources and build something that a single person cannot. It is to allow the market to allocate limited resources and capital in as efficient manner as possible.

We have already seen the development of a bitcoin based company(ours being the second one), with the launching of the market, it will significantly ease in the creating of new bitcoin companies(causing an explosion of them), allowing great ideas to get funding, and successful ones to reward their investors. This will launch the bitcoin economies growth into overdrive.

And the first company to trade shares on this system will be ours!

Our management team is as follows:
CEO:nefario (ME HAHA)
Treasurer:theymos
First Secretary:ColdHardMetal
Second Secretary:BitCoinPurse

We will have two primary costs, hosting and development, with the larger(and most unpredictable cost) being development.

More details on costs, company bylaws etc. as events change.
We will be having a QA session on IRC in the near future so look out for this.
Want to invest? get in contact with ColdHardMetal ASAP, tell him how much.

For those who have already invested(that is sent payment)pm me to let me know how you want to proceed, if you want your investment back that's no problem.

Notice, this project and it's development has already begun, call for Ruby devs!

We need 2-3 ruby developers to get in on this project(ruby, not rails, but rails experience is OK). This will be BTC paid work! Or if you prefer you can get equity.

More experience is better, but if your fresh that's OK too, this is your chance to get some experience and make a place for yourself in bitcoin History(with a capital H). Whats important is that you work hard and are willing to learn.

Those interested PM me ASAP

Developers found.

Well, it looks like this will be solved very soon!  ;)